0001104659-25-111315 | 10-Q | XBRL Viewer

Operating lease liabilities, current portion

^[1]

358,000

455,000

668,000

^[1]

Short-term loan payable, net

139,000

818,000

^[1]

Deferred revenue

16,000

13,000

^[1]

Total current liabilities

3,396,000

4,872,000

^[1]

Operating lease liabilities, non-current portion

715,000

Total liabilities

4,111,000

4,872,000

^[1]

Commitments and contingencies (Note 8)

^[1]

Stockholders' equity (deficit):

Preferred Stock, $0.00001 par value, 10,000,000 shares authorized as of September 30, 2025 and December 31, 2024; no shares issued or outstanding as of September 30, 2025 and December 31, 2024.

^[1]

Common Stock, $0.00001 par value, 200,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 1,824,844 and 452,533 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.

1,000

^[1]

Additional paid-in capital

422,432,000

399,362,000

^[1]

Accumulated deficit

(408,707,000)

(400,440,000)

^[1]

Total stockholders' equity (deficit)

13,726,000

(1,077,000)

^[1]

Total liabilities and stockholders' equity (deficit)

$ 17,837,000

$ 3,795,000

^[1]

[1]	The condensed balance sheet as of December 31, 2024 was derived from the audited balance sheet as of that date.

Stock-Based Compensation - Equity Incentive Plan - Additional Information (Details) - shares	9 Months Ended
	Sep. 30, 2025	Jun. 11, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 12, 2024	Mar. 28, 2024	Jul. 20, 2022	Dec. 28, 2017	Apr. 30, 2015
Stock-Based Compensation
Common stock, capital shares reserved for future issuance	1,116,898			75,071
RSUs
Stock-Based Compensation
Common stock, capital shares reserved for future issuance	11,298			17,243
Options granted and outstanding	11,298		17,946
Employee Stock Purchase Plan
Stock-Based Compensation
Common stock, capital shares reserved for future issuance					207				1,000
Share-based compensation arrangement by share-based payment award, terms of award	In April 2015, the Board approved the ESPP, under which 1,000 shares of common stock were reserved for purchase by the Company’s employees, subject to the approval by the Company’s stockholders. On May 21, 2015, the Company’s stockholders approved the ESPP. On June 12, 2024, the Company’s stockholders approved the amendment and restatement of the ESPP to increase the number of shares reserved for issuance under the ESPP by 207 shares.
Exercise price discount from fair value on exercise date	15.00%
2017 Equity Inducement Plan
Stock-Based Compensation
Common stock, capital shares reserved for future issuance							3,333	1,000
Common stock remain eligible to be issued						4,050
2017 Equity Inducement Plan \| RSUs
Stock-Based Compensation
Common stock remain eligible to be issued	1,270
2024 Equity Incentive Plan
Stock-Based Compensation
Common stock, capital shares reserved for future issuance	78,172			9,492
Common stock remain eligible to be issued	78,172
Number of shares available for grant		66,667			15,200
2024 Equity Incentive Plan \| RSUs
Stock-Based Compensation
Options granted and outstanding	10,028

BALANCE SHEETS (Parenthetical)	9 Months Ended
BALANCE SHEETS (Parenthetical)	Sep. 30, 2025 $ / shares shares	Dec. 31, 2024 $ / shares shares
BALANCE SHEETS
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	1,824,844	452,533
Common stock, shares outstanding (in shares)	1,824,844	452,533
Reverse stock split, conversion ratio	0.033

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Fair Value Measurements
Change in fair value of warrant liability	$ 10,000	$ (159,000)	$ (257,000)	$ (413,000)
Warrants Two Thousand Twenty Three
Fair Value Measurements
Change in fair value of warrant liability	$ 10,000	$ 200,000	$ (300,000)	$ 400,000

Inventory (Tables)

9 Months Ended

Sep. 30, 2025

Inventory

Summary of inventory balance

Below is a summary of the Company’s inventory as of September 30, 2025 and December 31, 2024 (in thousands):


	Balance as of
	September 30, 2025		December 31, 2024
Raw materials	$	654	$	498
Work-in-process		233		—
Finished goods		350		—
Total	$	1,237	$	498

Fair Value Measurements - Schedule of changes in fair value of liability (Details) - Warrants Two Thousand Twenty Three - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning value	$ 358	$ 620
Change in value of warrant liability	(257)	(413)
Warrants exercised	$ (101)
Ending value		$ 207

Liquidity and Management Plans - Additional Information (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Jun. 30, 2025

Mar. 31, 2025

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

^[1]

Liquidity And Management Plans

Revenue

$ 1,272

$ 230

$ 2,590

$ 340

Net cash used in operating activities

(2,113)

$ (2,788)

$ (3,366)

$ (3,412)

$ (4,258)

$ (6,599)

(8,267)

(14,269)

(10,012)

(14,891)

Cash and cash equivalents

12,898

$ 1,353

Net proceeds from a sale of common stock and warrant issuance

4,116

$ 1,770

Net proceeds of securities offerings

18,200

Technology Service

Liquidity And Management Plans

Revenue

$ 1,300

$ 2,600

[1]	The condensed balance sheet as of December 31, 2024 was derived from the audited balance sheet as of that date.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

Stock-Based Compensation - Summary of Stock-based Compensation Reflected within Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	$ 40	$ 129	$ 248	$ 676
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Compensation-based payments	16	35	35	194
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Compensation-based payments	4	67	127	217
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Compensation-based payments	$ 20	$ 27	69	135
Severance expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Compensation-based payments			16	$ 130
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Compensation-based payments			$ 1

Commitments and Contingencies - Operating Leases (Details) - USD ($)

3 Months Ended

9 Months Ended

Mar. 19, 2025

Jul. 31, 2024

Oct. 01, 2022

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

^[1]

Jan. 01, 2024

May 20, 2022

Operating lease liability

ROU lease assets

$ 800,000

$ 970,000

$ 527,000

800,000

1,170,000

Lease expenses

$ 200,000

400,000

$ 600,000

Total operating lease payments

1,279,000

Operating lease liabilities, current portion

455,000

$ 668,000

Accounting Standards Update 2016-02

Total operating lease payments

ROU lease assets

1,000,000

1,300,000

Operating lease liabilities, current portion

$ 1,200,000

Weighted average remaining lease term

2 years 3 months

San Jose, California

Operating lease, renewal term

3 years

ROU lease assets

$ 900,000

$ 2,100,000

Operating lease liability

900,000

$ 2,100,000

Operating lease present value discount rate

8.00%

3.00%

Reduction in Right-Of-Use Asset

$ 51,000

Reduction in Lease Liability

$ 51,000

Operating lease payment

76,000

$ 59,000

Monthly lease payments

37,000

$ 37,000

2026

46,000

2027

$ 51,000

Lease expenses

$ 100,000

Number of shares issued

75,000

San Jose, California | Maximum

Maximum monthly lease payment

$ 62,000

[1]	The condensed balance sheet as of December 31, 2024 was derived from the audited balance sheet as of that date.

Liquidity and Management Plans

9 Months Ended

Sep. 30, 2025

Liquidity and Management Plans

Liquidity and Management Plans

Note 2 – Liquidity and Management Plans

During the three and nine months ended September 30, 2025, the Company recorded revenue of $1.3 million and $2.6 million, respectively. During the three and nine months ended September 30, 2025, the Company recorded net losses of $2.1 million and $8.3 million, respectively. Net cash used in operating activities was $10.0 million for the nine months ended September 30, 2025.

As of September 30, 2025, the Company had cash and cash equivalents of $12.9 million. The Company is currently meeting its liquidity requirements through the collection of accounts receivable, supplemented by the exercise of warrants and proceeds of securities offerings, including sales through the ATM Program (as defined in Note 10 – Capital Stock and Warrants) and the recent sale of stock, warrants and pre-funded warrants in September 2025. Such sale of common stock, warrants and pre-funded warrants generated aggregate net proceeds of $4.1 million during the nine months ended September 30, 2025, excluding the ATM Program. The ATM Program generated aggregate net proceeds of $18.2 million during the nine months ended September 30, 2025. Based on current operating levels and further cost reductions implemented during the first nine months of 2025, the Company believes it has sufficient cash on hand and access to capital to fund operations for the next 12 months.

As the Company gains traction in the market with its new technology and continues to invest capital in transitioning and scaling the business from research and development of new technologies to commercial production, there can be no assurance that its available resources and revenue generated from its business operations will be sufficient to sustain its operations, as adoption of this emerging technology by enterprise customers may take longer than expected. Accordingly, the Company may decide to pursue additional financing, which could include offerings of equity or debt securities, bank financing, commercial agreements with customers or strategic partners, and other alternatives, depending upon market conditions. There is no assurance that such financing will be available on terms that the Company would find acceptable, or at all. If the Company is unsuccessful in implementing this plan, the Company will be required to make further cost and expense reductions or modifications to its on-going operations and strategic plans.

The market for products using the Company’s technology is broad and evolving, so the Company’s success is dependent upon many factors, including customer acceptance of its existing products, technical feasibility of future products, regulatory approvals, the development of complementary technologies, competition and global market fluctuations.

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Restricted Stock Units Activity


		Weighted
		Average
		Grant
		Date Fair
	Total	Value
Outstanding as of January 1, 2025	17,946	$	71.59
RSUs granted	2,258		13.77
RSUs vested	(3,825)		113.09
RSUs forfeited	(5,081)		41.78
Outstanding as of September 30, 2025	11,298	$	59.40

Summary of Stock-based Compensation Reflected within Statements of Operations

The total amount of stock-based compensation was reflected within the statements of operations as (in thousands):


	Three Months Ended September 30,				For the nine months ended September 30,
	2025		2024		2025		2024
Research and development	$	16	$	35	$	35	$	194
Sales and marketing		4		67		127		217
General and administrative		20		27		69		135
Severance expense		–		–		16		130
Cost of revenue		–		–		1		–
Total	$	40	$	129	$	248	$	676

Employee Stock Purchase Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Fair Values of Stock Options Granted


	For the nine months ended September 30,
	2025		2024
Stock price	—	$	32.70 - $54.90
Dividend yield	—		0	%
Expected volatility	—		76% - 112	%
Risk-free interest rate	—		5.26 - 5.37	%
Expected life	—		6	months

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Stock-Based Compensation

Stock-Based Compensation

Note 11 – Stock-Based Compensation

Equity Incentive Plans

2017 Equity Inducement Plan

On December 28, 2017, the Board approved the 2017 Equity Inducement Plan. Under the 2017 Equity Inducement Plan, the Board reserved 1,000 shares for the grant of RSUs. These grants will be administered by the Board or a committee of the Board. Under the 2017 Equity Inducement Plan, awards could be granted to individuals who (a) were being hired as an employee by the Company or any subsidiary and such award is a material inducement to such person being hired; (b) were being rehired as an employee following a bona fide period of interruption of employment with the Company or any subsidiary; or (c) would become an employee of the Company or any subsidiary in connection with a merger or acquisition.

Note 11 – Stock-Based Compensation, continued

On July 20, 2022, the Board increased the number of shares of common stock reserved and available for issuance under the 2017 Equity Inducement Plan by 3,333 shares. On March 28, 2024, the Board increased the number of shares of common stock reserved and available for issuance under the 2017 Equity Inducement Plan by 4,050 shares. As of September 30, 2025, there are 1,270 RSUs granted and outstanding under the 2017 Equity Inducement Plan. No new equity award grants are to be issued from the 2017 Equity Inducement Plan.

2024 Equity Incentive Plan

On June 12, 2024, the Energous Corporation 2024 Equity Incentive Plan (the “2024 Equity Incentive Plan”) was approved by stockholders for the issuance of equity incentive awards to eligible participants, which replaced the following equity plans of the Company: (i) the 2013 Equity Incentive Plan, (ii) 2014 Non-Employee Equity Compensation Plan, (iii) the Performance Share Unit Plan and (iv) the 2017 Equity Inducement Plan (collectively, the “Prior Equity Plans”). All existing outstanding awards remain outstanding under the Prior Equity Plans, and an additional 15,200 shares of common stock were approved for issuance under the 2024 Equity Incentive Plan. On June 11, 2025, the Company’s stockholders approved an increase of the available share reserve under the 2024 Equity Incentive Plan by 66,667 shares.

As of September 30, 2025, there are 10,028 unvested RSUs outstanding under the 2024 Equity Incentive Plan. As of September 30, 2025, 78,172 shares of common stock remain available for issuance under the 2024 Equity Incentive Plan.

Restricted Stock Units (“RSUs”)

During the nine months ended September 30, 2025, the Compensation Committee granted directors an aggregate of 159 RSUs for service on the Board. These RSU awards vest on the one-year anniversary of the grant date.

During the nine months ended September 30, 2025, the Board granted employees an aggregate of 2,099 RSUs, which vest over four years.

No RSU awards were granted during the three months ended September 30, 2025.

As of September 30, 2025, the unamortized fair value of outstanding RSUs was $0.3 million. The unamortized amount will be expensed over a weighted average period of 2.6 years. A summary of the activity related to RSUs for the nine months ended September 30, 2025 is presented below:


		Weighted
		Average
		Grant
		Date Fair
	Total	Value
Outstanding as of January 1, 2025	17,946	$	71.59
RSUs granted	2,258		13.77
RSUs vested	(3,825)		113.09
RSUs forfeited	(5,081)		41.78
Outstanding as of September 30, 2025	11,298	$	59.40

Note 11 – Stock-Based Compensation, continued

Employee Stock Purchase Plan

In April 2015, the Board approved the ESPP, under which 1,000 shares of common stock were reserved for purchase by the Company’s employees, subject to the approval by the Company’s stockholders. On May 21, 2015, the Company’s stockholders approved the ESPP. On June 12, 2024, the Company’s stockholders approved the amendment and restatement of the ESPP to increase the number of shares reserved for issuance under the ESPP by 207 shares.

On January 21, 2025, the Company terminated its ESPP. No transactions were recorded under the ESPP during 2025. During the year ended December 31, 2024, there were two offering periods. The first offering period began on January 1, 2024 and concluded on June 30, 2024. The second offering period began on July 1, 2024 and concluded on December 31, 2024. The final shares purchased under the ESPP were deemed delivered on December 31, 2024.

The weighted average grant-date fair value of the purchase option for each designated share purchased under the ESPP was approximately $0 per share and $18.90 per share for the nine months ended September 30, 2025 and 2024, respectively, which represents the fair value of the option, consisting of three main components: (i) the value of the discount on the enrollment date, (ii) the proportionate value of the call option for 85% of the stock and (iii) the proportionate value of the put option for 15% of the stock. The Company did not recognize any compensation expense for the ESPP during the three and nine months ended September 30, 2025. The Company recognized compensation expense for the ESPP of approximately $1,000 and $42,000 for the three and nine months ended September 30, 2024, respectively.

The Company estimated the fair value of ESPP purchase options granted during the nine months ended September 30, 2024 using the Black-Scholes option pricing model. The fair values of ESPP purchase options granted were estimated using the following assumptions:


	For the nine months ended September 30,
	2025		2024
Stock price	—	$	32.70 - $54.90
Dividend yield	—		0	%
Expected volatility	—		76% - 112	%
Risk-free interest rate	—		5.26 - 5.37	%
Expected life	—		6	months

Stock-Based Compensation Expense

The total amount of stock-based compensation was reflected within the statements of operations as (in thousands):


	Three Months Ended September 30,				For the nine months ended September 30,
	2025		2024		2025		2024
Research and development	$	16	$	35	$	35	$	194
Sales and marketing		4		67		127		217
General and administrative		20		27		69		135
Severance expense		–		–		16		130
Cost of revenue		–		–		1		–
Total	$	40	$	129	$	248	$	676

Short-term Debt

9 Months Ended

Sep. 30, 2025

Short-term Debt.

Short-term Debt

Note 9 – Short-term Debt

Financing for Insurance Premiums

On April 29, 2025, the Company financed approximately $0.3 million in business insurance premiums to be repaid in nine installments of approximately $35,000 with a borrowing rate of 6.99%. As of September 30, 2025, the Company had an outstanding balance of approximately $0.1 million on the financing for its insurance premiums.

Agile Subordinated Loan Agreement

Effective October 1, 2024, the Company entered into a subordinated business loan agreement (the “Original Loan Agreement”) with Agile Capital Funding, LLC and Agile Lending, LLC (collectively, the “Lender”), which provided for an initial term loan of $525,000, with the ability to receive additional term loans of up to $1.6 million, subject to certain conditions (such loans, the “Original Term Loan”). Principal and interest on the Original Term Loan in the aggregate amount of $756,000 was to be repaid in weekly payments of $27,000 commencing on October 14, 2024 and fully repaid on or before the maturity date of April 21, 2025.

Effective November 5, 2024, the Company entered into an amended subordinated business loan agreement with the Lender (the “Amended Loan Agreement”) to refinance the Original Term Loan. The Amended Loan Agreement provided for a new term loan of $997,000, with the ability to receive additional term loans of up to $1.6 million, subject to certain conditions (such new loans, the “New Term Loan”). Principal and interest on the New Term Loan in the aggregate amount of $1,415,740 was repaid in weekly payments of approximately $39,000 and fully repaid before the maturity date of July 17, 2025 on July 7, 2025. The proceeds of the New Term Loan were allocated to cover the administrative fee of $48,000 and to repay in full the Original Term Loan as described above, which had a carrying amount of $429,000 and settlement value of $648,000 on November 5, 2024. The New Term Loan was expressly subordinated to the Company’s obligations on certain senior indebtedness of the Company as provided in the Amended Loan Agreement.

As of September 30, 2025, the Company had no short-term loan payable balance. The Company recorded interest expense of approximately $4,000 and $0.2 million related to the Amended Loan Agreement during the three and nine months ended September 30, 2025. The payment multiplier on the current loan was 1.42. An administrative fee of $25,000 was paid on the Original Loan agreement, and an administrative fee of $48,000 was paid on the Amended Loan Agreement. These fees were recorded as a debt discount against the proceeds received. As of September 30, 2025, the debt discount was fully amortized. On July 7, 2025, the Company paid off all outstanding amounts owed to the Lender. There are no further obligations under the Amended Loan Agreement. As of September 30, 2025, no balance was owed pursuant to the Amended Loan Agreement.

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Stock-Based Compensation
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value		$ 0	$ 18.9
Percentage of proportionate value of call option of stock		85.00%
Percentage of proportionate value of put option of stock		15.00%
Compensation-based payments	$ 1,000		$ 42,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Capital Stock and Warrants - Shares of common stock reserved for future issuance (Details) - shares	Sep. 30, 2025	Sep. 30, 2024
Capital Stock and Warrants
Total shares of common stock reserved for future issuance	1,116,898	75,071
RSUs outstanding
Capital Stock and Warrants
Total shares of common stock reserved for future issuance	11,298	17,243
Warrants
Capital Stock and Warrants
Total shares of common stock reserved for future issuance	1,027,428	47,764
2024 Equity Incentive Plan
Capital Stock and Warrants
Total shares of common stock reserved for future issuance	78,172	9,492
Employee Stock Purchase Plan
Capital Stock and Warrants
Total shares of common stock reserved for future issuance		572

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

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-Section S50
-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Summary of Significant Accounting Policies
Total potentially dilutive securities	688,726	65,007	688,726	65,007
Warrants issued to investors
Summary of Significant Accounting Policies
Total potentially dilutive securities	677,428	47,764	677,428	47,764
RSUs
Summary of Significant Accounting Policies
Total potentially dilutive securities	11,298	17,243	11,298	17,243

Commitments and Contingencies - Schedule of Reconciliation of Undiscounted Cash Flows to Lease Liabilities Recognized (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jul. 31, 2024
Reconciliation of undiscounted cash flows to lease liabilities
2025 (Remaining three months)	$ 113
2026	556
2027	610
Total future lease payments	1,279
Present value discount (8.0% weighted average)	(109)
Total operating lease liabilities	$ 1,170	$ 800
Weighted average (in Percentage)	8.00%

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2025 USD ($) segment $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2025 $ / shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 $ / shares	Mar. 28, 2023 $ / shares
Summary of Significant Accounting Policies
Revenue \| $	$ 1,272,000	$ 230,000	$ 2,590,000	$ 340,000
Accounts receivable, net of allowance for credit losses \| $	0		0			$ 0
Research and development \| $	$ 897,000	$ 1,468,000	$ 3,189,000	$ 5,956,000
Antidilutive securities excluded from computation of earnings per share, amount	688,726	65,007	688,726	65,007
Exercise price \| $ / shares								$ 240
Number of operating segments \| segment			1
Number of reportable segments \| segment			1
Computer hardware
Summary of Significant Accounting Policies
Estimated Useful life	3 years		3 years
Furniture and fixtures
Summary of Significant Accounting Policies
Estimated Useful life	7 years		7 years
Leasehold improvements
Summary of Significant Accounting Policies
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember		us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Minimum \| Computer software
Summary of Significant Accounting Policies
Estimated Useful life	1 year		1 year
Maximum \| Computer software
Summary of Significant Accounting Policies
Estimated Useful life	2 years		2 years
Pre Funded Warrant
Summary of Significant Accounting Policies
Exercise price \| $ / shares	$ 0.00001		$ 0.00001
Warrants issued			465,347
Exercised	115,347		115,347
Warrants outstanding	350,000		350,000
Warrants issued to investors
Summary of Significant Accounting Policies
Antidilutive securities excluded from computation of earnings per share, amount	677,428	47,764	677,428	47,764
Exercise price \| $ / shares					$ 8.4	$ 9	$ 49.8
Warrants issued to investors \| Expiring on September 10, 2030, with exercise price of 7.79
Summary of Significant Accounting Policies
Antidilutive securities excluded from computation of earnings per share, amount	633,111		633,111
Exercise price \| $ / shares	$ 7.79		$ 7.79
Warrants issued to investors \| Expiring on September 10, 2030, with exercise price of 9.90
Summary of Significant Accounting Policies
Antidilutive securities excluded from computation of earnings per share, amount	44,317		44,317
Exercise price \| $ / shares	$ 9.9		$ 9.9
Warrants issued to investors \| Expiring on September 10, 2030, with exercise price of 55.20
Summary of Significant Accounting Policies
Antidilutive securities excluded from computation of earnings per share, amount		34,014		34,014
Exercise price \| $ / shares		$ 55.2		$ 55.2
Warrants issued to investors \| Expiring on September 10, 2030, with exercise price of 16.80
Summary of Significant Accounting Policies
Antidilutive securities excluded from computation of earnings per share, amount		13,750		13,750
Exercise price \| $ / shares		$ 16.8		$ 16.8
Employee Stock Purchase Plan
Summary of Significant Accounting Policies
Common stock purchase price discount percentage			15.00%
Product Development Projects Revenue
Summary of Significant Accounting Policies
Revenue \| $	$ 1,300,000	$ 200,000	$ 2,600,000	$ 300,000

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Reconciliation of Undiscounted Cash Flows to Lease Liabilities Recognized

A reconciliation of undiscounted cash flows to lease liabilities recognized as of September 30, 2025 is as follows (in thousands):


For the year ending December 31,	Amount
2025 (Remaining three months)	$	113
2026		556
2027		610
Total future lease payments		1,279
Present value discount (8.0% weighted average)		(109)
Total operating lease liabilities	$	1,170

Stock-Based Compensation - Restricted Stock Units (Details) - RSUs $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2025 USD ($) shares	Sep. 30, 2025 USD ($) shares
Stock-Based Compensation
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period	0	2,258
Employee service share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options \| $	$ 0.3	$ 0.3
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition		2 years 7 months 6 days
Non-employee
Stock-Based Compensation
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period		159
Share-based compensation arrangement by share-based payment award, award vesting period		1 year
Employee
Stock-Based Compensation
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period		2,099
Share-based compensation arrangement by share-based payment award, award vesting period		4 years

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Beginning balance at Dec. 31, 2023

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
$ in Thousands

Common Stock

Warrants 2023 and 2024

Common Stock

Pre Funded Warrant

Common Stock

Additional Paid-in Capital

Warrants 2023 and 2024

Additional Paid-in Capital

Accumulated Deficit

Warrants 2023 and 2024

Total

$ 1

$ 393,539

$ (382,042)

$ 11,498

Beginning balance (in shares) at Dec. 31, 2023

182,380

Stock-based compensation - options

Stock-based compensation - restricted stock units ("RSUs")

313

Stock-based compensation - employee stock purchase plan ("ESPP")

Proceeds (refunds) from contributions to the ESPP

557

Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs

Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs (in shares)

930

Issuance of shares in a sale of common stock, pre-funded warrants and warrants, net of issuance costs

1,770

Issuance of shares in a sale of common stock, pre-funded warrants and warrants, net of issuance costs (in shares)

19,000

Ending balance at Mar. 31, 2024

(6,599)

$ 1

395,796

(388,641)

7,156

Ending balance (in shares) at Mar. 31, 2024

202,867

Beginning balance at Dec. 31, 2023

$ 1

393,539

(382,042)

11,498

Beginning balance (in shares) at Dec. 31, 2023

182,380

Ending balance at Sep. 30, 2024

(14,269)

$ 1

396,744

(396,311)

434

Ending balance (in shares) at Sep. 30, 2024

259,147

Beginning balance at Mar. 31, 2024

$ 1

395,796

(388,641)

7,156

Beginning balance (in shares) at Mar. 31, 2024

202,867

Stock-based compensation - restricted stock units ("RSUs")

159

Stock-based compensation - employee stock purchase plan ("ESPP")

(16)

Warrants exercised (in shares)

477

15,014

Proceeds (refunds) from contributions to the ESPP

(33)

Proceeds (refunds) from contributions to the ESPP (shares)

125

Ending balance at Jun. 30, 2024

(4,258)

$ 1

395,906

(392,899)

3,008

Ending balance (in shares) at Jun. 30, 2024

218,483

Stock-based compensation - restricted stock units ("RSUs")

128

Stock-based compensation - employee stock purchase plan ("ESPP")

Proceeds (refunds) from contributions to the ESPP

Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs

704

Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs (in shares)

40,573

Ending balance at Sep. 30, 2024

(3,412)

$ 1

396,744

(396,311)

434

Ending balance (in shares) at Sep. 30, 2024

259,147

Beginning balance at Dec. 31, 2024

$ 1

399,362

(400,440)

(1,077)

^[1]

Beginning balance (in shares) at Dec. 31, 2024

452,533

Stock-based compensation - restricted stock units ("RSUs")

111

Shares issued to vendor for services

1,315

Shares issued to vendor for services (in shares)

2,500

Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs

13,803

Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs (in shares)

623,440

Ending balance at Mar. 31, 2025

(3,366)

$ 1

413,301

(403,806)

9,496

Ending balance (in shares) at Mar. 31, 2025

1,079,788

Beginning balance at Dec. 31, 2024

$ 1

399,362

(400,440)

(1,077)

^[1]

Beginning balance (in shares) at Dec. 31, 2024

452,533

Ending balance at Sep. 30, 2025

(8,267)

$ 1

422,432

(408,707)

13,726

Ending balance (in shares) at Sep. 30, 2025

1,824,844

Beginning balance at Mar. 31, 2025

$ 1

413,301

(403,806)

9,496

Beginning balance (in shares) at Mar. 31, 2025

1,079,788

Stock-based compensation - restricted stock units ("RSUs")

Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs

2,451

1,969

Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs (in shares)

226,446

Ending balance at Jun. 30, 2025

(2,788)

$ 1

415,367

(406,594)

8,774

Ending balance (in shares) at Jun. 30, 2025

1,308,685

Stock-based compensation - restricted stock units ("RSUs")

Warrants exercised (in shares)

Warrants exercised

$ 364

47,764

115,347

Reclassification of warrant liability upon warrant exercise

101

Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs

2,444

Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs (in shares)

232,989

Issuance of shares in a sale of common stock, pre-funded warrants and warrants, net of issuance costs

4,116

Issuance of shares in a sale of common stock, pre-funded warrants and warrants, net of issuance costs (in shares)

120,000

Ending balance at Sep. 30, 2025

(2,113)

$ 1

$ 422,432

$ (408,707)

$ 13,726

Ending balance (in shares) at Sep. 30, 2025

1,824,844

[1]	The condensed balance sheet as of December 31, 2024 was derived from the audited balance sheet as of that date.

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss	$ (8,267)	$ (14,269)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	111	148
Stock-based compensation	248	676
Accrued interest	20
Amortization of short-term loan fees	39
Change in fair value of warrant liability	(257)	(413)
Loss on retirement of property and equipment	1
Changes in operating assets and liabilities:
Accounts receivable	(1,163)	(50)
Inventory	(739)	(307)
Prepaid expenses and other current assets	87	28
Operating lease right-of-use ("ROU") assets	478	489
Accounts payable	(572)	(341)
Accrued expenses	421	(298)
Accrued severance expense	(28)	(97)
Operating lease liabilities	(394)	(441)
Deferred revenue	3	(16)
Net cash used in operating activities	(10,012)	(14,891)
Cash flows from investing activities:
Purchases of property and equipment	(43)	(123)
Net cash used in investing activities	(43)	(123)
Cash flows from financing activities:
Repayments of short-term loan	(873)
Payments for financed insurance premiums	(223)
Net proceeds from exercise of warrant liability	364
Net proceeds from an ATM offering	18,216	751
Net proceeds from a sale of common stock and warrant issuance	4,116	1,770
Proceeds from contributions to the ESPP		8
Net cash provided by financing activities	21,600	2,529
Net increase (decrease) in cash, cash equivalents and restricted cash	11,545	(12,485)
Cash, cash equivalents and restricted cash - beginning	1,353	13,936
Cash, cash equivalents and restricted cash - ending	12,898	1,451
Supplemental disclosure of cash flow information:
Interest paid	274
Supplemental disclosure of non-cash investing and financing activities:
Decrease in operating lease ROU assets and operating lease liabilities from lease amendment		51
Increase in operating lease ROU assets and operating lease liabilities from lease modification	896	$ 5
Decrease in ROU assets from shares issued to landlord	25
Accrued interest in short-term loan payable	70
Reclassification of warrant liability to equity upon warrant exercise	101
Financing of insurance premiums	$ 308

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2025

Summary of Property and Equipment

Property and equipment are as follows (in thousands):


	Balance as of
	September 30, 2025		December 31, 2024
Computer software	$	936	$	900
Computer hardware		1,643		2,412
Furniture and fixtures		206		489
Leasehold improvements		424		783
		3,209		4,584
Less – accumulated depreciation		(2,922)		(4,228)
Total property and equipment, net	$	287	$	356

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Measurements

Schedule of fair value of assets and liabilities measured on recurring basis

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):


	Balance as of September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	12,898	$	—	$	—	$	12,898
Liabilities:
Warrant liability	$	—	$	—	$	—	$	—


	Balance as of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	1,353	$	—	$	—	$	1,353
Liabilities:
Warrant liability	$	—	$	—	$	358	$	358

Schedule of estimated fair value of the warrant liability


	As of September 11, 2025			As of December 31, 2024
Share price	$	7.66		$	30.30
Exercise price	$	6.76		$	9.00
Term (in years)		—			4.24
Volatility		140	%		90	%
Risk-free rate		3.5	%		4.3	%
Dividend yield		0	%		0	%

Schedule of changes in fair value of liability


	For the nine months ended September 30,
	2025		2024
Beginning value	$	358	$	620
Change in value of warrant liability		(257)		(413)
Warrants exercised		(101)		—
Ending value	$	—	$	207

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Measurements

Fair Value Measurements

Note 13 – Fair Value Measurements


	Balance as of September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	12,898	$	—	$	—	$	12,898
Liabilities:
Warrant liability	$	—	$	—	$	—	$	—


	Balance as of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	1,353	$	—	$	—	$	1,353
Liabilities:
Warrant liability	$	—	$	—	$	358	$	358

There were no transfers among Level 1, Level 2, or Level 3 categories during the periods presented.

Note 13 – Fair Value Measurements, continued

2023 Warrants

The Company utilized a Monte Carlo simulation model for the 2023 Warrants at each reporting period, with changes in fair value recognized in the statements of operations. The estimated fair value of the 2023 Warrant liability was determined using Level 3 inputs. Inherent in a Monte Carlo simulation model are assumptions related to expected share-price volatility, expected life, risk-free interest rate, and dividend yield.

The key inputs into the Monte Carlo simulation model for the 2023 Warrants are as follows:


	As of September 11, 2025			As of December 31, 2024
Share price	$	7.66		$	30.30
Exercise price	$	6.76		$	9.00
Term (in years)		—			4.24
Volatility		140	%		90	%
Risk-free rate		3.5	%		4.3	%
Dividend yield		0	%		0	%

The change in the fair value of the 2023 Warrant liability was a decrease of $0.3 million during the nine months ended September 30, 2025. The change in fair value of the 2023 Warrant liability was $0.4 million during the nine months ended September 30, 2024 (see Note 12 – Warrant Liability). As of September 30, 2025, the 2023 Warrants were fully exercised in the Concurrent Warrant Exercise Transaction, eliminating the recorded warrant liability.


	For the nine months ended September 30,
	2025		2024
Beginning value	$	358	$	620
Change in value of warrant liability		(257)		(413)
Warrants exercised		(101)		—
Ending value	$	—	$	207

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6A
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6A
-Subparagraph (h)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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Transfer of assets into (out of) level 3

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands

9 Months Ended

12 Months Ended

Sep. 30, 2025

Dec. 31, 2024

Fair Value Measurements

$ 0

Transfers of assets from level 2 to level 1

Transfers of assets from level 1 to level 2

Transfer of liabilities into (out of) level 3

Transfers of liabilities from level 1 to level 2

Transfers of liabilities from level 2 to level 1

Liabilities:

Fair Value Measurements Recurring

^[1]

358

Assets:

Cash equivalents

12,898

1,353

Liabilities:

Level 1 | Fair Value Measurements Recurring

358

Assets:

Cash equivalents

$ 12,898

1,353

Level 3 | Fair Value Measurements Recurring

Liabilities:

Summary of Significant Accounting Policies

$ 358

[1]	The condensed balance sheet as of December 31, 2024 was derived from the audited balance sheet as of that date.

Accrued Expenses

9 Months Ended

Sep. 30, 2025

Accrued Expenses

Accrued Expenses

Note 7 – Accrued Expenses

Accrued expenses consist of the following (in thousands):


	Balance as of
	September 30, 2025		December 31, 2024
Accrued compensation	$	1,070	$	740
Accrued legal expenses		138		178
Accrued stock registration expense		139		—
Accrued interest		1		90
Other accrued expenses		158		127
Total	$	1,506	$	1,135

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2025

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Certain information and note disclosures have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of the periods presented. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full fiscal year ending December 31, 2025, or for other future periods.

These interim unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 27, 2025 (the “2024 Annual Report”). The accounting policies used in preparing these interim unaudited condensed financial statements are consistent with those described in the 2024 Annual Report.

Reclassifications

Certain reclassifications have been made to the fiscal year 2024 condensed financial statements to conform to the 2025 presentation. The Company reclassified certain expenses between research and development and general and administrative expenses. The amounts were not considered material to the condensed financial statements. The reclassifications had no impact on total assets, total liabilities, stockholders’ equity (deficit) or net loss.

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements as well as the reported expenses during the reporting periods.

The Company’s significant estimates and assumptions include the valuation of stock-based compensation instruments, recognition of revenue, inventory valuation, fair value of warrant liabilities and the valuation allowance on deferred tax assets. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all short-term, highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. The Company maintains cash balances that may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as a liability at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The fair value of the warrants is estimated using an appropriate valuation model. Such warrant classification is also subject to re-evaluation at each reporting period.

Offering costs associated with warrants classified as liabilities are expensed as incurred and are presented as offering cost related to warrant liability in the statement of operations. Offering costs associated with the sale of warrants classified as equity are charged against the proceeds received.

Fair Value

The Company follows ASC 820, “Fair Value Measurements” (“ASC 820”), which establishes a common definition of fair value to be applied when US GAAP requires the use of fair value, establishes a framework for measuring fair value, and requires certain disclosure about such fair value measurements.

ASC 820 establishes a 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 observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about what market participants would use in pricing the asset or liability based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows:

●

Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities to which the Company has access at a measurement date.

●

Level 2: Observable inputs other than Level 1 quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in an active market, quoted prices for identical assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

●

Level 3: Unobservable inputs for which little or no market data exists and for which the Company must develop its own assumptions regarding the assumptions that market participants would use in pricing the asset or liability, including assumptions regarding risk.

Because of the uncertainties inherent in the valuation of assets or liabilities for which there are no observable inputs, those estimated fair values may differ significantly from the values that may have been used had a ready market for the assets or liabilities existed.

The carrying amounts of the Company’s financial assets and liabilities, such as cash, cash equivalents, prepaid expenses and other current assets, and accounts payable and accrued expenses, are an approximate of their fair values because of the short maturity of these instruments. The carrying amounts of the Company’s short-term debt and lease liabilities approximate fair value due to the market interest rates that these obligations bear and interest rates currently available to the Company. The Company’s warrant liability recognized at fair value on a recurring basis is a level 3 measurement (see Note 13 – Fair Value Measurements).

Revenue Recognition

The Company follows ASC 606, “Revenue from Contracts with Customers” (“Topic 606”).

In accordance with Topic 606, the Company recognizes revenue using the following five-step approach:

Identify the contract with a customer.

Identify the performance obligations in the contract.

Determine the transaction price of the contract.

Allocate the transaction price to the performance obligations in the contract.

Recognize revenue when or as the performance obligations are satisfied.

The Company’s revenue consists of its single segment of wireless charging system solutions. The wireless charging system revenue consists of revenue from product development projects and production-level systems. During the three and nine months ended September 30, 2025, the Company recognized $1.3 million and $2.6 million in revenue, respectively. During the three and nine months ended September 30, 2024, the Company recognized $0.2 million and $0.3 million in revenue, respectively.

The Company records revenue associated with the sales of products, such as PowerBridge transmitter systems and with product development projects that it enters into with certain customers. For the sales of products, the Company generally records revenue upon shipment of the products or after the terms of any applicable return policy have elapsed. In general, the product development projects are complex, and the Company does not have certainty about its ability to achieve the project milestones. The achievement of a milestone is dependent on the Company’s performance obligation and requires acceptance by the customer. The Company recognizes this revenue at the point in time at which the performance obligation is met. The payment associated with achieving the performance obligation is generally commensurate with the Company’s effort or the value of the deliverable and is nonrefundable. Any deferred revenue is recognized upon achievement of the performance obligation or expiration of a support agreement.

Shipping and Handling

The Company reflects the cost of shipping its products to customers as a cost of revenue. Reimbursements received from customers for freight costs are recognized as product revenue.

Accounts Receivable

The Company reviews its receivables for collectibility based on historical loss patterns, aging of the receivables, and assessments of specific identifiable client accounts considered at risk or uncollectible and provides allowances for potential credit losses, as needed. The Company also considers any changes to the financial condition of its clients and any other external market factors that could impact the collectibility of the receivables in the determination of the allowance for credit losses. Based on these assessments, the Company did not record a provision for credit losses on its accounts receivable as of September 30, 2025 and December 31, 2024.

The Company follows ASC Topic 310, “Receivables,” to account for transactions related to factoring accounts receivable. The Company did not have a factoring agreement during the three and nine months ended September 30, 2025 and 2024.

Inventory

Inventory is stated at the lower of cost or net realizable value. Net realizable value is calculated at the end of each reporting period and adjustment, if needed, is made. At the point of loss recognition, a new lower cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in the new cost basis.

Research and Development

Research and development expenses are charged to operations as incurred. The Company incurred research and development costs of $0.9 million and $3.2 million during the three and nine months ended September 30, 2025, respectively. The Company incurred research and development costs of $1.5 million and $6.0 million during the three and nine months ended September 30, 2024, respectively.

Stock-Based Compensation

The Company accounts for equity instruments issued to employees, board members and contractors in accordance with accounting guidance that requires awards to be recorded at their fair value on the date of grant and amortized over the vesting period of the award. The Company amortizes compensation costs on a straight-line basis over the requisite service period of the award, which is typically the vesting term of the equity instrument issued.

Under the Energous Corporation ESPP, employees purchased a limited number of shares of the Company’s common stock at a 15% discount from the lower of the closing market prices measured on the first and last days of each half-year period. The Company recognized stock-based compensation expense for the fair value of the purchase options, as measured on the grant date. The Company discontinued the ESPP as of January 21, 2025.

Income Taxes

The Company follows the asset and liability method of accounting for income taxes under ASC Topic 740, “Income Taxes” (“Topic 740”). Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between financial statement carrying amounts and the tax basis of existing assets and liabilities and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply in the years in which those tax assets and liabilities are expected to be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance is established if it is more likely than not that all or a portion of the deferred tax asset will not be realized.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company continues to assess the need for a valuation allowance on the deferred tax assets by evaluating both positive and negative evidence that may exist. Any adjustment to the valuation allowance on deferred tax assets would be recorded in the statements of income for the period that the adjustment is determined to be required.

The Company accounts for uncertain tax position in accordance with Topic 740. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. The guidance from Topic 740 also discusses the classification of related interest and penalties on income taxes. The Company’s policy is to record interest and penalties on uncertain tax positions as a component of income tax expense.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. Among other provisions, this act includes permanently extending and modifying certain expiring provisions of the 2017 Tax Cuts and Jobs Act and immediate expensing of domestic research and development expenses. The Company is evaluating the impact of these provisions and does not expect the OBBBA to have a material impact on its consolidated financial statements.

Net Loss Per Common Share

Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of warrants (using the treasury stock method) and the vesting of RSUs. The computation of diluted loss per share excludes potentially dilutive securities of 688,726 shares and 65,007 shares for the three and nine months ended September 30, 2025 and 2024, respectively, as outlined in the table below, because their inclusion would be anti-dilutive.


	For the three and nine months ended September 30,
	2025	2024
Warrants issued to investors	677,428	47,764
RSUs	11,298	17,243
Total potentially dilutive securities	688,726	65,007

For the three and nine months ended September 30, 2025, the table above includes 633,111 warrants expiring on September 10, 2030, which have an exercise price of $7.79 per share, and 44,317 warrants expiring on September 10, 2030, which have an exercise price of $9.90 per share. For the three and nine months ended September 30, 2024, the table above includes 34,014 warrants expiring on February 20, 2029, which, as of September 30, 2024, an exercise price of $55.20 per share and 13,750 warrants expiring on March 28, 2029, which, as of September 30, 2024, had an exercise price of $16.80 per share.

The weighted average number of common shares outstanding as of September 30, 2025, includes the weighted average effect of the 465,347 pre-funded warrants issued in connection with a registered direct offering the Company entered into on September 11, 2025 (see Note 10 – Capital Stock and Warrants) because the exercise of such warrants requires nominal consideration ($0.00001 per share exercise price for each pre-funded warrant). As of September 30, 2025, 115,347 of the pre-funded warrants have been exercised; therefore, 350,000 outstanding pre-funded warrants as of that date are not included in the table above.

Property and Equipment

The Company currently uses the following expected life terms for depreciating property and equipment: computer software – 1-2 years, computer hardware – 3 years, furniture and fixtures – 7 years, leasehold improvements – shorter of estimated life or remaining life of the lease.

Leases

The Company determines if an arrangement is a lease at the inception of the arrangement. The Company applies the short-term lease recognition exemption and recognizes lease payments in profit or loss at lease commencement for facility or equipment leases that have a lease term of 12 months or less and do not include a purchase option whose exercise is reasonably certain. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities.

ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are measured and recorded at the service commencement date based on the present value of lease payments over the lease term. The Company uses the implicit interest rate when readily determinable; however, most leases do not establish an implicit rate, so the Company uses an estimate of the incremental borrowing rate based on the information available at the time of measurement. Lease expense for lease payments is recognized on a straight-line basis over the lease term. See Note 8 – Commitments and Contingencies, Operating Leases for further discussion of the Company’s operating leases.

Segments

The Company has one operating segment and one reportable segment as its chief operating decision maker (“CODM”), who is its Chief Executive Officer and Chief Financial Officer, reviews financial information on a regular basis for purposes of allocating resources and evaluating financial performance. The CODM also reviews and utilizes functional expenses, such as cost of revenue, research and development, sales and marketing and general and administrative, to manage the Company’s operations. All long-lived assets are located in the United States and substantially all revenue is attributed to customers based in the United States.

Recent Accounting Pronouncements, Not Yet Adopted

In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes” (“Topic 740”), Improvements to Income Tax Disclosures. This standard is intended to enhance the transparency and usefulness of income tax disclosures to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This standard is effective for the Company’s annual fiscal period beginning January 1, 2025. The Company does not believe that the adoption of this standard will have a material impact on the Company’s financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This ASU requires the disaggregation of certain expenses in the notes to the financial statements, to provide enhanced transparency into the expense captions presented on the face of the income statement. This ASU is effective on a prospective basis for fiscal years beginning after December 15, 2026 and for interim periods beginning after December 15, 2027, with early adoption permitted. This ASU may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of the new standard on the Company’s financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, “Measurement of Credit Losses for Accounts Receivable and Contract Assets”, which provides a practical expedient to measure credit losses on accounts receivable and contract assets. The ASU is effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the timing of the adoption and the impact of the new standard on the financial statements and related disclosures

Management has reviewed other recently issued accounting pronouncements issued or proposed by the FASB and does not believe any of these accounting pronouncements have or will have a material impact on the condensed financial statements.

Accrued Expenses (Details) - USD ($)
$ in Thousands

Sep. 30, 2025

Dec. 31, 2024

Accrued Expenses

Accrued compensation

$ 1,070

$ 740

Accrued legal expenses

138

178

Accrued stock registration expense

139

Accrued interest

Other accrued expenses

158

127

Total

$ 1,506

$ 1,135

^[1]

[1]	The condensed balance sheet as of December 31, 2024 was derived from the audited balance sheet as of that date.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Summary of Significant Accounting Policies

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	For the three and nine months ended September 30,
	2025	2024
Warrants issued to investors	677,428	47,764
RSUs	11,298	17,243
Total potentially dilutive securities	688,726	65,007

Short-term Debt - Financing For Insurance Premiums (Details)

Apr. 29, 2025

USD ($)

installment

Sep. 30, 2025

USD ($)

Dec. 31, 2024

USD ($)

^[1]

Financing for insurance premiums

$ 139,000

$ 818,000

Debt instrument face amount

$ 300,000

Number of installments | installment

Periodic repayment of debt

$ 35,000

Interest rate (in %)

6.99%

Schedule of Accrued Expenses

$ 100,000

[1]	The condensed balance sheet as of December 31, 2024 was derived from the audited balance sheet as of that date.

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2025

Accrued Expenses

Accrued expenses consist of the following (in thousands):


	Balance as of
	September 30, 2025		December 31, 2024
Accrued compensation	$	1,070	$	740
Accrued legal expenses		138		178
Accrued stock registration expense		139		—
Accrued interest		1		90
Other accrued expenses		158		127
Total	$	1,506	$	1,135

Customer Concentrations

9 Months Ended

Sep. 30, 2025

Customer Concentrations

Customer Concentrations

Note 14 – Customer Concentrations

Three customers accounted for approximately 97% of the Company’s revenue for the three months ended September 30, 2025, and two customers accounted for approximately 81% of the Company’s revenue for the nine months ended September 30, 2025. Two customers accounted for approximately 85% of the Company’s revenue for the three months ended September 30, 2024, and two customers accounted for 74% of the Company’s revenue for the nine months ended September 30, 2024. Three customers accounted for approximately 99% of the Company’s accounts receivable balance as of September 30, 2025, and two customers accounted for approximately 99% of the Company’s accounts receivable balance as of December 31, 2024.

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 21
-Subparagraph (d)(3)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Summary of Significant Accounting Policies

Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - RSUs - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Outstanding		17,946
Shares granted	0	2,258
Shares vested		(3,825)
Shares forfeited		(5,081)
Number of Options, Outstanding	11,298	11,298
Weighted Average Grant Date Fair Value, Beginning Balance		$ 71.59
Weighted Average Grant Date Fair Value, Shares Granted		13.77
Weighted Average Grant Date Fair Value, Shares Vested		113.09
Weighted Average Grant Date Fair Value, Shares Forfeited		41.78
Weighted Average Grant Date Fair Value, Ending Balance	$ 59.4	$ 59.4

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Summary of Significant Accounting Policies

Note 3 – Summary of Significant Accounting Policies

Basis of Presentation

Reclassifications

Note 3 – Summary of Significant Accounting Policies, continued

Use of Estimates

Cash and Cash Equivalents

Warrants

Fair Value

Note 3 – Summary of Significant Accounting Policies, continued

●

Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities to which the Company has access at a measurement date.

●

Revenue Recognition

The Company follows ASC 606, “Revenue from Contracts with Customers” (“Topic 606”).

In accordance with Topic 606, the Company recognizes revenue using the following five-step approach:

Identify the contract with a customer.

Identify the performance obligations in the contract.

Determine the transaction price of the contract.

Allocate the transaction price to the performance obligations in the contract.

Recognize revenue when or as the performance obligations are satisfied.

Note 3 – Summary of Significant Accounting Policies, continued

Shipping and Handling

The Company reflects the cost of shipping its products to customers as a cost of revenue. Reimbursements received from customers for freight costs are recognized as product revenue.

Accounts Receivable

Inventory

Research and Development

Stock-Based Compensation

Note 3 – Summary of Significant Accounting Policies, continued

Income Taxes

Net Loss Per Common Share


	For the three and nine months ended September 30,
	2025	2024
Warrants issued to investors	677,428	47,764
RSUs	11,298	17,243
Total potentially dilutive securities	688,726	65,007

Note 3 – Summary of Significant Accounting Policies, continued

Property and Equipment

Leases

Segments

Recent Accounting Pronouncements, Not Yet Adopted

Warrant Liability - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
	Mar. 28, 2023	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 11, 2025
Class Of Warrant Or Right
Warrants exercisable term	6 years
Exercise price	$ 240
Change in fair value of warrant liability		$ 10,000	$ (159,000)	$ (257,000)	$ (413,000)
Warrants Two Thousand Twenty Three
Class Of Warrant Or Right
Warrant liability	$ 3,100,000
Change in fair value of warrant liability		$ 10,000	$ 200,000	$ (300,000)	$ 400,000
Common Stock \| Warrants Two Thousand Twenty Three
Class Of Warrant Or Right
Class of warrant or right, number of securities called by warrants or rights	13,750
Warrants exercisable term	6 years
Warrants of exercisable beginning	Mar. 28, 2023
Each warrant of exercisable	1
Exercise price	$ 240					$ 8.4

Customer Concentrations - Additional Information (Details) - Customer Concentration Risk - customer	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Revenues \| Two Customer
Customer Concentrations
Number of customers		2	2
Concentration percentage	97.00%	85.00%	81.00%
Revenues \| Three Customer
Customer Concentrations
Number of customers	3			2
Concentration percentage				74.00%
Accounts Receivable \| Two Customer
Customer Concentrations
Number of customers			3		2
Concentration percentage			99.00%		99.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
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

Property and Equipment (Details) - USD ($)

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

Less - accumulated depreciation

$ 3,209,000

$ 4,584,000

(2,922,000)

(4,228,000)

Property, Plant and Equipment, Net, Total

287,000

356,000

^[1]

Disposal of property, plant and equipment

1,400,000

$ 0

Depreciation and amortization expense

111,000

148,000

Cost of revenue

900

$ 0

Computer software

936,000

900,000

Computer hardware

1,643,000

2,412,000

Furniture and fixtures

206,000

489,000

Leasehold improvements

Prepaid Expenses and Other Current Assets

$ 424,000

$ 783,000

[1]	The condensed balance sheet as of December 31, 2024 was derived from the audited balance sheet as of that date.

Inventory

9 Months Ended

Sep. 30, 2025

Inventory

Inventory

Note 5 – Inventory

Below is a summary of the Company’s inventory as of September 30, 2025 and December 31, 2024 (in thousands):


	Balance as of
	September 30, 2025		December 31, 2024
Raw materials	$	654	$	498
Work-in-process		233		—
Finished goods		350		—
Total	$	1,237	$	498

Inventory (Details) - USD ($)
$ in Thousands

Sep. 30, 2025

Dec. 31, 2024

Inventory

Raw materials

$ 654

$ 498

Work-in-process

233

Finished goods

350

Total

$ 1,237

$ 498

^[1]

[1]	The condensed balance sheet as of December 31, 2024 was derived from the audited balance sheet as of that date.

Capital Stock and Warrants (Details)										1 Months Ended	2 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
Capital Stock and Warrants (Details)	Sep. 11, 2025 USD ($)	Sep. 10, 2025 USD ($) $ / shares shares	Mar. 11, 2025 shares	Oct. 11, 2024 USD ($) $ / shares $ / item shares	Jun. 21, 2024 USD ($)	Feb. 20, 2024 USD ($)	Feb. 15, 2024 $ / shares shares	Mar. 28, 2023 USD ($) $ / shares shares	Dec. 16, 2021 USD ($)	Jan. 31, 2025 USD ($) shares	Feb. 28, 2025 USD ($) shares	Sep. 30, 2025 USD ($) Vote $ / shares shares	Mar. 31, 2025 USD ($)	Sep. 30, 2025 USD ($) Vote $ / shares shares	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) $ / shares shares	Jun. 30, 2025 $ / shares	Feb. 13, 2025 USD ($)	Jan. 06, 2025 USD ($)	Dec. 30, 2024 USD ($)	Dec. 31, 2023 $ / shares
Capital Stock and Warrants
Number of common stock voting entitlement per share \| Vote												1		1
Securities reserved for issuance \| $								$ 2,700,000	$ 100,000,000
Common stock, shares issued (in shares)								13,750				1,824,844		1,824,844		452,533
Warrants exercisable term								6 years
Exercise price \| $ / shares								$ 240
Net proceeds from a sale of common stock and warrant issuance \| $														$ 4,116,000	$ 1,770,000
Expenses from abandoned financing transaction \| $														$ 661,000
Common stock outstanding description														The Company’s outstanding shares of common stock typically include shares that are deemed delivered under US GAAP. Shares that are deemed delivered currently include shares that have vested, but have not yet been delivered, under tax-deferred equity awards, as well as shares purchased under the ESPP where actual transfer of shares normally occurs a few days after the completion of the purchase periods. There are no voting rights for shares that are deemed delivered under US GAAP until the actual delivery of shares takes place. There are currently 200,000,000 shares of common stock authorized for issuance.
Common stock, shares authorized (in shares)												200,000,000		200,000,000		200,000,000
Warrants
Capital Stock and Warrants
Exercise price \| $ / shares																$ 9	$ 8.4				$ 49.8
2024 Offering
Capital Stock and Warrants
Common stock, shares issued (in shares)							19,000
Warrants exercisable term							5 years
Exercise price \| $ / shares							$ 55.2
Proceeds of securities offerings \| $						$ 1,800,000
Net of issuance costs from offering of shares \| $						$ 200,000
At The Market Program
Capital Stock and Warrants
Proceeds of securities offerings \| $																$ 3,100,000
Stock issued during period																228,392
Issuance costs \| $																$ 300,000
Prior ATM Program
Capital Stock and Warrants
Proceeds of securities offerings \| $																$ 47,000
Stock issued during period																930
Issuance costs \| $																$ 2,000
December 2024 Prospectus Supplement
Capital Stock and Warrants
Proceeds of securities offerings \| $										$ 7,000,000
Stock issued during period										209,348
Issuance costs \| $										$ 400,000
Common stock available for sale \| $																				$ 7,460,000
January 2025 Prospectus Supplement
Capital Stock and Warrants
Proceeds of securities offerings \| $											$ 6,300,000
Stock issued during period											343,465
Issuance costs \| $											$ 300,000
Common stock available for sale \| $																			$ 6,600,000
February 2025 Prospectus Supplement
Capital Stock and Warrants
Proceeds of securities offerings \| $												$ 2,400,000		$ 4,900,000
Stock issued during period												232,989		530,062
Issuance costs \| $												$ 100,000		$ 400,000
Common stock available for sale \| $												$ 64,700,000		$ 64,700,000				$ 80,000,000
2025 Offering
Capital Stock and Warrants
Common stock, shares issued (in shares)		120,000
Class of warrant or right, number of securities called by warrants or rights		465,347
Warrants exercisable term		5 years
Exercise price \| $ / shares		$ 7.79
Net proceeds from a sale of common stock and warrant issuance \| $	$ 4,100,000
Regulation A offering
Capital Stock and Warrants
Maximum offering units			0
Prepaid financing expense \| $																$ 300,000
Additional offering expense \| $													$ 400,000
Expenses from abandoned financing transaction \| $													$ 700,000
Pre Funded Warrant \| 2024 Offering
Capital Stock and Warrants
Class of warrant or right, number of securities called by warrants or rights							15,014
Exercise price \| $ / shares							$ 0.03
Pre Funded Warrant \| 2025 Offering
Capital Stock and Warrants
Exercise price \| $ / shares		$ 0.00001
Common Stock Or Pre Funded Warrant \| 2024 Offering
Capital Stock and Warrants
Class of warrant or right, number of securities called by warrants or rights							34,014
Common Stock Or Pre Funded Warrant \| 2025 Offering
Capital Stock and Warrants
Class of warrant or right, number of securities called by warrants or rights		585,347
Maximum
Capital Stock and Warrants
Class of warrant or right, number of securities called by warrants or rights								13,750
Maximum \| At The Market Program
Capital Stock and Warrants
Securities sold under agreements \| $					$ 3,400,000
Maximum \| February 2025 Prospectus Supplement
Capital Stock and Warrants
Common stock available for sale \| $		$ 70,000,000
Maximum \| Regulation A offering
Capital Stock and Warrants
Maximum offering units				166,667
Maximum \| Pre Funded Warrant \| 2025 Offering
Capital Stock and Warrants
Stock price \| $ / shares		$ 7.92
Maximum \| Common Stock Or Pre Funded Warrant \| 2024 Offering
Capital Stock and Warrants
Stock price \| $ / shares							$ 58.8
Pre Funded Warrant
Capital Stock and Warrants
Exercise price \| $ / shares												$ 0.00001		$ 0.00001
Warrants outstanding												350,000		350,000
Pre Funded Warrant \| 2025 Offering
Capital Stock and Warrants
Warrants outstanding												350,000		350,000
Warrants \| 2025 Offering
Capital Stock and Warrants
Warrants outstanding												585,347		585,347
Registered Direct Offering Placement Agent Warrants \| 2025 Offering
Capital Stock and Warrants
Exercise price \| $ / shares		$ 9.9
Registered Direct Offering Placement Agent Warrants \| Maximum \| 2025 Offering
Capital Stock and Warrants
Class of warrant or right, number of securities called by warrants or rights		40,974
Warrants 2023 and 2024 \| 2025 Offering
Capital Stock and Warrants
Class of warrant or right, number of securities called by warrants or rights		47,764
Aggregate gross proceeds \| $		$ 400,000
2023 Warrants \| 2025 Offering
Capital Stock and Warrants
Exercise price \| $ / shares		$ 6.7595
Warrants exercise price \| $ / shares		6.8845
2024 Warrants \| 2025 Offering
Capital Stock and Warrants
Exercise price \| $ / shares		55.2
Warrants exercise price \| $ / shares		7.92
New Warrants \| 2025 Offering
Capital Stock and Warrants
Exercise price \| $ / shares		$ 7.79
Warrants and rights outstanding measurement input term		5 years
New Warrants \| Maximum \| 2025 Offering
Capital Stock and Warrants
Class of warrant or right, number of securities called by warrants or rights		47,764
Placement Agent Warrants \| 2025 Offering
Capital Stock and Warrants
Exercise price \| $ / shares		$ 9.9
Placement Agent Warrants \| Maximum \| 2025 Offering
Capital Stock and Warrants
Class of warrant or right, number of securities called by warrants or rights		3,343
Series A Convertible Preferred Stock \| Regulation A offering
Capital Stock and Warrants
Shares issue per unit				1
Subordinated Business Loan Agreement
Capital Stock and Warrants
Offering price \| $ / item				45
Subordinated Business Loan Agreement \| Warrants
Capital Stock and Warrants
Stock purchase warrants				3
Subordinated Business Loan Agreement \| Maximum
Capital Stock and Warrants
Maximum offering amount \| $				$ 7,500,000
Subordinated Business Loan Agreement \| Series A Convertible Preferred Stock
Capital Stock and Warrants
Stock issued during period				166,667
Convertible preferred stock				333,333
Common Stock, Exercise Price of $45.00 Per Share \| Subordinated Business Loan Agreement
Capital Stock and Warrants
Class of warrant or right, number of securities called by warrants or rights				333,333
Number of warrants to purchase				2
Each warrant of exercisable				1
Aggregate purchase price per share \| $ / shares				$ 45
Common Stock, Exercise Price of $60.00 Per Shar \| Subordinated Business Loan Agreement
Capital Stock and Warrants
Class of warrant or right, number of securities called by warrants or rights				166,667
Number of warrants to purchase				1
Each warrant of exercisable				1
Aggregate purchase price per share \| $ / shares				$ 60

Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands

Sep. 30, 2025

Dec. 31, 2024

Deposit with contract manufacturer

$ 910

$ 323

Prepaid insurance

200

163

Prepaid and deferred financing costs

372

Prepaid subscriptions

Prepaid software and support

Tradeshow deposits

Other deposits

Total

$ 1,204

$ 983

^[1]

[1]	The condensed balance sheet as of December 31, 2024 was derived from the audited balance sheet as of that date.

Commitments and Contingencies - MBO Bonus Plan and 2024 Bonus Plan (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
2024 bonus plan
Commitments and Contingencies
Compensation expense	$ 0	$ 0	$ 0	$ 0
2025 bonus plan
Commitments and Contingencies
Accrue bonus expense	$ 800,000		$ 800,000

Stock-Based Compensation - Summary of Fair Values of Stock Options and ESPP (Details) - Options to purchase common stock - Employee Stock Purchase Plan	9 Months Ended
	Sep. 30, 2024 $ / shares
Stock-Based Compensation
Dividend yield	0.00%
Expected life	6 months
Minimum
Stock-Based Compensation
Stock price	$ 32.7
Expected volatility	76.00%
Risk-free interest rate	5.26%
Maximum
Stock-Based Compensation
Stock price	$ 54.9
Expected volatility	112.00%
Risk-free interest rate	5.37%

Short-term Debt - Agile Subordinated Loan Agreement (Details)

3 Months Ended

9 Months Ended

Nov. 05, 2024

USD ($)

Oct. 01, 2024

USD ($)

Sep. 30, 2025

USD ($)

Sep. 30, 2025

USD ($)

Dec. 31, 2024

USD ($)

^[1]

$ 139,000

$ 818,000

Interest expense

4,000

$ 200,000

1.42

$ 48,000

648,000

Original Loan Agreement

Administrative fee

$ 25,000

Amended Loan Agreement

Subordinated Business Loan Agreement

Administrative fee

48,000

Debt instrument face amount

$ 525,000

Aggregate amount

429,000

$ 756,000

Frequency of periodic repayment

weekly payments

Periodic repayment of debt

$ 27,000

Debt instrument maturity date

Apr. 21, 2025

Subordinated Business Loan Agreement | Maximum

$ 0

Subordinated Business Loan Agreement | New Term Loan

Additional debt amount

$ 1,600,000

Debt instrument face amount

997,000

Aggregate amount

$ 1,415,740

Frequency of periodic repayment

weekly payments

Periodic repayment of debt

$ 39,000

Debt instrument maturity date

Jul. 17, 2025

Subordinated Business Loan Agreement | New Term Loan | Maximum

Schedule of Shares of Common Stock Reserved for Future Issuance

Additional debt amount

$ 1,600,000

[1]	The condensed balance sheet as of December 31, 2024 was derived from the audited balance sheet as of that date.

Warrant Liability

9 Months Ended

Sep. 30, 2025

Warrant Liability

Warrant Liability

Note 12 – Warrant Liability

2023 Warrants

In March 2023, the Company issued warrants to purchase up to 13,750 shares of its common stock. The 2023 Warrants had a six-year term and were exercisable upon issuance on March 28, 2023. Each 2023 Warrant was initially exercisable for one share of the Company’s common stock at a price of $240.00 per share. As of September 11, 2025, the exercise price was adjusted to $8.40 per share (subject to further adjustment in certain circumstances, including in the event of stock dividends and splits; recapitalizations; change of control transactions; and issuances or sales of, or agreements to issue or sell, shares of common stock or common stock equivalents at a price per share less than the then-applicable exercise price of the 2023 Warrants, including sales under the ATM Program, the “Exercise Price”).

In the event of certain transactions such as a merger, consolidation, tender offer, reorganization, or other change in control, if holders of common stock are given any choice as to the consideration to be received, the holder of each 2023 Warrant shall be given the same choice of alternate consideration. In the event of certain transactions that are not within the Company’s control, such as a merger, consolidation, tender offer, reorganization, or other change in control of the Company, each holder of a 2023 Warrant shall be entitled to receive the same form of consideration at the Black Scholes value of the unexercised portion of the 2023 Warrant that is being offered and paid to holders of common stock, including the option to exercise the 2023 Warrants on a “cashless basis”.

If the Company issues additional shares of common stock or equity-linked securities for a consideration per share less than the Exercise Price, then such Exercise Price will be reduced to a new lower price pursuant to the terms of the 2023 Warrants. Additionally, if the Exercise Price of any outstanding derivative securities is modified by the Company such that such security’s modified exercise price is below the Exercise Price, the Exercise Price will adjust downward pursuant to the terms of the 2023 Warrant. This provision would not apply for stock or stock equivalents which fall under shares that qualify for exempt issuance, such as if the Company adjusted the option exercise price for an option granted to an employee, officer, or director.

The Company accounted for the 2023 Warrants in accordance with the derivative guidance contained in ASC 815-40, as the warrants did not meet the criteria for equity treatment. The Company believes that the adjustments to the Exercise Price is based on a variable that is not an input to the fair value of a “fixed-for-fixed” option as defined under ASC 815-40, and thus the 2023 Warrants are not eligible for an exception from derivative accounting. As such, the 2023 Warrants were initially measured at fair value and recorded as a liability in the amount of $3.1 million. The Company recorded a change in fair value of the warrant liability of an increase of $10,000 and a decrease of $0.3 million for the three and nine months ended September 30, 2025, respectively. The Company recorded a change in fair value of the warrant liability of an increase of $0.2 million and $0.4 million for the three and nine months ended September 30, 2024. As of September 30, 2025, the 2023 Warrants had been fully exercised in the Concurrent Warrant Exercise Transaction, eliminating the recorded warrant liability. See Note 13 - Fair Value Measurements for details on changes of fair value of the warrant liability.

CONDENSED STATEMENTS OF OPERATIONS (Parenthetical)		9 Months Ended
CONDENSED STATEMENTS OF OPERATIONS (Parenthetical)	Aug. 07, 2025	Sep. 30, 2025
CONDENSED STATEMENTS OF OPERATIONS
Reverse stock split, conversion ratio	0.033	0.033

Capital Stock and Warrants (Tables)

9 Months Ended

Sep. 30, 2025

Capital Stock and Warrants


	September 30, 2025		September 30, 2024
RSUs outstanding		11,298		17,243
Warrants outstanding		1,027,428		47,764
Shares available for issuance under the 2024 Equity Incentive Plan		78,172		9,492
Shares available for issuance under the Employee Stock Purchase Plan		—		572
Total		1,116,898		75,071

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) $ in Thousands	3 Months Ended
	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)
ATM
Issuance costs	$ 104	$ 107	$ 940	$ 234	$ 2
Sale of common stock
Issuance costs	$ 520				$ 230

Capital Stock and Warrants

9 Months Ended

Sep. 30, 2025

Capital Stock and Warrants

Capital Stock and Warrants

Note 10 – Capital Stock and Warrants

Authorized Capital

The holders of the Company’s common stock are entitled to one vote per share. Holders of common stock are entitled to receive ratably such dividends, if any, as may be declared by the Board out of legally available funds. Upon the liquidation, dissolution or winding up of the Company, holders of common stock are entitled to share ratably in all assets of the Company that are legally available for distribution.

Financing

On November 15, 2021, the Company filed a shelf registration statement on Form S-3 with the SEC, which became effective on December 16, 2021. This shelf registration statement allowed the Company to sell, from time to time, any combination of debt or equity securities described in the registration statement up to aggregate proceeds of $100 million. Pursuant to this registration statement, on March 28, 2023, the Company completed an underwritten offering pursuant to which it issued and sold an aggregate of (i) 13,750 shares of its common stock and (ii) warrants to purchase up to 13,750 shares of its common stock (the “2023 Warrants”), for net proceeds of $2.7 million, after deducting underwriting discounts, commission and expenses payable by the Company. The 2023 Warrants were immediately exercisable upon issuance and have a term of six years and had an initial exercise price of $240.00.

The Company allocated the proceeds received first to the 2023 Warrants based on the fair value of the 2023 Warrants as determined at initial measurement, with the remaining proceeds allocated to the shares of common stock (see Note 12 – Warrant Liability and Note 13 – Fair Value Measurements). Pursuant to the terms of the 2023 Warrants, the exercise price was adjusted to $49.80 and $9.00 during 2023 and 2024, respectively, and was further adjusted to $8.40 as of June 30, 2025. As of September 30, 2025, the 2023 Warrants had been fully exercised.

On February 15, 2024, the Company entered into a securities purchase agreement with an institutional investor, providing for the issuance and sale by the Company in a registered direct offering (the “2024 Offering ”) of (i) 19,000 shares of the Company’s common stock, (ii) pre-funded warrants to purchase up to 15,014 shares of common stock (referred to individually as a “2024 Pre-Funded Warrant” and collectively as the “2024 Pre-Funded Warrants”), and (iii) warrants to purchase an aggregate of 34,014 shares of common stock (referred to individually as a “2024 Warrant” and collectively as the “2024 Warrants”). Each share of common stock and 2024 Pre-Funded Warrant was offered and sold, together with an accompanying 2024 Warrant at a combined price of $58.80 per share of common stock or 2024 Pre-Funded Warrant, as applicable, and the accompanying 2024 Warrant. Each 2024 Pre-Funded Warrant and 2024 Warrant is exercisable at any time on or after the date of issuance to purchase one share of common stock at a price of either $0.03 per share, in the case of 2024 Pre-Funded Warrants, or $55.20 per share, in the case of 2024 Warrants. The 2024 Pre-Funded Warrants expired upon full exercise in April 2024, and the 2024 Warrants expire five years from the date of issuance. The 2024 Offering closed on February 20, 2024. The Company received net proceeds of approximately $1.8 million (net of $0.2 million in issuance costs) in the 2024 Offering. As of September 30, 2025, the 2024 Warrants had been fully exercised.

On June 21, 2024, the Company filed a prospectus supplement covering the offering, issuance and sale of up to $3.4 million in shares of the Company’s common stock pursuant to an At the Market Offering Agreement, dated June 21, 2024, between the Company and H.C. Wainwright & Co., LLC (the “ATM Program”). Prior to the commencement of the ATM Program, the Company sold 930 shares of its common stock for proceeds of $47,000 (net of commissions and fees of $2,000) during the year ended December 31, 2024 under the preceding ATM program. During the year ended December 31, 2024, the Company sold 228,392 shares of its common stock under the ATM Program for net proceeds of approximately $3.1 million (net of commissions and other related offering expenses of approximately $0.3 million).

On December 30, 2024, the Company filed a prospectus supplement for the issuance and sale of an additional $7.46 million in shares of common stock under the ATM Program. During January 2025, the Company sold 209,348 shares of its common stock under the ATM Program for net proceeds of approximately $7.0 million (net of commissions and other related offering expenses of approximately $0.4 million).

On January 6, 2025, the Company filed a prospectus supplement for the issuance and sale of an additional $6.6 million in shares of common stock under the ATM Program. During January and February 2025, the Company sold 343,465 shares of its common stock under the ATM Program for net proceeds of approximately $6.3 million (net of commissions and other related offering expenses of approximately $0.3 million).

Note 10 – Capital Stock and Warrants, continued

On February 13, 2025, the Company filed a prospectus supplement for the issuance and sale of an additional $80.0 million in shares of common stock under the ATM Program. On September 10, 2025, the ATM Program was reduced to up to $70.0 million in shares of common stock. During the three months ended September 30, 2025, the Company sold 232,989 shares of its common stock for net proceeds of approximately $2.4 million (net of commissions and related offering expenses of approximately $0.1 million) under the ATM Program. During the nine months ended September 30, 2025, the Company sold 530,062 shares of its common stock under the ATM Program for net proceeds of approximately $4.9 million (net of commissions and other related offering expenses of approximately $0.4 million) under the ATM Program. As of September 30, 2025, approximately $64.7 million in shares of common stock remained available for issuance under the ATM Program, subject to availability of authorized shares.

On September 10, 2025, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with an institutional investor (the “Investor”), providing for the issuance and sale by the Company, in a registered direct offering (the “2025 Offering”), of (i) 120,000 shares of the Company’s common stock, (ii) pre-funded warrants to purchase up to 465,347 shares of common stock (the “2025 Pre-Funded Warrants”), and (iii) warrants to purchase up to an aggregate of 585,347 shares of common stock (the “2025 Warrants”). Each share of common stock and 2025 Pre-Funded Warrant was being offered and sold together with an accompanying 2025 Warrant at a combined price of $7.92 per share of common stock or 2025 Pre-Funded Warrant and accompanying 2025 Warrant, as applicable. Each 2025 Pre-Funded Warrant and 2025 Warrant is exercisable at any time on or after the date of issuance to purchase one share of common stock at a price of either $0.00001 per share, in the case of the 2025 Pre-Funded Warrants, or $7.79 per share, in the case of the 2025 Warrants. The 2025 Pre-Funded Warrants expire when they are exercised in full and the 2025 Warrants expire five years from the date of issuance. As of September 30, 2025, 350,000 2025 Pre-Funded Warrants and 585,347 2025 Warrants were outstanding.

The 2025 Offering closed on September 11, 2025. The Company received net proceeds of approximately $4.1 million from the 2025 Offering, after deducting placement agent fees and estimated offering expenses payable by the Company.

Additionally, pursuant to the Engagement Letter, dated as of July 9, 2024, as amended on December 20, 2024 and August 20, 2025 (the “Original Engagement Letter”), between the Company and H.C. Wainwright & Co., LLC (“Wainwright”), and the Engagement Letter Joinder Agreement, dated as of September 10, 2025 (the “Joinder Agreement” and, together with the Original Engagement Letter, the “Engagement Letter”), by and among the Company, Wainwright and Rodman & Renshaw LLC (“Rodman & Renshaw” and, together with Wainwright, the “Placement Agents”), the Company, in connection with the closing of the 2025 Offering, agreed to issue to the Placement Agents or their respective designees warrants (the “Registered Direct Offering Placement Agent Warrants”) to purchase up to an aggregate of 40,974 shares of common stock. The Registered Direct Offering Placement Agent Warrants have substantially the same terms as the 2025 Warrants, except the Registered Direct Offering Placement Agent Warrants are exercisable at any time on or after the date of issuance to purchase one share of common stock at a price of $9.90 per share and the Registered Direct Offering Placement Agent Warrants expire on September 10, 2030.

On September 10, 2025, in connection with the 2025 Offering, the Company entered into a letter agreement (the “Letter Agreement”) with the Investor for the immediate exercise of the outstanding 2023 Warrants and 2024 Warrants (“the Original Warrants”) to purchase an aggregate of 47,764 shares of common stock and having exercise prices of $6.7595 and $55.20 per share, respectively (the “Concurrent Warrant Exercise Transaction”). The 2023 Warrants were exercised at the exercise price of $6.8845 and the 2024 Warrants were exercised at a reduced exercise price of $7.92 per share for aggregate gross proceeds to the Company of approximately $0.4 million.

As consideration for the exercise of the 2023 Warrants and 2024 Warrants for cash, the Company issued new unregistered warrants (the “New Warrants”) to purchase up to an aggregate of 47,764 shares of common stock at a fixed exercise price of $7.79 per share (the “New Warrant Shares”). The New Warrants are exercisable immediately upon issuance and will expire five years following the initial issuance date. The New Warrants are classified as equity warrants. Except as described herein, the New Warrants are substantially similar to the Original Warrants. The closing of the Concurrent Warrant Exercise Transaction occurred on September 11, 2025.

Also pursuant to the Engagement Letter, the Company, in connection with the closing of the Concurrent Warrant Exercise Transaction, agreed to issue to the Placement Agents or their respective designees warrants (the “Concurrent Warrant Exercise Transaction Placement Agent Warrants”) to purchase up to an aggregate of 3,343 shares of common stock. The Concurrent Warrant Exercise Transaction Placement Agent Warrants have substantially the same terms as the New Warrants, except the Concurrent Warrant Exercise Transaction Placement Agent Warrants are immediately exercisable to purchase one share of common stock at a price of $9.90 per share and the Concurrent Warrant Exercise Transaction Placement Agent Warrants expire on September 10, 2030.

Note 10 – Capital Stock and Warrants, continued

Regulation A Offering

On October 11, 2024, the Company filed a Regulation A Offering Statement on Form 1-A with an offering of a maximum of 166,667 Units (the “Regulation A Offering”), with each Unit consisting of one share of Series A Convertible Preferred Stock (initially convertible into two shares of common stock) and three common stock purchase warrants, two to each purchase one share of common stock at an exercise price of $45.00 per share and one to purchase one share of common stock at $60.00 per share, for an aggregate of 166,667 shares of Series A Convertible Preferred Stock (and 333,333 shares of common stock underlying the shares of Series A Convertible Preferred Stock) and warrants to purchase up to an aggregate of 333,333 shares of common stock at an exercise price of $45.00 per share and 166,667 shares of common stock at an exercise price of $60.00 per share, at an offering price of $45.00 per Unit, for a maximum offering amount of $7,500,000. The Regulation A Offering was qualified by the SEC on November 22, 2024.

On March 11, 2025, the Company withdrew the Regulation A Offering. No sales of Units were made pursuant to the Regulation A Offering. The Company’s prepaid expenses and other current assets as of December 31, 2024 included approximately $0.3 million in prepaid financing expenses related to the Regulation A Offering. An additional $0.4 million in expenses related to the Regulation A Offering was recorded during the three months ended March 31, 2025. Upon termination of the Regulation A Offering, the Company recorded a one-time total write-off of $0.7 million as expenses related to an abandoned financing transaction during the three months ended March 31, 2025.

Common Stock Outstanding

The Company’s outstanding shares of common stock typically include shares that are deemed delivered under US GAAP. Shares that are deemed delivered currently include shares that have vested, but have not yet been delivered, under tax-deferred equity awards, as well as shares purchased under the ESPP where actual transfer of shares normally occurs a few days after the completion of the purchase periods. There are no voting rights for shares that are deemed delivered under US GAAP until the actual delivery of shares takes place. There are currently 200,000,000 shares of common stock authorized for issuance.

Common Stock Reserved for Future Issuance

The Company has reserved the following shares of common stock for future issuance:


	September 30, 2025		September 30, 2024
RSUs outstanding		11,298		17,243
Warrants outstanding		1,027,428		47,764
Shares available for issuance under the 2024 Equity Incentive Plan		78,172		9,492
Shares available for issuance under the Employee Stock Purchase Plan		—		572
Total		1,116,898		75,071

The entire disclosure for equity.

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Business Organization, Nature of Operations

Fair Value Measurements - Schedule of Estimated Fair Value of the Warrant Liability (Details) - Warrants Two Thousand Twenty Three - Level 3	Sep. 11, 2025 $ / shares	Dec. 31, 2024 $ / shares
Share price
Fair Value Measurements
Warrants and rights outstanding measurement input	7.66	30.3
Exercise price
Fair Value Measurements
Warrants and rights outstanding measurement input	6.76	9
Term (in years)
Fair Value Measurements
Warrants and rights outstanding measurement input term		4 years 2 months 26 days
Volatility
Fair Value Measurements
Warrants and rights outstanding measurement input	1.40	0.90
Risk-free rate
Fair Value Measurements
Warrants and rights outstanding measurement input	0.035	0.043
Dividend yield
Fair Value Measurements
Warrants and rights outstanding measurement input	0	0

Business Organization, Nature of Operations

9 Months Ended

Sep. 30, 2025

Business Organization, Nature of Operations

Note 1 - Business Organization, Nature of Operations

Description of Business

Energous Corporation d/b/a Energous Wireless Power Solutions (the “Company”) has developed scalable, over-the-air Wireless Power Network (“WPN”) technology that integrates advanced semiconductor chipsets, software controls, hardware designs, and antenna systems to enable radio frequency (“RF”)-based charging for ambient Internet of Things (“ambient IoT”) devices. The Company’s WPN technology provides a comprehensive suite of capabilities designed to power the next generation of wireless energy networks, seamlessly delivering power and data across diverse, battery-free device ecosystems. This innovation enhances operational visibility, control, and intelligent business automation.

With a patent portfolio exceeding 250 patents, the Company’s solutions support both near-field and at-a-distance wireless charging, supplying power at multiple levels across varying distances, as well as expertise in advanced receiver technology. By enabling continuous wireless power transmission, the Company’s transmitter and receiver technologies facilitate the use of battery-free ambient IoT devices, transforming asset and inventory tracking across multiple industries. Key applications include retail sensors, electronic shelf labels, asset trackers, air quality monitors, motion detectors, and other smart monitoring solutions.

To date, the Company has developed and released multiple transmitter and receiver solutions. The Company’s transmitters vary in form factor, power specifications, and operating frequencies, while the Company’s receivers are engineered to support a wide range of wireless charging applications across multiple device categories. including:

Device Type	Application
RF Tags	Cold Chain, Asset Tracking, Medical IoT
Ambient IoT Sensors	Cold Chain, Logistics, Asset Tracking
Electronic Shelf Labels	Retail and Industrial IoT

The first WPN-enabled end product featuring the Company’s technology entered the market in 2019. In the fourth quarter of 2021, the Company commenced shipments of its first at-a-distance wireless PowerBridge transmitter systems for commercial IoT applications and proof-of-concept deployments. In the second quarter of 2025, the Company introduced its battery-free e-Sense tag and e-Compass software platform, establishing the first end-to-end wireless power platform for the ambient IoT.

Reverse Stock Split

At the Company’s 2025 annual meeting of stockholders held on June 11, 2025, the Company’s stockholders approved a proposal to effect a reverse stock split of the Company’s common stock by a ratio not to exceed 1-for-50.

On August 7, 2025, the Company announced that its Board of Directors (“the Board”) had determined to set the reverse stock split ratio at 1-for-30 and that the Company’s common stock would begin trading at the split-adjusted price beginning August 11, 2025. Upon effectiveness of the reverse stock split, every thirty shares of issued and outstanding common stock held were combined into one share of common stock. No fractional shares were distributed as a result of the reverse stock split and stockholders were entitled to a cash payment in lieu of fractional shares. Additionally, the par value of the Company’s common stock did not change.

All information presented herein, unless otherwise indicated herein, reflects the 1-for-30 reverse stock split of the Company’s outstanding shares of common stock, and unless otherwise indicated, all such amounts and corresponding conversion price or exercise price data set forth herein have been adjusted to give effect to such reverse stock split.

Business Organization, Nature of Operations - Additional Information (Details)			9 Months Ended
	Aug. 07, 2025	Jun. 11, 2025	Sep. 30, 2025 patent
Product Information [Line Items]
Reverse stock split, description	1-for-30		1-for-30
Reverse stock split, conversion ratio	0.033		0.033
Maximum patent portfolio			250
Maximum
Product Information [Line Items]
Reverse stock split, description		1-for-50.
Reverse stock split, conversion ratio		0.02

CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
CONDENSED STATEMENTS OF OPERATIONS
Revenue	$ 1,272	$ 230	$ 2,590	$ 340
Cost of revenue	814	306	1,701	537
Gross profit (loss)	458	(76)	889	(197)
Operating expenses:
Research and development	897	1,468	3,189	5,956
Sales and marketing	499	699	1,792	2,391
General and administrative	1,245	1,255	3,426	4,976
Severance expense	8	83	403	1,377
Expenses from abandoned financing transaction			661
Total operating expenses	2,649	3,505	9,471	14,700
Loss from operations	(2,191)	(3,581)	(8,582)	(14,897)
Other income, net:
Change in fair value of warrant liability	(10)	159	257	413
Interest income, net	88	10	59	215
Loss on retirement of property and equipment			(1)
Total other income, net	78	169	315	628
Net loss	$ (2,113)	$ (3,412)	$ (8,267)	$ (14,269)
Basic loss per common share	$ (1.31)	$ (14.98)	$ (6.61)	$ (66.4)
Diluted loss per common share	$ (1.31)	$ (14.98)	$ (6.61)	$ (66.4)
Weighted average shares outstanding, basic	1,610,246	227,810	1,251,192	214,883
Weighted average shares outstanding, diluted	1,610,246	227,810	1,251,192	214,883

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,113)	$ (2,788)	$ (3,366)	$ (3,412)	$ (4,258)	$ (6,599)	$ (8,267)	$ (14,269)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Prepaid Expenses and Other Current Assets

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2025	Nov. 10, 2025
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-36379
Entity Registrant Name	ENERGOUS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-1318953
Entity Address, Address Line One	3590 North First Street
Entity Address, Address Line Two	Suite 330
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
City Area Code	408
Local Phone Number	963-0200
Title of 12(b) Security	Common Stock, $0.00001 par value
Trading Symbol	WATT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,175,137
Entity Central Index Key	0001575793
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2025
Amendment Flag	false

Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 2025

Prepaid Expenses and Other Current Assets

Note 4 – Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	Balance as of
	September 30, 2025		December 31, 2024
Deposit with contract manufacturer	$	910	$	323
Prepaid insurance		200		163
Prepaid and deferred financing costs		—		372
Prepaid subscriptions		33		22
Prepaid software and support		27		67
Tradeshow deposits		11		21
Other deposits		23		15
Total	$	1,204	$	983

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2025

Prepaid Expenses and Other Current Assets

Schedule of prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following (in thousands):


	Balance as of
	September 30, 2025		December 31, 2024
Deposit with contract manufacturer	$	910	$	323
Prepaid insurance		200		163
Prepaid and deferred financing costs		—		372
Prepaid subscriptions		33		22
Prepaid software and support		27		67
Tradeshow deposits		11		21
Other deposits		23		15
Total	$	1,204	$	983

Property and Equipment

9 Months Ended

Sep. 30, 2025