Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 10, 2024 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 333-259554 | |
Entity Registrant Name | AEye, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 37-1827430 | |
Entity Address, Address Line One | One Park Place | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Dublin | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94568 | |
City Area Code | (925) | |
Local Phone Number | 400-4366 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 6,629,728 | |
Amendment Flag | false | |
Central Index Key | 0001818644 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Common Stock | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Common stock, $0.0001 par value per share | |
Trading Symbol | LIDR | |
Security Exchange Name | NASDAQ | |
Warrants | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Warrants to purchase one share of common stock | |
Trading Symbol | LIDRW | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 9,535 | $ 16,932 |
Marketable securities | 19,374 | 19,591 |
Accounts receivable, net | 67 | 131 |
Inventories, net | 557 | 583 |
Prepaid and other current assets | 1,745 | 2,517 |
Total current assets | 31,278 | 39,754 |
Right-of-use assets | 10,862 | 11,226 |
Property and equipment, net | 339 | 281 |
Restricted cash | 2,150 | 2,150 |
Other noncurrent assets | 798 | 906 |
Total assets | 45,427 | 54,317 |
CURRENT LIABILITIES: | ||
Accounts payable | 3,751 | 3,442 |
Accrued expenses and other current liabilities | 5,239 | 6,585 |
Total current liabilities | 8,990 | 10,027 |
Operating lease liabilities, noncurrent | 14,464 | 14,858 |
Other noncurrent liabilities | 49 | 409 |
Total liabilities | 23,503 | 25,294 |
COMMITMENTS AND CONTINGENCIES (Note 15) | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock—$0.0001 par value: 1,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock—$0.0000 par value: 600,000 shares authorized; 6,503 and 6,310 shares issued and outstanding at March 31, 2024 and December 31, 2023 | 1 | 1 |
Additional paid-in capital | 369,781 | 366,647 |
Accumulated other comprehensive (loss) income | (4) | 10 |
Accumulated deficit | (347,854) | (337,635) |
Total stockholders’ equity | 21,924 | 29,023 |
Total liabilities and stockholders’ equity | $ 45,427 | $ 54,317 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock — par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock — shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock — shares issued (in shares) | 0 | 0 |
Preferred stock — shares outstanding (in shares) | 0 | 0 |
Common stock — par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock — shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock — shares issued (in shares) | 6,503,019 | 6,310,090 |
Common stock — shares outstanding (in shares) | 6,503,019 | 6,310,090 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
REVENUE: | ||
Total revenue | $ 20 | $ 636 |
Cost of revenue | 263 | 2,261 |
Gross loss | (243) | (1,625) |
OPERATING EXPENSES: | ||
Research and development | 4,532 | 9,442 |
Sales and marketing | 341 | 6,268 |
General and administrative | 5,615 | 8,554 |
Total operating expenses | 10,488 | 24,264 |
LOSS FROM OPERATIONS | (10,731) | (25,889) |
OTHER INCOME (EXPENSE): | ||
Change in fair value of convertible note and warrant liabilities | 2 | (810) |
Interest income and other | 195 | 277 |
Interest expense and other | 317 | 176 |
Total other income (expense), net | 514 | (357) |
Loss before income tax expense | (10,217) | (26,246) |
Provision for income tax expense | 2 | 19 |
Net loss | $ (10,219) | $ (26,265) |
PER SHARE DATA | ||
Net loss per common share - Basic (in dollars per share) | $ (1.61) | $ (4.75) |
Net loss per common share - Diluted (in dollars per share) | $ (1.61) | $ (4.75) |
Weighted average common shares outstanding (basic) (in shares) | 6,352,835 | 5,528,862 |
Weighted average common shares outstanding (diluted) (in shares) | 6,352,835 | 5,528,862 |
COMPREHENSIVE LOSS: | ||
Net loss | $ (10,219) | $ (26,265) |
Change in net unrealized gain (loss) on available-for-sale securities, net of tax | (14) | 490 |
Change in fair value due to instrument-specific credit risk, net of tax | 0 | (21) |
Comprehensive loss | (10,233) | (25,796) |
Prototype sales | ||
REVENUE: | ||
Total revenue | 20 | 125 |
Development contracts | ||
REVENUE: | ||
Total revenue | $ 0 | $ 511 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Preferred stock, Beginning balance (in shares) at Dec. 31, 2022 | 0 | |||||
Beginning balance at Dec. 31, 2022 | $ 93,970 | $ 0 | $ 1 | $ 345,757 | $ (1,279) | $ (250,509) |
Common stock, Beginning balance (in shares) at Dec. 31, 2022 | 5,436,637 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | 6,513 | 6,513 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 68,969 | |||||
Issuance of common stock upon exercise of stock options | 391 | 391 | ||||
Issuance of common stock upon vesting of restricted stock units (in shares) | 99,460 | |||||
Taxes related to net share settlement of equity awards (in shares) | (44,028) | |||||
Taxes related to net share settlement of equity awards | (867) | (867) | ||||
Conversion of convertible note into common stock (in shares) | 137,947 | |||||
Conversion of convertible note into common stock | 1,755 | 1,755 | ||||
Other comprehensive loss, net of tax | 469 | 469 | ||||
Net loss | (26,265) | (26,265) | ||||
Preferred stock, Ending balance (in shares) at Mar. 31, 2023 | 0 | |||||
Ending balance at Mar. 31, 2023 | $ 75,966 | $ 0 | $ 1 | 353,549 | (810) | (276,774) |
Common stock, Ending balance (in shares) at Mar. 31, 2023 | 5,698,985 | |||||
Preferred stock, Beginning balance (in shares) at Dec. 31, 2023 | 0 | 0 | ||||
Beginning balance at Dec. 31, 2023 | $ 29,023 | $ 0 | $ 1 | 366,647 | 10 | (337,635) |
Common stock, Beginning balance (in shares) at Dec. 31, 2023 | 6,310,090 | 6,310,090 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | $ 3,014 | 3,014 | ||||
Issuance of common stock upon vesting of restricted stock units (in shares) | 98,623 | |||||
Taxes related to net share settlement of equity awards (in shares) | (34,694) | |||||
Taxes related to net share settlement of equity awards | (45) | (45) | ||||
Issuance of common stock under Common Stock Purchase Agreement (in shares) | 129,000 | |||||
Issuance of common stock under the Common Stock Purchase Agreement | 165 | 165 | ||||
Other comprehensive loss, net of tax | (14) | (14) | ||||
Net loss | $ (10,219) | (10,219) | ||||
Preferred stock, Ending balance (in shares) at Mar. 31, 2024 | 0 | 0 | ||||
Ending balance at Mar. 31, 2024 | $ 21,924 | $ 0 | $ 1 | $ 369,781 | $ (4) | $ (347,854) |
Common stock, Ending balance (in shares) at Mar. 31, 2024 | 6,503,019 | 6,503,019 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (10,219) | $ (26,265) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 29 | 330 |
Gain on sale of property and equipment, net | 0 | (53) |
Noncash lease expense relating to operating lease right-of-use assets | 364 | 350 |
Inventory write-downs, net of scrapped inventory | 19 | 208 |
Change in fair value of convertible note and warrant liabilities | (2) | 810 |
Stock-based compensation | 3,014 | 6,513 |
Amortization of premiums and accretion of discounts on marketable securities, net of change in accrued interest | (252) | 33 |
Expected credit losses | 14 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 50 | 494 |
Inventories, current and noncurrent, net | 18 | (386) |
Prepaid and other current assets | 772 | 2,722 |
Other noncurrent assets | 97 | 71 |
Accounts payable | 309 | (985) |
Accrued expenses and other current liabilities | (1,343) | (134) |
Operating lease liabilities | (397) | (392) |
Other noncurrent liabilities | (358) | 0 |
Contract liabilities | 0 | (511) |
Net cash used in operating activities | (7,885) | (17,195) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (87) | (599) |
Proceeds from sale of property and equipment | 0 | 76 |
Purchases of marketable securities | (6,045) | 0 |
Proceeds from redemptions and maturities of marketable securities | 6,500 | 22,000 |
Net cash provided by investing activities | 368 | 21,477 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options | 0 | 323 |
Payments for convertible note redemptions | 0 | (2,300) |
Taxes paid related to the net share settlement of equity awards | (45) | (868) |
Proceeds from issuance of common stock under the Common Stock Purchase Agreement | 165 | 0 |
Net cash provided by (used in) financing activities | 120 | (2,845) |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (7,397) | 1,437 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period | 19,082 | 21,214 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of period | 11,685 | 22,651 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 2 | 0 |
Cash paid for interest | 0 | 85 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Purchases of property and equipment included in accounts payable and accrued liabilities | 0 | 19 |
Proceeds from exercise of stock options included in prepaid and other current assets | 0 | 68 |
Conversion of convertible notes and accrued interest into Class A common stock | 0 | 1,755 |
Taxes related to net share settlement of equity awards included in accrued liabilities | $ 0 | $ 3 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AEye (the “Company” or “AEye”) is a provider of high-performance, active lidar systems for vehicle autonomy, advanced driver-assistance systems (ADAS), and smart industrial applications. AEye’s software-definable 4Sight TM Intelligent Sensing Platform combines solid-state active lidar and integrated deterministic artificial intelligence to capture more intelligent information with less data, enabling faster, more accurate, and more reliable perception of the surroundings. AEye, Inc., formerly known as CF Finance Acquisition Corp. III, (“CF III”) was originally incorporated in Delaware on March 15, 2016 under the name CF SPAC Re Inc. On February 17, 2021, AEye Technologies, Inc., then known as AEye, Inc., entered into an Agreement and Plan of Merger with CF III. Based on CF III’s business activities, it was a “shell company” as defined under the Securities Exchange Act of 1934, as amended. On August 16, 2021, the business combination contemplated by the Agreement and Plan of Merger was closed and CF III changed its name to AEye, Inc. The Company’s common stock and public warrants are listed on the Nasdaq Stock Market LLC (“Nasdaq”) under the symbols “LIDR” and “LIDRW”, respectively. Unless otherwise specified, “we,” “us,” “our,” “AEye,” and the “Company” refers to AEye, Inc. Unaudited Condensed Consolidated Financial Statements The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for fair presentation have been included. The accompanying interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto for the year ended December 31, 2023 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Principle of Consolidation and Liquidity The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company has funded its operations primarily through the business combination and issuances of stock. As of March 31, 2024, the Company’s existing sources of liquidity included cash, cash equivalents, and marketable securities of $28,909. ASC 205-40, Presentation of Financial Statements - Going Concern , requires management to assess an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. In each reporting period, including interim periods, an entity is required to assess conditions known and reasonably knowable as of the financial statement issuance date to determine whether it is probable an entity will not meet its financial obligations within one year from the financial statement issuance date. As is common in early-stage companies with limited operating histories, the Company is subject to risks and uncertainties such as its ability to develop and commercialize its products; produce and deliver lidar and software products meeting acceptable performance metrics; attract new and retain existing customers; develop, obtain, or progress strategic partnerships; secure an automotive OEM design win; secure additional capital to support the business plan; and other risks and uncertainties such as those described in Part II, Item 1A of this Quarterly Report on Form 10-Q. Since its inception, the Company has incurred net losses and negative cash flows from operations. As of March 31, 2024, the Company had an accumulated deficit of $347,854. For the three months ended March 31, 2024 and 2023, the Company incurred a net loss of $10,219 and $26,265, respectively, and the Company had net cash outflows from operating activities of $7,885 and $17,195, respectively. As of March 31, 2024, the Company had $28,909 of cash and marketable securities. As the Company is still in its early stages, it is expected to incur additional operating losses and negative cash flows as it continues to focus on achieving commercialization of its lidar solutions. When conditions and events, in the aggregate, impact an entity’s ability to continue as a going concern, management evaluates the mitigating effect of its plans to determine if it is probable that the plans will be effectively implemented, and, when implemented, the plans will mitigate the relevant conditions or events. The decision in late 2023 by the Company's former Tier 1 partner, Continental AG, to discontinue its joint lidar development program with the Company, may have a material and adverse effect on the Company's business, which is predicated on licensing its lidar designs and other intellectual property to Tier 1 partners. Primarily, the Company is dependent upon raising additional capital to provide the cash necessary to continue the Company's ongoing operations. Should the Company not be able to do so, the Company will require alternative sources of liquidity to continue its operations over the next 12 months. The Company plans to adjust spending in order to preserve and extend liquidity, and has plans which would further reduce operating expenses and cash outlays. The Company believes that these plans alleviate substantial doubt about the Company's ability to continue as a going concern, which will result in adequate cash flows to support its ongoing operations for at least one year following the date these financial statements are issued. Based upon the results of management’s assessment, which has been performed as of May 14, 2024, these condensed consolidated financial statements have been prepared on a going concern basis. Reverse Stock Split On December 27, 2023, the Company effected a 1-for-30 reverse stock split of its issued and outstanding shares of common stock (the "Reverse Stock Split"). Pursuant to the Reverse Stock Split, every thirty (30) shares of issued and outstanding shares of common stock were combined into one (1) share of common stock. The Company did not issue fractional shares in connection with the Reverse Stock Split. Stockholders who were otherwise entitled to fractional shares of common stock were instead entitled to receive a proportional cash payment. The number of shares of common stock issuable under our equity incentive plans and exercisable under the outstanding warrants were also proportionately adjusted. In connection with the Reverse Stock Split, there was no change to the number of shares authorized or in the par value per share of common stock of $0.0001. Accordingly, all historical per share data, number of shares issued and outstanding, stock awards, and other common stock equivalents for the periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect the Reverse Stock Split. Concentration of Credit Risk Financial instruments which potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, and marketable securities, and accounts receivable. The Company places its cash and cash equivalents with major financial institutions, which management assesses to be of high credit quality, to limit the exposure of each investment. The Company’s marketable securities have investment grade ratings when purchased which mitigates risk. The Company’s accounts receivable are derived from customers located in the U.S., Europe, and Asia-Pacific. The Company mitigates its credit risks by performing ongoing credit evaluations of its customers’ financial conditions. The Company generally does not require collateral. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB"), issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures to increase the transparency and usefulness of income tax information through improvements to the income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The guidance is effective for fiscal years beginning after December 15, 2024. The Company is currently in the process of evaluating the effects of the new guidance. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . This standard requires public companies, including entities with a single reportable segment, to disclose information about their reportable segments’ significant expenses and other items on an interim and annual basis to provide more transparency about the expenses they incur from revenue generating business units. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis, with early adoption permitted. The Company does not expect the adoption of the new standard to have a material effect on its consolidated financial statements. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The fair value of the Company’s financial assets and liabilities is determined in accordance with the fair value hierarchy established in FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value 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. The fair value hierarchy of ASC 820 requires an entity to maximize the use of observable inputs when measuring fair value and classifies those inputs into three levels: Level 1 —Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 —Observable inputs, other than Level 1 inputs, which are observable either directly or indirectly or can be corroborated by observable market data using quoted prices for similar assets or liabilities. Level 3 —Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The Company's financial instruments that are not remeasured at fair value include accounts receivable, prepaid and other current assets, accounts payable, accrued expenses, and other current liabilities. The carrying values of these financial instruments approximate their fair values. The Company’s financial assets and liabilities measured at fair value on a recurring basis and the level of inputs used for such measurements were as follows (in thousands): Fair Value Measured as of March 31, 2024 Using: Adjusted Cost Unrealized losses Fair Value Cash and Cash Equivalent Marketable Securities Assets Level 1 Money market funds $ 8,761 $ — $ 8,761 $ 8,761 $ — Level 2 Corporate bonds 7,493 (3) 7,490 — 7,490 Commercial paper 7,907 (1) 7,906 — 7,906 U.S. Government securities 3,978 — 3,978 — 3,978 Total financial assets $ 28,139 $ (4) $ 28,135 $ 8,761 $ 19,374 Liabilities Level 2 Private placement warrant liability $ — $ — $ — $ — $ — Level 3 Derivative warrant liability — — 24 — — Total financial liabilities $ — $ — $ 24 $ — $ — Fair Value Measured as of December 31, 2023 Using: Adjusted Cost Unrealized gains Fair Value Cash and Cash Equivalent Marketable Securities Assets Level 1 Money market funds $ 16,377 $ — $ 16,377 $ 16,377 $ — Level 2 Corporate bonds 2,880 1 2,881 — 2,881 Commercial paper 8,809 5 8,814 — 8,814 U.S. Government securities 7,892 4 7,896 — 7,896 Total financial assets $ 35,958 $ 10 $ 35,968 $ 16,377 $ 19,591 Liabilities Level 2 Private placement warrant liability $ — $ — $ — $ — $ — Level 3 Derivative warrant liability — — 26 — — Total financial liabilities $ — $ — $ 26 $ — $ — The Company’s financial assets and liabilities subject to fair value procedures were comprised of the following: Money Market Funds: The Company holds financial assets consisting of money market funds. These securities are valued using observable inputs, such as quoted prices in active markets for identical assets or liabilities. Marketable Securities : The Company holds financial assets consisting of fixed-income U.S. government agency securities, corporate bonds, and commercial paper. The securities are valued using prices from independent pricing services based on quoted prices of identical instruments in less active or inactive markets. Additionally, quoted prices of similar instruments in active market or industry models using data inputs such as interest rates and prices that can be directly observed or corroborated in active markets are used to value marketable securities. Derivative Warrant Liability : On September 15, 2022, the Company entered into a convertible note agreement with a face value of $10,500 (the "2022 Note"). The Company’s derivative warrant liability includes the warrants that were issued by the Company as part of the 2022 Note. The warrants are recorded on the condensed consolidated balance sheets at fair value. The fair value is based on unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. The fair value estimate of the warrants was based on a Monte-Carlo simulation model. Inherent in a Monte-Carlo simulation model are assumptions related to price, volatility, risk-free interest rate, term to expiration, and dividend yield. The price is based on the publicly traded price of the Company’s common stock as of the measurement date. The Company estimated the volatility for the warrants based on the historical and implied volatilities of the Company's publicly traded common stock. The risk-free interest rate is based on interpolated U.S. Treasury rates, commensurate with a similar term to the warrants. The term to expiration was calculated as the contractual term of the warrants of 4 years. Finally, the Company does not currently anticipate paying a dividend. Any changes in these assumptions can change the valuation significantly. Changes in fair value are recognized in other income (expense) for each reporting period. Derivative Warrant Liability is included within other noncurrent liabilities on the condensed consolidated balance sheets. Private Placement Warrant Liability : The Private Placement Warrants are recorded on the condensed consolidated balance sheets at fair value. The fair value is based on observable Level 2 inputs, specifically, the observable input of the Company's public warrants, as terms of both warrants are substantially similar. Any changes in the fair value of the liability are reflected in other income (expense), net, on the condensed consolidated statements of operations and comprehensive loss. Private Placement Warrant liability is included within other noncurrent liabilities on the condensed consolidated balance sheets. For the three months ended March 31, 2024, there were no net transfers between Level 1 and Level 2 inputs. The following table presents a summary of the changes in fair value of the Company’s Level 3 financial instruments for the three months ended March 31, 2024 (in thousands): Derivative Warrant Liability Balance at December 31, 2023 $ 26 Change in fair value included in other income (expense), net (2) Balance at March 31, 2024 $ 24 The key inputs into the Monte-Carlo simulation model for the derivative warrant liability valued at March 31, 2024 are as follows: March 31, 2024 Expected term (years) 2.4 Expected volatility 234.8 % Risk-free interest rate 4.5 % Dividend yield — % Exercise price $ 105.00 |
CASH, CASH EQUIVALENTS, AND RES
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | CASH, CASH EQUIVALENTS, AND RESTRICTED CASH Cash, cash equivalents, and restricted cash as of March 31, 2024 and December 31, 2023 were as follows (in thousands): March 31, 2024 December 31, 2023 (unaudited) Cash and cash equivalents $ 9,535 $ 16,932 Restricted cash 2,150 2,150 Total cash, cash equivalents, and restricted cash $ 11,685 $ 19,082 |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventory, net of write-downs, as of March 31, 2024 and December 31, 2023 were as follows (in thousands): March 31, 2024 December 31, 2023 (unaudited) Raw materials $ 388 $ 405 Work in-process 153 159 Finished goods 16 19 Total inventory, net $ 557 $ 583 The Company also had $197 and $208 of non-current inventory (raw materials), net of write-downs, classified within other noncurrent assets on the condensed consolidated balance sheet as of March 31, 2024 and December 31, 2023, respectively. The Company's current and non-current inventory as of March 31, 2024 and December 31, 2023 was written down by $5,025 and $5,062 , respectively, in order to reduce inventory to the lower of cost or net realizable value. |
PREPAID AND OTHER CURRENT ASSET
PREPAID AND OTHER CURRENT ASSETS | 3 Months Ended |
Mar. 31, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAID AND OTHER CURRENT ASSETS | PREPAID AND OTHER CURRENT ASSETS Prepaid and other current assets as of March 31, 2024 and December 31, 2023 were as follows (in thousands): March 31, 2024 December 31, 2023 (unaudited) Prepaid expenses $ 1,612 $ 2,386 Advances to suppliers 79 79 Other 54 52 Total prepaid and other current assets $ 1,745 $ 2,517 |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
LEASES | LEASES The components of operating lease expenses for the three months ended March 31, 2024 and 2023 are as follows (in thousands): Three months ended March 31, 2024 2023 Operating lease cost $ 589 $ 602 Variable lease cost 84 79 Total operating lease cost $ 673 $ 681 Maturities of lease liabilities are as follows (in thousands): Operating leases Years ending - December 31: (Unaudited) 2024 (remaining nine months) $ 1,852 2025 2,484 2026 2,559 2027 2,636 2028 2,716 Thereafter 8,400 Total lease payments 20,647 Less amount to discount to present value (3,771) Present value of lease liabilities $ 16,876 |
CONVERTIBLE NOTES
CONVERTIBLE NOTES | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE NOTES | CONVERTIBLE NOTES 2022 Convertible Note On September 14, 2022, the Company entered into a Securities Purchase Agreement, or SPA, with an investor allowing for the sale and issue of up to two convertible notes, each with a principal balance of $10,500 and gross cash proceeds of $10,000 , for a total of $20,000 in proceeds between the two issuances (each, a "Note Closing"). The first Note Closing ("First Closing") occurred on September 15, 2022, and the Company entered into a Senior Unsecured Convertible Note with the investor pursuant to which the Company issued to the investor one convertible note ("2022 Note") with a principal balance of $10,500 for net cash proceeds of $9,850. As part of the First Closing, the Company also issued warrants to the investor. The second Note Closing ("Second Closing") could have occurred up to March 15, 2024, upon which the Company's right to effect a Second Closing automatically terminated. As of March 15, 2024, the Company did not effect a Second Closing. The 2022 Note bore interest at an annual rate of 5.0%, in addition to an original issue discount of 4.76%, and had an initial a maturity date of March 15, 2024 (“Maturity Date”). Beginning December 14, 2022, and the first trading day of each subsequent month (each a "Monthly Redemption Date" or an "Installment Date"), the Company was required to redeem the Monthly Redemption Amount until the 2022 Note was fully redeemed. The Monthly Redemption Amount, in most instances, was 1/15th of the original principal amount, plus any amount accelerated pursuant to the 2022 Note, accrued but unpaid interest, and late fees, if any. The principal and interest could be settled in cash or, so long as certain equity conditions were met and at the option of the Company, shares of common stock and was payable together with the Monthly Redemption Amount. If the Company elected to settle the Monthly Redemption Amount in shares of common stock, the number of shares to be settled was based on an Installment Conversion Price equal to the lower of (i) $2.50 or (ii) 95% of the lowest daily volume weighted average price of the common stock during the five (5) trading days immediately preceding the applicable Monthly Redemption Date. If the Company elected to settle the Monthly Redemption Amount in cash, the Monthly Redemption Amount would have included a 5% premium. The investor was permitted to accelerate up to four (4) Monthly Redemption Amounts in any calendar month (each, an "Acceleration," and each such amount, an "Acceleration Amount", and the Conversion Date of any such Acceleration, each an "Acceleration Date") at the Acceleration Conversion Price, subject to a $2,800 limit per month. The Acceleration Conversion Price was the lower of (i) the Installment Conversion Price for such current Installment Date or (ii) the greater of $9.00 and 95% of the lowest daily volume weighted average price of the Common Stock during the five (5) trading days immediately preceding the Acceleration Date. If either the relevant Installment Conversion Price or Acceleration Conversion Price, as applicable, was less than $9.00 per share, then a Conversion Floor Price Condition existed and the Company must deliver to the investor the Conversion Installment Floor Amount in cash, in addition to the required number of shares, which were valued at $9.00 re gardless of the actual trading price of the Company’s shares. The Conversion Installment Floor Amount was an amount in cash equal to the product obtained by multiplying (A) the higher of (i) the highest price that the common stock traded at on the Trading Day immediately preceding the relevant Share Delivery Date and (ii) the applicable Installment Conversion Price or Acceleration Conversion Price and (B) the difference obtained by subtracting (i) the number of shares of common stock delivered to the investor on the applicable Share Delivery Date with respect to such Conversion from (ii) the quotient obtained by dividing (x) the applicable Installment or Acceleration amount subject to such Conversion, by (y) the applicable Installment Conversion Price. Interest payments were also trued-up in cash when the value of the Company’s shares was below $9.00 per share. The Company elected to apply the fair value option to the measurement of the 2022 Note. As a result of adopting the fair value option, no embedded derivatives were bifurcated from the 2022 Note. The Company classified the 2022 Note as a liability at fair value and remeasured the 2022 Note to fair value at each reporting period. The fair value measurement included the assumption of accrued interest and expense and thus a separate amount was not reflected on the condensed consolidated statement of operations. The 2022 Note was |
INTEREST EXPENSE AND OTHER
INTEREST EXPENSE AND OTHER | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
INTEREST EXPENSE AND OTHER | INTEREST EXPENSE AND OTHER Interest expense and other for the three months ended March 31, 2024 and 2023 consisted of the following (in thousands): Three months ended March 31, 2024 2023 Amortization of premiums (accretion of discounts) on marketable securities, net $ (271) $ (188) Expected credit losses 14 — Other (60) 12 Interest expense and other $ (317) $ (176) |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2024 and 2023 are as follows (in thousands): Unrealized gains (losses) on available-for-sale securities Balance at December 31, 2023 $ 10 Other comprehensive loss, net of tax (14) Balance at March 31, 2024 $ (4) Unrealized gains (losses) on available-for-sale securities Change in fair value due to instrument-specific credit risk Total Balance at December 31, 2022 $ (1,254) $ (25) $ (1,279) Other comprehensive income (loss), net of tax 490 (21) 469 Balance at March 31, 2023 $ (764) $ (46) $ (810) |
NET LOSS PER SHARE
NET LOSS PER SHARE | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
NET LOSS PER SHARE | NET LOSS PER SHARE The following table sets forth the basic and diluted net loss per share attributable to common stockholders for the periods presented (in thousands, except per share data): Three months ended March 31, 2024 2023 Numerator: Net loss attributable to common stockholders $ (10,219) $ (26,265) Denominator: Weighted average common shares outstanding- Basic 6,352,835 5,528,862 Weighted average common shares outstanding- Diluted 6,352,835 5,528,862 Net loss per share attributable to common stockholders - Basic and Diluted $ (1.61) $ (4.75) Due to net losses for the three months ended March 31, 2024 and 2023, basic and diluted net loss per share were the same, as the effect of all potentially dilutive securities would have been anti-dilutive. The following table sets forth the anti-dilutive common share equivalents for the periods listed: Three months ended March 31, 2024 2024 2023 Common stock options issued and outstanding 205,910 681,584 Unvested restricted stock units 494,216 625,786 Warrants 319,443 319,443 Common Stock Purchase Agreement 842,180 990,681 Conversion of convertible notes — 569,328 ESPP 33,655 67,586 Total 1,895,404 3,254,408 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The following table summarizes stock-based compensation expense recorded in each financial statement line item in the Company’s condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024 and 2023 (in thousands): Three months ended March 31, 2024 2023 Cost of revenue $ — $ 61 Research and development 1,209 2,278 Sales and marketing 182 1,368 General and administrative 1,623 2,806 Total stock-based compensation $ 3,014 $ 6,513 The Company uses the Monte-Carlo simulation model to estimate the grant date fair value of awards with a market condition, which requires the input of subjective assumptions such as expected term, expected stock price volatility, risk-free interest rate and dividend yield as discussed below. Expected Term —The expected term for awards with a market condition is the length of time from the grant date to the date the market condition expires. Expected Volatility —Expected volatility is estimated using a combination of the average historical volatility of the Company's own stock and those of comparable companies’ stock at the time of the grant. Risk-Free Interest Rate —The risk-free interest rates are based on US Treasury yields in effect at the grant date for notes with comparable terms as the awards. Dividend Yield —The expected dividend-yield assumption is based on the Company’s current expectations about its anticipated dividend policy. There were no awards granted with a market condition during the three months ended March 31, 2024. |
REVENUE
REVENUE | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE Sale of Prototypes The Company recorded revenue for prototype sales of $20 and $125 in the three months ended March 31, 2024 and 2023, respectively. The Company does not incur significant contract costs in fulfilling or obtaining their contracts with customers. Development Contracts The Company has entered into research and development contracts with companies primarily in the automotive industry. The Company assessed the number of performance obligations associated with the promises under each agreement, primarily the delivery of customized 4Sight TM perception-related goods and services, and recognized $0 and $511 in revenue for performance obligations satisfied during the three months ended March 31, 2024 and 2023, respectively, in the condensed consolidated statements of operations and comprehensive loss. Disaggregation of Revenue The Company recognized the following revenues by geographic area based on the primary billing address of the customer and by the timing of the transfer of goods or services to customers (point in time or over time), as it believes such criteria best depict how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors. Total revenue based on the disaggregation criteria described above are as follows (in thousands): Three months ended March 31, 2024 2023 Revenue by primary geographical market: United States $ 15 $ 547 Europe 5 32 Asia-Pacific — 57 Total $ 20 $ 636 Revenue by timing of recognition: Recognized at a point in time $ 20 $ 125 Recognized over time — 511 Total $ 20 $ 636 Contract Liabilities The Company does not have any contract liabilities as of March 31, 2024 and December 31, 2023. The following table shows the significant changes in contract liabilities balance for the three months ended March 31, 2024 and 2023 (in thousands): Three months ended March 31, 2024 2023 Beginning balance $ — $ 987 Revenue recognized that was included in the contract liabilities beginning balance — (511) Ending balance $ — $ 476 Remaining Performance Obligations Revenue allocated to remaining performance obligations represents the transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied. It includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods and does not include contracts where the customer is not committed. The customer is not considered committed where they are able to terminate for convenience without payment of a substantive penalty under the contract. Additionally, as a practical expedient, the Company has not disclosed the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. The contract liabilities balance represents the remaining performance obligations for contracts with an original duration of greater than one year. |
RESTRUCTURING
RESTRUCTURING | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING | Restructuring In 2023, the Company implemented a revised strategic plan, which focused on key products and critical customer engagements in the Automotive market, and aligned the Company's operations with evolving business needs by focusing on a transition from research and development to the commercialization of the Company's automotive products, while winding down the existing industrial product and reducing fixed operating costs. As a result of the implementation of the revised strategic plan, the Company recorded restructuring charges of $123 and $1,253 in the three months ended March 31, 2024 and 2023, respectively, primarily relating to one-time employee termination benefits. Restructuring-related liabilities are included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. Restructuring activity is summarized as follows as of March 31, 2024 (in thousands): One-time employee termination benefits Losses on purchase commitments Other Total Balance as of December 31, 2023 $ 402 $ 233 $ 56 $ 691 Charges 18 105 — 123 Cash payments (220) (2) (23) (245) Balance as of March 31, 2024 $ 200 $ 336 $ 33 $ 569 Restructuring charges were included in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2024 and 2023 as follows (in thousands): Three months ended March 31, 2024 2023 Cost of revenue $ 105 $ 50 Research and development — 503 Sales and marketing 18 513 General and administrative — 187 Total restructuring charges $ 123 $ 1,253 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For the three months ended March 31, 2024 and 2023, the Company recognized $2 and $19 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal matters The Company may be subject to legal proceedings and claims that arise in the ordinary course of business. Management is not currently aware of any matters that will have a material effect on the financial position, results of operations, or cash flows of the Company. |
RELATED PARTIES
RELATED PARTIES | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | RELATED PARTIES From November 2016 to December 2023, the Company employed a sibling of Mr. Dussan, a director and the Company’s former Chief Technology Officer, who held the position of Director, Human Resources during 2023. For the three months ended March 31, 2023, Mr. Dussan’s sibling received total cash compensation of $41 and was granted 333 RSUs. In addition, he participated in all other benefits that the Company generally offers to all of its employees. There were no related party transactions for the three months ended March 31, 2024. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Management has evaluated subsequent events through May 14, 2024 and determined that there were no such events requiring recognition or disclosure in the financial statements. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net loss | $ (10,219) | $ (26,265) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 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 |
ORGANIZATION AND SUMMARY OF S_2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Principle of Consolidation and Liquidity | Principle of Consolidation and Liquidity The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments which potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, and marketable securities, and accounts receivable. The Company places its cash and cash equivalents with major financial institutions, which management assesses to be of high credit quality, to limit the exposure of each investment. The Company’s marketable securities have investment grade ratings when purchased which mitigates risk. The Company’s accounts receivable are derived from customers located in the U.S., Europe, and Asia-Pacific. The Company mitigates its credit risks by performing ongoing credit evaluations of its customers’ financial conditions. The Company generally does not require collateral. |
Recently Accounting Pronouncements | Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB"), issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures to increase the transparency and usefulness of income tax information through improvements to the income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The guidance is effective for fiscal years beginning after December 15, 2024. The Company is currently in the process of evaluating the effects of the new guidance. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . This standard requires public companies, including entities with a single reportable segment, to disclose information about their reportable segments’ significant expenses and other items on an interim and annual basis to provide more transparency about the expenses they incur from revenue generating business units. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis, with early adoption permitted. The Company does not expect the adoption of the new standard to have a material effect on its consolidated financial statements. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The Company’s financial assets and liabilities measured at fair value on a recurring basis and the level of inputs used for such measurements were as follows (in thousands): Fair Value Measured as of March 31, 2024 Using: Adjusted Cost Unrealized losses Fair Value Cash and Cash Equivalent Marketable Securities Assets Level 1 Money market funds $ 8,761 $ — $ 8,761 $ 8,761 $ — Level 2 Corporate bonds 7,493 (3) 7,490 — 7,490 Commercial paper 7,907 (1) 7,906 — 7,906 U.S. Government securities 3,978 — 3,978 — 3,978 Total financial assets $ 28,139 $ (4) $ 28,135 $ 8,761 $ 19,374 Liabilities Level 2 Private placement warrant liability $ — $ — $ — $ — $ — Level 3 Derivative warrant liability — — 24 — — Total financial liabilities $ — $ — $ 24 $ — $ — Fair Value Measured as of December 31, 2023 Using: Adjusted Cost Unrealized gains Fair Value Cash and Cash Equivalent Marketable Securities Assets Level 1 Money market funds $ 16,377 $ — $ 16,377 $ 16,377 $ — Level 2 Corporate bonds 2,880 1 2,881 — 2,881 Commercial paper 8,809 5 8,814 — 8,814 U.S. Government securities 7,892 4 7,896 — 7,896 Total financial assets $ 35,958 $ 10 $ 35,968 $ 16,377 $ 19,591 Liabilities Level 2 Private placement warrant liability $ — $ — $ — $ — $ — Level 3 Derivative warrant liability — — 26 — — Total financial liabilities $ — $ — $ 26 $ — $ — |
Schedule of the Changes in Fair Value of Level 3 Financial Instruments | The following table presents a summary of the changes in fair value of the Company’s Level 3 financial instruments for the three months ended March 31, 2024 (in thousands): Derivative Warrant Liability Balance at December 31, 2023 $ 26 Change in fair value included in other income (expense), net (2) Balance at March 31, 2024 $ 24 |
Schedule of Key Inputs into the Black-Sholes Option Pricing Model | The key inputs into the Monte-Carlo simulation model for the derivative warrant liability valued at March 31, 2024 are as follows: March 31, 2024 Expected term (years) 2.4 Expected volatility 234.8 % Risk-free interest rate 4.5 % Dividend yield — % Exercise price $ 105.00 |
CASH, CASH EQUIVALENTS, AND R_2
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash, cash equivalents, and restricted cash as of March 31, 2024 and December 31, 2023 were as follows (in thousands): March 31, 2024 December 31, 2023 (unaudited) Cash and cash equivalents $ 9,535 $ 16,932 Restricted cash 2,150 2,150 Total cash, cash equivalents, and restricted cash $ 11,685 $ 19,082 |
Schedule of Restricted Cash | Cash, cash equivalents, and restricted cash as of March 31, 2024 and December 31, 2023 were as follows (in thousands): March 31, 2024 December 31, 2023 (unaudited) Cash and cash equivalents $ 9,535 $ 16,932 Restricted cash 2,150 2,150 Total cash, cash equivalents, and restricted cash $ 11,685 $ 19,082 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Net of Write-Downs | Inventory, net of write-downs, as of March 31, 2024 and December 31, 2023 were as follows (in thousands): March 31, 2024 December 31, 2023 (unaudited) Raw materials $ 388 $ 405 Work in-process 153 159 Finished goods 16 19 Total inventory, net $ 557 $ 583 |
PREPAID AND OTHER CURRENT ASS_2
PREPAID AND OTHER CURRENT ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid and Other Current Assets | Prepaid and other current assets as of March 31, 2024 and December 31, 2023 were as follows (in thousands): March 31, 2024 December 31, 2023 (unaudited) Prepaid expenses $ 1,612 $ 2,386 Advances to suppliers 79 79 Other 54 52 Total prepaid and other current assets $ 1,745 $ 2,517 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Operating Lease Expenses and Supplemental Cash Flow Information | The components of operating lease expenses for the three months ended March 31, 2024 and 2023 are as follows (in thousands): Three months ended March 31, 2024 2023 Operating lease cost $ 589 $ 602 Variable lease cost 84 79 Total operating lease cost $ 673 $ 681 |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities are as follows (in thousands): Operating leases Years ending - December 31: (Unaudited) 2024 (remaining nine months) $ 1,852 2025 2,484 2026 2,559 2027 2,636 2028 2,716 Thereafter 8,400 Total lease payments 20,647 Less amount to discount to present value (3,771) Present value of lease liabilities $ 16,876 |
INTEREST EXPENSE AND OTHER (Tab
INTEREST EXPENSE AND OTHER (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of Interest Expense and Other | Interest expense and other for the three months ended March 31, 2024 and 2023 consisted of the following (in thousands): Three months ended March 31, 2024 2023 Amortization of premiums (accretion of discounts) on marketable securities, net $ (271) $ (188) Expected credit losses 14 — Other (60) 12 Interest expense and other $ (317) $ (176) |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2024 and 2023 are as follows (in thousands): Unrealized gains (losses) on available-for-sale securities Balance at December 31, 2023 $ 10 Other comprehensive loss, net of tax (14) Balance at March 31, 2024 $ (4) Unrealized gains (losses) on available-for-sale securities Change in fair value due to instrument-specific credit risk Total Balance at December 31, 2022 $ (1,254) $ (25) $ (1,279) Other comprehensive income (loss), net of tax 490 (21) 469 Balance at March 31, 2023 $ (764) $ (46) $ (810) |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss per Share | The following table sets forth the basic and diluted net loss per share attributable to common stockholders for the periods presented (in thousands, except per share data): Three months ended March 31, 2024 2023 Numerator: Net loss attributable to common stockholders $ (10,219) $ (26,265) Denominator: Weighted average common shares outstanding- Basic 6,352,835 5,528,862 Weighted average common shares outstanding- Diluted 6,352,835 5,528,862 Net loss per share attributable to common stockholders - Basic and Diluted $ (1.61) $ (4.75) |
Schedule of Antidilutive Common Share Equivalents | The following table sets forth the anti-dilutive common share equivalents for the periods listed: Three months ended March 31, 2024 2024 2023 Common stock options issued and outstanding 205,910 681,584 Unvested restricted stock units 494,216 625,786 Warrants 319,443 319,443 Common Stock Purchase Agreement 842,180 990,681 Conversion of convertible notes — 569,328 ESPP 33,655 67,586 Total 1,895,404 3,254,408 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense | The following table summarizes stock-based compensation expense recorded in each financial statement line item in the Company’s condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024 and 2023 (in thousands): Three months ended March 31, 2024 2023 Cost of revenue $ — $ 61 Research and development 1,209 2,278 Sales and marketing 182 1,368 General and administrative 1,623 2,806 Total stock-based compensation $ 3,014 $ 6,513 |
REVENUE (Tables)
REVENUE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | Total revenue based on the disaggregation criteria described above are as follows (in thousands): Three months ended March 31, 2024 2023 Revenue by primary geographical market: United States $ 15 $ 547 Europe 5 32 Asia-Pacific — 57 Total $ 20 $ 636 Revenue by timing of recognition: Recognized at a point in time $ 20 $ 125 Recognized over time — 511 Total $ 20 $ 636 |
Schedule of Contract Liabilities | The following table shows the significant changes in contract liabilities balance for the three months ended March 31, 2024 and 2023 (in thousands): Three months ended March 31, 2024 2023 Beginning balance $ — $ 987 Revenue recognized that was included in the contract liabilities beginning balance — (511) Ending balance $ — $ 476 |
RESTRUCTURING (Tables)
RESTRUCTURING (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | Restructuring activity is summarized as follows as of March 31, 2024 (in thousands): One-time employee termination benefits Losses on purchase commitments Other Total Balance as of December 31, 2023 $ 402 $ 233 $ 56 $ 691 Charges 18 105 — 123 Cash payments (220) (2) (23) (245) Balance as of March 31, 2024 $ 200 $ 336 $ 33 $ 569 Restructuring charges were included in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2024 and 2023 as follows (in thousands): Three months ended March 31, 2024 2023 Cost of revenue $ 105 $ 50 Research and development — 503 Sales and marketing 18 513 General and administrative — 187 Total restructuring charges $ 123 $ 1,253 |
ORGANIZATION AND SUMMARY OF S_3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Dec. 27, 2023 | Mar. 31, 2024 USD ($) $ / shares | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / shares | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents and marketable securities | $ 28,909 | |||
Accumulated deficit | (347,854) | $ (337,635) | ||
Net loss | 10,219 | $ 26,265 | ||
Net cash used in operating activities | $ 7,885 | $ 17,195 | ||
Stockholders' equity note, stock split, conversion ratio | 0.0333 | |||
Common stock — par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and cash equivalents, adjusted cost | $ 9,535 | $ 16,932 |
Recurring | ||
Assets | ||
Total financial assets, adjusted cost | 28,139 | 35,958 |
Marketable securities, unrealized gain (losses) | (4) | 10 |
Total financial assets, fair value | 28,135 | 35,968 |
Liabilities | ||
Total financial liabilities | 24 | 26 |
Recurring | Cash and Cash Equivalent | ||
Assets | ||
Total financial assets, fair value | 8,761 | 16,377 |
Recurring | Marketable Securities | ||
Assets | ||
Total financial assets, fair value | 19,374 | 19,591 |
Recurring | Level 1 | Money market funds | ||
Assets | ||
Cash and cash equivalents, adjusted cost | 8,761 | 16,377 |
Cash and cash equivalents, fair value | 8,761 | 16,377 |
Recurring | Level 1 | Money market funds | Cash and Cash Equivalent | ||
Assets | ||
Cash and cash equivalents, fair value | 8,761 | 16,377 |
Recurring | Level 2 | Private Placement Warrants | ||
Liabilities | ||
Private placement warrant liability | 0 | 0 |
Recurring | Level 2 | Corporate bonds | ||
Assets | ||
Marketable securities, adjusted cost | 7,493 | 2,880 |
Marketable securities, unrealized gain (losses) | (3) | 1 |
Marketable securities, fair value | 7,490 | 2,881 |
Recurring | Level 2 | Corporate bonds | Marketable Securities | ||
Assets | ||
Marketable securities, fair value | 7,490 | 2,881 |
Recurring | Level 2 | Commercial paper | ||
Assets | ||
Marketable securities, adjusted cost | 7,907 | 8,809 |
Marketable securities, unrealized gain (losses) | (1) | 5 |
Marketable securities, fair value | 7,906 | 8,814 |
Recurring | Level 2 | Commercial paper | Marketable Securities | ||
Assets | ||
Marketable securities, fair value | 7,906 | 8,814 |
Recurring | Level 2 | U.S. Government securities | ||
Assets | ||
Marketable securities, adjusted cost | 3,978 | 7,892 |
Marketable securities, unrealized gain (losses) | 0 | 4 |
Marketable securities, fair value | 3,978 | 7,896 |
Recurring | Level 2 | U.S. Government securities | Marketable Securities | ||
Assets | ||
Marketable securities, fair value | 3,978 | 7,896 |
Recurring | Level 3 | Warrants | ||
Liabilities | ||
Derivative warrant liability | $ 24 | $ 26 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) | Mar. 31, 2024 | Sep. 15, 2022 |
Debt Instrument [Line Items] | ||
Warrant, term of contract (in years) | 4 years | |
2022 Notes, First Closing | 2022 Convertible Note | ||
Debt Instrument [Line Items] | ||
Loan amount | $ 10,500,000 |
FAIR VALUE MEASUREMENTS - Sch_2
FAIR VALUE MEASUREMENTS - Schedule of the Changes in Fair Value of Level 3 Financial Instruments (Details) - Derivative Warrant Liability $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 26 |
Change in fair value included in other income (expense), net | (2) |
Ending balance | $ 24 |
FAIR VALUE MEASUREMENTS - Sch_3
FAIR VALUE MEASUREMENTS - Schedule of Key Inputs into the Black-Sholes Option Pricing Model (Details) - Recurring - Level 3 - Monte Carlo Simulation Model - Derivative Warrant Liability | Mar. 31, 2024 $ / shares |
Expected term (years) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrant liability, measurement input | 2.4 |
Expected volatility | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrant liability, measurement input | 2.348 |
Risk-free interest rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrant liability, measurement input | 0.045 |
Dividend yield | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrant liability, measurement input | 0 |
Exercise price | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrant liability, measurement input | 105 |
CASH, CASH EQUIVALENTS, AND R_3
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 9,535 | $ 16,932 | ||
Restricted cash | 2,150 | 2,150 | ||
Total cash, cash equivalents, and restricted cash | $ 11,685 | $ 19,082 | $ 22,651 | $ 21,214 |
INVENTORIES - Schedule of Inven
INVENTORIES - Schedule of Inventory, Net of Write-Downs (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 388 | $ 405 |
Work in-process | 153 | 159 |
Finished goods | 16 | 19 |
Total inventory, net | $ 557 | $ 583 |
INVENTORIES - Narrative (Detail
INVENTORIES - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Non-current inventory | $ 197 | $ 208 |
Inventory write down to reduce inventory to the lower of cost or to its net realizable value | $ 5,025 | $ 5,062 |
PREPAID AND OTHER CURRENT ASS_3
PREPAID AND OTHER CURRENT ASSETS - Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 1,612 | $ 2,386 |
Advances to suppliers | 79 | 79 |
Other | 54 | 52 |
Total prepaid and other current assets | $ 1,745 | $ 2,517 |
PREPAID AND OTHER CURRENT ASS_4
PREPAID AND OTHER CURRENT ASSETS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Loss on advances to suppliers | $ 1,385 | $ 1,385 |
LEASES - Schedule of Components
LEASES - Schedule of Components of Operating Lease Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Operating lease cost | $ 589 | $ 602 |
Variable lease cost | 84 | 79 |
Total operating lease cost | $ 673 | $ 681 |
LEASES - Schedule of Maturities
LEASES - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Leases [Abstract] | |
2024 (remaining nine months) | $ 1,852 |
2025 | 2,484 |
2026 | 2,559 |
2027 | 2,636 |
2028 | 2,716 |
Thereafter | 8,400 |
Total lease payments | 20,647 |
Less amount to discount to present value | (3,771) |
Present value of lease liabilities | $ 16,876 |
CONVERTIBLE NOTES (Details)
CONVERTIBLE NOTES (Details) | Dec. 15, 2022 USD ($) redemptionAmount d $ / shares | Sep. 15, 2022 USD ($) instrument $ / shares | Sep. 14, 2022 USD ($) issuance |
2022 Notes | |||
Debt Instrument [Line Items] | |||
Number of issuances allowed | issuance | 2 | ||
Proceeds receivable from convertible debt | $ 20,000 | ||
Number of monthly redemption amounts that can be accelerated in any calendar month | redemptionAmount | 4 | ||
2022 Notes | 2022 Convertible Note | |||
Debt Instrument [Line Items] | |||
Interest rate (as percent) | 5% | ||
Discount on issuance, percentage | 4.76% | ||
Convertible, conversion price (in dollars per share) | $ / shares | $ 2.50 | $ 9 | |
Threshold percentage of stock price trigger | 95% | ||
Threshold consecutive trading days | d | 5 | ||
Monthly redemption premium, percentage | 5% | ||
Acceleration payment monthly limit | $ 2,800,000 | ||
Debt instrument, redemption price, percentage | 6.67% | ||
2022 Notes | 2022 Convertible Note | Acceleration Date | |||
Debt Instrument [Line Items] | |||
Convertible, conversion price (in dollars per share) | $ / shares | $ 9 | ||
Threshold percentage of stock price trigger | 95% | ||
Threshold consecutive trading days | d | 5 | ||
2022 Notes, Each Closing | |||
Debt Instrument [Line Items] | |||
Proceeds receivable from convertible debt | $ 10,000,000 | ||
2022 Notes, Each Closing | 2022 Convertible Note | |||
Debt Instrument [Line Items] | |||
Loan amount | $ 10,500,000 | ||
2022 Notes, First Closing | |||
Debt Instrument [Line Items] | |||
Cash proceeds | $ 9,850,000 | ||
2022 Notes, First Closing | 2022 Convertible Note | |||
Debt Instrument [Line Items] | |||
Loan amount | $ 10,500,000 | ||
Number of instruments issued | instrument | 1 |
INTEREST EXPENSE AND OTHER (Det
INTEREST EXPENSE AND OTHER (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | ||
Amortization of premiums (accretion of discounts) on marketable securities, net | $ (271) | $ (188) |
Expected credit losses | 14 | 0 |
Other | (60) | 12 |
Interest expense and other | $ (317) | $ (176) |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 29,023 | $ 93,970 |
Other comprehensive loss, net of tax | 469 | |
Ending balance | 21,924 | 75,966 |
Total | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 10 | (1,279) |
Ending balance | (4) | (810) |
Unrealized gains (losses) on available-for-sale securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 10 | (1,254) |
Other comprehensive loss, net of tax | (14) | 490 |
Ending balance | $ (4) | (764) |
Change in fair value due to instrument-specific credit risk | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (25) | |
Other comprehensive loss, net of tax | (21) | |
Ending balance | $ (46) |
NET LOSS PER SHARE - Schedule o
NET LOSS PER SHARE - Schedule of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator: | ||
Net loss attributable to common stockholders | $ (10,219) | $ (26,265) |
Denominator: | ||
Weighted average common shares outstanding - Basic (in shares) | 6,352,835 | 5,528,862 |
Weighted average common shares outstanding - Diluted (in shares) | 6,352,835 | 5,528,862 |
Net loss per share attributable to common stockholders - Basic (in dollars per share) | $ (1.61) | $ (4.75) |
Net loss per share attributable to common stockholders - Diluted (in dollars per share) | $ (1.61) | $ (4.75) |
NET LOSS PER SHARE - Schedule_2
NET LOSS PER SHARE - Schedule of Antidilutive Common Share Equivalents (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents (in shares) | 1,895,404 | 3,254,408 |
Common stock options issued and outstanding | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents (in shares) | 205,910 | 681,584 |
Unvested restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents (in shares) | 494,216 | 625,786 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents (in shares) | 319,443 | 319,443 |
Common Stock Purchase Agreement | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents (in shares) | 842,180 | 990,681 |
Conversion of convertible notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents (in shares) | 0 | 569,328 |
ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents (in shares) | 33,655 | 67,586 |
STOCK-BASED COMPENSATION - Sche
STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | $ 3,014 | $ 6,513 |
Cost of revenue | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | 0 | 61 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | 1,209 | 2,278 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | 182 | 1,368 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | $ 1,623 | $ 2,806 |
REVENUE- Narrative (Details)
REVENUE- Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 20 | $ 636 |
Prototype Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 20 | 125 |
Development Contracts | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 0 | $ 511 |
REVENUE - Schedule of Disaggreg
REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 20 | $ 636 |
Recognized at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 20 | 125 |
Recognized over time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 0 | 511 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 15 | 547 |
Europe | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 5 | 32 |
Asia-Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 0 | $ 57 |
REVENUE - Schedule of Significa
REVENUE - Schedule of Significant Changes in Contract Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Contract with Customer, Liability [Roll Forward] | ||
Beginning balance | $ 0 | $ 987 |
Revenue recognized that was included in the contract liabilities beginning balance | 0 | (511) |
Ending balance | $ 0 | $ 476 |
RESTRUCTURING - Narrative (Deta
RESTRUCTURING - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | ||
Restructuring costs | $ 123 | $ 1,253 |
RESTRUCTURING - Schedule of Res
RESTRUCTURING - Schedule of Restructuring and Related Costs (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $ 691 |
Charges | 123 |
Cash payments | (245) |
Ending balance | 569 |
One-time employee termination benefits | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 402 |
Charges | 18 |
Cash payments | (220) |
Ending balance | 200 |
Losses on purchase commitments | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 233 |
Charges | 105 |
Cash payments | (2) |
Ending balance | 336 |
Other | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 56 |
Charges | 0 |
Cash payments | (23) |
Ending balance | $ 33 |
RESTRUCTURING - Schedule of Con
RESTRUCTURING - Schedule of Consolidated Statement of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | $ 123 | $ 1,253 |
Cost of revenue | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 105 | 50 |
Research and development | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0 | 503 |
Sales and marketing | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 18 | 513 |
General and administrative | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | $ 0 | $ 187 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 2 | $ 19 |
RELATED PARTIES (Details)
RELATED PARTIES (Details) - Sibling of President and CTO $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) shares | |
Related Party Transaction [Line Items] | |
Cash compensation | $ | $ 41 |
RSUs | |
Related Party Transaction [Line Items] | |
Awards granted (in shares) | shares | 333 |