What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-07-31 compared with 2025-05-13 · 149 added, 61 removed, 130 unchanged (62% of the section changed)

7 unchanged sentences

expectations for revenues, liquidity, cash flows and financial performance;

expectations regarding repayment of our Term Loan (defined below);

and expectations regarding the release of additional wireless power-enabled products.

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Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others:

our ability to develop commercially feasible technology;

our ability to develop commercially feasible technology or commercialize such technology;

timing of customer implementations of our technology in consumer products;

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We undertake no obligation to publicly update any of our forward-looking statements, whether as a result of new information, future developments or otherwise.

We have developed a scalable, over-the-air Wireless Power Network (“WPN”) technology that integrates advanced semiconductor chipsets, software controls, hardware designs, and antenna systems to enable radio frequency (“RF”)-based charging for Internet of Things (“IoT”) devices.

We have developed scalable, over-the-air Wireless Power Network (“WPN”) technology that integrates advanced semiconductor chipsets, software controls, hardware designs, and antenna systems to enable radio frequency (“RF”)-based charging for Internet of Things (“IoT”) devices.

Our WPN technology provides a comprehensive suite of capabilities designed to power the next generation of wireless energy networks, seamlessly delivering power and data across diverse, battery-free device ecosystems.

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As we continue to innovate our technology applications, we anticipate the release of additional wireless power-enabled products.

Nasdaq Market Compliance

As previously reported.

on August 29, 2024, we received a notification letter from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) advising that for 30 consecutive trading days preceding the date of the notice, the bid price of our common stock had closed below the $1.00 per share minimum required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq Marketplace Rule 5550(a)(2) (the “Bid Price Rule”).

We were provided an initial 180 calendar days, or until February 25, 2025, to regain compliance with the Bid Price Rule.

On February 27, 2025, we received a letter from the Staff granting an additional 180 calendar days, or until August 25, 2025, to regain compliance with Bid Price Rule.

The Nasdaq determination to grant the second compliance period was based on our compliance with the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market, with the exception of the Bid Price Rule, and written notice of our intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.

To regain compliance with the Big Price Rule, our common stock must close at or above $1.00 per share for a minimum of ten consecutive business days at any time during the second 180-day compliance period, or August 25, 2025.

At our 2025 Annual Meeting of Stockholders held on June 11, 2025, our stockholders approved a proposal for an amendment to the our second amended and restated certificate of incorporation, as amended, to effect a reverse stock split of our common stock at a ratio ranging from any whole number between 1-for-5 and 1-for-50, as determined by the Board of Directors in its discretion.

Subject to market conditions, our Board of Directors may need to implement a reverse stock split prior to August 25, 2025 in order to regain compliance with the Bid Price Rule.

Critical Accounting Policies and Estimates

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In accordance with this guidance, we have evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements are issued.

We have determined that there was substantial doubt about our ability to continue as a going concern, but it was alleviated based on financing received in 2025, as well as current operating levels and further cost reductions implemented in the first quarter of 2025.

We anticipate cash flows generated from operations and our cash and cash equivalents will be sufficient to meet our liquidity needs for at least the next 12 months.

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The wireless charging system revenue consists of revenue from product development projects and production-level systems.

We record revenue associated with product development projects that we enter into with certain customers.

In general, these product development projects are complex, and we do not have certainty about our ability to achieve the project milestones.

We record revenue associated the sales of products, such as PowerBridge transmitter systems, and with product development projects that we enter into with certain customers.

For the sales of products, we generally records revenue upon shipment of the products.

For product development projects that are complex, and we do not have certainty about our ability to achieve the project milestones.

The achievement of a milestone is dependent on our performance obligation and requires acceptance by the customer.

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Any deferred revenue is recognized upon achievement of the performance obligation or expiration of a support agreement.

During the three months ended March 31, 2025, management believes there have been no significant changes to the items that we disclosed within our critical accounting policies and estimates in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024.

During the three months ended June 30, 2025, management believes there have been no significant changes to the items that we disclosed within our critical accounting policies and estimates in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024.

Results of Operations

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General and administrative expenses include costs for general and corporate functions, including personnel compensation, facility fees, travel, telecommunications, insurance, professional fees, consulting fees, general office expenses, and other overhead.

Comparison of Three Months Ended March 31, 2025 and 2024

Comparison of Three Months Ended June 30, 2025 and 2024

The following table sets forth selected Condensed Statements of Operations data (in thousands):

For the three months ended March 31,

For the three months ended June 30,

Cost of revenue

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Interest income (expense), net

Total other income, net

During the three months ended March 31, 2025 and 2024, we recorded revenue of $0.3 million and $0.1 million, respectively.

The 436% year over year increase is primarily due to the expansion of commercial sales of PowerBridge Pro transmitters to multinational retailers deploying our WPN technology in connection with their infrastructure modernization initiatives.

Loss on retirement of property and equipment

Total other income (expense), net

During the three months ended June 30, 2025 and 2024, we recorded revenue of $1.0 million and $46,000, respectively.

The 2,020% year over year increase is primarily due to the expansion of commercial applications with multinational enterprise retailers deploying our WPN technology in connection with their infrastructure modernization initiatives.

Costs and Expenses and Loss from Operations.

Costs and expenses are made up of cost of revenue, research and development, sales and marketing, general and administrative, severance expense and expenses from the abandoned financing transaction.

Loss from operations for the three months ended March 31, 2025 and 2024 were $3.6 million and $6.7 million, respectively.

Loss from operations for the three months ended June 30, 2025 and 2024 were $2.8 million and $4.7 million, respectively.

Cost of Revenue:

For the three months ended March 31,

For the three months ended June 30,

Cost of revenue

Percent of total revenue

Cost of revenue was $0.2 million and $0.1 million, respectively, for the three months ended March 31, 2025 and 2024.

The increase is primarily due to higher sales volume of PowerBridge Pro transmitters that were shipped during the first quarter of 2025.

With the ramp up of our volume manufacturing during the first quarter of 2025, product margins improved significantly, transitioning from a gross loss in 2024 of $45,000 to a gross profit in 2025 of approximately $0.1 million, representing a 307% year over year improvement in gross profit.

Cost of revenue was $0.6 million and $0.1 million, respectively, for the three months ended June 30, 2025 and 2024.

The increase is primarily due to higher sales volume of PowerBridge Pro transmitters that were shipped during the second quarter of 2025.

With the ramp up of our volume manufacturing during the first and second quarters of 2025 and other strategic efforts made to optimize operations, product margins improved significantly, transitioning from a gross loss in 2024 of $76,000 to a gross profit in 2025 of approximately $0.3 million, representing a 545% year over year improvement in gross profit for the same quarter last year.

Research and Development Costs:

For the three months ended March 31,

For the three months ended June 30,

Research and development

Percent of total revenue

Research and development costs were $1.2 million and $2.2 million, respectively, for the three months ended March 31, 2025 and 2024.

The decrease of $1.0 million is primarily due to a $0.8 million decrease in personnel-related expenses, consisting of a $0.7 million decrease in payroll costs and a $0.1 million decrease in stock-based compensation and a $0.2 million decrease in third-party software costs.

Research and development costs were $1.1 million and $2.3 million, respectively, for the three months ended June 30, 2025 and 2024.

The decrease of $1.2 million is primarily due to a $0.6 million decrease in engineering components, circuit boards and software, a $0.4 million decrease in payroll costs and a $42,000 decrease in stock-based compensation.

Sales and Marketing Costs:

For the three months ended March 31,

For the three months ended June 30,

Sales and marketing

Percent of total revenue

Sales and marketing costs for the three months ended March 31, 2025 and 2024 were $0.6 million and $0.9 million, respectively.

The decrease of $0.3 million is primarily due to a $0.1 million decrease in personnel related costs due to reduced headcount, a $0.1 million decrease in tradeshow, promotional expenses and engineering components used for customer demonstrations and a $0.1 million decrease in public relations and consulting fees.

Sales and marketing costs for the three months ended June 30, 2025 and 2024 were $0.7 million and $0.8 million, respectively.

The decrease of $0.1 million is primarily due to a $0.2 million decrease in public relations and consulting fees, partially offset by a $0.1 million increase in payroll costs.

General and Administrative Expenses:

For the three months ended March 31,

For the three months ended June 30,

General and administrative

Percent of total revenue

General and administrative costs for the three months ended March 31, 2025 and 2024 were $0.9 million and $2.0 million, respectively.

The decrease of $1.1 million is primarily due to a $0.5 million decrease in legal fees, a $0.2 million decrease in consulting, recruiting and third-party fees, a $0.2 million decrease in annual meeting-related expenses, a $0.1 million decrease in stock-based compensation and a $0.1 million decrease in insurance premiums.

General and administrative costs for the three months ended June 30, 2025 and 2024 were $1.3 million and $1.7 million, respectively.

The decrease of $0.4 million is primarily due to a $0.2 million decrease in legal fees and a $0.2 million decrease in annual meeting-related expenses, partially offset by a $0.1 million increase in payroll costs accrued as a result of key milestones achieved in the second quarter of 2025 under the 2025 Bonus Plan.

Severance Expense:

For the three months ended March 31,

For the three months ended June 30,

Severance expense

Percent of total revenue

Severance expense for the three months ended March 31, 2025 and 2024 was $0.4 million and $1.6 million, respectively.

The severance expense for the three months ended March 31, 2025 was related to non-executive employees.

The severance expense for the three months ended March 31, 2024 was related to the settlement of the departure by the former Chief Executive Officer.

Severance expense for the three months ended June 30, 2025 and 2024 was $23,000 and $(0.3) million, respectively.

Severance expense for the three months ended June 30, 2025 was related to separation with certain non-executive employees.

The credit during the three months ended June 30, 2024 was a result of the finalization of the negotiated settlement and payroll taxes for our former CEO.

Expenses from Abandoned Financing Transaction:

For the three months ended March 31,

For the three months ended June 30,

Expenses from abandoned financing transaction

Percent of total revenue

Expenses related to our abandoned financing transaction were $0.7 million for the three months ended March 31, 2025, primarily attributable to our decision not to pursue the convertible preferred equity offering under Regulation A.

This decision was made because the Company was able to secure less dilutive financing through its ATM Program at a lower cost of capital.

There was no such expense during the three months ended March 31, 2024.

Other income (expense):

For the three months ended March 31,

Expenses related to our abandoned financing transaction were $5,000 for the three months ended June 30, 2025, primarily attributable to our decision to terminate the previously announced convertible preferred equity offering under Regulation A.

There was no such expense during the three months ended June 30, 2024.

Other income (expense), net:

For the three months ended June 30,

Change in fair value of warrant liability

Interest income (expense), net

Loss on retirement of fixed asset

Total other income (expense), net

Other income resulting from the change in fair value of the warrant liability was $0.3 million for the three months ended March 31, 2025, compared to $0.1 million in expense for the three months ended March 31, 2024.

The change is due to a lower market value of our common stock.

Net interest expense for the three months ended March 31, 2025 was $22,000, as we incurred $187,000 in interest expense from a short-term loan, partially offset by $165,000 in interest earned from our money market account.

Interest income for the three months ended March 31, 2024 was $148,000 from interest earned on our money market account.

As a result of the above, net loss for the three months ended March 31, 2025 was $3.4 million as compared to $6.6 million for the three months ended March 31, 2024.

Liquidity and Capital Resources

During the three months ended March 31, 2025 and 2024, we recorded revenue of $0.3 million and $0.1 million, respectively.

We incurred net losses of $3.4 million and $6.6 million for the three months ended March 31, 2025 and 2024, respectively.

Net cash used in operating activities was $4.7 million and $5.1 million for the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, the Company had cash and cash equivalents of $10.1 million.

We are currently meeting our liquidity requirements through the proceeds of securities offerings that raised net proceeds of $13.8 million during the first quarter of 2025.

As we gain traction in the market with our new technology and continue to invest capital in transitioning and scaling the business from research and development of new technologies to commercial production, there can be no assurance that our available resources and revenue generated from our business operations will be sufficient to sustain our operations.

Accordingly, we expect to pursue additional financing, which could include offerings of equity or debt securities, bank financings, commercial agreements with customers or strategic partners, and other alternatives, depending upon market conditions.

There is no assurance that such financing will be available on terms that we would find acceptable, or at all.

If we are unsuccessful in

implementing this plan, we will be required to make further cost and expense reductions or modifications to our on-going and strategic plans.

Other income resulting from the change in fair value of the warrant liability was $0 for the three months ended June 30, 2025, compared to $0.3 million in income for the three months ended June 30, 2024.

The change during the three months ended June 30, 2024 is due to a lower market value of our common stock.

Net interest expense for the three months ended June 30, 2025 was $7,000, as we incurred $97,000 in interest expense from a short-term loan, partially offset by $89,000 in interest earned from our money market account.

Interest income for the three months ended June 30, 2024 was $62,000 from interest earned on our money market account, and we had approximately $5,000 in interest expense from a short-term loan.

As a result of the above, net loss for the three months ended June 30, 2025 was $2.8 million as compared to $4.3 million for the three months ended June 30, 2024.

Comparison of Six Months Ended June 30, 2025 and 2024

The following table sets forth selected Condensed Statements of Operations data (in thousands):

For the six months ended June 30,

Cost of revenue

Gross profit (loss)

Operating expenses:

Research and development

Sales and marketing

General and administrative

Severance expense

Expenses from abandoned financing transaction

Total operating expenses

Loss from operations

Other income (expense), net:

Change in fair value of warrant liability

Interest income (expense), net

Loss on retirement of property and equipment

Total other income, net

During the six months ended June 30, 2025 and 2024, we recorded revenue of $1.3 million and $0.1 million, respectively.

The 1,098% year over year increase is primarily due to the expansion of commercial applications with multinational enterprise retailers deploying our WPN technology in connection with their infrastructure modernization initiatives.

Costs and Expenses and Loss from Operations.

Costs and expenses are made up of cost of revenue, research and development, sales and marketing, general and administrative, severance expense and expenses from the abandoned financing transaction.

Loss from operations for the six months ended June 30, 2025 and 2024 were $6.4 million and $11.3 million, respectively.

Cost of Revenue:

For the six months ended June 30,

Cost of revenue

Percent of total revenue

Cost of revenue was $0.9 million and $0.2 million, respectively, for the six months ended June 30, 2025 and 2024.

The increase is primarily due to higher sales volume of PowerBridge Pro transmitters that were shipped during the first and second quarters of 2025.

With the ramp up of our volume manufacturing during the first and second quarters of 2025 and other strategic efforts made to optimize operations, product margins improved significantly, transitioning from a gross loss in 2025 of $0.1 million to a gross profit in 2025 of approximately $0.4 million, representing a 456% year over year improvement in gross profit.

Research and Development Costs:

For the six months ended June 30,

Research and development

Percent of total revenue

Research and development costs were $2.3 million and $4.5 million, respectively, for the six months ended June 30, 2025 and 2024.

The decrease of $2.2 million is primarily due to a $1.1 million in payroll costs from a lower headcount within the department, a $0.9 million decrease in engineering components, circuit boards and software and a $0.1 million decrease in stock-based compensation.

Sales and Marketing Costs:

For the six months ended June 30,

Sales and marketing

Percent of total revenue

Sales and marketing costs for the six months ended June 30, 2025 and 2024 were $1.3 million and $1.7 million, respectively.

The decrease of $0.4 million is primarily due to a $0.3 million decrease in public relations, consulting and recruiting fees and a $0.1 million decrease in marketing, promotional and tradeshow expenses.

General and Administrative Expenses:

For the six months ended June 30,

General and administrative

Percent of total revenue

General and administrative costs for the six months ended June 30, 2025 and 2024 were $2.2 million and $3.7 million, respectively.

The decrease of $1.5 million is primarily due to a $0.7 million decrease in legal fees, a $0.3 million decrease in annual meeting-related expenses, a $0.3 million decrease in consulting, investor relations, recruiting and third-party services, a $0.1 million decrease in insurance premiums and a $0.1 million decrease in stock-based compensation, partially offset by a $0.1 million increase in payroll costs accrued as a result of key milestones achieved in the second quarter of 2025 under the 2025 Bonus Plan.

Severance Expense:

For the six months ended June 30,

Severance expense

Percent of total revenue

Severance expense for the six months ended June 30, 2025 and 2024 was $0.4 million and $1.3 million, respectively.

Severance expense for the six months ended June 30, 2025 was related to separation with certain non-executive employees.

The severance expense for the six months ended June 30, 2024 was primarily due to the departure of our former CEO during 2024 for which $1.2 million in severance expense was recorded.

Expenses from Abandoned Financing Transaction:

For the six months ended June 30,

Expenses from abandoned financing transaction

Percent of total revenue

Expenses related to our abandoned financing transaction were $0.7 million for the six months ended June 30, 2025, primarily attributable to our decision to terminate the previously announced convertible preferred equity offering under Regulation A.

There was no such expense during the six months ended June 30, 2024.

Other income (expense), net:

For the six months ended June 30,

Change in fair value of warrant liability

Interest income (expense), net

Loss on retirement of fixed asset

Total other income, net

Other income resulting from the change in fair value of the warrant liability was $0.3 million for the six months ended June 30, 2025, consistent with $0.3 million for the six months ended June 30, 2024.

Net interest expense for the six months ended June 30, 2025 was $29,000, as we incurred $284,000 in interest expense from a short-term loan, partially offset by $255,000 in interest earned from our money market account.

Interest income for the six months ended June 30, 2024 was $209,000 from interest earned on our money market account, offset by $4,000 in interest expense.

As a result of the above, net loss for the six months ended June 30, 2025 was $6.2 million as compared to $10.9 million for the six months ended June 30, 2024.

ATM Offering Program

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During the year ended December 31, 2024, we sold 6,851,753 shares of our common stock under the ATM Program for net proceeds of approximately $3.1 million (net of commissions and other related offering expenses of approximately $0.3 million).

During the three months ended March 31, 2025, we sold 18,703,305 shares of our common stock under the ATM Program for net proceeds of approximately $13.8 million (net of commissions and other related offering expenses of approximately $0.9 million).

As of March 31, 2025, approximately $79.3 million in shares of common stock remained available for issuance under the ATM Program, subject to availability of authorized shares.

During the three months ended June 30, 2025, we sold 6,793,371 shares of our common stock under the ATM Program for net proceeds of approximately $2.0 million (net of commissions and other related offering expenses of approximately $0.1 million).

During the six months ended June 30, 2025, we sold 25,496,676 shares of our common stock under the ATM Program for net proceeds of approximately $15.8 million (net of commissions and other related offering expenses of approximately $1.0 million).

As of June 30, 2025, approximately $77.2 million in shares of common stock remained available for issuance under the ATM Program, subject to availability of authorized shares.

From July 1, 2025 through July 28, 2025, we settled sales of 4,400,469 shares of common stock for net proceeds of approximately $1.7 million under the ATM Program.

Agile Subordinated Loan Agreement

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Effective November 5, 2024, we entered into an amended subordinated business loan agreement with the Lender (the “Amended Loan Agreement”) to refinance the Original Term Loan.

The Amended Loan Agreement provides for a new term loan of $997,000, with the ability to receive additional term loans of up to $1.6 million, subject to certain conditions (such new loans, the “New Term Loan”).

Principal and interest on the New Term Loan in the aggregate amount of $1,415,740 will be repaid in weekly payments of approximately $39,000 and fully repaid on or before the maturity date of July 17, 2025.

The Amended Loan Agreement provided for a new term loan of $997,000, with the ability to receive additional term loans of up to $1.6 million, subject to certain conditions (such new loans, the “New Term Loan”).

Principal and interest on the New Term Loan in the aggregate amount of $1,415,740 was repaid in weekly payments of approximately $39,000 and was fully repaid before the maturity date of July 17, 2025 on July 7, 2025.

The proceeds of the New Term Loan were used to repay in full the Original Term Loan, which had a settlement value of $648,000 on November 5, 2024.

The New Term Loan is expressly subordinated to our obligations on certain senior indebtedness of the Company as provided in the Amended Loan Agreement.

Operating Activities - During the three months ended March 31, 2025, cash flows used in operating activities were $4.7 million, consisting of a net loss of $3.4 million, plus adjustments to reconcile net loss to net cash used in operating activities aggregating $0.1 million (principally change in fair value of warrant liability of $0.3 million, partially offset by stock-based compensation of $0.1 million and depreciation and amortization and amortization of short-term loan fees totaling approximately $0.1 million), a $0.6 million decrease in accounts payable, a $0.5 million decrease in accrued expenses, a $0.2 million increase in accounts receivable, a $0.2 million decrease in operating lease liabilities and a $0.1 million increase in inventory, partially offset by a $0.3 million decrease in operating lease right-of-use assets, a $0.1 million decrease in prepaid expenses and other current assets and a $0.1 million increase in accrued severance.

During the three months ended March 31, 2024, cash flows used in operating activities were $5.1 million, consisting of a net loss of $6.6 million, less adjustments to reconcile net loss to net cash used in operating activities aggregating $0.5 million (principally stock-based compensation of $0.4 million and change in fair value of warrant liability of $0.1 million), a $0.3 million decrease in accounts payable, a $0.2 million increase in inventory and a $0.1 million decrease in accrued expenses, partially offset by a $1.3 million increase in accrued severance expense, a $0.2 decrease in prepaid expenses and other current assets and a $0.1 decrease in accounts receivable.

Investing Activities - During the three months ended March 31, 2025 and 2024, cash flows used in investing activities were not material.

The New Term Loan was expressly subordinated to our obligations on certain senior indebtedness of the Company as provided in the Amended Loan Agreement.

As of June 30, 2025, we owed approximately $0.1 million on the “Amended Loan Agreement.”

On July 7, 2025, we paid off all outstanding amounts owed to the Lender.

There are no further obligations under the Amended Loan Agreement.

Liquidity and Capital Resources

During the six months ended June 30, 2025 and 2024, we recorded revenue of $1.3 million and $0.1 million, respectively.

We incurred net losses of $6.2 million and $10.9 million for the six months ended June 30, 2025 and 2024, respectively.

Net cash used in operating activities was $7.5 million and $10.8 million for the six months ended June 30, 2025 and 2024, respectively.

As of June 30, 2025, the Company had cash and cash equivalents of $8.7 million.

We are currently meeting our liquidity requirements through the proceeds of the ATM Program (as defined above) that raised net proceeds of $15.8 million during the six months ended June 30, 2025.

There is no assurance that such financing will be available on terms that we would find acceptable, or at all.

If we are unsuccessful in implementing this plan, we will be required to make further cost and expense reductions or modifications to our on-going and strategic plans.

Based on current operating levels and further cost reductions implemented during the first half of 2025, the Company believes it has sufficient cash on hand and access to capital to fund operations for the next 12 months.

Operating Activities - During the six months ended June 30, 2025, cash flows used in operating activities were $7.5 million, consisting of a net loss of $6.2 million, less adjustments to reconcile net loss to net cash used in operating activities aggregating $0.1 million (principally stock-based compensation of $0.2 million and depreciation and amortization and amortization of short-term loan fees totaling approximately $0.1 million, partially offset by a change in fair value of warrant liability of $0.3 million), a $1.1 million decrease in accounts payable, a $0.6 million increase in accounts receivable, a $0.3 million decrease in operating lease liabilities and a $0.2 million increase in inventory, partially offset by a $0.4 million decrease in operating lease right-of-use assets and a $0.3 million decrease in prepaid expenses and other current assets.

During the six months ended June 30, 2024, cash flows used in operating activities were $10.8 million, consisting of a net loss of $10.9 million, less adjustments to reconcile net loss to net cash used in operating activities aggregating $0.4 million (principally stock-based compensation of $0.5 million, depreciation and amortization of $0.1 million, partially offset by a change in fair value of warrant liability of $0.3 million), a $0.3 million decrease in accrued expenses, a $0.1 million increase in inventory and a $0.1 million decrease in accounts payable, partially offset by a $0.1 million decrease in prepaid expenses and other current assets.

Investing Activities - During the six months ended June 30, 2025 and 2024, cash flows used in investing activities were $37,000 and $58,000, respectively.

A small amount of hardware and equipment was purchased during each period.

Financing Activities - During the three months ended March 31, 2025, cash flows provided by financing activities were $13.4 million, which primarily consisted of $13.8 million in net proceeds from the sale of shares of our common stock under the ATM Program, partially offset by $0.3 million in repayments of a short-term loan and $0.1 million in repayments of financed insurance.

During the three months ended March 31, 2024, cash flows provided by financing activities were $1.9 million, which primarily consisted of $1.8 million in net proceeds from a registered direct offering that included the sale of common stock, pre-funded warrants and warrants.

Financing Activities - During the six months ended June 30, 2025, cash flows provided by financing activities were $14.9 million, which primarily consisted of $15.8 million in net proceeds from the sale of shares of our common stock under the ATM Program, partially offset by $0.8 million in repayments of a short-term loan and $0.1 million in repayments of financed insurance.

During the six months ended June 30, 2024, cash flows provided by financing activities were $1.8 million, which primarily consisted of $1.8 million in net proceeds from a registered direct offering that included the sale of common stock, pre-funded warrants and warrants.

Quantitative and Qualitative Disclosure About Market Risk

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis