AVITA Medical (RCEL) 10-K 13 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 07, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
Document Annual Report	true
Document Transition Report	false
Entity Registrant Name	AVITA MEDICAL, INC.
Entity Central Index Key	0001762303
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Security Exchange Name	NASDAQ
Trading Symbol	RCEL
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Entity Interactive Data Current	Yes
Entity Address, State or Province	CA
Entity Incorporation, State or Country Code	DE
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		26,357,542
Entity Public Float			$ 203,434,831
ICFR Auditor Attestation Flag	false
Entity File Number	001-39059
Entity Tax Identification Number	85-1021707
Document Financial Statement Error Correction [Flag]	false
Entity Address, Address Line One	28159 Avenue Stanford
Entity Address, Address Line Two	Suite 220
Entity Address, City or Town	Valencia
Entity Address, Postal Zip Code	91355
City Area Code	661
Local Phone Number	367-9170
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Los Angeles, California
Documents Incorporated by Reference [Text Block]	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Company’s Proxy Statement for the Annual Meeting of Stockholders to be held on June 4, 2025, are incorporated by reference into Part III of this Form 10-K.
Auditor Opinion [Text Block]	Opinion on the financial statements We have audited the accompanying consolidated balance sheets of AVITA Medical, Inc. (a Delaware corporation) and subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive loss, stockholders’ equity, and cash flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 14,050	$ 22,118
Marketable securities	21,835	66,939
Accounts receivable, net	11,786	7,664
BARDA receivables	56	30
Prepaids and other current assets	2,004	1,659
Inventory	7,269	5,596
Total current assets	57,000	104,006
Plant and equipment, net	10,018	1,877
Operating lease right-of-use assets	3,571	2,440
Corporate-owned life insurance ("COLI") asset	3,006	2,475
Intangible assets, net	5,570	487
Other long-term assets	546	355
Total assets	79,711	111,640
LIABILITIES, NON-QUALIFIED DEFERRED COMPENSATION PLAN SHARE AWARDS AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities	6,294	3,793
Accrued wages and fringe benefits	10,451	7,972
Current non-qualified deferred compensation ("NQDC") liability	2,094	168
Other current liabilities	1,319	1,266
Total current liabilities	20,158	13,199
Long-term debt	42,245	39,812
Non-qualified deferred compensation liability	2,969	3,663
Contract liabilities	324	357
Operating lease liabilities, long term	2,840	1,702
Warrant liability	3,432	3,158
Contingent liability	3,000
Total liabilities	74,968	61,891
Non-qualified deferred compensation plan share awards	244	693
Commitments and contingencies (Note 12)
Stockholders' equity:
Common stock, $0.0001 par value per share, 200,000,000 shares authorized, 26,354,042 and 25,682,078, shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively	3	3
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized, no shares issued or outstanding at December 31, 2024 and December 31, 2023	0	0
Company common stock held by the non-qualified deferred compensation plan	(1,319)	(1,130)
Additional paid-in capital	367,568	350,039
Accumulated other comprehensive loss	(1,939)	(1,887)
Accumulated deficit	(359,814)	(297,969)
Total stockholders' equity	4,499	49,056
Total liabilities, non-qualified deferred compensation plan share awards and stockholders' equity	$ 79,711	$ 111,640

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock par value	$ 0.0001	$ 0.0001
Common stock shares authorized	200,000,000	200,000,000
Common stock shares issued	26,354,042	25,682,078
Common stock shares outstanding	26,354,042	25,682,078
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Sales revenue	$ 63,893,000	$ 50,143,000
Lease revenue	358,000
Total revenues	64,251,000	50,143,000
Cost of sales	(9,094,000)	(7,780,000)
Gross profit	55,157,000	42,363,000
BARDA income		1,428,000
Operating expenses:
Sales and marketing	(58,195,000)	(37,291,000)
General and administrative	(33,195,000)	(28,334,000)
Research and development	(20,360,000)	(20,821,000)
Total operating expenses	(111,750,000)	(86,446,000)
Operating loss	(56,593,000)	(42,655,000)
Interest expense	(5,361,000)	(1,143,000)
Other income, net	163,000	8,483,000
Loss before income taxes	(61,791,000)	(35,315,000)
Income tax expense	(54,000)	(66,000)
Net loss	$ (61,845,000)	$ (35,381,000)
Net loss per common share:
Basic	$ (2.39)	$ (1.4)
Diluted	$ (2.39)	$ (1.4)
Weighted-average common shares:
Basic	25,883,056	25,331,264
Diluted	25,883,056	25,331,264

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (61,845)	$ (35,381)
Other comprehensive income gain/(loss):
Cumulative translation adjustment recognized in earnings as part of the reorganization of foreign subsidiaries		(9,415)
Change in fair value due to credit risk on long-term debt	30	(621)
Net unrealized gain/(loss) on marketable securities	(82)	522
Comprehensive loss	$ (61,897)	$ (44,895)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Company Common Stock Held by the NQDC Plan	Additional Paid-in Capital	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Beginning Balance at Dec. 31, 2022	$ 84,740	$ 3	$ (127)	$ 339,825	$ 7,627	$ (262,588)
Beginning balance, shares at Dec. 31, 2022		25,208,436
Net loss	(35,381)					(35,381)
Stock-based compensation	7,866			7,866
Exercise of stock options	957			957
Exercise of stock options, shares		166,675
Vesting of restricted stock units, shares		106,476
Company common stock held by the NQDC Plan			(1,401)	1,401
Company common stock held by the NQDC plan, Shares		128,172
Distribution/diversification of Company common stock held by the NQDC Plan	752		398	354
Change in redemption value of share awards in NQDC plan	(1,019)			(1,019)
ESPP purchases	$ 655			655
ESPP purchases, Shares	72,319	72,319
Net unrealized gain (loss) on marketable securities	$ 522				522
Change in fair value due to credit risk on long-term debt	(621)				(621)
Cumulative translation adjustment recognized in earnings as part of the reorganization of foreign subsidiaries	(9,415)				(9,415)
Ending Balance at Dec. 31, 2023	49,056	$ 3	(1,130)	350,039	(1,887)	(297,969)
Ending Balance, shares at Dec. 31, 2023		25,682,078
Net loss	(61,845)					(61,845)
Stock-based compensation	13,419			13,419
Exercise of stock options	$ 2,135			2,135
Exercise of stock options, shares	352,208	352,208
Vesting of restricted stock units, shares		99,905
Distribution/diversification of Company common stock held by the NQDC Plan	$ 321		245	76
Vesting of Company common stock held by the NQDC Plan			(434)	434
Vesting of Company common stock held by the NQDC Plan, shares		48,627
Change in redemption value of share awards in NQDC plan	92			92
ESPP purchases	$ 1,373			1,373
ESPP purchases, Shares	171,224	171,224
Net unrealized gain (loss) on marketable securities	$ (82)				(82)
Change in fair value due to credit risk on long-term debt	30				30
Ending Balance at Dec. 31, 2024	$ 4,499	$ 3	$ (1,319)	$ 367,568	$ (1,939)	$ (359,814)
Ending Balance, shares at Dec. 31, 2024		26,354,042

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flow from operating activities:
Net loss	$ (61,845,000)	$ (35,381,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Cumulative translation adjustments recognized in earnings as part of the reorganization of foreign subsidiaries		(9,415,000)
Loss on issuance under credit agreement		1,238,000
Change in fair value of long-term debt	2,463,000	1,616,000
Change in fair value of warrant liability	274,000	733,000
Depreciation and amortization	1,126,000	632,000
Stock-based compensation	13,496,000	8,384,000
Non-cash lease expense	843,000	748,000
Loss on fixed asset disposal	107,000	83,000
Investment losses		17,000
Loss on patent disposal	16,000	4,000
Remeasurement and foreign currency transaction gain/(loss)	21,000	37,000
Excess and obsolete inventory related charges	487,000	221,000
BARDA deferred costs		(194,000)
Contract cost amortization		341,000
Provision for credit losses	23,000	24,000
Amortization of premium of marketable securities	(1,674,000)	(1,381,000)
Non-cash changes in the fair value of NQDC plan	402,000	856,000
Changes in operating assets and liabilities:
Trade and other receivables	(4,145,000)	(4,172,000)
BARDA receivables	(26,000)	868,000
Prepaids and other current assets	(345,000)	(451,000)
Inventory	(2,160,000)	(3,693,000)
Operating lease liability	(906,000)	(713,000)
Corporate-owned life insurance ("COLI") asset	(271,000)	(1,008,000)
Other long-term assets	(191,000)	(233,000)
Accounts payable and accrued expenses	340,000	809,000
Accrued wages and fringe benefits	2,479,000	1,347,000
Current non-qualified deferred compensation liability	1,785,000	(1,504,000)
Other current liabilities	122,000	266,000
Non-qualified deferred compensation plan liability	(1,327,000)	2,251,000
Contract liabilities	(33,000)	(341,000)
Net cash used in operations	(48,939,000)	(38,011,000)
Cash flows from investing activities:
Purchase of marketable securities	(24,504,000)	(78,757,000)
Sale of marketable securities		2,372,000
Maturities of marketable securities	71,200,000	79,439,000
Purchase of plant and equipment	(9,171,000)	(1,381,000)
Patent filing fees	(162,000)	(66,000)
Net cash provided by investing activities	37,363,000	1,607,000
Cash flow from financing activities:
Proceeds from long-term debt		38,762,000
Proceeds from exercise of stock options	2,135,000	957,000
Employee stock purchase plan ("ESPP") purchases	1,373,000	655,000
Net cash provided by financing activities	3,508,000	40,374,000
Effect of foreign exchange rate on cash and cash equivalents		(16,000)
Net increase/(decrease) in cash and cash equivalents	(8,068,000)	3,954,000
Cash and cash equivalents beginning of the period	22,118,000	18,164,000
Cash and cash equivalents end of the period	14,050,000	22,118,000
Supplemental Disclosure of Cash Flow Information:
Income taxes paid during the period	41,000	44,000
Interest paid during the period	5,359,000	1,143,000
Non-cash investing and financing activities:
Intangible asset purchase not yet paid	5,000,000
Plant and equipment purchases not yet paid	115,000	6,000
Right-of-use-asset obtained in exchange for lease liabilities	$ 2,043,000	2,337,000
Warrant liability recognized upon issuance of term loan		$ 2,425,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (61,845)	$ (35,381)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cybersecurity Risk Management,

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Abstract]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. CY BERSECURITY Risk Management and Strategy AVITA Medical has implemented an Information Security Management System ( “ ISMS ” ). The Company’s ISMS is a continuous process designed to analyze the potential risks, vulnerabilities, the likeliness of occurrence and the related consequences of cybersecurity threats. The process is based on establishing the context, assessing the risks, and treating the risks. The key concept of the ISMS is to consistently maintain and improve confidentiality, integrity, and availability of information assets that should be protected by the organization on behalf of itself and its clients, and third parties. Once a risk, threat or vulnerability is identified, the Company establishes a risk treatment plan to take corrective action to prevent risks that can be avoided and minimize the ones that cannot. We engage an independent third-party cybersecurity services and consulting firm to continuously review our information security and provide technical oversight. We also conduct internal phishing campaigns and perform an independent penetration test on an annual basis. In addition, we conduct regular security awareness training and testing of our employees. The Company has not had any material cybersecurity incidents. All related activities ISMC activities have been structured into a framework consisting of: 1. Context establishment - Established in accordance with the requirements of International Organization for Standardization 27001 and 27002 (“ISO 27001” and “ISO 27002”). The ISO 27001, Information security management systems, provides a framework and guidelines for establishing, implementing and managing an ISMS and ISO 27002, Information security controls, provides a reference set of generic information security controls including implementation guidance. 2. Risk Assessment - Relates to an evaluation and identification of risks, threats and vulnerabilities that exist or could exist, identifies the likelihood of occurrence and potential consequences. As part of the risk assessment management prioritizes the assessed risks from low to high based on likelihood and level of impact. 3. Risk Treatment – will detail the remediation process for risks, vulnerabilities and threats identified to reduce the risk to an acceptable level. 4. Risk Acceptance- The Company’s risk assessment is evaluated from a Low (1) to a High (3) on the Impact the threat would have on the Company and its operations and the likelihood of occurrence. Threat ratings created from the Impact and probability calculations will result with a value from 1- 9. a. Low (1 – 2.99) = Risk level acceptable and no further action deemed necessary b. Medium (2 – 5.99) and High (6 - 9) – implement risk management to reduce the risk to an acceptable level 5. Risk Communications- Results of the risk assessment are communicated to appropriate levels of management. Report includes the identified risk and vulnerability summaries. Updates will include treatment plans and status updates. 6. Risk Monitoring and Review - Continuously performed to evaluate any changes or the need for changes. The Company uses the Ontrack software solution (“Ontrack”) to monitor and track all aspects of risk assessment. Ontrack also serves as tool to track any cybersecurity incidents and remediation tasks. Disclosure of Management’s Responsibility The Company’s Chief Financial Officer is responsible for overseeing the Cybersecurity Risk Management Program and leading the Company’s efforts to mitigate technology risks in partnership with various business leaders in the organization. For qualifications of the CFO refer to Item 10 of the Form 10-K. We have protocols, policies and tools in place to mitigate cybersecurity risk. They also provide the administrative, technical, and physical safeguards to ensure the security, confidentiality, integrity and availability of confidential information and personal information from unauthorized access, use, disclosure, alteration, destruction or theft. In addition, we engage an independent third party annually to assess our IT general controls and IT security. Special focus is given to maintaining and improving our alignment with ISO 27001. Additionally, we have a cybersecurity incident response plan in place that provides a documented framework for handling high and low severity security incidents and facilitates coordination across multiple parts of the business. Finally, cybersecurity is integrated into the Company’s training as all employees are required to take security awareness training. Disclosure of the Board’s Responsibility While management is primarily responsible for assessing and managing cybersecurity risks on a day-to-day basis, the Company’s Board of Directors oversees management’s efforts to assess and manage risk. The Board of Directors (through the Audit Committee) monitors the cybersecurity risk assessment and response process. The Audit Committee is briefed by our Chief Financial Officer on our cybersecurity ISMS program and the overall cybersecurity risk environment. The briefing may include discussions on topics such as: information security and technology risks, cybersecurity risk assessment process and updates, information risk management strategies, and progress on cybersecurity and data protection training initiatives for employees, among others.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Company’s Chief Financial Officer is responsible for overseeing the Cybersecurity Risk Management Program and leading the Company’s efforts to mitigate technology risks in partnership with various business leaders in the organization.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	While management is primarily responsible for assessing and managing cybersecurity risks on a day-to-day basis, the Company’s Board of Directors oversees management’s efforts to assess and manage risk. The Board of Directors (through the Audit Committee) monitors the cybersecurity risk assessment and response process.
Cybersecurity Risk Board of Directors Oversight [Text Block]	While management is primarily responsible for assessing and managing cybersecurity risks on a day-to-day basis, the Company’s Board of Directors oversees management’s efforts to assess and manage risk. The Board of Directors (through the Audit Committee) monitors the cybersecurity risk assessment and response process. The Audit Committee is briefed by our Chief Financial Officer on our cybersecurity ISMS program and the overall cybersecurity risk environment. The briefing may include discussions on topics such as: information security and technology risks, cybersecurity risk assessment process and updates, information risk management strategies, and progress on cybersecurity and data protection training initiatives for employees, among others.

The Company

The Company	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	1. The Company The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These financial statements include the assets, liabilities, revenues and expenses of all wholly-owned subsidiaries. Nature of the Business AVITA Medical and its subsidiaries (collectively, “AVITA Medical” or the “Company”) is a leading therapeutic acute wound care company delivering transformative solutions. The Company’s technologies are designed to optimize skin restoration procedures, effectively accelerating patient healing and recovery. The Company’s solutions improve the healing outcomes for patients with traumatic injuries and surgical repairs, addressing critical healing needs that arise from unpredictable and life-changing events. At the forefront of the Company’s portfolio is the patented and proprietary RECELL ® System (“RECELL System” or “RECELL”), approved by the U.S. Food and Drug Administration (the “FDA”) for the treatment of thermal burn wounds and full-thickness skin defects, and for repigmentation of stable depigmented vitiligo lesions. RECELL harnesses the regenerative properties of a patient’s own skin to create an autologous skin cell suspension, Spray-On Skin ™ Cells, delivering a transformative solution at the point of care. This breakthrough technology serves as the catalyst for a new treatment paradigm enabling improved clinical outcomes. In September 2018, the FDA granted PMA to the RECELL System for use in the treatment of acute thermal burns in patients eighteen years and older. Following receipt of the original PMA, the Company commenced commercialization of the RECELL System in January 2019 in the United States. In June 2021, the FDA approved the expanded use of the RECELL System in combination of meshed autografting for acute full-thickness thermal wounds in pediatric and adult patients. In February 2022, the FDA approved a PMA supplement for the RECELL Autologous Cell Harvesting Device, an enhanced ease-of-use device aimed at providing clinicians a more efficient user experience and simplified workflow. On June 7, 2023, the FDA approved a PMA supplement for full-thickness skin defects based on results of the Company's pivotal trial for soft tissue repair and reconstruction. Following this approval, the Company commenced a commercial launch on June 8, 2023. The single-use RECELL Autologous Cell Harvesting Device (“RECELL Ease-of-Use” or “RECELL EOU”) is approved by the FDA for the treatment of thermal burn wounds and full-thickness skin defects, and repigmentation of stable depigmented vitiligo lesions. The Company's next-generation device, RECELL GO ™ Autologous Cell Harvesting Device (“RECELL GO”), is FDA-approved to treat thermal burn wounds and full-thickness skin defects. RECELL GO introduces enhanced features that streamline the preparation of Spray-On Skin Cells and improves workflow efficiency in the operating room. It consists of two components: a multi-use, AC-powered RECELL GO Processing Device (the “RPD”) and a RECELL GO Preparation Kit (the “RPK”). The RPK contains the single-use RECELL GO Cartridge, disaggregation head, RECELL Enzyme ™ , and other components. The RPD provides the control for the RPK, manages the pressure applied to disaggregate the donor skin cells, and precisely regulates the incubation times of the RECELL Enzyme and solutions to optimize cell yield and promote cell viability. On June 16, 2023, the FDA approved a PMA application for the repigmentation of stable depigmented vitiligo lesions. Following FDA approval, the Company established a framework, which consists of three steps, to secure reimbursement for vitiligo. The first step is to conduct the 100-patient post market study called TONE. TONE will evaluate repigmentation using the RECELL device and will also seek to measure the improvement in the quality-of-life following treatment of stable vitiligo with RECELL. TONE, including publication, is expected to be complete by the end of 2024. The second step is to initiate a health economics study to capture the longitudinal healthcare costs for a vitiligo patient, which is expected to be completed by the end of 2024. The purpose of these studies is to demonstrate how treating vitiligo with RECELL can significantly reduce the lifetime healthcare cost of patients. As a result, commercial payors will stand to benefit economically by providing coverage of RECELL for the repigmentation of stable depigmented vitiligo lesions. Conversations with commercial payors will begin during the first quarter of 2025. Commercial coverage will be rolled out on a tiered basis based on state and geographic factors. The Company anticipates that the initial phase of reimbursement coverage will likely begin in the fourth quarter of 2025 with appropriately sized commercial support as coverage is established. Additionally, on June 29, 2023, the Company submitted a PMA supplement to the FDA for RECELL GO™. RECELL GO maintains the FDA Breakthrough Device designation from predecessor devices. On September 29, 2023, the Company received notice from the FDA that additional information regarding the PMA is required for the continuation of a substantive review for RECELL GO. This request, which is not unique to the Breakthrough Device Program, placed the application file on hold while the Company addressed the FDA's questions. A category of questions posed by the FDA required additional in-house testing. The Company submitted the complete response to the FDA on February 28, 2024. On May 29, 2024, the FDA approved the premarket approval PMA supplement for RECELL GO. Following this approval, the Company shipped the first RECELL GO order on May 30, 2024, to accommodate the first case for its use on May 31, 2024. In February 2019, the Company entered into a collaboration with COSMOTEC, an M3 Group company, to market and distribute the RECELL System in Japan. Under the terms of the agreement, AVITA Medical will supply the RECELL product, and COSMOTEC will be the sole distributor of the product in Japan. The Company worked with COSMOTEC to advance its application for approval of the RECELL System in Japan pursuant to PMDA. In February 2022, COSMOTEC’s application for regulatory approval was approved by the PMDA with labeling for burns only. In September 2022, COSMOTEC commercially launched RECELL in Japan following Japan’s Ministry of Health, Labor, and Welfare approval of reimbursement pricing. The Company also holds the right to market, sell, and distribute PermeaDerm ® , a biosynthetic wound matrix, in the United States under the terms of an exclusive multi-year distribution agreement with Stedical Scientific, Inc. (“Stedical”) (the “Stedical Agreement”). In July 2024, the Company entered into an exclusive multi-year development and distribution agreement with Collagen Matrix, Inc. dba Regenity Biosciences (“Regenity”) (the “Regenity Agreement”). Following 510(k) approval, Regenity will manufacture and supply Cohealyx ™ , a unique collagen-based dermal matrix, and the Company will hold the exclusive marketing, sales, and distribution rights to this product under its private label in the U.S., and potentially in countries in the European Union, as well as in Australia and Japan. Liquidity and Capital Resources The Company has incurred operating losses and negative cash flows from operations since its inception and has an accumulated deficit of $ 359.8 million as of December 31, 2024. For the years ended December 31, 2024 and 2023, the Company used $ 48.9 million and $ 38.0 million of cash, respectively, in its operating activities. As of December 31, 2024, the Company had cash, cash equivalents, and marketable securities of $ 35.9 million. Historically, the Company has funded its operations principally through the sales of its products, issuance of equity securities, and debt financing. The Company’s Consolidated Financial Statements have been prepared on the basis of the Company continuing as a going concern for the next 12 months. Management believes that the Company’s cash, cash equivalents, and marketable securities will allow the Company to continue its planned operations for at least the next 12 months from the date of the issuance of these Consolidated Financial Statements. In connection with the Long-term debt described in Note 6, the Company will need to be in compliance with a minimum trailing twelve month net revenue (see Note 18 for amendment providing for lowered revenue covenants) at the end of each quarter and maintain a minimum quarterly cash and cash equivalents balance. If the Company cannot generate sufficient revenue in the future or maintain the cash balance, the Company may not be in compliance with the covenants and additional repayments may be necessary or the lender may call the debt. As of December 31, 2024, the Company was in compliance with all financial covenants.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, S egment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the Chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The Company adopted ASU 2023-07 during the year-ended December 31, 2024. For further details refer to Note 11. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require (i) enhanced disclosures in connection with an entity's effective tax rate reconciliation and (ii) income taxes paid disaggregated by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of adopting this ASU on its Consolidated Financial Statements and disclosures. Use of Estimates The preparation of the accompanying Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts (including the stand-alone selling price (“SSP”) for the RPD, allowance for credit losses, reserves for inventory excess and obsolescence, carrying value of long-lived assets, the useful lives of long-lived assets, accounting for marketable securities, income taxes, fair value of debt, fair value of warrants and stock-based compensation) and related disclosures. Estimates have been prepared based on the current and available information. However, actual results could differ from estimated amounts. Foreign Currency Translation and Foreign Currency Transactions The financial position and results of operations of the Company’s operating non-U.S. subsidiaries are generally determined using the respective local currency as the functional currency of that subsidiary. Assets and liabilities of these subsidiaries are translated at the exchange rate in effect at each period end. Income statement accounts are translated at the average rate of exchange prevailing during the period. Adjustments arising from the use of differing exchange rates from period to period are included in Accumulated other comprehensive loss in the Consolidated Balance Sheets. The Company’s non-operating subsidiaries that use the U.S. Dollar as their functional currency remeasure monetary assets and liabilities at exchange rates in effect at the end of each period and nonmonetary assets and liabilities at historical rates. Gains and losses resulting from these remeasurements are included in earnings in the Consolidated Statement of Operations. Gains and losses for remeasurement were minimal for the year-ended December 31, 2024 and $ 22,000 for the year-ended December 31, 2023. The Company records certain revenues and operating expenses in foreign currencies. These revenues and expenses are translated into U.S. Dollars based on the average exchange rate for the reporting period. Assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate in effect as of the balance sheet date. For the years-ended December 31, 2024 and 2023, the Company incurred losses of approximately $ 21,000 and $ 15,000 , respectively, included in Other income, net in the Consolidated Statement of Operations. Comprehensive Loss The components of comprehensive loss consist of net loss, foreign currency translation adjustments (“CTA”) from its subsidiaries not using the U.S. dollar as their functional currency, unrealized gains and losses in investments available for sale and changes in fair value due to instrument specific credit risk on the debt. During the year-ended December 31, 2023, the Company liquidated the Company's foreign subsidiaries. In accordance with ASC 830-30, Foreign Currency Matters (“ASC 830”), the CTA was reclassified into earnings. As such, the Company reclassified $ 9.4 million from comprehensive loss to earnings for the winding down of the foreign subsidiaries. The amount is recorded in Other income, net in the Consolidated Statement of Operations. Reorganization of Foreign Subsidiaries and Deed of Cross Guarantee During the year-ended December 31, 2023, the business activities of AVITA Medical Pty Limited, AVITA Medical Europe Limited, Visiomed Group Pty Ltd, C3 Operations Pty Ltd and Infamed Pty Ltd were liquidated. AVITA Medical Americas LLC was transferred from C3 Operations Pty Ltd to be directly held by the Company in preparation for each of AVITA Medical Pty Limited, AVITA Medical Europe Limited, Visiomed Group Pty Ltd, C3 Operations Pty Ltd and Infamed Pty Ltd to be de-registered during the year-ended December 31, 2024. In March 2024, the Company’s deed of cross guarantee, dated June 29, 2020, with each of its Australian wholly-owned subsidiaries was revoked as part of the Company’s reorganization of foreign subsidiaries. In January 2025, the Company was notified that the de-registration of each of its wholly-owned Australian subsidiaries listed above was completed. Revenue Recognition The Company generates revenues primarily from: • The sale of RECELL EOU, RPK, and PermeaDerm products to hospitals, other treatment centers, and distributors. • Maintenance fee received from BARDA to ensure first right of access to our inventory. In the prior year, the Company recorded service revenue for the emergency preparedness services provided to BARDA. • Lease revenue for the RPD. The Company’s sale of the RECELL EOU and PermeaDerm products are accounted for under ASC 606, Revenue from contracts with customers (“ASC 606”). Revenue for the RECELL GO system is disaggregated between two accounting standards: (1) ASC 606 for the RPK and (2) ASC 842, Leases (“ASC 842”) for the RPD. Revenues from BARDA are accounted for under ASC 606, and are included in Sales revenues within the Consolidated Statements of Operations. To determine revenue recognition for contracts that are within the scope of ASC 606, the Company performs the following five steps: 1. Identify the contract with a customer 2. Identify the performance obligations 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations 5. Recognize revenue when/as a performance obligation(s) is(are) satisfied In order for an arrangement to be considered a contract, it must be probable that the Company will collect the consideration to which it is entitled for goods or services to be transferred. The Company then assesses the goods or services promised within the contract to determine whether each promised good or service is a performance obligation. Performance obligations are promises in a contract to transfer a distinct good or service to the customer that (i) the customer can benefit from on its own or together with other readily available resources, and (ii) is separately identifiable from other promises in the contract. The Company determines the transaction price based on the amount of consideration the Company expects to receive for providing the promised goods or services in the contract. Consideration may be fixed, variable, or a combination of both. At contract inception for arrangements that include variable consideration, the Company estimates the probability and extent of consideration it expects to receive under the contract utilizing either the most likely amount method or expected amount method, whichever best estimates the amount expected to be received. The Company then considers any constraints on the variable consideration and includes in the transaction price variable consideration to the extent it is deemed probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. When accounting for a contract that contains multiple performance obligations, the Company must develop judgmental assumptions to determine the estimated SSP for each performance obligation identified in the contract. We utilize the observable SSP when available, which represents the price charged for the promised product or service when sold separately. When the SSP for our products or services are not directly observable, we determine the SSP using relevant information available and apply suitable estimation methods including, but not limited to, the cost-plus margin approach. The Company then allocates the transaction price to each performance obligation based on the relative SSP and recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) control is transferred to the customer and the performance obligation is satisfied. Most of the Company’s contracts have a single performance obligation. As such, the Company recognizes revenue when its customers obtain control of promised goods or services, in an amount that reflects the consideration which the Company expects to be entitled in exchange for those goods or services. Revenue is recognized net of volume discounts (variable consideration). For the Company’s contracts that have an original duration of one year or less, since contract inception and customer payment occur within the same period the Company does not consider the time value of money. Further, because of the short duration of these contracts, the Company has not disclosed the transaction price for the remaining performance obligations as of each reporting period or when the Company expects to recognize this revenue. The Company has further applied the practical expedient to exclude sales tax in the transaction price and expense contract acquisition costs such as commissions and shipping and handling expenses as incurred. Revenue recognition for contracts that are within the scope of ASC 606 and ASC 842 The Company enters into contracts with customers where it receives consideration for the RPK and does not receive additional consideration for the RPD. As a result, judgment and analysis are required to determine the appropriate accounting, including: (i) whether the arrangement contains an embedded lease, and if so, whether such embedded lease is a sales-type lease or an operating lease, (ii) the amount of the total consideration, as well as variable consideration, (iii) the identification of the distinct performance obligations contained within the arrangement, (iv) how the arrangement consideration should be allocated to each performance obligation when multiple performance obligations exist, including the determination of standalone selling price, and (v) when to recognize revenue on the performance obligations. For these contracts the Company considers the guidance under ASC 842 to determine if furnishing the RPD to the customer during the period of use establishes an embedded lease. To determine if the contract contains a lease, the Company evaluates the customer’s rights and ability to control the use of the underlying equipment throughout the contract term, including any equipment substitution rights retained by the Company. As the contract conveys the right to control the use of an identified asset for a period of time, the contract was determined to contain a lease. The Company then evaluated the lease classification based on the below: • Pursuant to ASC 842-30, the Company will classify a lease as a sales-type lease if: (i) the lease transfers ownership of the underlying asset to the lessee by the end of the lease term, (ii) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (iii) the lease term is for the major part of the remaining economic life of the underlying asset, (iv) the present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all (90% or more) of the fair value of the underlying asset, or (v) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. • Pursuant to ASC 842-30, when none of the sales-type lease classification criteria are met, a lessor would classify the lease as a direct financing lease when both of the following criteria are met: (i) the present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments and/or any other third party unrelated to the lessor equals or exceeds substantially all (90% or more) of the fair value of the underlying asset and (ii) it is probable that the lessor will collect the lease payments plus any amount necessary to satisfy a residual value guarantee. • Pursuant to ASC 842-30, a lessor would classify a lease as an operating lease when none of the sales-type or direct financing lease classification criteria are met. Further, per ASC 842, a lessor is required to classify a lease with variable lease payments that do not depend on an index or rate as an operating lease at lease commencement if the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria of ASC 842 and the lessor would have otherwise recognized a loss at the lease commencement date. In determining whether the lease components are related to a sales-type lease or an operating lease, the Company evaluates if the lease transfers ownership at the end of the lease term, purchase options, the lease term in relation to the economic life of the asset, if the lease payments exceed the fair value of the asset, and if the asset is of a specialized nature. The Company also evaluates if the lease results in a loss at the lease commencement date. As the lease term is for a major part of the economic life, the lease meets the classification criteria for sales-type lease. However, t o determine if the contract results in a loss at the lease commencement date the Company evaluated the consideration in the contract. The consideration at lease commencement does not contain fixed payments, purchase options, penalty payments or residual value guarantees. The variable consideration is related to the sale of the RPK. As the variable lease payments are not dependent on an index or rate, the variable consideration is excluded from consideration at contract inception resulting in a loss at lease commencement. As such, the Company classifies the lease as an operating lease. The contracts contain a lease component, the RPD, and a non-lease component, the RPK. The lease component will be accounted for under ASC 842 and the non-lease component will be accounted for under ASC 606, as described above. Per ASC 842, the consideration in the contract will be allocated to each separate lease component and non-lease component of the contract. The consideration is allocated to these lease and non-lease components based on the SSP (as described above for contracts within the scope of ASC 606). In accordance with ASC 842, variable lease payments will be recognized once the sale of the RPK occurs and control has transferred to the customer. Consideration will be allocated to the RPD and RPK based on the SSP. Consideration related to the RPD will be recognized as Lease revenue and consideration related to the RPK will be recognized as Sales revenues in accordance with guidance in ASC 606, as described above, upon transfer of control of the RPK, which generally occurs at the time the product is shipped or delivered depending on the customer's shipping terms. Assets in the Company’s lease program are reported in Plant and equipment, net on its Consolidated Balance Sheets and are depreciated over the useful life of the RPD device's 200 uses, as indicated in the Instructions for Use that were approved by the FDA, and expensed as Costs of goods sold in the Consolidated Statements of Operations. The RPD depreciation has a direct relationship to the number of RPK units sold. Based on customer usage, each purchase of an RPK unit results in a 1/200 depreciation to the RPD . Contract Liabilities The Company receives payments from customers based on contractual terms. Trade receivables are recorded when the right to consideration becomes unconditional. The Company satisfies its performance obligation on product sales when the products are shipped or delivered, depending on the terms of the sale. Payment terms on invoiced amounts are typically 30 days , and do not include a financing component. Contract liabilities are recorded when the Company receives payment prior to satisfying its obligation to transfer goods to a customer. Cost of Sales Cost of sales related to products includes costs to manufacture or purchase, package, and ship the Company’s products. Costs also include relevant production overhead and depreciation and amortization. These costs are recognized when control of the product is transferred to the customer and revenue is recognized. Income Taxes Income taxes are accounted for using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income or loss in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that a portion of the deferred tax asset will not be realized. We recognize interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying Consolidated Statement of Operations. Accrued interest and penalties are included on the related tax liability line in the Consolidated Balance Sheets. The Company reviews its uncertain tax positions regularly. An uncertain tax position represents the Company’s expected treatment of a tax position taken in a filed return, or planned to be taken in a future tax return or claim that has not been reflected in measuring income tax expense for financial reporting purposes. The Company recognizes the tax benefit from an uncertain tax position when it is more-likely-than-not that the position will be sustained upon examination on the basis of the technical merits or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired. Cash and Cash Equivalents Cash and cash equivalents consists of cash held at deposit institutions, money market funds and short-term highly liquid investments with original maturities of three months or less from the date of purchase. As of December 31, 2024 and 2023, the Company holds cash at deposit institutions in the amount of $ 2.3 million and $ 10.7 million, respectively. The Company holds no cash denominated in foreign currencies in foreign institutions as of December 31, 2024 and $ 69,000 denominated in foreign currencies in foreign institutions as of December 31, 2023. As of December 31, 2024 and 2023, the Company held cash equivalents in the amount of $ 11.7 million and $ 11.4 million, respectively. Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, trade receivables, BARDA receivables and other receivables. As of December 31, 2024 and 2023, substantially all of the Company’s cash was deposited in accounts at financial institutions, and those deposited amounts may exceed federally insured limits and are subject to the risk of bank failure. As of December 31, 2024, two commercial customers accounted for more than 10 % of accounts receivable. Customer A accounted for 21 % and Customer B for 11 % of accounts receivable. As of December 31, 2023, no single commercial customer accounted for more than 10 % of accounts receivable. For the years-ended December 31, 2024 and 2023, no single commercial customer accounted for more than 10 % of total revenues. BARDA revenues for the procurement of the RECELL system accounted for zero and 1 % of total revenues for the years-ended December 31, 2024 and 2023, respectively. BARDA receivables for the procurement of the RECELL system and emergency preparedness accounted for 100 % and 27 % of BARDA receivables as of December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, BARDA receivables were $ 56,000 and $ 30,000 , respectively, Fair Value of Financial Instruments Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: ● Level 1 — Quoted prices in active markets for identical assets or liabilities. ● Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. ● Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. For further details refer to Note 4. At December 31, 2024 and 2023, the Company’s financial instruments included cash, accounts payable, accrued expenses, long-term debt and warrant liabilities. The carrying amounts of accounts payable and accrued expenses approximate fair value due to the short-term maturities of these instruments. Long-term Debt The Company elected the fair value option (“FVO”) of accounting under ASC 825-10, Financial Instruments (“ASC 825”) , to record the debt at fair value at issuance and subsequently remeasures to fair value each reporting period. The Company elected the fair FVO option of accounting of ASC 825 for the debt from the issuance date in order to not have to bifurcate any embedded derivatives in accordance with ASC 815, Derivatives and Hedging – Contracts in Entity's Own Equity (“ASC 815”). The debt accounted for under the FVO represents a financial instrument containing embedded features which would otherwise be required to be bifurcated from the debt-host and recognized as separate derivative liabilities subject to initial and subsequent periodic estimated fair value measurements under ASC 815. The Company has elected to present interest expense separately from changes in fair value and therefore will present interest expense associated with the debt as Interest expense in the Consolidated Statement of Operations. Any changes in fair value caused by instrument-specific credit risk are presented separately in Accumulated other comprehensive loss in the Consolidated Balance Sheets. Changes in fair value attributable to changes in credit risk are determined using observable option adjusted spreads for the issuer or comparable companies with similar credit ratings. All costs associated with the issuance of the Credit Agreement accounted for using the FVO were expensed upon issuance. The fair value of the debt is determined using a Monte Carlo Simulation and classified as Level 3 in the fair value hierarchy. For further details refer to Note 4. Presentation and Valuation of the Warrants Warrants are accounted for as liabilities in accordance with ASC 815-40 and were presented within Warrant liability on the Consolidated Balance Sheets . The initial fair value of the warrant liability is measured at fair value at the date of issuance and are remeasured at each reporting date until settlement. Changes in the fair value of the warrant liability is recognized in Other income, net in the Consolidated Statement of Operations. The Company established the fair value of the warrants utilizing the Black-Scholes pricing model. Assumptions used in the valuation are the price of the company stock, expected share-price volatility, expected term, risk-free interest rate and dividend yield. The Company estimates the volatility based on historical volatility that matches the expected remaining life of the warrants. The expected term of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates to remain at zero . The warrants were classified Level 3 fair value measurement, due to the use of unobservable inputs. For further details refer to Note 4. Marketable Securities The Company classifies all highly liquid investments with original maturities of three months or less from the date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities. The Company classifies marketable securities as short-term when they have remaining contractual maturities of one year or less from the balance sheet date, and as long-term when the investments have remaining contractual maturities of more than one year from the balance sheet date. Classification is determined at the time of purchase and re-evaluated each balance sheet date. Short-term marketable securities represent investment of cash available for current operations. The Company accounts for our marketable securities as available-for-sale securities. All marketable securities, which consist of corporate debt securities, asset backed securities, U.S treasury and commercial paper are denominated in the U.S. dollars, have been classified as “available for sale”, and are carried at fair value. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive income (loss) and reported as a separate component of stockholders equity until realized. Realized gains and losses on marketable securities are included in Other income, net, in the accompanying Consolidated Statements of Operations. The cost of any marketable securities sold is based on the specific identification method. The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity. Interest on marketable securities is included in Other income, net in the Consolidated Statements of Operations. In accordance with the Company’s investment policy, management invests to diversify credit risk and only invests in securities with high credit quality, including U.S. government securities, and the maximum final maturity from the date of purchase is thirty-seven months . If necessary, the Company will recognize an allowance for credit losses on available-for-sale debt securities on an individual basis, and will no longer consider other than-temporary impairment or immediately reduce the cost basis of the investment provided that it is more likely than not that the security will be held to recovery or maturity. Further, the Company will recognize any improvements in estimated credit losses on available-for-sale debt securities immediately in earnings and reduce the existing allowance for credit losses. The Company will disaggregate its available-for-sale marketable securities into the following categories: commercial paper, corporate debt, government and agency securities and money market funds. The Company’s government and agency securities are U.S. treasury bonds, and U.S. agency bonds. The Company has analyzed government and agency securities and identified that both types of securities have similar risk characteristics in that they are traded infrequently and have contractual interest rates and maturity dates. To evaluate for impairment, management reviews credit rating changes, securities trends, interest rate movements and unrealized loss at the security level of the Company’s available for sale debt securities. If any of these give rise to a potential credit concern, the Company performs a discounted cash flow analysis to determine the credit portion of the impairment. The discounted cash flow analysis will be performed either internally or through the assistance of a qualified third party. Once the credit component of the impairment is determined, the Company will record the impaired amount as an allowance to the available-for-sale debt securities balance and as a charge to other income in the accompanying Consolidated Statements of Operations, not to exceed the amount of the unrealized loss. The Company assesses expected credit losses at the end of each reporting period and adjusts the allowance through Other income, net. Accounts Receivable Accounts receivable are recorded net of customer allowances for expected credit losses. The Company estimates an allowance for expected credit losses (i.e., the inability of our customers to make required payments). These estimates are based on a combination of past experience and current trends. In estimating the allowance for expected credit losses, consideration is given to the current aging of receivables, a specific review for potential bad debts and an evaluation of historic write-offs. The resulting bad debt expense is included in Sales and marketing expenses in the Consolidated Statement of Operations. Receivables are written-off when deemed uncollectible. As of December 31, 2024 and 2023, the allowance for expected credit losses was $ 71,000 and $ 48,000 , respectively. A rollforward of the activity in the Company’s allowance for expected credit losses is as follows (in thousands): Year-ended December 31, 2024 December 31, 2023 Balance at beginning of year $ 48 $ 24 Additions: change to cost and expense 23 24 Deductions: write-offs, net of recovery - - Balance at end of year $ 71 $ 48 BARDA Income and Receivables The Company has concluded that grants under the BARDA grant are not within the scope of ASC 606, as they do not meet the definition of a contract with a “customer.” The Company has further concluded that Subtopic 958-605, Not-for-Profit-Entities-Revenue Recognition also does not apply, as the Company is a business entity and the grants are with governmental agencies or units. With respect to the BARDA grant, the Company considered the guidance in IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, by analogy. BARDA income and related receivables are recognized when there is reasonable assurance that the grant will be received, and all attaching conditions have been complied with. When the grant relates to an expense item, the grant received is recognized as income over the period when the expense was incurred. Inventory Inventory is va

Marketable Securities

Marketable Securities	12 Months Ended
	Dec. 31, 2024
Debt Securities, Available-for-Sale [Abstract]
Marketable Securities	3. Marketable Securities The following table summarizes the amortized cost and estimated fair values of debt securities available for sale: As of December 31, 2024 Amortized Gross Gross Carrying (in thousands) Cash equivalents: Money market funds $ 11,720 $ - $ - $ 11,720 Total cash equivalents $ 11,720 $ - $ - $ 11,720 Current marketable securities: U.S. Treasury securities $ 21,821 $ 14 $ - $ 21,835 Total current marketable securities $ 21,821 $ 14 $ - $ 21,835 As of December 31, 2023 Amortized Gross Gross Carrying (in thousands) Cash equivalents: Money market funds $ 8,427 $ - $ - $ 8,427 U.S. Treasury securities 2,992 - - 2,992 Total cash equivalents $ 11,419 $ - $ - $ 11,419 Current marketable securities: U.S. Treasury securities $ 65,145 $ 100 $ ( 3 ) $ 65,242 U.S. Government agency obligations 1,699 - ( 2 ) 1,697 Total current marketable securities $ 66,844 $ 100 $ ( 5 ) $ 66,939 The maturities of marketable securities available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. As of December 31, 2024 As of December 31, 2023 (in thousands) Amortized Carrying Amortized Carrying Due in one year or less $ 21,821 $ 21,835 $ 66,844 $ 66,939 Gross unrealized gains and losses on the Company’s marketable securities were an unrealized gain of $ 14,000 as of December 31, 2024 . Gross unrealized gains and losses on the Company’s marketable securities were an unrealized gain of $ 100,000 and an unrealized loss of $ 5,000 as of December 31, 2023 which resulted in a net unrealized loss of $ 95,000 . During the years-ended December 31, 2024 and 2023, the Company did no t recognize credit losses. The Company has accrued interest income of $ 121,000 and $ 227,000 as of December 31, 2024 and, 2023, respectively, recorded in Prepaids and other current assets on the Consolidated Balance Sheets. Money market funds were included in Cash and cash equivalents on the Consolidated Balance Sheets .

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The authoritative guidance on fair value measurements establishes a framework with respect to measuring assets and liabilities at fair value on a recurring basis and non-recurring basis. Under the framework, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as of the measurement date. The framework also establishes a three-tier hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability and are developed based on the best information available in the circumstances. The hierarchy consists of the following three levels: Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2: Inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Inputs are unobservable inputs for the asset or liability The following tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy: As of December 31, 2024 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 11,720 $ - $ - $ 11,720 Total cash equivalents $ 11,720 $ - $ - $ 11,720 Current marketable securities: U.S. Treasury securities $ - $ 21,835 $ - $ 21,835 Total current marketable securities $ - $ 21,835 $ - $ 21,835 Total marketable securities and cash equivalents $ 11,720 $ 21,835 $ - $ 33,555 Financial liabilities: Long-term debt $ - $ - $ 42,245 $ 42,245 Warrant liability - - 3,432 $ 3,432 Non-qualified deferred compensation plan liability - 5,063 - $ 5,063 Total financial liabilities $ - $ 5,063 $ 45,677 $ 50,740 Financial assets: Corporate-owned life insurance policies $ - $ 3,006 $ - $ 3,006 Total financial assets $ - $ 3,006 $ - $ 3,006 As of December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 8,427 $ - $ - $ 8,427 U.S. Treasury securities - 2,992 - 2,992 Total cash equivalents $ 8,427 $ 2,992 $ - $ 11,419 Current marketable securities: U.S. Treasury securities $ - $ 65,242 $ - $ 65,242 U.S. Government agency obligations - 1,697 - 1,697 Total current marketable securities $ - $ 66,939 $ - $ 66,939 Total marketable securities and cash equivalents $ 8,427 $ 69,931 $ - $ 78,358 Financial liabilities: Long-term debt $ - $ - $ 39,812 $ 39,812 Warrant liability - - 3,158 3,158 Non-qualified deferred compensation plan liability - 3,831 - $ 3,831 Total financial liabilities $ - $ 3,831 $ 42,970 $ 46,801 Financial assets: Corporate-owned life insurance policies $ - $ 2,475 $ - $ 2,475 Total financial assets $ - $ 2,475 $ - $ 2,475 The following table presents the summary of changes in the fair value of our Level 3 financial instruments: As of December 31, 2024 As of December 31, 2023 (in thousands) Long-term debt Warrant liability Long-term debt Warrant liability Balance beginning of period $ 39,812 $ 3,158 $ - $ - Fair value on issuance date 37,575 2,425 Change in fair value in earnings 2,463 274 1,616 733 Change in fair value in other comprehensive loss ( 30 ) - 621 - Balance end of period, at fair value $ 42,245 $ 3,432 $ 39,812 $ 3,158 The Company’s Level 1 assets include money market instruments and are valued based upon observable market prices. Level 2 assets consist of U.S. Government agency obligations and U.S Treasury securities. Level 2 securities are valued based upon observable inputs that include reported trades, broker/dealer quotes, bids and offers. There were no transfers between fair value measurement levels during the years-ended December 31, 2024 and 2023. Cash equivalents consist of money market funds and are classified as a Level 1. The corporate-owned life insurance contracts are recorded at cash surrender value, which is provided by a third party and reflects the net asset value of the underlying publicly traded mutual funds and are categorized as Level 2. Non-qualified deferred compensation plan liability is measured at fair value based on quoted prices of identical instruments to the investment vehicles selected by the participants. Long-term debt The fair value of the debt was determined using a Monte Carlo Simulation (“MCS”) in order to predict the probability of different outcomes. The valuation was performed based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The fair value of the debt is recorded in the Consolidated Balance Sheets. The fair value is estimated by the Company each reporting period and the change in the fair value is recorded in both earnings and other comprehensive loss depending on the instrument's inherent credit risk and market risk related to the debt valuation. The assumptions used in the MCS were risk-free interest rate, revenue volatility, revenue discount rate, future revenue projection, and expected dividend rate. As the debt is subject to net revenue requirements, the valuation of the debt was determined using MCS. The underlying metric to be simulated is the projected Trailing Twelve Month (“TTM”) revenues at each quarter end through the maturity date of October 18, 2028. Based on the simulated metric, the different levels of simulated TTM revenues may trigger different discounted cash flow scenarios in which the TTM revenues are lower than the targeted revenues per the Credit Agreement or the TTM revenues are equal to or higher than the targeted revenues per the Credit Agreement, as discussed in Note 6 of the Consolidated Financial Statements. MCS performs 100,000 iterations of various simulated revenues to determine the fair value of the debt. The below assumptions were used in the MCS: December 31, 2024 December 31, 2023 Risk-free interest rate 4.25 % 3.81 % Revenue volatility 63.00 % 64.00 % Revenue discount rate 14.11 % 16.58 % Warrant Liability The fair value of the warrant liability is recognized in connection with the Credit Agreement, as discussed in Note 6 of the Consolidated Financial Statements. The fair value of the warrant liability was determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The fair value of the warrant liability, which is reported within Warrant liability on the Consolidated Balance Sheets, is estimated by the Company based on the Black-Scholes option pricing model with the follow ing key inputs: December 31, 2024 December 31, 2023 Price of common stock $ 12.80 $ 13.72 Expected term 8.80 years 9.81 years Expected volatility 48.89 % 31.07 % Exercise price $ 10.9847 $ 10.9847 Risk-free interest rate 4.49 % 3.84 % Expected dividends 0.00 % 0.00 %

Revenues

Revenues	12 Months Ended
	Dec. 31, 2024
Revenue, Performance Obligation [Abstract]
Revenues	5. Revenues The Company generates revenues primarily from: • The sale of RECELL Ease of Use (“EOU”), RECELL GO RPK, and PermeaDerm products to hospitals, other treatment centers, and distributors. • Maintenance fee received from BARDA in exchange for first right of access to our inventory. In the prior year, the Company recorded service revenues for the emergency preparedness services provided to BARDA. • Lease revenue for the RECELL GO RPD. The Company’s sale of the EOU and PermeaDerm products are accounted for under ASC 606, as discussed in Note 2 of the Company’s Consolidated Financial Statements. Revenue for the RECELL GO device is disaggregated between two accounting standards: (1) ASC 606 for the RPK and (2) ASC 842 for the RPD. RECELL GO The RECELL GO device consists of a single-use RPK and a durable AC powered device, RPD. The Company enters into contracts with customers where it receives consideration for the single-use RPK and does not receive additional consideration for the RPD. The consideration in the contract is allocated based on the SSP. Upon sale of the RPK the consideration is allocated to the lease and non-lease components. Consideration received for the RPK is recorded in Sales revenues in the Consolidated Statement of Operations and consideration for the lease is recorded in Lease revenue in the Consolidated Statement of Operations. During the year-ended December 31, 2024, the Company recorded approximately $ 17.5 million in Sales revenue related to the RPK and $ 358,000 in Lease revenue related to the RPD in the Consolidated Statement of Operations. Distributor Transactions For international markets, the Company exclusively partners with third-party distributors (currently, COSMOTEC in Japan, PolyMedics Innovation GmbH in Germany, and Revolution Surgical Pty Ltd in Australia and New Zealand). Revenue recognition occurs when the distributors obtain control of the product. The terms of sales transactions through distributors are generally consistent with the terms of direct sales to customers and do not contain return rights. These transactions are accounted for in accordance with the Company’s revenue recognition policy described in Note 2, Summary of Significant Accounting Policies in the Company’s Consolidated Financial Statements. PermeaDerm Sales As provided in the Stedical Agreement, the Company’s gross margin from the sale of PermeaDerm is 50 % of the average sales price (“ASP”). The Company and Stedical share the gross revenue from the sale of the products evenly at 50 % of ASP. The Company recognizes revenue when the customer obtains control of promised goods, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. Remaining Performance Obligations Contract liabilities are calculated as the dollar value of the remaining performance obligations on executed contracts and primarily relate to COSMOTEC and other customers. The estimated revenue expected to be recognized in the future once the performance obligation is satisfied under the Company’s existing customer agreements is $ 357,000 and $ 390,000 as of December 31, 2024 and December 31, 2023, respectively. These amounts are classified between current and long-term in Other current liabilities and Contract liabilities in the Consolidated Balance Sheets. Variable Consideration The Company evaluates its contracts with customers for forms of variable consideration, which may require an adjustment to the transaction price based on their estimated impact. For commercial customers, revenue from the sale of goods is recognized net of volume discounts. The Company uses the expected value method when estimating variable consideration. Revenue is only recognized to the extent that it is probable that a significant reversal will not occur. Variable consideration under the BARDA contract is not material to the Consolidated Financial Statements. Volume Discounts — The Company generally provides contracted customers with volume discounts that are explicitly stated in the Company’s customer contracts. The RECELL system is sold with respective volume discounts based on aggregated sales over a 12-month period on a customer-by-customer basis. Revenue from these sales is recognized based on the price specified in the contract, net of estimated volume discounts, and net of any sales tax charged. Goods sold are not eligible for return. The Company has determined such discounts are not distinct from the Company’s sale of products to the customer and, therefore, these payments have been recorded as a reduction of revenue and as a reduction to accounts receivable, net. Contract Assets and Contract Liabilities Contract assets include amounts related to the Company’s contractual right to consideration for both completed and partially completed performance for which the Company does not have the right to payment. As of December 31, 2024 and December 31, 2023, the Company does no t have any contract assets. Contract liabilities are recorded when the Company receives payment prior to satisfying its obligation to transfer goods to a customer. The Company had a total of $ 357,000 and $ 390,000 in contract liabilities as of December 31, 2024 and December 31, 2023, respectively. These amounts split between Other current liabilities and Contract liabilities in the Consolidated Balance Sheets. The Company had $ 33,000 in Other current liabilities as of December 31, 2024 and December 31, 2023. The Company had $ 324,000 and $ 357,000 in Contract liabilities as of December 31, 2024 and December 31, 2023, respectively. The balance relates to the unsatisfied performance obligation for emergency preparedness under the BARDA contract and COSMOTEC. Performance obligations will be recognized over time over the term of the contracts. For the years-ended December 31, 2024 and 2023, the Company recognized $ 195,000 and $ 335,000 of BARDA revenue from amounts included in the beginning balance of contract liabilities, respectively. For the years-ended December 31, 2024 and 2023, the Company recognized $ 33,000 of revenue for COSMOTEC for amounts included in the beginning balance of contract liabilities. Cost to Obtain and Fulfill a Contract Contract fulfillment costs include commissions and shipping expenses. The Company has opted to immediately expense the incremental cost of obtaining a contract when the underlying related asset would have been amortized over one year or less. The Company generally does not incur costs to obtain new contracts. BARDA Contract On February 16, 2024, the Company executed a contract modification with BARDA to extend the period of performance, under the original contract dated September 29, 2015, from December 31, 2023 to September 28, 2025. Under the modified contract, BARDA shall have access to AVITA Medical’s RECELL inventory in the event of a national emergency. No additional inventory build will be required. In the case of a national emergency, BARDA shall pay for RECELL devices at a reduced price for the first 1,000 units and retail price for any units over 1,000 requested. BARDA will pay AVITA Medical approximately $ 333,000 in maintenance fee over the term of the contract to ensure first right of access. Cost to fulfill the BARDA emergency preparedness performance obligation, which primarily consist of billed costs to BARDA incurred in connection with the emergency deployment services, are incremental and expected to be recovered. Costs are capitalized and amortized on a straight-line basis over the term of the contract. As of December 31, 2024 and 2023, the Company did no t have any contract costs remaining in Prepaid and other current assets on the Consolidated Balance Sheets. Amortization expense related to deferred contract costs was $ 341,000 during the year-ended December 31, 2023 and are classified as Cost of sales on the Consolidated Statements of Operations. There was no impairment loss in relation to deferred contract costs during the years-ended December 31, 2024 and 2023. Disaggregated Revenue The Company disaggregates revenue from contracts with customers into geographical regions and by customer type. As noted in the segment footnote, the Company’s business consists of one reporting segment. A reconciliation of disaggregated revenue by geographical region and customer type is provided in Note 11 .

Long-term Debt

Long-term Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-term Debt	6. Long-term debt On October 18, 2023 (“Closing Date”) the Company entered into a credit agreement, by and between the Company, as borrower, and an affiliate of OrbiMed Advisors, LLC (the “Lender”) as the lender and administrative agent (the “Credit Agreement”). The Credit Agreement provides for a five-year senior secured credit facility in an aggregate principal amount of up to $ 90.0 million, of which (i) $ 40.0 million was made available on the Closing Date (the “Initial Commitment Amount”), (ii) $ 25.0 million will be made available, at the Company’s discretion, on or prior to December 31, 2024, subject to certain net revenue requirements, and (iii) $ 25.0 million will be made available, at the Company’s discretion, on or prior to June 30, 2025, subject to certain net revenue requirements (the “Loan Facility”). The maturity date of the Credit Agreement is October 18, 2028 (“Maturity Date”). On the Closing date , the Company closed on the Initial Commitment Amount, less certain fees and expenses payable to or on behalf of the Lender. The Company received net proceeds of $ 38.8 million upon closing after deducting the Lender's transaction costs in connection with the Loan Facility. On November 7, 2024, the Lender and the Company mutually agreed to a third amendment (the “Third Amendment”) to the Credit Agreement. Under the terms of the Third Amendment and subject to the payment by the Company of a consent fee to the Lender, the Company and the Lender mutually agreed to (1) terminate the two additional tranches of available debt in the aggregate amount of $ 50.0 million and (2) remove the trailing 12-month revenue covenant for the fourth quarter of 2024, which was set at $ 67.5 million. All revenue covenants for subsequent quarters remain in effect. All obligations under the Credit Agreement will be guaranteed by all of the Company’s wholly owned subsidiaries (subject to certain exceptions) and secured by substantially all of the Company's and each guarantor's assets. The loan will be due in full on the Maturity Date unless the Company elects to repay the principal amount at any time prior to the Maturity Date. Upon prepayment, the Company will owe the applicable repayment premium and exit fee of 3 % on the principal amount of the Loans. The repayment premium varies between 0 % - 3 %, depending on certain conditions that are defined in the Credit Agreement. Note that the Repayment premium incorporates the make-whole amount. The make-whole amount represents the remaining scheduled interest payments on the Loan Facility during the period commencing on the prepayment date through the 24-month anniversary of the closing date. The Credit Agreement further states that the Company will be required to repay the principal amount of the Loan Facility if the Company does not achieve certain net revenue thresholds. If, for any quarter until the maturity date, the Company’s net revenue does not equal or exceed the applicable trailing twelve-month amount as set forth in the Credit Agreement, then the Company shall repay in equal quarterly installments equal to 5.0 % of the outstanding principal amount of the Loan Facility on the date the net revenue amount was not satisfied, together with a repayment premium and exit fee. In addition, the Company will be required to maintain at least $ 10.0 million of unrestricted cash and cash equivalents at the end of each reporting period. The Company shall repay amounts outstanding in full immediately upon an acceleration as a result of an event of default as set forth in the Credit Agreement, together with a repayment premium and other fees. As of December 31, 2024, the Company has no t made any repayments on the outstanding debt balance. During the term of the Credit Agreement, interest payable in cash by the Company shall accrue on any outstanding debt at a rate per annum equal to the greater of (x) the SOFR rate for such period and (y) 4.00 % plus, in either case, 8.00 %. As of December 31, 2024, the interest rate was 12.55 %. During an event of default, any outstanding amount will bear interest at a rate of 4.00 % in excess of the otherwise applicable rate of interest. The Company will pay certain fees with respect to the Credit Agreement, including an upfront fee, an unused fee on the undrawn portion of the Loan Facility, an administration fee, a repayment premium and an exit fee, as well as certain other fees and expenses of the Lender. The unused fee accrues at 0.5 % of the undrawn balance and its recorded as an asset in the Consolidated Balance Sheets. After the execution of the Third Amendment, the unused fee is no longer payable. The Credit Agreement contains certain customary events of default, including with respect to nonpayment of principal, interest, fees or other amounts; material inaccuracy of a representation or warranty; failure to perform or observe covenants; material defaults on other indebtedness; bankruptcy and insolvency events; material monetary judgments; loss of certain key permits, persons and contracts; material adverse effects; certain regulatory matters; and any change of control. As of December 31, 2024, the Company was in compliance with all financial covenants in the Credit Agreement. Each of the Credit Agreement and a Pledge and Security Agreement entered into by the Company, the guarantors and the Lender on October 18, 2023 (the “Pledge and Security Agreement”) contains a number of customary representations, warranties and covenants that, among other things, will limit or restrict the ability of the Company and its subsidiaries to (subject to certain qualifications and exceptions): create liens and encumbrances; incur additional indebtedness; merge, dissolve, liquidate or consolidate; make acquisitions, investments, advances or loans; dispose of or transfer assets; pay dividends or make other payments in respect of their capital stock; amend certain material documents; redeem or repurchase certain debt; engage in certain transactions with affiliates; and enter into certain restrictive agreements. On the Closing Date, the Company issued to an affiliate of the Lender a warrant (the “Warrant”) to purchase up to 409,661 shares of the Company’s common stock, par value $ 0.0001 per share, at an exercise price of $ 10.9847 per share, with a term of 10 years from the issuance date. The Warrant contains customary share adjustment provisions, as well as weighted average price protection in certain circumstances. As permitted under ASC 825, the Company elected the fair value option to account for the Credit Agreement, and recorded the Credit Agreement and warrants at fair value with changes in fair value recorded in the Consolidated Statements of Operations in Other income, net. Changes related to instrument specific credit risk are recorded in Accumulated Other comprehensive income in the Consolidated Balance Sheet. For changes in fair value, refer to Note 4. During the years-ended December 31, 2024, and 2023, the Company incurred debt issuance costs of $ 206,000 and $ 775,000 , respectively, which were expensed as incurred and recorded in Other income, net. During the year-ended December 31, 2023, the Company also incurred a loss on issuance of $ 1.2 million as the fair value of the debt and warrant exceeded the proceeds received. See Note 18 for details regarding an amendment to the Credit Agreement.

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	7. Leases During January 2024 and April 2024, the Company modified the lease agreement of the Ventura production facility to extend the lease term. The modifications resulted in an aggregate increase of approximately $ 2.1 million to the operating lease ROU assets and operating lease liabilities. There was no impact on earnings as a result of the lease modification. During September 2024, the Company modified the lease agreement for the expanded Ventura Warehouse to extend the lease term. The modification resulted in an increase of approximately $ 50,000 in the operating lease ROU asset and operating lease liabilities. The following table sets forth the Company’s operating lease expenses which are included in operating expenses in the Consolidated Statements of Operations (in thousands): Year Ended December 31, 2024 December 31, 2023 Operating lease cost $ 821 $ 929 Variable lease cost 174 101 Total lease cost $ 995 $ 1,030 Supplemental cash flow information related to operating leases was as follows (in thousands): Year Ended December 31, 2024 December 31, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 1,185 $ 815 Supplemental balance sheet information, as of December 31, 2024 and 2023, related to operating leases was as follows (in thousands, except for operating lease weighted average remaining lease term and operating lease weighted average discount rate): As of December 31, 2024 December 31, 2023 Reported as: Operating lease right-of-use assets $ 3,571 $ 2,440 Total right-of-use assets $ 3,571 $ 2,440 Other current liabilities: Operating lease liabilities , short-term $ 900 $ 895 Operating lease liabilities, long term 2,840 1,702 Total operating lease liabilities $ 3,740 $ 2,597 Operating lease weighted average remaining lease term (years) 4.34 3.31 Operating lease weighted average discount rate 9.74 % 8.75 % As of December 31, 2024, maturities of the Company’s operating lease liabilities are as follows (in thousands): Operating Leases 2025 $ 1,218 2026 1,125 2027 773 2028 658 2029 483 Thereafter 371 Total lease payments 4,628 Less imputed interest ( 888 ) Total operating lease liabilities $ 3,740 As of December 31, 2024, there were no leases entered into that had not yet commenced. Lessor Arrangements As discussed in Note 5, the contracts for the RECELL GO device include an operating lease for the customer’s right to use the RPD. The lease arrangement does not contain fixed consideration. Variable lease payments are not included in consideration at lease inception. The variable consideration related to the lease is allocated based on the SSP and is recognized when control of the RPK is transferred to the customer. Variable lease revenue was $ 358,000 for the year ended December 31, 2024. Assets held for lease and included in Plant and equipment consisted of the following (in thousands): As of December 31, 2024 Rental RPD assets $ 1,384 Accumulated depreciation ( 47 ) Net rental RPD assets $ 1,337

Inventory

Inventory	12 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Inventory	. Inventory The composition of inventories is as follows (in thousands): As of December 31, 2024 December 31, 2023 Raw materials $ 2,449 $ 3,683 Work in process 389 878 Finished goods 4,431 1,035 Total inventory $ 7,269 $ 5,596 The Company has reduced the carrying value of its inventories to reflect the lower of cost or net realizable value. Charges for estimated excess and obsolescence are recorded in Cost of sales in the Consolidated Statement of Operations and were $ 487,000 and $ 221,000 for the years-ended December 31, 2024 and 2023, respectively. The inventory balance as of December 31, 2024, includes inventory purchased from Stedical for the sales of PermeaDerm.

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	9. Intangible Assets The composition of intangible assets is as follows (in thousands): As of December 31, 2024 As of December 31, 2023 Weighted Gross Accumulated Net Gross Accumulated Net Patent 1 - $ - $ - $ - $ 17 $ ( 17 ) $ - Patent 2 12 136 ( 46 ) 90 141 ( 39 ) 102 Patent 3 13 238 ( 61 ) 177 206 ( 54 ) 152 Patent 5 18 108 ( 25 ) 83 99 ( 11 ) 88 Patent 6 19 67 ( 9 ) 58 56 ( 6 ) 50 Patent 7 - - - - 2 - 2 Patent 8 17 46 ( 3 ) 43 29 ( 1 ) 28 Patent 9 2 121 ( 42 ) 79 3 - 3 Patent 10 - - - - 3 - 3 Patent 11 - - - - 6 ( 1 ) 5 Regenity License 10 5,000 ( 14 ) 4,986 - - - Trademarks Indefinite 54 - 54 54 - 54 Total intangible assets $ 5,770 $ ( 200 ) $ 5,570 $ 616 $ ( 129 ) $ 487 T here was no impairment of intangibles assets recognized for the years-ended December 31, 2024 and 2023. Amortization expense of intangibles included in the Consolidated Statements of Operations was $ 93,000 and $ 35,000 for the years-ended December 31, 2024 and 2023, respectively. Due to Regenity receiving 510(k) clearance for Cohealyx, the Company recorded a license (the “Regenity Lice nse”) of $ 5.0 million. For further details refer to Note 12. The Company estimated the future amortization of amortizable intangible assets held as of December 31, 2024 to be (in thousands): Estimated Amortization Expense 2025 $ 597 2026 564 2027 541 2028 541 2029 541 Thereafter 2,732 Total $ 5,516

Plant and Equipment, net

Plant and Equipment, net	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Plant and Equipment, net	10. Plant and Equipment, net The composition of plant and equipment, net is as follows (in thousands): As of Useful Lives December 31, 2024 December 31, 2023 Computer equipment 3 - 5 years $ 1,645 $ 984 Computer software 3 years 836 840 Construction in progress (“CIP”) 442 87 Furniture and fixtures 7 years 1,177 824 Laboratory and other equipment 3 - 5 years 954 769 Leasehold improvements Lesser of life or lease term 4,607 367 RECELL moulds 5 years 503 438 RECELL GO RPD CIP 1,464 - RECELL GO RPD 453 - Operating lease assets - RPD 200 uses 1,384 - Less: accumulated amortization and depreciation ( 3,447 ) ( 2,432 ) Total plant and equipment, net $ 10,018 $ 1,877 Construction in progress consists primarily of leasehold improvements for the renovations to the Ventura production facility, and RECELL GO RPD CIP consists of materials for the manufacture of the RPDs. RPDs have a useful life of 200 uses and are being amortized based on customer usage as determined by orders placed for the sales of RPK units. RECELL GO RPD represents assets available to be leased by customers and are not depreciated until leased. Additional information on Operating lease assets - RPD is provided in Note 7. Depreciation expense related to plant and equipment was $ 1.0 million and $ 597,000 for the years-ended December 31, 2024 and 2023, respectively. The Company recorded a loss on disposal of fixed assets of approximately $ 107,000 and $ 83,000 for the years-ended December 31, 2024 and 2023, respectively.

Reporting Segment and Geographi

Reporting Segment and Geographic Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Reporting Segment and Geographic Information	11. Reporting Segment and Geographic Information The Company views its operations and manages its business in one reporting segment. Long-lived assets were primarily located in the United States as of December 31, 2024 and December 31, 2023 with an insignificant amount located in Australia and the United Kingdom. Revenues by region and customer location were as follows (in thousands): Year Ended December 31, 2024 December 31, 2023 Revenue by region: United States $ 62,157 $ 46,359 Japan 1,431 3,370 European Union 155 51 Australia 312 222 United Kingdom 196 141 Total $ 64,251 $ 50,143 Revenues by customer type were as follows (in thousands): Year Ended December 31, 2024 December 31, 2023 Revenue by customer type: Commercial sales $ 64,023 $ 49,775 Deferred commercial revenue recognized 33 33 BARDA revenue for right of first access 195 335 Total $ 64,251 $ 50,143 Commercial revenue by product were as follows (in thousands): Year Ended December 31, 2024 December 31, 2023 Commercial revenue by product: RECELL $ 62,611 $ 49,775 Other wound care products 1,054 - Lease revenue 358 - Total commercial sales $ 64,023 $ 49,775 Cost of sales by customer type were as follows (in thousands): Year Ended December 31, 2024 December 31, 2023 Cost of sales: Commercial cost $ 9,094 $ 7,544 BARDA: Product cost - ( 105 ) Emergency preparedness service cost - 341 Total $ 9,094 $ 7,780 Consolidated net loss by segment (in thousands): Year Ended December 31, 2024 December 31, 2023 Total revenues $ 64,251 $ 50,143 Purchases of inventory ( 7,861 ) ( 6,418 ) Other cost of sales ( 1,233 ) ( 1,362 ) Gross profit 55,157 42,363 BARDA income - 1,428 Operating expenses: Sales and marketing ( 58,195 ) ( 37,291 ) General and administrative ( 33,195 ) ( 28,334 ) Research and development ( 20,360 ) ( 20,821 ) Total operating expenses ( 111,750 ) ( 86,446 ) Operating loss ( 56,593 ) ( 42,655 ) Interest expense ( 5,361 ) ( 1,143 ) Other income, net 163 8,483 Loss before income taxes ( 61,791 ) ( 35,315 ) Income tax expense ( 54 ) ( 66 ) Net loss $ ( 61,845 ) $ ( 35,381 )

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	12. Contingencies The Company is subject to certain contingencies arising in the ordinary course of business. The Company records accruals for these contingencies to the extent that a loss is both probable and reasonably estimable. If some amount within a range of loss appears to be a better estimate than any other amount within the range, that amount is accrued. Alternatively, when no amount within a range of loss appears to be a better estimate than any other amount, the lowest amount in the range is accrued. The Company expenses legal costs associated with loss contingencies as incurred. As of December 31, 2024, the Company does no t have any outstanding or threatened litigation that would have a material impact to the financial statements. Minimum Purchase Commitments with Stedical The Company is subject to minimum purchases of PermeaDerm product for the initial term of five years . For 2024, the Company has an obligation to purchase enough products from Stedical to achieve $ 5.0 million in customer sales of that purchased inventory. As of September 30, 2024, this obligation had already been achieved. For the first three years of the Stedical Agreement, the minimum purchase will increase annually by an amount equal to the percentage growth in the Company's annual U.S.-based revenues excluding PermeaDerm revenue, or a minimum increase of at least 20 % over the prior year purchase commitment. After the third year, the minimum purchase obligation will increase annually by an amount equal to the percentage growth of the Company's annual U.S.-based revenues excluding PermeaDerm sales. The minimum purchase obligation cannot decrease from the previous year. Development and Distribution Agreement with Regenity On July 31, 2024, the Company entered into the Regenity Agreement to market, sell, and distribute Cohealyx ™ , a unique collagen-based dermal matrix under the Company's private label in the U.S., with the potential to commercialize the product in countries in the European Union, as well as in Japan and Australia. The initial term of the agreement is five years , with an automatic extension of an additional five years , contingent upon meeting certain criteria. Under the terms of the agreement, the Company will make a $ 2.0 million payment upon receipt of 510(k) clearance by Regenity. The Company has a further obligation to make up to an additional $ 3.0 million payment on or before January 4, 2026 to guarantee development and manufacturing capacity (and related resources), contingent on positive results of certain clinical studies related to the new dermal matrix. On December 19, 2024, Regenity received 510(k) clearance, as such, the Company has accrued $ 2.0 million to be paid in January 2025, recorded $ 3.0 million in Contingent liabilities and $ 5.0 million in Intangible assets, net in the Consolidated Balance Sheets.

Common and Preferred Stock

Common and Preferred Stock	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Common and Preferred Stock	13. Common and Preferred Stock The Company’s shares of common stock are quoted on Nasdaq under AVITA Medical’s previous Nasdaq ticker code, “RCEL”. The Company’s CDIs are quoted on the Australian Securities Exchange (“ASX”) under AVITA Medical’s previous ASX ticker code, “AVH”. One share of common stock on Nasdaq is equivalent to five CDIs on the ASX. The Company is authorized to issue 200,000,000 shares of common stock, par value $ 0.0001 per share, and 10,000,000 shares of preferred stock, par value $ 0.0001 per share, issuable in one or more series as designated by the Company’s board of directors. No other class of capital stock is authorized. The Company has 26,354,042 and 25,682,078 shares of common stock issued and outstanding as of December 31, 2024 and December 31, 2023, respectively. The Company has no shares of preferred stock outstanding during any period.

Share-Based Payment Plans

Share-Based Payment Plans	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Payment Plans	14. Share-Based Payment Plans Overview of Employee Share-Based Compensation Plans The Company’s former parent company, AVITA Medical Pty Limited, adopted the Employee Share Plan and the Incentive Option Plan (collectively, the “2016 Plans”). Upon completion of the redomiciliation of the Company from Australia to the United States in June 2020 (“Redomiciliation”), the 2016 Plans were terminated with respect to future grants and accordingly, there are no more shares available to be issued under the 2016 Plans. During November 2020, the Company filed a registration statement on Form S-8 to register a total of 1,750,000 shares of common stock which may be issued pursuant to the terms of the 2020 Plan. During June 2023, the Company filed a registration statement on Form S-8 to register an additional 2,500,000 shares of common stock under the 2020 Plan. The increase in shares available for issuance was a result of the stockholders of AVITA Medical, Inc. approving an amendment to the 2020 Plan on June 6, 2023 at the Company’s 2023 Annual Meeting of Stockholders (the “2023 Annual Meeting”). During August 2024, the Company filed a registration statement on Form S-8 to register 428,858 shares of common stock that are issuable upon the exercise of stock options and the vesting of RSUs granted pursuant to individual stock option award and RSU award agreements approved by the Company’s stockholders at the Company’s 2024 Annual Meeting of Stockholders (the “2024 Annual Meeting”). On December 22, 2021, the Company’s stockholders approved the issuance of options and RSUs to the Board of Directors in accordance with ASX rules. These awards are subject to the vesting and performance conditions as denoted in the individual agreements (collectively, the “2021 Annual Meeting Awards”). On December 12, 2022, the Company’s stockholders approved the issuance of options and RSUs to the Board of Directors and the CEO in accordance with ASX rules. These awards are subject to vesting conditions as denoted in the individual agreements (collectively, the “2022 Annual Meeting Awards”). On June 6, 2023, the Company’s stockholders approved the issuance of options and RSUs to the Board of Directors and the CEO in accordance with ASX rules. These awards are subject to vesting conditions as denoted in the individual agreements (collectively, the “2023 Annual Meeting Awards”). On June 5, 2024, the Company’s stockholders approved the issuance of options and RSUs to the Board of Directors and the CEO in accordance with ASX rules. These awards are subject to vesting conditions as denoted in the individual agreements (collectively, the “2024 Annual Meeting Awards”). The 2020 Plan provides for the grant of the following Grants: (a) Incentive Stock Options, (b) Nonstatutory Stock Options, (c) Stock Appreciation Rights, (d) Restricted Stock Grants, (e) Restricted Stock Unit Grants, (f) Performance Grants, and (g) Other Grants. The 2020 Plan will be administered by the Compensation Committee or by the Board acting as the Compensation Committee. Subject to the general purposes, terms and conditions of the 2020 Plan, applicable law and any charter adopted by the Board governing the actions of the Compensation Committee, the Compensation Committee will have full power to implement and carry out the 2020 Plan. Without limitation, the Compensation Committee will have the authority to interpret the plan, approve persons to receive grants, determine the terms and number of shares of the grants, determine vesting and exercisability of grants, and make all other determinations necessary or advisable in connection with the administration of this Plan. The contractual term of stock option awards granted under the 2020 Plan is ten years from the grant date. Unless otherwise specified, the vesting periods of options and RSUs granted under the 2020 Plan are: (i) vest over a three-year or four-year period in equal installments at the end of each year from the date of grant, and /or (ii) subject to other performance criteria, as determined by the Compensation Committee. Modifications During the fourth quarter of 2023, the Company had administrative changes to employment agreements of five executives. Changes included clarification that equity awards are inclusive of options and RSUs, and a change in the post-termination exercise period from 6-months to 3-months. In addition, four employees received employment agreements for the first time as a result of a promotion. Per the terms of the employment agreement outstanding awards (options and RSUs) will immediately accelerate upon a qualifying termination. These employees were previously governed by the terms of the 2020 Plan, which upon separation from service, unvested awards will forfeit. The Company accounted for these changes in the accelerated vesting provision upon termination and the decrease in the post-termination exercise period as modifications. The modifications did not result in incremental expense. The following table summarizes information about the Company’s stock-based award plans as of December 31, 2024: Outstanding Outstanding Shares Available 2016 Equity Incentive Plan 458,196 — - 2020 Equity Incentive Plan 2,313,110 48,164 1,422,101 2021 AGM Awards 22,600 — - 2022 AGM Awards 247,876 — - 2023 AGM Awards 124,768 13,832 - 2024 AGM Awards 373,658 55,200 - Share-Based Payment Expenses Stock-based payment transactions are recognized as compensation expense based on the fair value of the instrument on the date of grant. The Company uses the graded-vesting method to recognize compensation expense. Compensation cost is reduced for forfeitures as they occur in accordance with ASU 2016-09, Simplifying the Accounting for Share-Based Payment. The Company recorded stock-based compensation expense of $ 13.5 million and $ 8.4 million for the years-ended December 31, 2024 and 2023, respectively. No income tax benefit was recognized in the Consolidated Statements of Operations for stock-based payment arrangements for the years-ended December 31, 2024 and 2023. The Company has included stock-based compensation expense and ESPP expense as part of operating expenses in the accompanying Consolidated Statements of Operations as follows: Year Ended December 31, 2024 December 31, 2023 Sales and marketing expenses $ 3,338 $ 1,401 General and administrative expenses 8,376 5,948 Research and development expenses 1,782 1,035 Total $ 13,496 $ 8,384 A summary of share option activity as of December 31, 2024 and changes during the year then ended is presented below: Service Only Share Options Performance-Based Share Options Total Share Options Outstanding shares at December 31, 2023 2,397,571 292,587 2,690,158 Granted 1,887,658 55,000 1,942,658 Exercised ( 263,479 ) ( 88,729 ) ( 352,208 ) Expired ( 427,478 ) ( 58,915 ) ( 486,393 ) Forfeited ( 245,235 ) ( 8,772 ) ( 254,007 ) Outstanding shares at December 31, 2024 3,349,037 191,171 3,540,208 Exercisable at December 31, 2024 1,084,364 173,449 1,257,813 Vested and expected to vest - December 31, 2024 3,349,037 191,171 3,540,208 The weighted-average grant-date fair value of options granted during the years-ended December 31, 2024 and 2023 was $ 7.55 and $ 9.46 , respectively. The total intrinsic value of options exercised during the years-ended December 31, 2024 and 2023 was $ 2.1 million and $ 1.7 million, respectively. Intrinsic value is measured using the fair market value at the date of exercise for options exercised, or at balance sheet date for outstanding options, less the applicable exercise price. Cash received from the exercise of options was approximately $ 2.1 million and $ 957,000 , for the years-ended December 31, 2024 and 2023, respectively. As of December 31, 2024, there was approximately $ 7.6 million of total unrecognized compensation cost related to share-based compensation expense. Of this amount $ 7.6 million relates to service only share options to be recognized over a weighted average period of 0 .84 years, $ 14,000 relates to performance-based share options to be recognized over a weighted average period of 0.20 years. Restricted Stock Units Restricted stock units are granted to executives as part of their long-term incentive compensation. RSUs granted to directors as a result of stockholder approval 2021 Annual Meeting, 2022 Annual Meeting, 2023 Annual Meeting and 2024 Annual Meeting are issued pursuant to award agreements between the Company and the holders of such securities. These RSU awards were approved by the Compensation Committee. All RSU awards vest in accordance with the tenure or performance conditions as determined by the Compensation Committee and set out in the contracts between the Company and the holders of such securities. The grant date fair value is determined based on the price of the Company stock price on the date of grant (stock price determined on Nasdaq). A summary of the status of the Company’s unvested RSUs as of December 31, 2024, and changes that occurred during the year is presented below: Unvested Shares Tenure-Based RSUs Performance Total RSUs Unvested RSUs outstanding at December 31, 2023 207,112 28,020 235,132 Granted 55,200 - 55,200 Vested ( 131,897 ) ( 16,635 ) ( 148,532 ) Forfeited ( 21,100 ) ( 3,504 ) ( 24,604 ) Unvested RSUs outstanding at December 31, 2024 109,315 7,881 117,196 The weighted-average grant-date fair value of the RSUs granted during the years-ended December 31, 2024 and 2023, was $ 9.51 and $ 14.17 , respectively. The total fair value of shares vested during the years-ended December 31, 2024 and 2023, was $ 1.4 million and $ 2.9 million, respectively. As of December 31, 2024, there was $ 346,000 of total unrecognized compensation cost related to RSU awards. Of this amount $ 333,000 relates to service only RSUs to be recognized over a weighted average period of 0.29 years, $ 14,000 related to performance-based awards to be recognized over a weighted average period of 0.13 years. 2021 Annual Meeting Awards Awards to non-executive members of the Board of Directors (“Director awards”) under the 2021 Annual Meeting Awards The Director awards that were granted in 2021 consist of an aggregate 68,600 options and RSUs. A total of 41,400 tenure-based options are RSUs ( 15,300 options and 26,100 RSUs) vested 12 months from the grant date. A total of 27,200 tenure-based options and RSUs ( 9,850 options and 17,350 RSUs) vest over 3 three years in equal installment each year. 2022 Annual Meeting Awards Awards to the CEO under the 2022 Annual Meeting Awards On December 12, 2022, the CEO was issued an aggregate 226,296 options with 25 % of those options vesting annually commencing on September 28, 2023. Non-Executive Director awards under the 2022 Annual Meeting Awards The Director awards consist of an aggregate 71,936 options and RSUs ( 21,580 options and 50,356 RSUs) vesting 12 months from the grant date. 2023 Annual Meeting Awards Awards to the CEO under the 2023 Annual Meeting Awards On June 6, 2023, the CEO was issued an aggregate 100,000 options with 33.3 % of those options vesting annually commencing on June 6, 2024. Non-Executive Director awards under the 2023 Annual Meeting Awards The Director awards consist of an aggregate 82,566 options and RSUs. A total of 52,926 tenure-based options and RSUs ( 15,876 options and 37,050 RSUs) vest 12 months from the grant date. A total of 29,640 tenure-based options and RSUs ( 8,892 options and 20,748 RSUs) vest over three years in equal installments each year. 2024 Annual Meeting Awards Awards to the CEO under the 2024 Annual Meeting Awards On June 5, 2024, the CEO was issued an aggregate 350,000 options with 33.3 % of those options vesting annually commencing on January 3, 2025. Non-Executive Director awards under the 2024 Annual Meeting Awards The Director awards consist of an aggregate 78,858 options and RSUs ( 23,658 tenure-based options and 55,200 RSUs) vesting 12 months from the grant date. Option Pricing Model The Company estimates the fair value of tenure-based share options using the Black-Scholes option pricing model on the date of grant. The valuation of the options is affected by the Company's share price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, expected share price volatility over the term of the awards and actual and projected employee share option exercise behaviors. The risk-free rate is based on the U.S. Treasury rate for the expected term at the time of grant, volatility is based on the historical volatility. For tenure-based options, the expected term is based on the estimated average of the life of options using the simplified method as prescribed by SAB 107. The Company utilizes the simplified method for plain vanilla options to determine the expected term of the options due to insufficient exercise activity during recent years. The expected dividend assumption is based on the Company’s history and expectation of dividend payouts. Included in the following table is a summary of the related assumptions used in the Black-Scholes Option pricing model for the years-ended December 31, 2024 and 2023. Year-Ended December 31, 2024 December 31, 2023 Expected volatility 73 % - 75 % 66 % - 114 % Weighted-average volatility 74 % 71 % Expected dividends 0 % 0 % Expected term (in years) 5.5 - 6.5 5.0 - 7.0 Risk-free interest rate 3.43 % - 4.64 % 3.51 % - 4.44 % Employee Stock Purchase Plan In June 2023, the stockholders approved the AVITA Medical, Inc. Employee Stock Purchase Plan (the “ESPP”). The ESPP became effective on July 1, 2023 . On June 30, 2023, the Company filed Registration Statement on Form S-8 to register 1,000,000 shares of common stock under the ESPP, as a result of the Company’s stockholders approving the ESPP at the 2023 Annual Meeting. The ESPP features two six-month offering periods per year, from June 1 to November 30 and December 1 to May 31. The first offering period for the ESPP was July 1 – November 30, 2023. Subsequent offering periods will begin the first trading day of December and June each year. For the year-ended December 31, 2024, 171,224 shares were issued under the ESPP at a purchase price of $ 8.02 , and t otal proceeds received from the purchase of shares under the ESPP were approximately $ 1.4 million. For the year-ended December 31, 2023, 72,319 shares, were issued under the ESPP at a purchase price of $ 9.06 , and total proceeds received from the purchase of shares under the ESPP were approximately $ 655,000 . During the years-ended December 31, 2024 and 2023, the Company recorded $ 735,000 and $ 382,000 , respectively in ESPP expense and had unamortized expense remaining of $ 275,000 and $ 327,000 , respectively, to be recognized over a term of 0.42 years. As of December 31, 2024 and 2023, the Company had accrued payroll contributions for future ESPP purchases of approximately $ 89,000 and $ 122,000 , respectively . The Company estimates the fair value of the ESPP using the Black-Scholes option pricing model on the date of grant. The valuation is affected by the Company's share price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, expected term, expected share price, volatility over the expected term and risk-free rate. The risk-free interest rate is based on the U.S. Treasury rate for the expected term at the time of grant, volatility is based on the historical volatility. The expected dividend assumption is based on the Company’s history and expectation of dividend payouts. Included in the following table is a summary of the related assumptions used in the Black-Scholes Option pricing model for the years-ended December 31, 2024 and 2023. Year-Ended December 31, 2024 December 31, 2023 Expected volatility 57.59 % - 73.26 % 81.98 % - 82.00 % Weighted-average volatility 63.81 % 81.99 % Expected dividends 0 % 0 % Expected term (in years) 0.5 0.5 Risk-free interest rate 4.33 % - 5.28 % 5.19 % - 5.31 %

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	15. Income Taxes Geographic sources of loss before income taxes are as follows:  Year-Ended (amounts in thousands) December 31, 2024 December 31, 2023 United States $ ( 61,778 ) $ ( 44,691 ) Foreign ( 13 ) 9,376 Loss before income taxes $ ( 61,791 ) $ ( 35,315 ) I ncome tax expense as shown in the accompanying Consolidated Statements of Operations includes the following:  Year-Ended (amounts in thousands) December 31, 2024 December 31, 2023 Current:   Federal $ - $ - State 54 66 Foreign - - Total current 54 66 Deferred: Federal - - State - - Foreign - - Total deferred - - Total income tax expense $ 54 $ 66 The provision for income taxes differs from the tax computed using the statutory United States federal income tax rate of 21 % for the years-ended December 31, 2024 and 2023 as a result of the following items:  Year-Ended (amounts in thousands) December 31, 2024 December 31, 2023 Tax benefit at U.S. statutory rate $ ( 12,976 ) $ ( 7,416 ) State income taxes 54 66 Foreign rate differential ( 1 ) 375 Share-based compensation 2,911 774 Fair value change in debt and warrants 576 494 Foreign exchange gain/(loss) on intercompany trade balances 3 ( 2,354 ) Gain of transfer of intellectual property - 2,804 Foreign tax loss carryforward write off 14,999 - Permanent differences 264 554 Change in tax rate - ( 847 ) Net change in valuation allowance ( 5,776 ) 5,616 Income tax expense $ 54 $ 66 A summary of deferred income tax assets is as follows (in thousands):  Year- Ended (amounts in thousands) December 31, 2024 December 31, 2023 Deferred tax liabilities   ROU asset $ ( 904 ) $ ( 618 ) Intangible assets - - Property, plant and equipment - ( 6 ) Total deferred tax liabilities $ ( 904 ) $ ( 624 ) Deferred tax assets Property, plant and equipment $ 41 $ - Accrued expenses 3,365 2,714 Intangible assets - 12 Stock-based compensation 3,044 3,763 Lease liability 947 657 Research and development 7,077 5,357 Net operating loss carryforward 45,233 50,438 Other 1,567 992 Total deferred tax assets $ 61,274 $ 63,933 Less valuation allowance ( 60,370 ) ( 63,309 ) Net deferred tax assets 904 624 Net deferred tax assets / (liabilities) $ - $ - At December 31, 2024, the Company and its subsidiaries had net operating loss carryforwards for federal and state income tax purposes of $ 180.4 million and $ 92.7 million, respectively. The net operating loss carryforwards may be subject to limitation regarding their utilization against taxable income in future periods due to “change of ownership” provisions of the Internal Revenue Code and similar state provisions. Of these carryforwards, $ 19.4 million will expire, if not utilized, between 2028 through 2038 . The remaining carryforwards have no expiration . In assessing the recoverability of its deferred tax assets, the Company considers whether it is more likely than not that its deferred assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible and/or net operating losses can be utilized. The Company considers all positive and negative evidence when determining the amount of the net deferred tax assets that are more likely than not to be realized. This evidence includes, but is not limited to, historical earnings, scheduled reversal of taxable temporary differences, tax planning strategies and projected future taxable income. Based upon the weight of available evidence including the uncertainty regarding the Company’s ability to utilize certain net operating losses and tax credits in the future, the Company has established a valuation allowance against its net deferred tax assets of $ 60.4 million and $ 63.3 million as of December 31, 2024 and 2023, respectively. The deferred tax assets are primarily net operating loss carryforwards for which management has determined it is more likely than not that the deferred tax assets will not be realized . The Company recognizes the tax benefit from an uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements related to a particular tax position are measured based on the largest benefit that has a greater than a 50 % likelihood of being realized upon settlement. The amount of unrecognized tax benefits is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination . The Company has no t identified any uncertain tax positions as of December 31, 2024 and 2023. The Company files income tax returns in the U.S. federal, California and certain other state and foreign jurisdictions. The Company remains subject to income tax examinations for its U.S. federal and state income taxes generally for fiscal years ended June 30, 2008 and forward. The Company also remains subject to income tax examinations for international income taxes for fiscal years ended June 30, 2020 through December 31, 2023, and for certain other U.S. state and local income taxes generally for the fiscal years ended June 30, 2020 through December 31, 2023 .

Loss Per Share

Loss Per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Loss Per Share	16. Loss per Share The following is a reconciliation of the basic and diluted loss per share computations: Year Ended December 31, 2024 December 31, 2023 (in thousands, except per share amounts) Net loss $ ( 61,845 ) $ ( 35,381 ) Weighted-average common shares—outstanding, basic and diluted 25,883 25,331 Net loss per common share, basic and diluted $ ( 2.39 ) $ ( 1.40 ) Year Ended December 31, 2024 December 31, 2023 Anti-dilutive shares excluded from diluted net loss per common share: Stock options 3,540,208 2,690,158 Restricted stock units 117,196 235,132 ESPP 81,675 91,152 Warrants 409,661 409,661 The Company’s basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the relevant period. In accordance with ASC 710 , shares of common stock held by the rabbi trust are excluded from the denominator in the basic and diluted net loss per common share calculations. As of December 31, 2024 and 2023 a total of 127,270 and 99,106 , shares of common stock were excluded, respectively. For details on shares of common stock held by the rabbi trust refer to Note 17. For the purposes of the calculation of diluted net loss per share, options to purchase common stock, restricted stock units and unvested shares of common stock issued upon the early exercise of stock options have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive. Because the Company has reported a net loss for years-ended December 31, 2024 and 2023, diluted net loss per common share is the same as the basic net loss per share for those periods.

Retirement Plans

Retirement Plans	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Retirement Plans	17. Retirement Plans The Company offers a 401(k)-retirement savings plan (the “401(k) Plan”) for its employees, including its executive officers, who satisfy certain eligibility requirements. The Internal Revenue Code of 1986, as amended, allows eligible employees to defer a portion of their compensation, within prescribed limits, on a pre-tax basis through contributions to the 401(k) Plan. The Company matches contributions to the 401(k) Plan based on the amount of salary deferral contributions the participant makes to the 401(k) Plan. The Company will match up to 6 % of an employee’s compensation that the employee contributes to his or her 401(k) Plan account. Total Company matching contributions to the 401(k) Plan were $ 2.5 million and $ 1.2 million for the years-ended December 31, 2024, and 2023, respectively. Non-qualified deferred compensation plan The Company’s non-qualified deferred compensation plan (the “NQDC plan”), which became effective on October 2021 allows for eligible management and highly compensated key employees to elect to defer a portion of their salary, bonus, commissions and RSU awards to later years. Cash deferrals are immediately vested and are subject to investment risk and a risk of forfeiture under certain circumstances. RSU deferrals are subject to the vesting conditions of the award. Once RSUs vest, subject to a six-month and one day holding period, employees are allowed to diversify the common stock into other inv estment options offered by the plan. For cash deferrals, the Company matches 4 % to 6 % (depending on level) of employee contributions. These matching employer contributions are vested over a two-year period with 25 % vesting on year one and 75 % vesting on year two for employees under 55 years of age. Employer contributions for employees over 55 years of age are immediately vested. Employer contributions to the NQDC plan for the years-ended December 31, 2024 and 2023 were $ 154,000 and $ 171,000 , respectively. The Company’s deferred compensation plan liability was $ 5.1 million and $ 3.8 million as of December 31, 2024 and 2023, respectively. These amounts are split between current and long term on the Consolidated Balance Sheets. As of December 31, 2024 and 2023, $ 2.1 million and $ 168,000 is included in Current non-qualified deferred compensation liability and $ 3.0 million and $ 3.7 million in Non-qualified deferred compensation liability, respectively. During the years-ended December 31, 2024 and 2023, the Company had a payout of approximately $ 744,000 and $ 950,000 , respectively, in the deferred compensation liability for terminated employees. The Company established a COLI to fund the NQDC plan. Amounts in the COLI are invested in a number of funds. The securities are carried at the cash surrender value on the Consolidated Balance Sheets. We record investment gains and losses of the COLI as other income. Refer to Note 4, Fair Value Measurements for the fair values of the COLI policies and the NQDC liability. Rabbi Trust During April 2022, we established a rabbi trust to hold the assets of the NQDC plan. The rabbi trust holds the COLI asset and the common stock from deferred RSU awards that have vested. The NQDC permits diversification of fully vested shares into other equity securities subject to a six month and one day holding period. In accordance with ASR 268, Redeemable Preferred Stock , and ASC 718, prior to vesting, the deferred share awards are classified as an equity instrument and changes in fair value of the amount owed to the participant are not recognized. The redemption amounts of the deferred awards are based on the vested percentage and are recorded outside of permanent equity as Non-qualified deferred compensation share awards on the Consolidated Balance Sheets. As of December 31, 2024 and December 31, 2023, a total of 244,218 and 81,052 , shares awards have been deferred, respectively. Vested shares are converted to common stock and are reclassified to permanent equity. Common stock held in the rabbi trust is classified in a manner similar to treasury stock and presented separately on the Consolidated Balance Sheets as Common stock held by the NQDC plan. For the years-ended December 31, 2024 and December 31, 2023 a total of 127,270 and 99,106 shares were vested at the redemption value of $ 1.3 million and $ 1.1 million, respectively. T he following table summarizes the eligible share award activity as of December 31, 2024 and December 31, 2023. As of (in thousands) December 31, 2024 December 31, 2023 Non-qualified deferred compensation share awards: Balance at beginning of period $ 693 $ 557 Stock-based compensation expense 77 518 Change in redemption value ( 92 ) 1,019 Vesting of share awards held by NDQC ( 434 ) ( 1,401 ) Ending Balance $ 244 $ 693

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	. Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K and determined that except as disclosed below, no events have occurred that would require adjustment to, or disclosures in, the Consolidated Financial Statements. On February 13, 2025, an affiliate of OrbiMed Advisors, LLC (the “Lender”) and the Company mutually agreed to a fourth amendment (the “Fourth Amendment”) to the Credit Agreement (See Note 6. Long-term debt). Under the terms of the Fourth Amendment, the Company and the Lender mutually agreed to amend the trailing 12-month revenue to $ 73.0 million for the quarter ending March 31, 2025, to $ 78.0 million for the quarter ending June 30, 2025, to $ 84.0 million for the quarter ending September 30, 2025, to $ 92.0 million for the quarter ending December 31, 2025 and to $ 103.0 million for the quarter ending March 31, 2026. The $ 115.0 million revenue covenant for all subsequent quarters through the date of debt maturity remains in effect. As a condition to the execution of the Fourth Amendment, on February 13, 2025, the Company issued to the Lender a warrant to purchase up to 145,180 shares of the Company’s common stock, par value $ 0.0001 per share, at an exercise price of $ 0.01 per share, with a term of 10 years from the issuance date.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, S egment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the Chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The Company adopted ASU 2023-07 during the year-ended December 31, 2024. For further details refer to Note 11. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require (i) enhanced disclosures in connection with an entity's effective tax rate reconciliation and (ii) income taxes paid disaggregated by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of adopting this ASU on its Consolidated Financial Statements and disclosures.
Use of Estimates	Use of Estimates The preparation of the accompanying Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts (including the stand-alone selling price (“SSP”) for the RPD, allowance for credit losses, reserves for inventory excess and obsolescence, carrying value of long-lived assets, the useful lives of long-lived assets, accounting for marketable securities, income taxes, fair value of debt, fair value of warrants and stock-based compensation) and related disclosures. Estimates have been prepared based on the current and available information. However, actual results could differ from estimated amounts.
Foreign Currency Translation and Foreign Currency Transactions	Foreign Currency Translation and Foreign Currency Transactions The financial position and results of operations of the Company’s operating non-U.S. subsidiaries are generally determined using the respective local currency as the functional currency of that subsidiary. Assets and liabilities of these subsidiaries are translated at the exchange rate in effect at each period end. Income statement accounts are translated at the average rate of exchange prevailing during the period. Adjustments arising from the use of differing exchange rates from period to period are included in Accumulated other comprehensive loss in the Consolidated Balance Sheets. The Company’s non-operating subsidiaries that use the U.S. Dollar as their functional currency remeasure monetary assets and liabilities at exchange rates in effect at the end of each period and nonmonetary assets and liabilities at historical rates. Gains and losses resulting from these remeasurements are included in earnings in the Consolidated Statement of Operations. Gains and losses for remeasurement were minimal for the year-ended December 31, 2024 and $ 22,000 for the year-ended December 31, 2023. The Company records certain revenues and operating expenses in foreign currencies. These revenues and expenses are translated into U.S. Dollars based on the average exchange rate for the reporting period. Assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate in effect as of the balance sheet date. For the years-ended December 31, 2024 and 2023, the Company incurred losses of approximately $ 21,000 and $ 15,000 , respectively, included in Other income, net in the Consolidated Statement of Operations.
Comprehensive Loss	Comprehensive Loss The components of comprehensive loss consist of net loss, foreign currency translation adjustments (“CTA”) from its subsidiaries not using the U.S. dollar as their functional currency, unrealized gains and losses in investments available for sale and changes in fair value due to instrument specific credit risk on the debt. During the year-ended December 31, 2023, the Company liquidated the Company's foreign subsidiaries. In accordance with ASC 830-30, Foreign Currency Matters (“ASC 830”), the CTA was reclassified into earnings. As such, the Company reclassified $ 9.4 million from comprehensive loss to earnings for the winding down of the foreign subsidiaries. The amount is recorded in Other income, net in the Consolidated Statement of Operations.
Reorganization of Foreign Subsidiaries and Deed of Cross Guarantee	Reorganization of Foreign Subsidiaries and Deed of Cross Guarantee During the year-ended December 31, 2023, the business activities of AVITA Medical Pty Limited, AVITA Medical Europe Limited, Visiomed Group Pty Ltd, C3 Operations Pty Ltd and Infamed Pty Ltd were liquidated. AVITA Medical Americas LLC was transferred from C3 Operations Pty Ltd to be directly held by the Company in preparation for each of AVITA Medical Pty Limited, AVITA Medical Europe Limited, Visiomed Group Pty Ltd, C3 Operations Pty Ltd and Infamed Pty Ltd to be de-registered during the year-ended December 31, 2024. In March 2024, the Company’s deed of cross guarantee, dated June 29, 2020, with each of its Australian wholly-owned subsidiaries was revoked as part of the Company’s reorganization of foreign subsidiaries. In January 2025, the Company was notified that the de-registration of each of its wholly-owned Australian subsidiaries listed above was completed.
Revenue Recognition	Revenue Recognition The Company generates revenues primarily from: • The sale of RECELL EOU, RPK, and PermeaDerm products to hospitals, other treatment centers, and distributors. • Maintenance fee received from BARDA to ensure first right of access to our inventory. In the prior year, the Company recorded service revenue for the emergency preparedness services provided to BARDA. • Lease revenue for the RPD. The Company’s sale of the RECELL EOU and PermeaDerm products are accounted for under ASC 606, Revenue from contracts with customers (“ASC 606”). Revenue for the RECELL GO system is disaggregated between two accounting standards: (1) ASC 606 for the RPK and (2) ASC 842, Leases (“ASC 842”) for the RPD. Revenues from BARDA are accounted for under ASC 606, and are included in Sales revenues within the Consolidated Statements of Operations. To determine revenue recognition for contracts that are within the scope of ASC 606, the Company performs the following five steps: 1. Identify the contract with a customer 2. Identify the performance obligations 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations 5. Recognize revenue when/as a performance obligation(s) is(are) satisfied In order for an arrangement to be considered a contract, it must be probable that the Company will collect the consideration to which it is entitled for goods or services to be transferred. The Company then assesses the goods or services promised within the contract to determine whether each promised good or service is a performance obligation. Performance obligations are promises in a contract to transfer a distinct good or service to the customer that (i) the customer can benefit from on its own or together with other readily available resources, and (ii) is separately identifiable from other promises in the contract. The Company determines the transaction price based on the amount of consideration the Company expects to receive for providing the promised goods or services in the contract. Consideration may be fixed, variable, or a combination of both. At contract inception for arrangements that include variable consideration, the Company estimates the probability and extent of consideration it expects to receive under the contract utilizing either the most likely amount method or expected amount method, whichever best estimates the amount expected to be received. The Company then considers any constraints on the variable consideration and includes in the transaction price variable consideration to the extent it is deemed probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. When accounting for a contract that contains multiple performance obligations, the Company must develop judgmental assumptions to determine the estimated SSP for each performance obligation identified in the contract. We utilize the observable SSP when available, which represents the price charged for the promised product or service when sold separately. When the SSP for our products or services are not directly observable, we determine the SSP using relevant information available and apply suitable estimation methods including, but not limited to, the cost-plus margin approach. The Company then allocates the transaction price to each performance obligation based on the relative SSP and recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) control is transferred to the customer and the performance obligation is satisfied. Most of the Company’s contracts have a single performance obligation. As such, the Company recognizes revenue when its customers obtain control of promised goods or services, in an amount that reflects the consideration which the Company expects to be entitled in exchange for those goods or services. Revenue is recognized net of volume discounts (variable consideration). For the Company’s contracts that have an original duration of one year or less, since contract inception and customer payment occur within the same period the Company does not consider the time value of money. Further, because of the short duration of these contracts, the Company has not disclosed the transaction price for the remaining performance obligations as of each reporting period or when the Company expects to recognize this revenue. The Company has further applied the practical expedient to exclude sales tax in the transaction price and expense contract acquisition costs such as commissions and shipping and handling expenses as incurred. Revenue recognition for contracts that are within the scope of ASC 606 and ASC 842 The Company enters into contracts with customers where it receives consideration for the RPK and does not receive additional consideration for the RPD. As a result, judgment and analysis are required to determine the appropriate accounting, including: (i) whether the arrangement contains an embedded lease, and if so, whether such embedded lease is a sales-type lease or an operating lease, (ii) the amount of the total consideration, as well as variable consideration, (iii) the identification of the distinct performance obligations contained within the arrangement, (iv) how the arrangement consideration should be allocated to each performance obligation when multiple performance obligations exist, including the determination of standalone selling price, and (v) when to recognize revenue on the performance obligations. For these contracts the Company considers the guidance under ASC 842 to determine if furnishing the RPD to the customer during the period of use establishes an embedded lease. To determine if the contract contains a lease, the Company evaluates the customer’s rights and ability to control the use of the underlying equipment throughout the contract term, including any equipment substitution rights retained by the Company. As the contract conveys the right to control the use of an identified asset for a period of time, the contract was determined to contain a lease. The Company then evaluated the lease classification based on the below: • Pursuant to ASC 842-30, the Company will classify a lease as a sales-type lease if: (i) the lease transfers ownership of the underlying asset to the lessee by the end of the lease term, (ii) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (iii) the lease term is for the major part of the remaining economic life of the underlying asset, (iv) the present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all (90% or more) of the fair value of the underlying asset, or (v) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. • Pursuant to ASC 842-30, when none of the sales-type lease classification criteria are met, a lessor would classify the lease as a direct financing lease when both of the following criteria are met: (i) the present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments and/or any other third party unrelated to the lessor equals or exceeds substantially all (90% or more) of the fair value of the underlying asset and (ii) it is probable that the lessor will collect the lease payments plus any amount necessary to satisfy a residual value guarantee. • Pursuant to ASC 842-30, a lessor would classify a lease as an operating lease when none of the sales-type or direct financing lease classification criteria are met. Further, per ASC 842, a lessor is required to classify a lease with variable lease payments that do not depend on an index or rate as an operating lease at lease commencement if the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria of ASC 842 and the lessor would have otherwise recognized a loss at the lease commencement date. In determining whether the lease components are related to a sales-type lease or an operating lease, the Company evaluates if the lease transfers ownership at the end of the lease term, purchase options, the lease term in relation to the economic life of the asset, if the lease payments exceed the fair value of the asset, and if the asset is of a specialized nature. The Company also evaluates if the lease results in a loss at the lease commencement date. As the lease term is for a major part of the economic life, the lease meets the classification criteria for sales-type lease. However, t o determine if the contract results in a loss at the lease commencement date the Company evaluated the consideration in the contract. The consideration at lease commencement does not contain fixed payments, purchase options, penalty payments or residual value guarantees. The variable consideration is related to the sale of the RPK. As the variable lease payments are not dependent on an index or rate, the variable consideration is excluded from consideration at contract inception resulting in a loss at lease commencement. As such, the Company classifies the lease as an operating lease. The contracts contain a lease component, the RPD, and a non-lease component, the RPK. The lease component will be accounted for under ASC 842 and the non-lease component will be accounted for under ASC 606, as described above. Per ASC 842, the consideration in the contract will be allocated to each separate lease component and non-lease component of the contract. The consideration is allocated to these lease and non-lease components based on the SSP (as described above for contracts within the scope of ASC 606). In accordance with ASC 842, variable lease payments will be recognized once the sale of the RPK occurs and control has transferred to the customer. Consideration will be allocated to the RPD and RPK based on the SSP. Consideration related to the RPD will be recognized as Lease revenue and consideration related to the RPK will be recognized as Sales revenues in accordance with guidance in ASC 606, as described above, upon transfer of control of the RPK, which generally occurs at the time the product is shipped or delivered depending on the customer's shipping terms. Assets in the Company’s lease program are reported in Plant and equipment, net on its Consolidated Balance Sheets and are depreciated over the useful life of the RPD device's 200 uses, as indicated in the Instructions for Use that were approved by the FDA, and expensed as Costs of goods sold in the Consolidated Statements of Operations. The RPD depreciation has a direct relationship to the number of RPK units sold. Based on customer usage, each purchase of an RPK unit results in a 1/200 depreciation to the RPD .
Contract Liabilities	Contract Liabilities The Company receives payments from customers based on contractual terms. Trade receivables are recorded when the right to consideration becomes unconditional. The Company satisfies its performance obligation on product sales when the products are shipped or delivered, depending on the terms of the sale. Payment terms on invoiced amounts are typically 30 days , and do not include a financing component. Contract liabilities are recorded when the Company receives payment prior to satisfying its obligation to transfer goods to a customer.
Cost of Sales	Cost of Sales Cost of sales related to products includes costs to manufacture or purchase, package, and ship the Company’s products. Costs also include relevant production overhead and depreciation and amortization. These costs are recognized when control of the product is transferred to the customer and revenue is recognized.
Income Taxes	Income Taxes Income taxes are accounted for using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income or loss in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that a portion of the deferred tax asset will not be realized. We recognize interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying Consolidated Statement of Operations. Accrued interest and penalties are included on the related tax liability line in the Consolidated Balance Sheets. The Company reviews its uncertain tax positions regularly. An uncertain tax position represents the Company’s expected treatment of a tax position taken in a filed return, or planned to be taken in a future tax return or claim that has not been reflected in measuring income tax expense for financial reporting purposes. The Company recognizes the tax benefit from an uncertain tax position when it is more-likely-than-not that the position will be sustained upon examination on the basis of the technical merits or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consists of cash held at deposit institutions, money market funds and short-term highly liquid investments with original maturities of three months or less from the date of purchase. As of December 31, 2024 and 2023, the Company holds cash at deposit institutions in the amount of $ 2.3 million and $ 10.7 million, respectively. The Company holds no cash denominated in foreign currencies in foreign institutions as of December 31, 2024 and $ 69,000 denominated in foreign currencies in foreign institutions as of December 31, 2023. As of December 31, 2024 and 2023, the Company held cash equivalents in the amount of $ 11.7 million and $ 11.4 million, respectively.
Concentrations	Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, trade receivables, BARDA receivables and other receivables. As of December 31, 2024 and 2023, substantially all of the Company’s cash was deposited in accounts at financial institutions, and those deposited amounts may exceed federally insured limits and are subject to the risk of bank failure. As of December 31, 2024, two commercial customers accounted for more than 10 % of accounts receivable. Customer A accounted for 21 % and Customer B for 11 % of accounts receivable. As of December 31, 2023, no single commercial customer accounted for more than 10 % of accounts receivable. For the years-ended December 31, 2024 and 2023, no single commercial customer accounted for more than 10 % of total revenues. BARDA revenues for the procurement of the RECELL system accounted for zero and 1 % of total revenues for the years-ended December 31, 2024 and 2023, respectively. BARDA receivables for the procurement of the RECELL system and emergency preparedness accounted for 100 % and 27 % of BARDA receivables as of December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, BARDA receivables were $ 56,000 and $ 30,000 , respectively,
Fair Value of Financial Instruments	Fair Value of Financial Instruments Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: ● Level 1 — Quoted prices in active markets for identical assets or liabilities. ● Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. ● Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. For further details refer to Note 4. At December 31, 2024 and 2023, the Company’s financial instruments included cash, accounts payable, accrued expenses, long-term debt and warrant liabilities. The carrying amounts of accounts payable and accrued expenses approximate fair value due to the short-term maturities of these instruments.
Long-term Debt	Long-term Debt The Company elected the fair value option (“FVO”) of accounting under ASC 825-10, Financial Instruments (“ASC 825”) , to record the debt at fair value at issuance and subsequently remeasures to fair value each reporting period. The Company elected the fair FVO option of accounting of ASC 825 for the debt from the issuance date in order to not have to bifurcate any embedded derivatives in accordance with ASC 815, Derivatives and Hedging – Contracts in Entity's Own Equity (“ASC 815”). The debt accounted for under the FVO represents a financial instrument containing embedded features which would otherwise be required to be bifurcated from the debt-host and recognized as separate derivative liabilities subject to initial and subsequent periodic estimated fair value measurements under ASC 815. The Company has elected to present interest expense separately from changes in fair value and therefore will present interest expense associated with the debt as Interest expense in the Consolidated Statement of Operations. Any changes in fair value caused by instrument-specific credit risk are presented separately in Accumulated other comprehensive loss in the Consolidated Balance Sheets. Changes in fair value attributable to changes in credit risk are determined using observable option adjusted spreads for the issuer or comparable companies with similar credit ratings. All costs associated with the issuance of the Credit Agreement accounted for using the FVO were expensed upon issuance. The fair value of the debt is determined using a Monte Carlo Simulation and classified as Level 3 in the fair value hierarchy. For further details refer to Note 4.
Presentation and Valuation of the Warrants	Presentation and Valuation of the Warrants Warrants are accounted for as liabilities in accordance with ASC 815-40 and were presented within Warrant liability on the Consolidated Balance Sheets . The initial fair value of the warrant liability is measured at fair value at the date of issuance and are remeasured at each reporting date until settlement. Changes in the fair value of the warrant liability is recognized in Other income, net in the Consolidated Statement of Operations. The Company established the fair value of the warrants utilizing the Black-Scholes pricing model. Assumptions used in the valuation are the price of the company stock, expected share-price volatility, expected term, risk-free interest rate and dividend yield. The Company estimates the volatility based on historical volatility that matches the expected remaining life of the warrants. The expected term of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates to remain at zero . The warrants were classified Level 3 fair value measurement, due to the use of unobservable inputs. For further details refer to Note 4.
Marketable Securities	Marketable Securities The Company classifies all highly liquid investments with original maturities of three months or less from the date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities. The Company classifies marketable securities as short-term when they have remaining contractual maturities of one year or less from the balance sheet date, and as long-term when the investments have remaining contractual maturities of more than one year from the balance sheet date. Classification is determined at the time of purchase and re-evaluated each balance sheet date. Short-term marketable securities represent investment of cash available for current operations. The Company accounts for our marketable securities as available-for-sale securities. All marketable securities, which consist of corporate debt securities, asset backed securities, U.S treasury and commercial paper are denominated in the U.S. dollars, have been classified as “available for sale”, and are carried at fair value. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive income (loss) and reported as a separate component of stockholders equity until realized. Realized gains and losses on marketable securities are included in Other income, net, in the accompanying Consolidated Statements of Operations. The cost of any marketable securities sold is based on the specific identification method. The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity. Interest on marketable securities is included in Other income, net in the Consolidated Statements of Operations. In accordance with the Company’s investment policy, management invests to diversify credit risk and only invests in securities with high credit quality, including U.S. government securities, and the maximum final maturity from the date of purchase is thirty-seven months . If necessary, the Company will recognize an allowance for credit losses on available-for-sale debt securities on an individual basis, and will no longer consider other than-temporary impairment or immediately reduce the cost basis of the investment provided that it is more likely than not that the security will be held to recovery or maturity. Further, the Company will recognize any improvements in estimated credit losses on available-for-sale debt securities immediately in earnings and reduce the existing allowance for credit losses. The Company will disaggregate its available-for-sale marketable securities into the following categories: commercial paper, corporate debt, government and agency securities and money market funds. The Company’s government and agency securities are U.S. treasury bonds, and U.S. agency bonds. The Company has analyzed government and agency securities and identified that both types of securities have similar risk characteristics in that they are traded infrequently and have contractual interest rates and maturity dates. To evaluate for impairment, management reviews credit rating changes, securities trends, interest rate movements and unrealized loss at the security level of the Company’s available for sale debt securities. If any of these give rise to a potential credit concern, the Company performs a discounted cash flow analysis to determine the credit portion of the impairment. The discounted cash flow analysis will be performed either internally or through the assistance of a qualified third party. Once the credit component of the impairment is determined, the Company will record the impaired amount as an allowance to the available-for-sale debt securities balance and as a charge to other income in the accompanying Consolidated Statements of Operations, not to exceed the amount of the unrealized loss. The Company assesses expected credit losses at the end of each reporting period and adjusts the allowance through Other income, net.
Accounts Receivable	Accounts Receivable Accounts receivable are recorded net of customer allowances for expected credit losses. The Company estimates an allowance for expected credit losses (i.e., the inability of our customers to make required payments). These estimates are based on a combination of past experience and current trends. In estimating the allowance for expected credit losses, consideration is given to the current aging of receivables, a specific review for potential bad debts and an evaluation of historic write-offs. The resulting bad debt expense is included in Sales and marketing expenses in the Consolidated Statement of Operations. Receivables are written-off when deemed uncollectible. As of December 31, 2024 and 2023, the allowance for expected credit losses was $ 71,000 and $ 48,000 , respectively. A rollforward of the activity in the Company’s allowance for expected credit losses is as follows (in thousands): Year-ended December 31, 2024 December 31, 2023 Balance at beginning of year $ 48 $ 24 Additions: change to cost and expense 23 24 Deductions: write-offs, net of recovery - - Balance at end of year $ 71 $ 48
BARDA Income and Receivables	BARDA Income and Receivables The Company has concluded that grants under the BARDA grant are not within the scope of ASC 606, as they do not meet the definition of a contract with a “customer.” The Company has further concluded that Subtopic 958-605, Not-for-Profit-Entities-Revenue Recognition also does not apply, as the Company is a business entity and the grants are with governmental agencies or units. With respect to the BARDA grant, the Company considered the guidance in IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, by analogy. BARDA income and related receivables are recognized when there is reasonable assurance that the grant will be received, and all attaching conditions have been complied with. When the grant relates to an expense item, the grant received is recognized as income over the period when the expense was incurred.
Inventory	Inventory Inventory is valued at the lower of cost or estimated net realizable value and is reflected in cost of sales. Costs incurred in bringing each product to its present location and condition are accounted for at purchase cost on a first-in, first-out basis (“FIFO”). The Company capitalizes inventory costs associated with the Company’s products when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed as research and development. Inventory is evaluated for impairment periodically to identify inventory obsolescence when an inventory item’s cost basis is in excess of its net realizable value. These adjustments are based upon multiple factors, including inventory levels, projected demand, and product shelf life. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and costs to complete the sale.
Lessee Right-of-Use Assets and Lease Liabilities	Lessee Right-of-Use Assets and Lease Liabilities The Company has operating leases for corporate office space, manufacturing and warehouse facility. The Company’s operating leases have remaining lease terms of one year to five years , some of which include options to renew the lease. At contract inception, the Company determines whether the contract is a lease or contains a lease. A contract contains a lease if the Company is both able to identify an asset and can conclude it has the right to control the identified asset for a period of time. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheet. Right-of-use (“ROU”) assets represent the Company’s right to control an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an explicit rate, the Company used its incremental borrowing rate (“IBR”) based on the information available at commencement date in determining the discount rate used to present value lease payments. In determining the IBR, the Company considered its credit rating and current market interest rates. The IBR used approximates the interest that the Company would be required to pay for a collateralized loan over a similar term. The Company’s leases typically do not include any residual value guarantees or asset retirement obligations. The Company’s lease terms are only for periods in which it has enforceable rights. A lease is no longer enforceable when both the lessee and the lessor each have the right to terminate the lease without permission from the other party with no more than an insignificant penalty. The Company has options to renew some of these leases for three years after their expiration. The Company considers these options, which may be elected at the Company’s sole discretion, in determining the lease term on a lease-by-lease basis. Lease expense is recognized on a straight-line basis over the lease term and is primarily included in General and administrative expenses in the accompanying Consolidated Statements of Operations. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all underlying asset classes. Some leases require variable payments for common area maintenance, property taxes, parking, insurance and other variable costs. The variable portion of lease payments is not included in operating lease assets or liabilities. Variable lease costs are expensed when incurred.
Plant and Equipment	Plant and Equipment The Company’s plant and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation is computed based on the straight-line method over the estimated useful lives of the various asset classes, generally three to seven years . Depreciation for the leased RECELL GO RPD devices, which have a useful life of 200 uses, is computed based on customer usage as determined by orders placed for the sales of RPK units. Leasehold improvements are amortized over the shorter of the life of the related asset or the remaining term of the lease. Costs associated with customized internal-use software systems that have reached the application development stage and technological feasibility are capitalized and include external direct costs utilized in developing or obtaining the applications and payroll and payroll-related expenses for employees who are directly associated with the application development. Maintenance and repairs are expensed as incurred.
Intangible Assets	Intangible Assets The Company maintains definite-lived intangible assets related to patents and a license initially measured at cost and amortized over estimated useful lives of approximately 2 — 19 years. The Company had capitalized patent costs of $ 770,000 and $ 616,000 as of December 31, 2024 and 2023, respectively, related to regulatory approval of the RECELL System, and are being amortized over their estimated useful lives. The Company also had a capitalized license of $ 5.0 million as of December 31, 2024, related to the Regenity Agreement and the 510(k) approval for Cohealyx. For further details see Note 12.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated, undiscounted future cash flows is less than the carrying amount of the asset, then an impairment is recognized for the amount by which the carrying value of the asset exceeds its estimated fair value. Fair value is determined using the market, income, or cost approaches as appropriate for the asset. Any write-downs are treated as permanent reductions in the carrying amount of the asset and recognized as an operatin g loss. The Company did no t have any impairments in long-lived assets for the year-ended December 31, 2024 and 2023.
Sales and Marketing Expenses	Sales and Marketing Expenses Sales and marketing expenses consist primarily of compensation and employee benefits of sales and marketing personnel and related field sales organization, marketing events, advertising costs, travel, trade shows and other marketing materials. The Company expenses all selling and marketing costs as incurred. Advertising expenses were $ 539,000 and $ 398,000 for the years-ended December 31, 2024 and 2023, respectively.
Research and Development Expenses	Research and Development Expenses Research and development expenses represent costs incurred to develop the Company’s products. Research and development expenses consist primarily of salaries and other personnel costs, clinical trial costs, regulatory costs and manufacturing costs for non-commercial products. The Company expenses all research and development costs in the periods in which they are incurred.
Stock-Based Compensation	Stock-Based Compensation The Company records compensation expense for stock options and restricted stock units (“RSU”) based on the fair market value of the awards on the date of grant. The fair value of stock-based compensation awards is amortized over the vesting period of the award. Compensation expense for performance-based awards is evaluated based on the number of shares ultimately expected to vest, evaluated each reporting period and based on management’s expectations regarding the relevant performance criteria. The Black-Scholes option pricing model and Monte Carlo Simulation are used to estimate the fair value of the time-based and performance-based options, respectively. Under ASU 2016-09, Compensation – Stock Compensation Improvements to Employee Share-Based Payment Accounting , the Company elected to account for forfeitures as they occur. The following assumptions were used in the valuation of stock options. • Expected volatility – determined using the historical volatility using daily intervals over the expected term. • Expected dividends - based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future • Expected term – the expected term of the Company’s stock options for tenure only vesting has been determined utilizing the “simplified” method as described in the SEC’s Staff Accounting Bulletin No. 107 relating to share-based compensation. The simplified method was chosen because the Company has limited historical option exercise experience due to its short operating history of awards granted, with the first plan being established in 2016 which was primarily used for executive awards. Further, the Company does not have sufficient history of exercises in the U.S. market given the Company’s redomiciliation from Australia to the United States in 2020. The expected term of options with a performance condition or market condition was set to the contractual term of 10 years. The contractual term was used for options with a performance or market condition as these are primarily awarded to executives and the Company assumes that they will hold them longer than rank and file employees. • Risk-free interest rate – the risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for a period approximately equal to the expected term of the award.
Employee Stock Purchase Plan	Employee Stock Purchase Plan The Company’s Employee Stock Purchase Plan (“ESPP”), features two six-month offering periods per year, running from June 1 to November 30 and December 1 to May 31. The ESPP provides eligible employees with an opportunity to purchase shares of the Company’s common stock through payroll deductions of up to 15 % of their eligible compensation. Under the ESPP, employees can purchase the Company’s Common Stock at the lower of 85 % of the fair value of shares on either the first or last day of the offering period. Amounts deducted and accumulated by the participant are recorded as ESPP liability and included in Accrued wages and fringe benefits in the Consolidated Balance Sheets. This amount is used to purchase shares of common stock at the end of each six-month purchase period. Once the shares are purchased, the ESPP liability is reclassified to stockholders’ equity on the purchase date. The ESPP is a compensatory plan accounted for under the expense recognition provision of share-based payment accounting standards. Compensation expense is recorded based on the fair market value at the grant date, which corresponds to the first day of each purchase period. The Black-Scholes option pricing model is used to estimate the grant date fair value.
Loss per Share	Loss per Share Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period, assuming potentially dilutive ordinary shares from option exercises, employee share awards, ESPP and warrants and other dilutive instruments that have been issued. For periods where the Company has presented a net loss, potentially dilutive securities are excluded from the computation of diluted net loss per share as they would be anti-dilutive. In accordance with ASC 710-10, Compensation – General (“ASC 710”), shares of common stock held by the rabbi trust are excluded from the denominator in the basic and diluted EPS calculations.
Non-Qualified Deferred Compensation Plan Liability and Corporate-Owned Life Insurance Asset	Non-Qualified Deferred Compensation Plan Liability and Corporate-Owned Life Insurance Asset The Company’s non-qualified deferred compensation plan (the “NQDC plan”), which became effective in October 2021, allows highly compensated key employees to elect to defer a portion of their salary, bonus and RSU awards to later years. Management determined that the cash deferrals under the NQDC plan shall be accounted for similarly to a defined benefit plan under ASC 715, Compensation – Retirement Benefits (“ASC 715”), and should follow accounting treatment that is similar to a cash balance plan. Management determined that the employee portion and employer portion of the deferred compensation should be recognized as a compensation expense with a corresponding credit to deferred compensation liability. The matching contribution will be accrued over the vesting period of two years with 25 % vesting in the first year and 75 % vesting in the second year. Employees aged 55 or older immediately vest in employer matching contributions. The change in the liability between each reporting period is accounted for as compensation expense with a corresponding adjustment to deferred compensation liability. Upon distribution, the Company will record the distribution as a decrease to deferred compensation liability with a corresponding cre dit to cash. The Company funds the NQDC plan through a Corporate-Owned Life Insurance (“COLI”). Per the ASC 325-30-25-1A , Investments – Other , COLI is recorded as an asset on the Consolidated Balance Sheets as it does not meet the definition of a plan asset under ASC 715. The Company invests in COLI policies relating to its deferred compensation plan. Investments in COLI policies are recorded at their cash surrender values as of each balance sheet date. Changes in the cash surrender value during the period are recorded as a gain or loss in the Consolidated Statements of Operations in Other income, net.
Rabbi Trust	Rabbi Trust During April 2022, the Company established a rabbi trust for a select group of participants in which share awards granted under the 2020 Omnibus Incentive Plan (“2020 Plan”) and deferred under the NQDC plan may be deposited. In addition to the deferral of shares, the rabbi trust holds the assets in the COLI for the NQDC plan. The rabbi trust is an irrevocable trust, and no portion of the trust fund may be used for any purpose other than the delivery of those assets to the participants. The assets held in the rabbi trust are subject to the claims of our general creditors in the event of bankruptcy or insolvency. The value of the assets of the rabbi trust is consolidated into our financial statements. The NQDC plan permits diversification of vested shares (common stock) into other equity securities subject to a six-month and one day holding period subsequent to vesting. Per ASC 710-10-25-15, accounting for deferred common stock will be under plan type C or D. Accounting will depend on whether or not the employee has diversified the common stock. Under plan type C, diversification is permitted but the employee has not diversified. Under plan type D, diversification is permitted, and the employee has diversified. For common stock that has not been diversified, the employer stock held in the rabbi trust is classified in a manner similar to treasury stock and presented separately on the Consolidated Balance Sheets as Company common stock held by the NQDC plan. The common stock will be recorded at the fair value of the stock at the time it vested, subsequent changes in the value of the common stock will not be recognized. The deferred compensation obligation is measured independently at fair value of the common stock with a corresponding charge or credit to compensation cost. The fair value is calculated as the product of the common stock and the closing price of the stock each reporting period. Under plan type D, the accounting for the assets held by the rabbi trust is subject to the accounting pronouncements under applicable GAAP for each asset type. The deferred compensation obligation is measured independently at fair value of the underlying assets. During the years-ended December 31, 2024 and 2023, the diversified stock was invested in funds under the COLI policy.
Non-Qualified Deferred Compensation Stock Awards	Non-Qualified Deferred Compensation Stock Awards In accordance with ASC 718 , Compensation — Stock Compensation (“ASC 718”), the deferred RSU awards under the NQDC plan are classified as an equity instrument and changes in fair value of the amount owed to the participant are not recognized. As the plan permits diversification, presentation outside of permanent equity in accordance with ASR 268, Redeemable Preferred Stock is appropriate. The redemption amounts are based on the vested percentage and are recorded outside of equity as Non-qualified deferred compensation share awards on the Consolidated Balance Sheets. Deferred awards will be presented outside of permanent equity until the awards are vested. For further details refer to Note 17.
Segment Reporting	Segment Reporting Operating segments are defined as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company’s chief operating decision-maker is its Chief Executive Officer, who reviews consolidated financial results when making resource allocation decisions or evaluating Company performance. To date, the Company has viewed its operations and manages its business as one segment. As of December 31, 2024, the Company has no material long-lived assets outside of the U.S. and approximately 3 % of its total revenues for the year-ended December 31, 2024 are from foreign countries. For further details refer to Note 11.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Allowance For Expected Credit Losses	A rollforward of the activity in the Company’s allowance for expected credit losses is as follows (in thousands): Year-ended December 31, 2024 December 31, 2023 Balance at beginning of year $ 48 $ 24 Additions: change to cost and expense 23 24 Deductions: write-offs, net of recovery - - Balance at end of year $ 71 $ 48

Marketable Securities (Tables)

Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Securities, Available-for-Sale [Abstract]
Summary of Amortized Cost and Estimated Fair Values of Debt Securities Available for Sale	The following table summarizes the amortized cost and estimated fair values of debt securities available for sale: As of December 31, 2024 Amortized Gross Gross Carrying (in thousands) Cash equivalents: Money market funds $ 11,720 $ - $ - $ 11,720 Total cash equivalents $ 11,720 $ - $ - $ 11,720 Current marketable securities: U.S. Treasury securities $ 21,821 $ 14 $ - $ 21,835 Total current marketable securities $ 21,821 $ 14 $ - $ 21,835 As of December 31, 2023 Amortized Gross Gross Carrying (in thousands) Cash equivalents: Money market funds $ 8,427 $ - $ - $ 8,427 U.S. Treasury securities 2,992 - - 2,992 Total cash equivalents $ 11,419 $ - $ - $ 11,419 Current marketable securities: U.S. Treasury securities $ 65,145 $ 100 $ ( 3 ) $ 65,242 U.S. Government agency obligations 1,699 - ( 2 ) 1,697 Total current marketable securities $ 66,844 $ 100 $ ( 5 ) $ 66,939
Summary of Maturities of Marketable Securities Available for Sale	The maturities of marketable securities available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. As of December 31, 2024 As of December 31, 2023 (in thousands) Amortized Carrying Amortized Carrying Due in one year or less $ 21,821 $ 21,835 $ 66,844 $ 66,939

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Summary of Financial Assets Measured at Fair Value on Recurring Basis	The following tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy: As of December 31, 2024 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 11,720 $ - $ - $ 11,720 Total cash equivalents $ 11,720 $ - $ - $ 11,720 Current marketable securities: U.S. Treasury securities $ - $ 21,835 $ - $ 21,835 Total current marketable securities $ - $ 21,835 $ - $ 21,835 Total marketable securities and cash equivalents $ 11,720 $ 21,835 $ - $ 33,555 Financial liabilities: Long-term debt $ - $ - $ 42,245 $ 42,245 Warrant liability - - 3,432 $ 3,432 Non-qualified deferred compensation plan liability - 5,063 - $ 5,063 Total financial liabilities $ - $ 5,063 $ 45,677 $ 50,740 Financial assets: Corporate-owned life insurance policies $ - $ 3,006 $ - $ 3,006 Total financial assets $ - $ 3,006 $ - $ 3,006 As of December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 8,427 $ - $ - $ 8,427 U.S. Treasury securities - 2,992 - 2,992 Total cash equivalents $ 8,427 $ 2,992 $ - $ 11,419 Current marketable securities: U.S. Treasury securities $ - $ 65,242 $ - $ 65,242 U.S. Government agency obligations - 1,697 - 1,697 Total current marketable securities $ - $ 66,939 $ - $ 66,939 Total marketable securities and cash equivalents $ 8,427 $ 69,931 $ - $ 78,358 Financial liabilities: Long-term debt $ - $ - $ 39,812 $ 39,812 Warrant liability - - 3,158 3,158 Non-qualified deferred compensation plan liability - 3,831 - $ 3,831 Total financial liabilities $ - $ 3,831 $ 42,970 $ 46,801 Financial assets: Corporate-owned life insurance policies $ - $ 2,475 $ - $ 2,475 Total financial assets $ - $ 2,475 $ - $ 2,475
Summary of Fair Value Measurement Inputs and Valuation Techniques	The below assumptions were used in the MCS: December 31, 2024 December 31, 2023 Risk-free interest rate 4.25 % 3.81 % Revenue volatility 63.00 % 64.00 % Revenue discount rate 14.11 % 16.58 % The fair value of the warrant liability, which is reported within Warrant liability on the Consolidated Balance Sheets, is estimated by the Company based on the Black-Scholes option pricing model with the follow ing key inputs: December 31, 2024 December 31, 2023 Price of common stock $ 12.80 $ 13.72 Expected term 8.80 years 9.81 years Expected volatility 48.89 % 31.07 % Exercise price $ 10.9847 $ 10.9847 Risk-free interest rate 4.49 % 3.84 % Expected dividends 0.00 % 0.00 %
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Summary of Changes in Fair Value	The following table presents the summary of changes in the fair value of our Level 3 financial instruments: As of December 31, 2024 As of December 31, 2023 (in thousands) Long-term debt Warrant liability Long-term debt Warrant liability Balance beginning of period $ 39,812 $ 3,158 $ - $ - Fair value on issuance date 37,575 2,425 Change in fair value in earnings 2,463 274 1,616 733 Change in fair value in other comprehensive loss ( 30 ) - 621 - Balance end of period, at fair value $ 42,245 $ 3,432 $ 39,812 $ 3,158

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Summary Of Lease Cost	The following table sets forth the Company’s operating lease expenses which are included in operating expenses in the Consolidated Statements of Operations (in thousands): Year Ended December 31, 2024 December 31, 2023 Operating lease cost $ 821 $ 929 Variable lease cost 174 101 Total lease cost $ 995 $ 1,030
Summary Of Supplemental Cash Flow Information Related To Operating Leases	Supplemental cash flow information related to operating leases was as follows (in thousands): Year Ended December 31, 2024 December 31, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 1,185 $ 815
Summary Of Supplemental Balance Sheet Information Related To Operating Leases	Supplemental balance sheet information, as of December 31, 2024 and 2023, related to operating leases was as follows (in thousands, except for operating lease weighted average remaining lease term and operating lease weighted average discount rate): As of December 31, 2024 December 31, 2023 Reported as: Operating lease right-of-use assets $ 3,571 $ 2,440 Total right-of-use assets $ 3,571 $ 2,440 Other current liabilities: Operating lease liabilities , short-term $ 900 $ 895 Operating lease liabilities, long term 2,840 1,702 Total operating lease liabilities $ 3,740 $ 2,597 Operating lease weighted average remaining lease term (years) 4.34 3.31 Operating lease weighted average discount rate 9.74 % 8.75 %
Summary Of Maturities Of The Company's Operating Lease Liabilities	As of December 31, 2024, maturities of the Company’s operating lease liabilities are as follows (in thousands): Operating Leases 2025 $ 1,218 2026 1,125 2027 773 2028 658 2029 483 Thereafter 371 Total lease payments 4,628 Less imputed interest ( 888 ) Total operating lease liabilities $ 3,740
Summary Of Assets Held For Lease And Included In Plant And Equipment	Assets held for lease and included in Plant and equipment consisted of the following (in thousands): As of December 31, 2024 Rental RPD assets $ 1,384 Accumulated depreciation ( 47 ) Net rental RPD assets $ 1,337

Inventory (Tables)

Inventory (Tables)	12 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Summary Of Composition Of Inventories	The composition of inventories is as follows (in thousands): As of December 31, 2024 December 31, 2023 Raw materials $ 2,449 $ 3,683 Work in process 389 878 Finished goods 4,431 1,035 Total inventory $ 7,269 $ 5,596

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary Of Composition Of Intangible Assets	The composition of intangible assets is as follows (in thousands): As of December 31, 2024 As of December 31, 2023 Weighted Gross Accumulated Net Gross Accumulated Net Patent 1 - $ - $ - $ - $ 17 $ ( 17 ) $ - Patent 2 12 136 ( 46 ) 90 141 ( 39 ) 102 Patent 3 13 238 ( 61 ) 177 206 ( 54 ) 152 Patent 5 18 108 ( 25 ) 83 99 ( 11 ) 88 Patent 6 19 67 ( 9 ) 58 56 ( 6 ) 50 Patent 7 - - - - 2 - 2 Patent 8 17 46 ( 3 ) 43 29 ( 1 ) 28 Patent 9 2 121 ( 42 ) 79 3 - 3 Patent 10 - - - - 3 - 3 Patent 11 - - - - 6 ( 1 ) 5 Regenity License 10 5,000 ( 14 ) 4,986 - - - Trademarks Indefinite 54 - 54 54 - 54 Total intangible assets $ 5,770 $ ( 200 ) $ 5,570 $ 616 $ ( 129 ) $ 487
Summary Of Future Amortization Of Amortizable Intangible Assets Held	The Company estimated the future amortization of amortizable intangible assets held as of December 31, 2024 to be (in thousands): Estimated Amortization Expense 2025 $ 597 2026 564 2027 541 2028 541 2029 541 Thereafter 2,732 Total $ 5,516

Plant and Equipment, net (Table

Plant and Equipment, net (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Summary of Composition of Plant and Equipment	The composition of plant and equipment, net is as follows (in thousands): As of Useful Lives December 31, 2024 December 31, 2023 Computer equipment 3 - 5 years $ 1,645 $ 984 Computer software 3 years 836 840 Construction in progress (“CIP”) 442 87 Furniture and fixtures 7 years 1,177 824 Laboratory and other equipment 3 - 5 years 954 769 Leasehold improvements Lesser of life or lease term 4,607 367 RECELL moulds 5 years 503 438 RECELL GO RPD CIP 1,464 - RECELL GO RPD 453 - Operating lease assets - RPD 200 uses 1,384 - Less: accumulated amortization and depreciation ( 3,447 ) ( 2,432 ) Total plant and equipment, net $ 10,018 $ 1,877

Reporting Segment and Geograp_2

Reporting Segment and Geographic Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule Of Revenues By Region And Customer Location And Customer Type/Cost of Sales By Customer Type	Revenues by region and customer location were as follows (in thousands): Year Ended December 31, 2024 December 31, 2023 Revenue by region: United States $ 62,157 $ 46,359 Japan 1,431 3,370 European Union 155 51 Australia 312 222 United Kingdom 196 141 Total $ 64,251 $ 50,143 Revenues by customer type were as follows (in thousands): Year Ended December 31, 2024 December 31, 2023 Revenue by customer type: Commercial sales $ 64,023 $ 49,775 Deferred commercial revenue recognized 33 33 BARDA revenue for right of first access 195 335 Total $ 64,251 $ 50,143 Commercial revenue by product were as follows (in thousands): Year Ended December 31, 2024 December 31, 2023 Commercial revenue by product: RECELL $ 62,611 $ 49,775 Other wound care products 1,054 - Lease revenue 358 - Total commercial sales $ 64,023 $ 49,775 Cost of sales by customer type were as follows (in thousands): Year Ended December 31, 2024 December 31, 2023 Cost of sales: Commercial cost $ 9,094 $ 7,544 BARDA: Product cost - ( 105 ) Emergency preparedness service cost - 341 Total $ 9,094 $ 7,780
Summary of Consolidated Net Loss by Segment	Consolidated net loss by segment (in thousands): Year Ended December 31, 2024 December 31, 2023 Total revenues $ 64,251 $ 50,143 Purchases of inventory ( 7,861 ) ( 6,418 ) Other cost of sales ( 1,233 ) ( 1,362 ) Gross profit 55,157 42,363 BARDA income - 1,428 Operating expenses: Sales and marketing ( 58,195 ) ( 37,291 ) General and administrative ( 33,195 ) ( 28,334 ) Research and development ( 20,360 ) ( 20,821 ) Total operating expenses ( 111,750 ) ( 86,446 ) Operating loss ( 56,593 ) ( 42,655 ) Interest expense ( 5,361 ) ( 1,143 ) Other income, net 163 8,483 Loss before income taxes ( 61,791 ) ( 35,315 ) Income tax expense ( 54 ) ( 66 ) Net loss $ ( 61,845 ) $ ( 35,381 )

Share-Based Payment Plans (Tabl

Share-Based Payment Plans (Tables)	12 Months Ended
	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary Of Company Stock Based Award Plans	The following table summarizes information about the Company’s stock-based award plans as of December 31, 2024: Outstanding Outstanding Shares Available 2016 Equity Incentive Plan 458,196 — - 2020 Equity Incentive Plan 2,313,110 48,164 1,422,101 2021 AGM Awards 22,600 — - 2022 AGM Awards 247,876 — - 2023 AGM Awards 124,768 13,832 - 2024 AGM Awards 373,658 55,200 -
Summary Of Stock-based Compensation And The ESPP Reflected In The Statements Of Operations	The Company has included stock-based compensation expense and ESPP expense as part of operating expenses in the accompanying Consolidated Statements of Operations as follows: Year Ended December 31, 2024 December 31, 2023 Sales and marketing expenses $ 3,338 $ 1,401 General and administrative expenses 8,376 5,948 Research and development expenses 1,782 1,035 Total $ 13,496 $ 8,384
Summary Of Share Option Activity	A summary of share option activity as of December 31, 2024 and changes during the year then ended is presented below: Service Only Share Options Performance-Based Share Options Total Share Options Outstanding shares at December 31, 2023 2,397,571 292,587 2,690,158 Granted 1,887,658 55,000 1,942,658 Exercised ( 263,479 ) ( 88,729 ) ( 352,208 ) Expired ( 427,478 ) ( 58,915 ) ( 486,393 ) Forfeited ( 245,235 ) ( 8,772 ) ( 254,007 ) Outstanding shares at December 31, 2024 3,349,037 191,171 3,540,208 Exercisable at December 31, 2024 1,084,364 173,449 1,257,813 Vested and expected to vest - December 31, 2024 3,349,037 191,171 3,540,208
Summary of Valuation Assumptions Used in Share Options	Included in the following table is a summary of the related assumptions used in the Black-Scholes Option pricing model for the years-ended December 31, 2024 and 2023. Year-Ended December 31, 2024 December 31, 2023 Expected volatility 73 % - 75 % 66 % - 114 % Weighted-average volatility 74 % 71 % Expected dividends 0 % 0 % Expected term (in years) 5.5 - 6.5 5.0 - 7.0 Risk-free interest rate 3.43 % - 4.64 % 3.51 % - 4.44 %
Non Option Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary Of Share Option Activity	A summary of the status of the Company’s unvested RSUs as of December 31, 2024, and changes that occurred during the year is presented below: Unvested Shares Tenure-Based RSUs Performance Total RSUs Unvested RSUs outstanding at December 31, 2023 207,112 28,020 235,132 Granted 55,200 - 55,200 Vested ( 131,897 ) ( 16,635 ) ( 148,532 ) Forfeited ( 21,100 ) ( 3,504 ) ( 24,604 ) Unvested RSUs outstanding at December 31, 2024 109,315 7,881 117,196
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Valuation Assumptions Used in Share Options	Included in the following table is a summary of the related assumptions used in the Black-Scholes Option pricing model for the years-ended December 31, 2024 and 2023. Year-Ended December 31, 2024 December 31, 2023 Expected volatility 57.59 % - 73.26 % 81.98 % - 82.00 % Weighted-average volatility 63.81 % 81.99 % Expected dividends 0 % 0 % Expected term (in years) 0.5 0.5 Risk-free interest rate 4.33 % - 5.28 % 5.19 % - 5.31 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Geographic Sources of Loss Before Income Taxes	Geographic sources of loss before income taxes are as follows:  Year-Ended (amounts in thousands) December 31, 2024 December 31, 2023 United States $ ( 61,778 ) $ ( 44,691 ) Foreign ( 13 ) 9,376 Loss before income taxes $ ( 61,791 ) $ ( 35,315 ) I
Summary Of Income Tax Expense	I ncome tax expense as shown in the accompanying Consolidated Statements of Operations includes the following:  Year-Ended (amounts in thousands) December 31, 2024 December 31, 2023 Current:   Federal $ - $ - State 54 66 Foreign - - Total current 54 66 Deferred: Federal - - State - - Foreign - - Total deferred - - Total income tax expense $ 54 $ 66
Summary Of Provision For Income Taxes	The provision for income taxes differs from the tax computed using the statutory United States federal income tax rate of 21 % for the years-ended December 31, 2024 and 2023 as a result of the following items:  Year-Ended (amounts in thousands) December 31, 2024 December 31, 2023 Tax benefit at U.S. statutory rate $ ( 12,976 ) $ ( 7,416 ) State income taxes 54 66 Foreign rate differential ( 1 ) 375 Share-based compensation 2,911 774 Fair value change in debt and warrants 576 494 Foreign exchange gain/(loss) on intercompany trade balances 3 ( 2,354 ) Gain of transfer of intellectual property - 2,804 Foreign tax loss carryforward write off 14,999 - Permanent differences 264 554 Change in tax rate - ( 847 ) Net change in valuation allowance ( 5,776 ) 5,616 Income tax expense $ 54 $ 66
Summary Of Deferred Income Tax	A summary of deferred income tax assets is as follows (in thousands):  Year- Ended (amounts in thousands) December 31, 2024 December 31, 2023 Deferred tax liabilities   ROU asset $ ( 904 ) $ ( 618 ) Intangible assets - - Property, plant and equipment - ( 6 ) Total deferred tax liabilities $ ( 904 ) $ ( 624 ) Deferred tax assets Property, plant and equipment $ 41 $ - Accrued expenses 3,365 2,714 Intangible assets - 12 Stock-based compensation 3,044 3,763 Lease liability 947 657 Research and development 7,077 5,357 Net operating loss carryforward 45,233 50,438 Other 1,567 992 Total deferred tax assets $ 61,274 $ 63,933 Less valuation allowance ( 60,370 ) ( 63,309 ) Net deferred tax assets 904 624 Net deferred tax assets / (liabilities) $ - $ -

Loss Per Share (Tables)

Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Summary Of Reconciliation Of The Basic And Diluted Loss Per Share	The following is a reconciliation of the basic and diluted loss per share computations: Year Ended December 31, 2024 December 31, 2023 (in thousands, except per share amounts) Net loss $ ( 61,845 ) $ ( 35,381 ) Weighted-average common shares—outstanding, basic and diluted 25,883 25,331 Net loss per common share, basic and diluted $ ( 2.39 ) $ ( 1.40 ) Year Ended December 31, 2024 December 31, 2023 Anti-dilutive shares excluded from diluted net loss per common share: Stock options 3,540,208 2,690,158 Restricted stock units 117,196 235,132 ESPP 81,675 91,152 Warrants 409,661 409,661

Retirement Plans (Tables)

Retirement Plans (Tables)	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Summary of Eligible Share Award Activity	he following table summarizes the eligible share award activity as of December 31, 2024 and December 31, 2023. As of (in thousands) December 31, 2024 December 31, 2023 Non-qualified deferred compensation share awards: Balance at beginning of period $ 693 $ 557 Stock-based compensation expense 77 518 Change in redemption value ( 92 ) 1,019 Vesting of share awards held by NDQC ( 434 ) ( 1,401 ) Ending Balance $ 244 $ 693

The Company - Additional Inform

The Company - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (359,814)	$ (297,969)
Cash	48,900	$ 38,000
Cash, cash equivalents, and marketable securities	$ 35,900

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 USD ($) Use Segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Gain (loss) on foreign currency transactions	$ (21,000)	$ (37,000)
Description of maturity terms	classifies all highly liquid investments with original maturities of three months or less from the date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities. The Company classifies marketable securities as short-term when they have remaining contractual maturities of one year or less from the balance sheet date, and as long-term when the investments have remaining contractual maturities of more than one year from the balance sheet date.
Revenue, performance obligation, description of payment terms	30 days
Cash at deposit institutions	$ 2,300,000	10,700,000
Cash in foreign institutions	$ 0	69,000
Final maturity period	37 months
Cash equivalents held	$ 11,700,000	11,400,000
Other receivables	56,000	30,000
Allowance for expected credit losses	$ 71,000	48,000	$ 24,000
Lease renewal period	3 years
Warrants and rights outstanding, measurement input	0
Capitalized patent costs	$ 770,000	616,000
Impairments of long-lived assets	0	0
Advertising expenses	$ 539,000	$ 398,000
Contractual term	10 years
Number of operating segment | Segment	1
RECELL GO RPD useful life | Use	200
Capitalized license	$ 5,000,000
Percentage of revenue from foreign countries	3%
Employee Stock Purchase Plan
Summary Of Significant Accounting Policies [Line Items]
Maximum percentage of payroll deductions allowed to purchase common stock	15%
Percentage by which purchase price of shares lower fair market value of common stock	85%
Contractual term	6 months	6 months
Deferred Compensation Plans
Summary Of Significant Accounting Policies [Line Items]
Employer matching contributions, Vesting period	2 years
Vesting on Year One | Deferred Compensation Plans
Summary Of Significant Accounting Policies [Line Items]
Employer matching contributions, Vesting percentage	25%
Vesting on Year Two | Deferred Compensation Plans
Summary Of Significant Accounting Policies [Line Items]
Employer matching contributions, Vesting percentage	75%
RPD Devices
Summary Of Significant Accounting Policies [Line Items]
Plant and equipment, useful life | Use	200
Plant and equipment, description of depreciation	each purchase of an RPK unit results in a 1/200 depreciation to the RPD
Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, customer	two	no
Accounts Receivable | Customer Concentration Risk | Commercial Customer
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10%	10%
Accounts Receivable | Customer Concentration Risk | Customer A
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	21%
Accounts Receivable | Customer Concentration Risk | Customer B
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	11%
Revenue Benchmark [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, customer	no	no
Revenue Benchmark [Member] | Customer Concentration Risk | Commercial Customer
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10%	10%
Minimum
Summary Of Significant Accounting Policies [Line Items]
Remaining lease terms	1 year
Estimated useful lives of plant and equipment	3 years
Estimated useful lives of intangible assets	2 years
Contractual term	5 years 6 months	5 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Remaining lease terms	5 years
Estimated useful lives of plant and equipment	7 years
Estimated useful lives of intangible assets	19 years
Contractual term	6 years 6 months	7 years
BARDA
Summary Of Significant Accounting Policies [Line Items]
Other receivables	$ 56,000	$ 30,000
BARDA | Revenue Benchmark [Member] | Customer Concentration Risk | Commercial Customer
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	0%	1%
BARDA | Accounts Receivable Revenue | Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	100%	27%
Reclassification out of Accumulated Other Comprehensive Loss
Summary Of Significant Accounting Policies [Line Items]
Other income	$ 9,400,000
Non-US
Summary Of Significant Accounting Policies [Line Items]
Gain (loss) on foreign currency transactions		$ 22,000
Other Income, Net | Non-US
Summary Of Significant Accounting Policies [Line Items]
Gain (loss) on foreign currency transactions	$ 21,000	$ 15,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Allowance for Expected Credit Losses (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Allowance for Credit Loss [Abstract]
Balance at beginning of year	$ 48,000	$ 24,000
Additions: change to cost and expense	23,000	24,000
Balance at end of year	$ 71,000	$ 48,000

Marketable Securities - Summary

Marketable Securities - Summary of Amortized Cost and Estimated Fair Values of Debt Securities Available for Sale (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities	$ 21,821	$ 66,844
Gross Unrealized Holding Gains, Current marketable securities	14	100
Gross Unrealized Holding Losses, Current marketable securities		(5)
Carrying Value, Current marketable securities	21,835	66,939
Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	11,720	11,419
Carrying Value	11,720	11,419
Money Market Funds | Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	11,720	8,427
Carrying Value	11,720	8,427
U.S Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities	21,821	65,145
Gross Unrealized Holding Gains, Current marketable securities	14	100
Gross Unrealized Holding Losses, Current marketable securities		(3)
Carrying Value, Current marketable securities	$ 21,835	65,242
U.S Treasury Securities | Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		2,992
Carrying Value		2,992
U.S Government Agency Obligations
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities		1,699
Gross Unrealized Holding Losses, Current marketable securities		(2)
Carrying Value, Current marketable securities		$ 1,697

Marketable Securities - Summa_2

Marketable Securities - Summary of Maturities of Marketable Securities Available for Sale (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
InvestmentTypeExtensibleEnumeration	Contractual Maturities	Contractual Maturities
Available for sale securities, Due in one year or less, Amortized cost	$ 21,821	$ 66,844
Available for sale securities, Due in one year or less, Carrying value	$ 21,835	$ 66,939

Marketable Securities - Additio

Marketable Securities - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Unrealized gain on marketable securities	$ 14,000	$ 100,000
Unrealized loss on marketable securities		5,000
Net unrealized gain (loss) on marketable securities		95,000
Credit loss recognized	0	0
Prepaids and Other Current Assets
Schedule Of Available For Sale Securities [Line Items]
Accrued interest income	$ 121,000	$ 227,000

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities	$ 21,835	$ 66,939
Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	11,720	11,419
Total current marketable securities	21,835	66,939
Total marketable securities and cash equivalents	33,555	78,358
Total financial liabilities	50,740	46,801
Total financial assets	3,006	2,475
Fair Value on Recurring Basis | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	11,720	8,427
Total marketable securities and cash equivalents	11,720	8,427
Fair Value on Recurring Basis | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents		2,992
Total current marketable securities	21,835	66,939
Total marketable securities and cash equivalents	21,835	69,931
Total financial liabilities	5,063	3,831
Total financial assets	3,006	2,475
Fair Value on Recurring Basis | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	45,677	42,970
Long-term Debt | Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	42,245	39,812
Long-term Debt | Fair Value on Recurring Basis | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	42,245	39,812
Warrant Liability | Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	3,432	3,158
Warrant Liability | Fair Value on Recurring Basis | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	3,432	3,158
Non-qualified Deferred Compensation Plan Liability | Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	5,063	3,831
Non-qualified Deferred Compensation Plan Liability | Fair Value on Recurring Basis | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	5,063	3,831
Money Market Funds | Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	11,720	8,427
Money Market Funds | Fair Value on Recurring Basis | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	11,720	8,427
U.S Treasury Securities | Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents		2,992
Total current marketable securities		65,242
U.S Treasury Securities | Fair Value on Recurring Basis | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents		2,992
Total current marketable securities		65,242
U.S. Government Agency Obligations | Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities		1,697
U.S. Government Agency Obligations | Fair Value on Recurring Basis | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities		1,697
Corporate-owned Life Insurance Policies | Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	3,006	2,475
Corporate-owned Life Insurance Policies | Fair Value on Recurring Basis | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	$ 3,006	$ 2,475

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary Of Changes In The Fair Value Of Our Level 3 Financial Instruments (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Long-term Debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance beginning of period	$ 39,812
Fair value on issuance date		$ 37,575
Change in fair value in earnings	2,463	1,616
Change in fair value in other comprehensive loss	(30)	621
Balance end of period, at fair value	42,245	39,812
Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance beginning of period	3,158
Fair value on issuance date		2,425
Change in fair value in earnings	274	733
Balance end of period, at fair value	$ 3,432	$ 3,158

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	Dec. 31, 2024 Iteration
Monte Carlo Simulation | Measurement Input, Revenue Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of iterations of various simulated revenues to determine fair value of debt	100,000

Fair Value Measurements - Sum_3

Fair Value Measurements - Summary of Fair Value Measurement Inputs and Valuation Techniques (Details)	Dec. 31, 2024 yr USD ($)	Dec. 31, 2023 yr USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0
Risk-free interest rate | Monte Carlo Simulation | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.0425	0.0381
Risk-free interest rate | Black Scholes Option Pricing Model | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0.0449	0.0384
Revenue volatility | Monte Carlo Simulation | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.63	0.64
Revenue discount rate | Monte Carlo Simulation | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.1411	0.1658
Price of common stock | Black Scholes Option Pricing Model | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	12.8	13.72
Expected term | Black Scholes Option Pricing Model | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input | yr	8.8	9.81
Expected volatility | Black Scholes Option Pricing Model | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	48.89	31.07
Exercise price | Black Scholes Option Pricing Model | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	10.9847	10.9847
Expected dividends | Black Scholes Option Pricing Model | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0	0

Revenues - Additional Informati

Revenues - Additional Information (Detail)		12 Months Ended
	Feb. 16, 2024 USD ($) PerformanceObligation	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Sales revenue		$ 63,893,000	$ 50,143,000
Lease revenue		358,000
Performance obligation estimated revenue expected to be recognised		357,000	390,000
Contract with customer liabilities		357,000	390,000
Contract with customer assets		0	0
Contract with customers non current liability		324,000	357,000
Contract cost amortization			341,000
Contract cost impairment loss		0	0
Cost of Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract cost amortization			341,000
Contract Liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customers non current liability		324,000	357,000
Other Current Liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customers current liability		33,000	33,000
Prepaids and Other Current Assets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capiitalized fulfilment costs		0	0
RPK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Sales revenue		$ 17,500,000
PermeaDerm
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Gross margin from sale of average sale price		50%
Percentage of gross revenue from the sale of products		50%
BARDA
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer liability revenue recognized		$ 195,000	335,000
BARDA | RECELL system
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Number of units committed to deliver at reduced price | PerformanceObligation	1,000
Maintenance fee receivable for first right of access	$ 333,000
BARDA | RECELL system | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Number of units committed to deliver at reduced price | PerformanceObligation	1,000
COSMOTEC
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer liability revenue recognized		$ 33,000	$ 33,000

Long-term Debt - Additional Inf

Long-term Debt - Additional Information) (Details) - USD ($)		12 Months Ended
	Oct. 18, 2023	Dec. 31, 2024	Dec. 31, 2023	Nov. 07, 2024
Line of Credit Facility [Line Items]
Common stock par value		$ 0.0001	$ 0.0001
Net product sale equals or exceeds amount		$ 64,251,000	$ 50,143,000
Credit Agreement
Line of Credit Facility [Line Items]
Debt aggregate amount				$ 50,000,000
Revenue covenants amount				$ 67,500,000
Senior Secured Credit Facility | OrbiMed
Line of Credit Facility [Line Items]
Credit agreement term	5 years
Aggregate principal amount	$ 90,000,000
Current borrowing capacity	$ 40,000,000
Maturity date	Oct. 18, 2028
Proceeds from debt, net of issuance costs	$ 38,800,000
Line of credit facility, exit fee percentage	3%
Quarterly installment percentage of outstanding principal amount	5%
Repayments on outstanding debt		$ 0
Debt Instrument, fixed percentage	4%	12.55%
Debt Instrument, variable percentage	8%
Unused fee accrues percentage of undrawn balance amount	0.50%
Common stock par value	$ 0.0001
Warrants, exercise price	$ 10.9847
Warrants, expiration term	10 years
Loss on issuance of debt			1,200,000
Senior Secured Credit Facility | OrbiMed | Other Income, Net [Member]
Line of Credit Facility [Line Items]
Debt issuance costs		$ 206,000	$ 775,000
Senior Secured Credit Facility | OrbiMed | Maximum
Line of Credit Facility [Line Items]
Line of credit facility, repayment premium percentage	3%
Number of shares purchased, warrants	409,661
Senior Secured Credit Facility | OrbiMed | Minimum
Line of Credit Facility [Line Items]
Line of credit facility, repayment premium percentage	0%
Unrestricted cash and cash equivalents	$ 10,000,000
Senior Secured Credit Facility | OrbiMed | First Tranche On or Prior to December 31, 2024
Line of Credit Facility [Line Items]
Remaining borrowing capacity	25,000,000
Senior Secured Credit Facility | OrbiMed | Second Tranche On or Prior to June 30, 2025
Line of Credit Facility [Line Items]
Remaining borrowing capacity	$ 25,000,000
Senior Secured Credit Facility | OrbiMed | Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility description		On October 18, 2023 (“Closing Date”) the Company entered into a credit agreement, by and between the Company, as borrower, and an affiliate of OrbiMed Advisors, LLC (the “Lender”) as the lender and administrative agent (the “Credit Agreement”). The Credit Agreement provides for a five-year senior secured credit facility in an aggregate principal amount of up to $90.0 million, of which (i) $40.0 million was made available on the Closing Date (the “Initial Commitment Amount”), (ii) $25.0 million will be made available, at the Company’s discretion, on or prior to December 31, 2024, subject to certain net revenue requirements, and (iii) $25.0 million will be made available, at the Company’s discretion, on or prior to June 30, 2025, subject to certain net revenue requirements (the “Loan Facility”). The maturity date of the Credit Agreement is October 18, 2028 (“Maturity Date”). On the Closing date, the Company closed on the Initial Commitment Amount, less certain fees and expenses payable to or on behalf of the Lender. The Company received net proceeds of $38.8 million upon closing after deducting the Lender's transaction costs in connection with the Loan Facility. On November 7, 2024, the Lender and the Company mutually agreed to a third amendment (the “Third Amendment”) to the Credit Agreement. Under the terms of the Third Amendment and subject to the payment by the Company of a consent fee to the Lender, the Company and the Lender mutually agreed to (1) terminate the two additional tranches of available debt in the aggregate amount of $50.0 million and (2) remove the trailing 12-month revenue covenant for the fourth quarter of 2024, which was set at $67.5 million. All revenue covenants for subsequent quarters remain in effect.

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Apr. 30, 2024
Lessee, Lease, Description [Line Items]
Increase in operating lease ROU assets and operating lease liabilities			$ 2,100,000
Variable lease revenue	$ 358,000
Ventura Warehouse
Lessee, Lease, Description [Line Items]
Increase in operating lease ROU assets and operating lease liabilities		$ 50,000

Leases - Summary Of Lease Cost

Leases - Summary Of Lease Cost (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Lease, Cost [Abstract]
Operating lease cost	$ 821	$ 929
Variable lease cost	174	101
Total lease cost	$ 995	$ 1,030

Leases - Summary Of Supplementa

Leases - Summary Of Supplemental Cash Flow Information Related To Operating Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure Of Supplemental Cash Flow Information Related To Operating Leases [Abstract]
Operating cash outflows from operating leases	$ 1,185	$ 815

Leases - Summary Of Supplemen_2

Leases - Summary Of Supplemental Balance Sheet Information Related To Operating Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Disclosure Of Supplemental Balance Sheet Information Related To Operating Leases [Abstract]
Operating lease right-of-use assets	$ 3,571	$ 2,440
Total right-of-use assets	3,571	2,440
Operating lease liabilities, short-term	$ 900	$ 895
Operating Lease Liability Current Statement Of Financial Position Extensible List	Other current liabilities	Other current liabilities
Operating lease liabilities, long term	$ 2,840	$ 1,702
Total operating lease liabilities	$ 3,740	$ 2,597
Operating lease weighted average remaining lease term (years)	4 years 4 months 2 days	3 years 3 months 21 days
Operating lease weighted average discount rate	9.74%	8.75%

Leases - Summary Of Maturities

Leases - Summary Of Maturities Of The Company's Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	$ 1,218
2026	1,125
2027	773
2028	658
2029	483
Thereafter	371
Total lease payments	4,628
Less imputed interest	(888)
Total operating lease liabilities	$ 3,740	$ 2,597

Leases - Summary Of Assets Held

Leases - Summary Of Assets Held For Lease And Included In Plant And Equipment (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Abstract]
Rental RPD assets	$ 1,384
Accumulated depreciation	(47)
Net rental RPD assets	$ 1,337

Inventory - Summary Of Composit

Inventory - Summary Of Composition Of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 2,449	$ 3,683
Work in process	389	878
Finished goods	4,431	1,035
Total inventory	$ 7,269	$ 5,596

Inventory - Additional Informat

Inventory - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Excess and obsolete inventory related charges	$ 487,000	$ 221,000

Intangible Assets - Summary Of

Intangible Assets - Summary Of Composition Of Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 5,770	$ 616
Finite Lived Intangible Assets, Accumulated Amortization	(200)	(129)
Finite Lived Intangible Assets, Net Carrying Amount	5,516
Intangible Assets, Net (Excluding Goodwill)	5,570	487
Trademarks
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 54	54
Patent 1
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Finite Lived Intangible Assets, Gross Amount		17
Finite Lived Intangible Assets, Accumulated Amortization		(17)
Patent 2
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	12 years
Finite Lived Intangible Assets, Gross Amount	$ 136	141
Finite Lived Intangible Assets, Accumulated Amortization	(46)	(39)
Finite Lived Intangible Assets, Net Carrying Amount	$ 90	102
Patent 3
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	13 years
Finite Lived Intangible Assets, Gross Amount	$ 238	206
Finite Lived Intangible Assets, Accumulated Amortization	(61)	(54)
Finite Lived Intangible Assets, Net Carrying Amount	$ 177	152
Patent 5
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	18 years
Finite Lived Intangible Assets, Gross Amount	$ 108	99
Finite Lived Intangible Assets, Accumulated Amortization	(25)	(11)
Finite Lived Intangible Assets, Net Carrying Amount	$ 83	88
Patent 6
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	19 years
Finite Lived Intangible Assets, Gross Amount	$ 67	56
Finite Lived Intangible Assets, Accumulated Amortization	(9)	(6)
Finite Lived Intangible Assets, Net Carrying Amount	$ 58	50
Patent 7
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Finite Lived Intangible Assets, Gross Amount		2
Finite Lived Intangible Assets, Net Carrying Amount		2
Patent 8
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	17 years
Finite Lived Intangible Assets, Gross Amount	$ 46	29
Finite Lived Intangible Assets, Accumulated Amortization	(3)	(1)
Finite Lived Intangible Assets, Net Carrying Amount	$ 43	28
Patent 9
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	2 years
Finite Lived Intangible Assets, Gross Amount	$ 121	3
Finite Lived Intangible Assets, Accumulated Amortization	(42)
Finite Lived Intangible Assets, Net Carrying Amount	$ 79	3
Patent 10
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Finite Lived Intangible Assets, Gross Amount		3
Finite Lived Intangible Assets, Net Carrying Amount		3
Patent 11
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Finite Lived Intangible Assets, Gross Amount		6
Finite Lived Intangible Assets, Accumulated Amortization		(1)
Finite Lived Intangible Assets, Net Carrying Amount		$ 5
Regenity License
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years
Finite Lived Intangible Assets, Gross Amount	$ 5,000
Finite Lived Intangible Assets, Accumulated Amortization	(14)
Finite Lived Intangible Assets, Net Carrying Amount	$ 4,986

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of intangible assets	$ 0	$ 0
Amortization of intangible assets	93,000	$ 35,000
License	$ 5,000,000

Intangible Assets - Summary o_2

Intangible Assets - Summary of Future Amortization of Amortizable Intangible assets held (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 597
2026	564
2027	541
2028	541
2029	541
Thereafter	2,732
Finite Lived Intangible Assets, Net Carrying Amount	$ 5,516

Plant and Equipment, net - Summ

Plant and Equipment, net - Summary of Composition of Property and Equipment (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Use	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Less: accumulated amortization and depreciation	$ (3,447)	$ (2,432)
Total plant and equipment, net	$ 10,018	1,877
Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Computer Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,645	984
Computer Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Computer Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Computer Software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Property, Plant and Equipment, Gross	$ 836	840
Construction In Progress ("CIP")
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 442	87
Furniture And Fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Property, Plant and Equipment, Gross	$ 1,177	824
Laboratory and Other Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 954	769
Laboratory and Other Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Laboratory and Other Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Property, Plant and Equipment, Gross	$ 4,607	367
RECELL Moulds
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Property, Plant and Equipment, Gross	$ 503	$ 438
RECELL GO RPD CIP
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,464
RECELL GO RPD
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 453
Operating Lease Assets - RPD
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life | Use	200
Property, Plant and Equipment, Gross	$ 1,384

Plant and Equipment, net - Addi

Plant and Equipment, net - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 USD ($) Use	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Depreciation	$ 1,000,000	$ 597,000
RECELL GO RPD useful life | Use	200
Loss on fixed asset disposal	$ (107,000)	(83,000)
General and Administrative Expense
Property, Plant and Equipment [Line Items]
Loss on fixed asset disposal	$ 107,000	$ 83,000

Reporting Segment and Geograp_3

Reporting Segment and Geographic Information - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Number of reporting segment	1

Reporting Segment and Geograp_4

Reporting Segment and Geographic Information - Schedule Of Revenues By Region And Customer Location And Customer Type/Cost of Sales By Customer Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue:
Revenues	$ 64,251	$ 50,143
Cost of sales
Cost of sales	9,094	7,780
BARDA deferred costs		(194)
Commercial Sales
Revenue:
Revenues	64,023	49,775
Commercial Sales | RECELL
Revenue:
Revenues	62,611	49,775
Commercial Sales | Other Wound Care Products
Revenue:
Revenues	1,054
Commercial Sales | Lease Revenue
Revenue:
Revenues	358
Deferred Commercial Revenue Recognized
Revenue:
Revenues	33	33
BARDA Revenue For Right of First Access
Revenue:
Revenues	195	335
Commercial Cost
Cost of sales
Cost of sales	9,094	7,544
Product Cost
Cost of sales
BARDA deferred costs	0	(105)
Emergency Preparedness Service Cost
Cost of sales
BARDA deferred costs	0	341
United States
Revenue:
Revenues	62,157	46,359
Japan
Revenue:
Revenues	1,431	3,370
European Union
Revenue:
Revenues	155	51
Australia
Revenue:
Revenues	312	222
United Kingdom
Revenue:
Revenues	$ 196	$ 141

Reporting Segment and Geograp_5

Reporting Segment and Geographic Information - Summary of Consolidated Net Loss by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
Total revenues	$ 64,251	$ 50,143
Purchases of inventory	(7,861)	(6,418)
Other cost of sales	(1,233)	(1,362)
Gross profit	55,157	42,363
BARDA income		1,428
Operating expenses:
Sales and marketing	(58,195)	(37,291)
General and administrative	(33,195)	(28,334)
Research and development	(20,360)	(20,821)
Total operating expenses	(111,750)	(86,446)
Operating loss	(56,593)	(42,655)
Interest expense	(5,361)	(1,143)
Other income, net	163	8,483
Loss before income taxes	(61,791)	(35,315)
Income tax expense	(54)	(66)
Net loss	$ (61,845)	$ (35,381)

Contingencies - Additional Info

Contingencies - Additional Information (Detail) - USD ($)			12 Months Ended
	Dec. 19, 2024	Jul. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Term of agreement		5 years
Intangible assets, net			$ 5,570,000	$ 487,000
Contingent liability			$ 3,000,000
Regenity Biosciences
Extension term of agreement		5 years
Payment upon receipt of 510(k) clearance	$ 2,000,000	$ 2,000,000
Additional payment term		on or before January 4, 2026
Intangible assets, net	5,000,000
Contingent liability	$ 3,000,000
Regenity Biosciences | Maximum
Additional payment to guarantee manufacturing capacity		$ 3,000,000
PermeaDerm | Stedical Scientific, Inc.
Term of agreement			5 years
Purchase obligation			$ 5,000,000
Purchase agreement, description			For the first three years of the Stedical Agreement, the minimum purchase will increase annually by an amount equal to the percentage growth in the Company's annual U.S.-based revenues excluding PermeaDerm revenue, or a minimum increase of at least 20% over the prior year purchase commitment. After the third year, the minimum purchase obligation will increase annually by an amount equal to the percentage growth of the Company's annual U.S.-based revenues excluding PermeaDerm sales. The minimum purchase obligation cannot decrease from the previous year.
Minimum percentage increase over prior year purchase commitment			20%
Threatened Litigation
Litigation liability			$ 0

Common and Preferred Stock - Ad

Common and Preferred Stock - Additional Information (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Common stock shares authorized	200,000,000	200,000,000
Common stock par value	$ 0.0001	$ 0.0001
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock par value	$ 0.0001	$ 0.0001
Common stock shares issued	26,354,042	25,682,078
Common stock shares outstanding	26,354,042	25,682,078
Preferred stock shares outstanding	0	0
Shareholders Of Avita Medical | ADRS
Class Of Stock [Line Items]
Reverse stock split ratio, description	One share of common stock on Nasdaq is equivalent to five CDIs on the ASX.

Share-Based Payment Plans - Add

Share-Based Payment Plans - Additional Information (Detail)					1 Months Ended		3 Months Ended	12 Months Ended
	Jun. 05, 2024 shares	Jun. 06, 2023 shares	Dec. 12, 2022 shares	Dec. 22, 2021 shares	Aug. 31, 2024 shares	Jun. 30, 2023 shares	Dec. 31, 2023 USD ($) Executive shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Nov. 30, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation | $								$ 13,500,000	$ 8,400,000
Number of executives having administrative changes to employment agreements | Executive							5
Modifications on administrative changes to employment agreements description									Changes included clarification that equity awards are inclusive of options and RSUs, and a change in the post-termination exercise period from 6-months to 3-months.
Number of executives received employment agreements for first time as result of promotion | Executive							4
Income tax benefit (expense) | $								0	$ 0
Proceeds from exercise of stock options | $								$ 2,135,000	$ 957,000
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period								55,200
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested								148,532
Milestone performance awards to CEO							235,132	117,196	235,132
Milestone performance awards to CEO							2,690,158	3,540,208	2,690,158
Employee stock purchase plan effective date						Jul. 01, 2023
Number of shares registered/issued under Employee Stock Purchase Plan						1,000,000		171,224	72,319
Performance Based Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone performance awards to CEO							292,587	191,171	292,587
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement other than option weighted average grant date fair value | $ / shares								$ 9.51	$ 14.17
Share based compensation by share based payment arrangement other than options total fair value of shares vested | $								$ 1,400,000	$ 2,900,000
Unrecognized share based compensation compensation expense relating to RSUs | $								$ 346,000
Non Options Service Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation compensation expense relating to stock options weighted average period of recognition								3 months 14 days
Unrecognized share based compensation compensation expense relating to RSUs | $								$ 333,000
Non Option Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation compensation expense relating to RSUs | $								$ 14,000
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested								16,635
Milestone performance awards to CEO							28,020	7,881	28,020
Non Option Market Condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation compensation expense relating to stock options weighted average period of recognition								1 month 17 days
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price per share | $ / shares								$ 8.02	$ 9.06
Proceeds from employee stock purchase plan. | $								$ 1,400,000	$ 655,000
Employee stock purchase plan expense | $								735,000	382,000
Unamortized expense | $							$ 327,000	$ 275,000	327,000
Recognizion period								5 months 1 day
Accrued payroll contributions | $							$ 122,000	$ 89,000	$ 122,000
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock that are issuable upon the exercise of stock options and the vesting of RSUs granted pursuant to individual stock option award and RSU award					428,858
Number of shares registered/issued under Employee Stock Purchase Plan								171,224	72,319
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement contractual term of awards								10 years
2020 Plan | Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period								3 years
2020 Plan | Vesting Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period								4 years
2020 Plan | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement number of shares authorised for issuance										1,750,000
Share based compensation by share based payment arrangement number of additional shares authorised						2,500,000
2021 Annual Meeting Awards | Director | Service Period Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period				12 months
Aggregate number of options and RSU				68,600
Tenure awards to Board of Director				41,400
Tenure option awards to Board of Director				15,300
2021 Annual Meeting Awards | Director | Vesting Percentage Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period				3 years
Tenure awards granted to Board of Director				27,200
Tenure option awards granted to Board of Director				9,850
2021 Annual Meeting Awards | Restricted Stock Units (RSUs) | Director | Service Period Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tenure RSU awards to Board of Director				26,100
2021 Annual Meeting Awards | Restricted Stock Units (RSUs) | Director | Vesting Percentage Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tenure RSU awards granted to Board of Director				17,350
2022 Annual Meeting Awards | Director | Service Period Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period			12 months
Aggregate number of options and RSU			71,936
Tenure option awards to Board of Director			21,580
2022 Annual Meeting Awards | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting percentage			25%
Aggregate number of options and RSU			226,296
2022 Annual Meeting Awards | Restricted Stock Units (RSUs) | Director | Service Period Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tenure RSU awards to Board of Director			50,356
2023 Annual Meeting Awards | Director | Service Period Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period		12 months
Aggregate number of options and RSU		82,566
Tenure awards to Board of Director		52,926
Tenure option awards to Board of Director		15,876
2023 Annual Meeting Awards | Director | Vesting Percentage Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period		3 years
Tenure awards to Board of Director		29,640
Tenure option awards to Board of Director		8,892
2023 Annual Meeting Awards | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting percentage		33.30%
Aggregate number of options and RSU		100,000
2023 Annual Meeting Awards | Restricted Stock Units (RSUs) | Director | Service Period Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tenure RSU awards to Board of Director		37,050
2023 Annual Meeting Awards | Restricted Stock Units (RSUs) | Director | Vesting Percentage Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tenure RSU awards granted to Board of Director		20,748
2024 Annual Meeting Awards | Director | Service Period Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period	12 months
Aggregate number of options and RSU	78,858
Tenure awards to Board of Director	23,658
2024 Annual Meeting Awards | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting percentage	33.30%
Aggregate number of options and RSU	350,000
2024 Annual Meeting Awards | Restricted Stock Units (RSUs) | Director | Service Period Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tenure RSU awards to Board of Director	55,200
Employee Share Plan And Incentive Option Plan Two Thousand And Sixteen
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement weighted average grant date of fair value of options granted | $ / shares								$ 7.55	$ 9.46
Share based compensation by share based payment arrangement intrinsic value of options exercised | $								$ 2.1	$ 1.7
Proceeds from exercise of stock options | $								2,100,000	$ 957,000
Unrecognized share based compensation compensation expense relating to stock options | $								7,600,000
Employee Share Plan And Incentive Option Plan Two Thousand And Sixteen | Service Only
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation compensation expense relating to stock options | $								$ 7,600,000
Unrecognized share based compensation compensation expense relating to stock options weighted average period of recognition								10 months 2 days
Employee Share Plan And Incentive Option Plan Two Thousand And Sixteen | Performance Based Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation compensation expense relating to stock options weighted average period of recognition								2 months 12 days
Two Thousand And Twenty One A G M Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone performance awards to CEO								22,600
2021 AGM Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone performance awards to CEO								247,876

Share-Based Payment Plans - Sum

Share-Based Payment Plans - Summary Of Company Stock Based Award Plans (Detail) - shares	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	3,540,208	2,690,158
2016 Equity Incentive Plan
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	458,196
2020 Equity Incentive Plan
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	2,313,110
Outstanding Restricted Stock Units	48,164
Shares available for future issuance	1,422,101
Two Thousand And Twenty One A G M Plan
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	22,600
2022 AGM Awards
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	247,876
2023 AGM Awards
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	124,768
Outstanding Restricted Stock Units	13,832
2024 AGM Awards
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	373,658
Outstanding Restricted Stock Units	55,200

Share-Based Payment Plans - S_2

Share-Based Payment Plans - Summary Of Stock-based Compensation And The ESPP Reflected In The Statements Of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	$ 13,496	$ 8,384
Selling and Marketing Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	3,338	1,401
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	8,376	5,948
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	$ 1,782	$ 1,035

Share-Based Payment Plans - S_3

Share-Based Payment Plans - Summary Of Share Option Activity (Detail)	12 Months Ended
	Dec. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	2,690,158
Granted	1,942,658
Exercised	(352,208)
Expired	(486,393)
Forfeited	(254,007)
Ending balance	3,540,208
Exercisable	1,257,813
Vested and expected to vest	3,540,208
Service Only Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	2,397,571
Granted	1,887,658
Exercised	(263,479)
Expired	(427,478)
Forfeited	(245,235)
Ending balance	3,349,037
Exercisable	1,084,364
Vested and expected to vest	3,349,037
Performance Based Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	292,587
Granted	55,000
Exercised	(88,729)
Expired	(58,915)
Forfeited	(8,772)
Ending balance	191,171
Exercisable	173,449
Vested and expected to vest	191,171

Share-Based Payment Plans - S_4

Share-Based Payment Plans - Summary Of Company Unvested RSUs (Detail)	12 Months Ended
	Dec. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSUs beginning balance	235,132
Unvested RSUs granted	55,200
Unvested RSUs vested	(148,532)
Unvested RSUs forfeited	(24,604)
Unvested RSUs ending balance	117,196
Non Options Tenure Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSUs beginning balance	207,112
Unvested RSUs granted	55,200
Unvested RSUs vested	(131,897)
Unvested RSUs forfeited	(21,100)
Unvested RSUs ending balance	109,315
Non Option Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSUs beginning balance	28,020
Unvested RSUs vested	(16,635)
Unvested RSUs forfeited	(3,504)
Unvested RSUs ending balance	7,881

Share-based Payment Plans - S_5

Share-based Payment Plans - Summary of Valuation Assumptions Used in Share Options (Detail)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected volatility minimum	73%	66%
Expected volatility maximum	75%	114%
Weighted-average volatility	74%	71%
Expected dividends	0%	0%
Contractual term	10 years
Risk-free interest rate minimum	3.43%	3.51%
Risk-free interest rate maximum	4.64%	4.44%
Employee Stock Purchase Plan
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected volatility minimum	57.59%	81.98%
Expected volatility maximum	73.26%	82%
Weighted-average volatility	63.81%	81.99%
Expected dividends	0%	0%
Contractual term	6 months	6 months
Risk-free interest rate minimum	4.33%	5.19%
Risk-free interest rate maximum	5.28%	5.31%
Minimum
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Contractual term	5 years 6 months	5 years
Maximum
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Contractual term	6 years 6 months	7 years

Income Taxes - Geographic Sourc

Income Taxes - Geographic Sources of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ (61,778)	$ (44,691)
Foreign	(13)	9,376
Loss before income taxes	$ (61,791)	$ (35,315)

Income Taxes - Summary Of Incom

Income Taxes - Summary Of Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Current:
State	$ 54	$ 66
Total current	54	66
Deferred:
Total income tax expense	$ 54	$ 66

Income Taxes - Summary of Provi

Income Taxes - Summary of Provision For Income Taxes (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21%	21%

Income Taxes - Summary of Pro_2

Income Taxes - Summary of Provision For Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Tax benefit at U.S. statutory rate	$ (12,976)	$ (7,416)
State income taxes	54	66
Foreign rate differential	(1)	375
Share-based compensation	2,911	774
Fair value change in debt and warrants	576	494
Foreign exchange gain/(loss) on intercompany trade balances	3	(2,354)
Gain of transfer of intellectual property		2,804
Foreign tax loss carryforward write off	14,999
Permanent differences	264	554
Change in tax rate		(847)
Net change in valuation allowance	(5,776)	5,616
Income tax expense	$ 54	$ 66

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Income Tax (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax liabilities
ROU asset	$ (904)	$ (618)
Property, plant and equipment		(6)
Total deferred tax liabilities	(904)	(624)
Deferred tax assets
Property, plant and equipment	41
Accrued expenses	3,365	2,714
Intangible assets		12
Stock based compensation	3,044	3,763
Lease liability	947	657
Research and development	7,077	5,357
Net operating loss carryforward	45,233	50,438
Other	1,567	992
Total deferred tax assets	61,274	63,933
Less valuation allowance	(60,370)	(63,309)
Net deferred tax assets	904	624
Net deferred tax assets / (liabilities)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Line Items]
Open tax year	2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
Deferred tax assets valuation allowance	$ 60,370,000	$ 63,309,000
Unrecognized income tax benefits	$ 0	$ 0
Tax Cut And Jobs Act
Income Tax Disclosure [Line Items]
Percentage of tax amount likely to be realised	50%
Tax Year 2028 through 2038
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 19,400,000
Internal Revenue Service (IRS)
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	180,400,000
State and Local Jurisdiction
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 92,700,000

Loss per Share - Summary of Rec

Loss per Share - Summary of Reconciliation of The Basic And Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net loss	$ (61,845)	$ (35,381)
Weighted-average common shares—outstanding, basic	25,883,056	25,331,264
Weighted-average common shares—outstanding, diluted	25,883,056	25,331,264
Net loss per common share, basic	$ (2.39)	$ (1.4)
Net loss per common share, diluted	$ (2.39)	$ (1.4)

Loss per Share - Summary Of Ant

Loss per Share - Summary Of Anti-dilutive Shares Excluded From Diluted Net Loss Per Common Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share, Diluted, Other Disclosure [Abstract]
Aggregate number of common equivalent shares excluded from computations of diluted net loss per common share (in shares)	127,270	99,106
Stock options
Earnings Per Share, Diluted, Other Disclosure [Abstract]
Aggregate number of common equivalent shares excluded from computations of diluted net loss per common share (in shares)	3,540,208	2,690,158
Restricted stock units
Earnings Per Share, Diluted, Other Disclosure [Abstract]
Aggregate number of common equivalent shares excluded from computations of diluted net loss per common share (in shares)	117,196	235,132
ESPP
Earnings Per Share, Diluted, Other Disclosure [Abstract]
Aggregate number of common equivalent shares excluded from computations of diluted net loss per common share (in shares)	81,675	91,152
Warrants
Earnings Per Share, Diluted, Other Disclosure [Abstract]
Aggregate number of common equivalent shares excluded from computations of diluted net loss per common share (in shares)	409,661	409,661

Loss per Share - Additional Inf

Loss per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Common stock excluded from calculation of basic and diluted EPS	127,270	99,106

Retirement Plans - Additional I

Retirement Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan employers matching contribution percentage of employees pay	6%
Employers contribution to retirement plan	$ 2,500,000	$ 1,200,000
Employer contributions to deferred compensation plan	154,000	171,000
Deferred compensation plan liability	5,100,000	3,800,000
Non-qualified deferred compensation liability	$ 2,969,000	$ 3,663,000
Number of shares awards deferred, unvested	244,218	81,052
Deferred compensation arrangement with individual, shares vested	127,270	99,106
Deferred compensation arrangement with individual, vested redemption value	$ 1,300,000	$ 1,100,000
Payout of deferred compensation liability for a terminated employee	744,000	950,000
Other Current Liabilities
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation plan liability	$ 2,100,000	168,000
Non-qualified Deferred Compensation Plans
Defined Benefit Plan Disclosure [Line Items]
Employer matching contributions, Vesting period	2 years
Deferred compensation plan liability	$ 3,000,000	$ 3,700,000
Non-qualified Deferred Compensation Plans | Vesting on Year One
Defined Benefit Plan Disclosure [Line Items]
Employer matching contributions, Vesting percentage	25%
Non-qualified Deferred Compensation Plans | Vesting on Year Two
Defined Benefit Plan Disclosure [Line Items]
Employer matching contributions, Vesting percentage	75%
Non-qualified Deferred Compensation Plans | Minimum
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan employers matching contribution percentage of employees pay	4%
Non-qualified Deferred Compensation Plans | Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan employers matching contribution percentage of employees pay	6%

Retirement Plans - Summary of E

Retirement Plans - Summary of Eligible Share Award Activity (Detail) - Deferred Compensation Plans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Balance at beginning of period	$ 693	$ 557
Stock-based compensation expense	77	518
Change in redemption value	(92)	1,019
Vesting of share awards held by NDQC	(434)	(1,401)
Ending Balance	$ 244	$ 693
Defined Benefit Plan, Tax Status [Extensible Enumeration]	Nonqualified Plan [Member]	Nonqualified Plan [Member]

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Feb. 13, 2025	Nov. 07, 2024
Subsequent Event [Line Items]
Revenues						$ 64,251	$ 50,143
Common stock par value						$ 0.0001	$ 0.0001
Credit Agreement
Subsequent Event [Line Items]
Revenue covenants amount									$ 67,500
Credit Agreement | OrbiMed Advisors, LLC | Forecast
Subsequent Event [Line Items]
Revenues	$ 103,000	$ 92,000	$ 84,000	$ 78,000	$ 73,000
Subsequent Event | Credit Agreement | OrbiMed Advisors, LLC
Subsequent Event [Line Items]
Revenue covenants amount								$ 115,000
Common stock par value								$ 0.0001
Warrants, exercise price								$ 0.01
Warrants, expiration term								10 years
Subsequent Event | Credit Agreement | OrbiMed Advisors, LLC | Maximum
Subsequent Event [Line Items]
Number of shares purchased, warrants								145,180