Financial Data and Key Metrics Changes - In Q2 2025, the company generated revenue of $7,500,000, an increase from $6,000,000 in Q1 2025, bringing year-to-date revenue to $13,500,000 [10] - Operating expenses for Q2 were $33,400,000, up by $3,400,000 compared to $30,000,000 in Q1 2025, primarily due to costs associated with factory acceptance testing [10] - Year-to-date operating loss was $49,900,000, with a net loss of $40,500,000 or $0.22 per share [10] - Capital expenditures totaled $5,000,000, mainly for the construction of the continuous electrolyte production pilot line [10] - Total liquidity at the end of Q2 was $279,800,000 [11] Business Line Data and Key Metrics Changes - The revenue recognized in Q2 was driven by the achievement of the factory acceptance testing milestone under the line installation agreement with SK On [10] - The company is progressing on its electrolyte development roadmap, having completed ordering long lead equipment and begun detailed design for a continuous manufacturing pilot line for sulfide electrolyte production [7] Market Data and Key Metrics Changes - The company has engaged in active sampling of its electrolyte with key strategic customers, indicating ongoing demand for multiple generations of its electrolyte [8] Company Strategy and Development Direction - The company aims to drive electrolyte innovation and performance through feedback from cell development and customers, as highlighted by its partnership with BMW [5] - The collaboration with SK On is focused on developing solid-state cells based on the company's technology and operating a solid-state pilot line [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential to deliver strong returns for shareholders and acknowledged the commitment and support from employees, partners, and stakeholders [13] Other Important Information - The company repurchased 3,300,000 shares during Q2 at an average price of $1.05, totaling approximately $3,600,000 under its stock repurchase program [11] Q&A Session Summary - The Q&A session was briefly mentioned, but no specific questions or answers were provided in the transcript [14][15]

[Q2 2025 Performance Overview](index=1&type=section&id=Q2%202025%20Performance%20Overview) Solid Power achieved key operational milestones and reported increased revenue in Q2 2025, despite rising operating expenses [Recent Business Highlights](index=1&type=section&id=Recent%20Business%20Highlights) Solid Power achieved key operational milestones in Q2 2025, including a BMW i7 test vehicle powered by its cells, completion of SK On pilot line factory acceptance testing, and progress on its continuous electrolyte production pilot line, while maintaining fiscal discipline - **BMW Group** introduced an **i7 test vehicle** powered by Solid Power's cells and solid-state battery technology[6](index=6&type=chunk) - Completed **factory acceptance testing for the SK On pilot cell line** and began working towards site acceptance testing, which remains on target for later this year[6](index=6&type=chunk) - Detailed design work is in process for the planned installation of the **continuous electrolyte production pilot line**, with long-lead equipment ordered and commissioning on track for 2026[6](index=6&type=chunk) - **Continued demand for multiple generations of electrolyte** from both existing and new customers, with active sampling to key strategic customers[6](index=6&type=chunk) - Remained **fiscally disciplined** and continued to identify opportunities to realize efficiencies and reduce operating costs while driving innovation[6](index=6&type=chunk) [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) Solid Power reported increased revenue in Q2 2025, primarily driven by a milestone achievement with SK On, though operating expenses also rose, leading to a year-to-date net loss of $40.5 million Q2 2025 Financial Highlights | Metric | Q2 2025 (Millions) | Q1 2025 (Millions) | Change (QoQ) | | :--------------------- | :----------------- | :----------------- | :------------- | | Revenue & Grant Income | $7.5 | $6.0 | +$1.5 (+25%) | | Operating Expenses | $33.4 | $30.0 | +$3.4 (+11.3%) | - First half of 2025 revenue recognized totaled **$13.5 million**[4](index=4&type=chunk) - Second quarter 2025 revenue was primarily driven by achievement of **factory acceptance testing milestone under the line installation agreement with SK On Co., Ltd.**[4](index=4&type=chunk) - Year-to-date 2025 **operating loss was $49.9 million** and year-to-date **net loss was $40.5 million**, or $0.22 per share[5](index=5&type=chunk) [Balance Sheet and Liquidity](index=2&type=section&id=Balance%20Sheet%20and%20Liquidity) Solid Power maintained a strong liquidity position as of June 30, 2025, despite significant cash usage for operations and capital expenditures [Balance Sheet and Liquidity Overview](index=2&type=section&id=Balance%20Sheet%20and%20Liquidity%20Overview) Solid Power maintained a strong liquidity position as of June 30, 2025, with total liquidity at $279.8 million, despite significant cash usage in operating activities and capital expenditures for its pilot line Liquidity Position (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Cash and cash equivalents | $26,248 | $25,413 | | Available-for-sale securities | $253,561 | $302,057 | | Total liquidity | $279,809 | $327,470 | - As of June 30, 2025, **contract receivables were $4.6 million** and **total current liabilities were $12.4 million**[7](index=7&type=chunk) Capital Expenditures and Cash Usage (in millions) | Metric | Q2 2025 | H1 2025 | | :-------------------------------------- | :------ | :------ | | Capital Expenditures | $2.6 | $5.0 | | Cash used in operating activities (YTD) | N/A | $40.7 | - Capital expenditures primarily represented costs for construction of the **continuous electrolyte production pilot line**[8](index=8&type=chunk) [2025 Outlook and Strategic Objectives](index=2&type=section&id=2025%20Outlook) Solid Power reiterated its key strategic objectives for 2025, focusing on electrolyte innovation, partner commitments, and financial discipline [Key Objectives for 2025](index=2&type=section&id=Key%20Objectives%20for%202025) Solid Power reiterated its commitment to key objectives for 2025, focusing on advancing electrolyte technology, fulfilling partner commitments, and maintaining financial discipline - Drive **electrolyte innovation and performance** through feedback from customers and internal cell development[12](index=12&type=chunk) - Continue to execute on the electrolyte technology development roadmap, including the start of the installation of a **pilot continuous electrolyte manufacturing line**[12](index=12&type=chunk) - **Fulfill partner and customer commitments** and **increase electrolyte sampling**, using the electrolyte innovation center (EIC) to quickly innovate driven by demand[12](index=12&type=chunk) - **Maintain financial discipline** while ensuring ongoing investments in technology development and capabilities[12](index=12&type=chunk) [About Solid Power, Inc.](index=2&type=section&id=About%20Solid%20Power%2C%20Inc.) Solid Power is a leading developer of solid-state battery technology, focusing on electrolyte material and a licensing-based business model [Company Profile and Business Model](index=2&type=section&id=Company%20Profile%20and%20Business%20Model) Solid Power is a leading developer of solid-state battery technology, focusing on its electrolyte material to enable next-generation batteries for EVs and other markets, with a business model centered on selling electrolyte and licensing designs rather than manufacturing commercial batteries - Solid Power develops **solid-state battery technology** for EV and other markets, with its core technology being its **electrolyte material**[11](index=11&type=chunk) - The electrolyte material is believed to enable **extended driving range, longer battery life, improved safety, and lower cost** compared to traditional lithium-ion batteries[11](index=11&type=chunk) - Solid Power's business model involves **selling its electrolyte to cell manufacturers and licensing its cell designs** and manufacturing processes, distinguishing it from competitors planning to be commercial battery manufacturers[11](index=11&type=chunk) [Condensed Consolidated Financial Statements](index=4&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the condensed consolidated balance sheets, statements of operations, and cash flows for Solid Power [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a decrease in total assets from $448.25 million at December 31, 2024, to $397.995 million at June 30, 2025, primarily due to a reduction in long-term investments, while current assets increased Key Balance Sheet Items (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change | | :-------------------------- | :------------ | :---------------- | :--------- | | Total Assets | $397,995 | $448,250 | $(50,255) | | Total Current Assets | $239,672 | $125,236 | $114,436 | | Total Long-Term Assets | $158,323 | $323,014 | $(164,691) | | Total Liabilities | $27,224 | $37,936 | $(10,712) | | Total Stockholders' Equity | $370,631 | $410,280 | $(39,649) | - **Marketable securities significantly increased** from $92.784 million to $204.685 million, while **investments decreased** from $210.400 million to $50.710 million[16](index=16&type=chunk) - **Total current liabilities decreased from $19.970 million to $12.399 million**, driven by reductions in accounts payable, deferred revenue, and accrued compensation[16](index=16&type=chunk) [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For Q2 2025, Solid Power reported an increase in total revenue and grant income to $7.54 million (up from $5.075 million in Q2 2024), but also an increase in operating expenses, resulting in a net loss of $25.338 million, or $0.14 per share Key Income Statement Items (in thousands) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :------------------------------------------- | :--------- | :--------- | :--------- | :--------- | | Total Revenue and Grant Income | $7,540 | $5,075 | $13,556 | $11,028 | | Total Operating Expenses | $33,411 | $32,012 | $63,455 | $63,746 | | Operating Loss | $(25,871) | $(26,937) | $(49,899) | $(52,718) | | Total Nonoperating Income and Expense | $(137) | $5,174 | $8,811 | $9,748 | | Net Loss Attributable to Common Stockholders | $(25,338) | $(22,274) | $(40,488) | $(43,481) | | Basic and diluted loss per share | $(0.14) | $(0.13) | $(0.22) | $(0.24) | - Revenue increased by **27.8% year-over-year** in Q2 2025, from **$5.075 million to $6.485 million**, and grant income of **$1.055 million** was recognized, compared to none in Q2 2024[17](index=17&type=chunk) - **Research and development expenses remained relatively stable** year-over-year for both Q2 and H1 2025, while **selling, general and administrative expenses decreased**[17](index=17&type=chunk) - The change in fair value of warrant liabilities significantly impacted nonoperating income, moving from a gain of **$703 thousand** in Q2 2024 to a loss of **$3.216 million** in Q2 2025[17](index=17&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2025, Solid Power used $40.734 million in operating activities, a slight increase from the prior year, while investing activities provided $45.073 million, primarily due to proceeds from sales of available-for-sale securities Cash Flow Summary (Six Months Ended June 30, in thousands) | Cash Flow Activity | H1 2025 | H1 2024 | Change | | :-------------------------------------- | :--------- | :--------- | :--------- | | Net cash used in operating activities | $(40,734) | $(40,179) | $(555) | | Net cash provided by investing activities | $45,073 | $44,811 | $262 |\ | Net cash used in financing activities | $(3,504) | $(8,531) | $5,027 | | Net increase (decrease) in cash | $835 | $(3,899) | $4,734 | | Cash and cash equivalents at end of period | $26,248 | $30,638 | $(4,390) | - Purchases of available-for-sale securities were **$101.690 million**, offset by proceeds from sales of **$152.453 million** in H1 2025[19](index=19&type=chunk) - Net cash used in financing activities decreased significantly from **$8.531 million** in H1 2024 to **$3.504 million** in H1 2025, largely due to reduced repurchase of common stock[19](index=19&type=chunk) [Additional Information](index=3&type=section&id=Additional%20Information) This section provides important disclosures regarding forward-looking statements and company contact information [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements regarding future financial performance, strategy, expansion plans, and market opportunities, which are subject to numerous risks and uncertainties detailed in SEC filings - Statements about **future financial performance, strategy, expansion plans** (including electrolyte production), **market opportunity, operations, and projected costs** are considered forward-looking[13](index=13&type=chunk) - Readers are cautioned against undue reliance on these statements, as they are subject to **risks and uncertainties**, many beyond Solid Power's control, including R&D success, financial losses, partnership management, market adoption, and intellectual property protection[13](index=13&type=chunk) - Additional risks are detailed in Solid Power's **Annual Report on Form 10-K** for the year ended December 31, 2024, and **other SEC filings**[13](index=13&type=chunk) [Contacts](index=3&type=section&id=Contacts) Provides contact information for investor relations and press inquiries - Investor inquiries can be directed to **investors@solidpowerbattery.com**[14](index=14&type=chunk) - Press inquiries can be directed to **press@solidpowerbattery.com**[14](index=14&type=chunk)

Group 1 - The company Solid Power (NASDAQ: SLDP) is viewed positively due to its first-mover advantage in the solid-state battery technology sector [1] - The analyst has a strong background in finance and strategy, with experience in banking, mining, and energy sectors, which supports the analysis of investment opportunities [1] - The investment philosophy emphasizes thorough research and a long-term perspective, focusing on both value stocks and growth opportunities [1] Group 2 - The article does not provide any specific financial data or performance metrics related to Solid Power [2][3]

Investment Strategy - The company employs a contrarian investment style, focusing on high-risk, illiquid options and shares [1] - The investment portfolio is split approximately 50%-50% between shares and call options, with a typical investment timeframe of 3-24 months [1] - The company targets stocks that have recently experienced sell-offs due to non-recurrent events, particularly when insiders are buying shares at lower prices [1] Analysis Methodology - Fundamental analysis is utilized to assess the health of companies, including their leverage and financial ratios compared to sector and industry averages [1] - Professional background checks are conducted on insiders who purchased shares after sell-offs to ensure credibility [1] - Technical analysis is employed to optimize entry and exit points, using multicolor lines for support and resistance levels on weekly charts [1]

Core Insights - The article discusses the importance of conducting thorough research before making investment decisions, emphasizing that past performance does not guarantee future results [2][3] Company and Industry Analysis - The article highlights that analysts may have no current positions in the stocks mentioned, indicating a level of objectivity in the analysis [1] - It notes that the information provided is for informational purposes only and should not be considered as a solicitation to buy or sell securities [2] - The article stresses the necessity for investors to reach their own conclusions or consult a financial advisor before making investment decisions [2]

Core Insights - BMW Group has officially launched road testing for the world's first BMW i7 model equipped with all-solid-state batteries (ASSB) in Munich, marking a significant advancement in the collaboration with Solid Power [1][2] - The testing will focus on critical aspects such as cell expansion management, operating pressure control, and temperature regulation, which are essential for future mass production [1] - The partnership between BMW and Solid Power began in 2016, with strategic investments and joint development efforts strengthening their collaboration over the years [1] Company Developments - The BMW i7 test vehicle showcases BMW's commitment to a technology-open strategy, emphasizing user-centric development through collaboration with top global partners [1] - Solid Power's CEO highlighted the collaboration as a crucial milestone towards the commercialization of solid-state battery technology, aiming to enhance safety and efficiency in electric mobility [2] Technical Innovations - The BMW i7 model features large-format all-solid-state cells provided by Solid Power, utilizing an innovative module structure to better integrate with BMW's existing electric drive systems [1] - The joint efforts have led to the establishment of a prototype production line for all-solid-state batteries, initiated in 2022 at the CMCC in Palsdorf [1]

Revenue - Revenue for the three months ended March 31, 2025, was $6.0 million, a slight increase of 1.7% from $5.9 million in the same period in 2024[116] - Collaborative revenue accounted for $4.5 million during the three months ended March 31, 2025, primarily driven by agreements with SK On[117] - Government revenue recognized was $1.5 million, with funding from the U.S. Department of Energy's Assistance Agreement, which provides up to $50 million for equipment installation[118] Expenses - Operating expenses decreased by $1.7 million, or 5%, to $30.0 million for the three months ended March 31, 2025, compared to $31.7 million in 2024[119] - Cash used in operating activities decreased by $2.8 million to $26.3 million for the three months ended March 31, 2025, compared to $29.1 million in 2024[131] - Cash used in financing activities decreased by $4.9 million in Q1 2025 compared to Q1 2024, primarily due to no stock repurchases in Q1 2025[134] Income - Nonoperating income increased to $8.9 million for the three months ended March 31, 2025, up from $4.6 million in the same period in 2024, primarily due to a gain in the fair value of warrant liabilities[123] Liquidity - Total liquidity as of March 31, 2025, was $299.6 million, a decrease of $27.9 million from $327.5 million as of December 31, 2024[125] Cash Flow - Cash provided by investing activities increased by $16.9 million to $30.5 million for the three months ended March 31, 2025, primarily due to increased proceeds from available-for-sale securities[132] - Capital expenditures were $2.4 million for the three months ended March 31, 2025, down from $4.0 million in the same period in 2024, primarily for the continuous electrolyte production pilot line[133] - The company anticipates cash used in operations to slightly increase on a quarterly basis for the remainder of the year, but expects additional cash receipts from partners to partially offset that increase[131] Accounting Policies - Collaborative revenue recognition methodology changed as of January 1, 2025, now utilizing the cost-to-cost method for performance obligations[137] - No significant changes in critical accounting policies and estimates during Q1 2025 compared to the previous year[136] - The company is not involved in any off-balance sheet arrangements as defined under SEC rules[135] - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[139]

Financial Data and Key Metrics Changes - In Q1 2025, the company generated revenue of $6 million, a slight increase from $5.9 million in Q1 2024, primarily driven by the SK On agreement and milestone execution [9][10] - Operating expenses decreased to $30 million, down by $1.7 million compared to the same quarter last year, attributed to lower direct labor costs [10] - The operating loss was $24 million, with a net loss of $15 million, equating to 8 cents per share [10] - Total liquidity at the end of the quarter was $300 million, with contract receivables totaling $2.2 million and current liabilities at $10.4 million [10][11] Business Line Data and Key Metrics Changes - The company is focused on electrolyte development, with plans to install a continuous manufacturing pilot line at SP2, expected to expand production capacity to 75 metric tons per year [4][5] - The company is close to completing factory acceptance testing for the SK On line, a key milestone in their line installation agreement [6] Market Data and Key Metrics Changes - Demand for multiple generations of the company's electrolyte from both existing and potential new customers has been observed, indicating strong market interest [8] Company Strategy and Development Direction - The company aims to execute agreements with Eskayon to develop solid-state cells based on its technology and operate a solid-state pilot line [5] - The focus is on driving electrolyte innovation and performance through customer feedback, which is expected to lead to improved electrolyte performance [6][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the promise of sulfide-based solid-state batteries and noted that customer engagement and electrolyte sampling activities are encouraging [9] - The trajectory of revenue growth is expected to be gradual, with significant electrolyte revenue anticipated as early as 2027, with the bulk around 2029 and beyond [18] Other Important Information - The company received $1.5 million in reimbursements under an agreement with the U.S. Department of Energy during the quarter [5][20] Q&A Session Summary Question: How to think about '25 revenue and timing around revenue from customers? - Management indicated that 2025 revenue is dominated by collaborative arrangements, particularly with SK On, and some government contracts [14] Question: Trajectory of revenues potentially beyond '25? - Management noted that customers are in early stages of cell development, with increased sampling but not large quantities yet, with significant revenue expected around 2027 to 2030 [17][18] Question: Update on the DOE grant? - Management clarified that the $1.5 million received is a grant, not a loan, and that is the current status [20]

Financial Data and Key Metrics Changes - In Q1 2025, the company generated revenue of $6 million, a slight increase from $5.9 million in Q1 2024, primarily driven by the SK On agreement and milestone execution [9] - Operating expenses decreased to $30 million, down by $1.7 million compared to Q1 2024, attributed to lower direct labor costs [9] - The operating loss was $24 million, with a net loss of $15 million or 8 cents per share [10] - Total liquidity at the end of the quarter was $300 million, with contract receivables of $2.2 million and total current liabilities of $10.4 million [10][11] Business Line Data and Key Metrics Changes - The company is focused on electrolyte development, with plans to install a continuous manufacturing pilot line at SP2, expected to expand production capacity to 75 metric tons per year [4] - The company is close to completing factory acceptance testing for the SK On line, a key milestone in their line installation agreement [6] - There is ongoing innovation in the Electrolyte Innovation Center, which is being used to develop and test production processes [7] Market Data and Key Metrics Changes - Customer engagement and electrolyte sampling activities have shown positive trends, indicating demand for multiple generations of the electrolyte from both existing and potential new customers [8] Company Strategy and Development Direction - The company aims to balance financial discipline with appropriate investments in technology development and process improvement [11] - The strategic focus includes executing agreements with Eskayon for solid state cell development and ramping up electrolyte sampling to identify long-term customers [5][7] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the transition from traditional lithium-ion to solid-state battery technology, highlighting the importance of customer feedback in driving electrolyte performance improvements [6][8] - The company anticipates significant electrolyte revenue growth starting as early as 2027, with the bulk of revenues expected around 2029 and beyond [20] Other Important Information - The company received $1.5 million in reimbursements under an agreement with the U.S. Department of Energy during the quarter [5][22] Q&A Session Summary Question: How to think about 2025 revenue and timing around revenue from customers for electrolytes? - Management indicated that 2025 revenue is primarily driven by collaborative arrangements, particularly with SK On, and government contracts, with electrolyte sampling at a lower level [15][16] Question: What is the trajectory of revenues potentially beyond 2025? - Management noted that customers are in early stages of cell development, with increased sampling but not large quantities yet, and significant revenue is expected around 2027 to 2030 [19][20] Question: Update on the DOE grant? - Management clarified that the $1.5 million received is a grant, not a loan, and that is the current status [22]

[Solid Power First Quarter 2025 Results](index=1&type=section&id=Solid%20Power%20Reports%20First%20Quarter%202025%20Results) [Business and Financial Highlights](index=1&type=section&id=Business%20and%20Financial%20Highlights) The company reported stable revenue, progressed on key operational goals, and maintained a strong liquidity position of $299.6 million - Key operational achievements in Q1 2025 include advancing the electrolyte pilot line design, nearing completion of the SK On pilot cell line, and receiving increased customer demand for electrolyte[7](index=7&type=chunk) - Capital expenditures for Q1 2025 totaled **$2.4 million**, primarily for the construction of the continuous electrolyte production pilot line[8](index=8&type=chunk) Q1 Financial Comparison | Financial Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $6.0 million | $6.0 million | | Operating Expenses | $30.0 million | $31.7 million | | Operating Loss | $24.0 million | $25.8 million | | Net Loss | $15.1 million | $21.2 million | | Loss Per Share | $0.08 | $0.12 | Liquidity Position | Liquidity (in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $29,454 | $25,413 | | Available-for-sale securities | $270,134 | $302,057 | | **Total liquidity** | **$299,588** | **$327,470** | [2025 Outlook](index=2&type=section&id=2025%20Outlook) The company reaffirmed its 2025 objectives, focusing on electrolyte innovation, technology roadmap execution, and maintaining financial discipline - Key objectives for 2025 include driving electrolyte innovation, executing the technology roadmap, fulfilling partner commitments, and maintaining financial discipline while investing in technology[9](index=9&type=chunk)[12](index=12&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) The report includes forward-looking statements subject to significant risks and uncertainties, cautioning readers against undue reliance - The report contains forward-looking statements concerning financial guidance and future performance, which are based on current expectations and not guarantees of future results[13](index=13&type=chunk) - The company identifies numerous risks that could cause actual results to differ, including **R&D success**, a **history of financial losses**, and **delays in facility construction**[13](index=13&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) The statements detail the company's financial position, with total assets of $419.4 million and a net loss of $15.2 million for Q1 2025 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Summary | Balance Sheet (in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total current assets | $249,277 | $125,236 | | **Total assets** | **$419,390** | **$448,250** | | Total current liabilities | $10,429 | $19,970 | | **Total liabilities** | **$22,275** | **$37,936** | | **Total stockholders' equity** | **$397,072** | **$410,280** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss%20(Unaudited)) Statement of Operations Summary | Statement of Operations (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | $6,016 | $5,953 | | Total operating expenses | $30,045 | $31,734 | | Operating Loss | $(24,029) | $(25,781) | | **Net Loss** | **$(15,151)** | **$(21,207)** | | Basic and diluted loss per share | $(0.08) | $(0.12) | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) Cash Flow Summary | Cash Flows (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(26,291) | $(29,065) | | Net cash provided by investing activities | $30,499 | $13,639 | | Net cash used in financing activities | $(167) | $(5,092) | | **Net increase (decrease) in cash** | **$4,041** | **$(20,518)** | | **Cash and cash equivalents at end of period** | **$29,454** | **$14,019** |