0001104659-26-035214 | 10-K | XBRL Viewer

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Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value Measurements
Transfer of assets into (out of) level 3	$ 0	$ 0
Transfers of assets from level 2 to level 1	0	0
Transfers of assets from level 1 to level 2	0	0
Transfer of liabilities into (out of) level 3	0	0
Transfers of liabilities from level 1 to level 2	0	0
Transfers of liabilities from level 2 to level 1	0	0
Liabilities:
Warrant liability		358
Fair Value Measurements Recurring
Assets:
Cash equivalents	10,401	1,353
Liabilities:
Warrant liability		358
Level 1 \| Fair Value Measurements Recurring
Assets:
Cash equivalents	$ 10,401	1,353
Level 3 \| Fair Value Measurements Recurring
Liabilities:
Warrant liability		$ 358

Prepaid Expenses and Other Current Assets - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Prepaid Expenses and Other Current Assets
Other assets relating to deposits for intellectual property renewals	$ 0.3	$ 0.0

Business Organization, Nature of Operations

12 Months Ended

Dec. 31, 2025

Business Organization, Nature of Operations

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 (“IoT”) devices, transforming supply chain capabilities from limited tracking to overall business intelligence. The Company’s WPN technology consists of transmitter systems, receiver integrated circuits, and supporting software designed to deliver power and data to battery-free IoT devices across a range of operating distances and power levels. These capabilities support applications that require continuous operation without wired power connections or periodic battery replacement.

With a patent portfolio exceeding 300 patents, the Company’s solutions support both near-field and at-a-distance wireless power transmission and include advanced receiver technology designed for use across multiple device categories. Applications include retail sensors, electronic shelf labels (“ESLs”), asset trackers, air quality monitors, motion detectors, and other monitoring solutions.

To date, the Company has developed and released multiple transmitter and battery-free receiver products. The Company’s transmitters vary in form factors, power specifications, and operating frequencies, and our receivers are designed to support a range of wireless power-enabled device applications, 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 product featuring the Company’s technology entered the market in 2019. In the fourth quarter of 2021, the Company commenced shipments of at-a-distance PowerBridge transmitter systems for commercial IoT applications and proof-of-concept deployments. In the second quarter of 2025, the Company introduced the battery-free e-Sense tag and the e-Compass cloud-based software platform, which together supported the first end-to-end wireless power-enabled IoT device monitoring and management solution. As the Company continues to innovate its technology applications, the Company anticipates the release of additional wireless power-enabled products.

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.

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net loss	$ (9,593)	$ (18,398)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	139	196
Stock-based compensation	281	799
Loss on retirement of property and equipment	1
Common stock issued to consultants for services		95
Loss on extinguishment of short-term debt		219
Accrued interest		81
Amortization of short-term loan fees	39	13
Change in fair value of warrant liability	(257)	(262)
Changes in operating assets and liabilities:
Accounts receivable, net	(2,910)	24
Inventory	(1,011)	(68)
Prepaid expenses and other current assets	933	(42)
Other assets	(252)
Operating lease right-of-use ("ROU") assets	576	657
Accounts payable	(898)	(27)
Accrued expenses	1,030	(200)
Accrued severance expense	(28)	(106)
Operating lease liabilities	(484)	(540)
Deferred revenue	14	(14)
Net cash used in operating activities	(12,420)	(17,573)
Cash flows from investing activities:
Purchases of property and equipment	(82)	(123)
Net cash used in investing activities	(82)	(123)
Cash flows from financing activities:
Net borrowings from short-term loan		801
Repayments of short-term loan	(873)	(269)
Net proceeds from exercise of warrant liability	364
Repayments of financed insurance	(338)	(348)
Net proceeds from an ATM offering	18,353	3,153
Net proceeds from a sale of common stock and warrant issuance	4,044	1,770
Proceeds from contributions to the ESPP		6
Net cash provided by financing activities	21,550	5,113
Net increase (decrease) in cash, cash equivalents and restricted cash	9,048	(12,583)
Cash, cash equivalents and restricted cash - beginning	1,353	13,936
Cash, cash equivalents and restricted cash - ending	10,401	1,353
Supplemental disclosure of cash flow information:
Interest paid	277	140
Supplemental disclosure of non-cash investing and financing activities:
Decrease in ROU assets and operating lease liabilities from lease amendment		51
Increase in 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	$ 372	$ 402

Stock Based Compensation - Summary of Stock-based Compensation Reflected within Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	$ 281	$ 799
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Compensation-based payments	51	213
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Compensation-based payments	131	287
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Compensation-based payments	82	163
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	$ 6

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefit at beginning of year	$ 1,357
Gross increases - tax positions in prior period	3	$ 1,275
Gross increases - tax positions in current period	45	82
Unrecognized tax benefit at end of year	$ 1,405	$ 1,357

Fair Value Measurements - Schedule of changes in fair value of liability (Details) - Warrants Two Thousand Twenty Three - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value Measurements
Beginning value	$ 358	$ 620
Change in value of warrant liability	$ (257)	$ (262)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Fair Value Adjustment of Warrants	Fair Value Adjustment of Warrants
Warrants exercised	$ (101)
Ending value		$ 358

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory
Raw materials	$ 679	$ 498
Work-in-process	109
Finished goods	721
Total	$ 1,509	$ 498

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property and Equipment

Property and Equipment

Note 6 – Property and Equipment

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


	Balance as of
		December 31, 2025	December 31, 2024
Computer hardware	$	1,562	$	2,257
Computer software		1,055		1,055
Furniture and fixtures		206		489
Leasehold improvements		424		783
		3,247		4,584
Less – accumulated depreciation		(2,949)		(4,228)
Total property and equipment, net	$	298	$	356

The Company disposed of $1.4 million in fully depreciated property and equipment during the year ended December 31, 2025. There were no disposals during the year ended December 31, 2024. Total depreciation and amortization expense of the Company’s property and equipment was $0.1 million and $0.2 million for the years ended December 31, 2025 and 2024, respectively, of which, $1,000 and $4,000 were included in cost of revenue for the years ended December 31, 2025 and 2024, respectively.

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events

Subsequent Events

Note 17 – Subsequent Events

From January 2, 2026 to March 23, 2026, the Company settled sales of 3,299,728 shares of common stock for net proceeds of approximately $31.9 million under the ATM Program.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).

Reclassifications

Certain reclassifications have been made to the fiscal year 2024 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 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 U.S. 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 amounts of revenue and expenses during the reporting periods.

The Company’s significant estimates and assumptions include recognition of revenue, inventory valuation, fair value of warrant liabilities, accounting for lease obligations 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.

Concentration of Credit Risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, and accounts receivable. As of December 31, 2025 and 2024, and periodically throughout the year, the Company had cash balances in various operating accounts in excess of federally insured limits. The Company maintains its cash and cash equivalents with what it considers high credit quality financial institutions.

One customer accounted for approximately 85% of the Company's revenue for the year ended December 31, 2025 and two customers accounted for approximately 76% of the Company's revenue for the year ended December 31, 2024. One customer accounted for approximately 99% of the Company's accounts receivable balance as of December 31, 2025. Two customers accounted for approximately 99% of the Company's accounts receivable balance as of December 31, 2024. The Company does not require collateral or other security to support accounts receivable. To reduce risk, the Company's management performs ongoing credit evaluations of its customers' financial condition. The Company maintains allowances for potential credit losses in its financial statements.

Substantially all of the Company's product sales were supplied by one contract manufacturer during the years ended December 31, 2025 and 2024 which exposes it to various risks.

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.

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”) 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 costs related to warrant liability in the statement of operations. Offering costs associated with the sale of warrants classified as equity are charged against 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 U.S. 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, 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 derivative liabilities recognized at fair value on a recurring basis are a level 3 measurement (see Note 15 – Fair Value Measurement).

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 the customer.

Identify the performance obligations in the contract.

Determine the transaction price of the contract.

Allocate the transaction price to the performance obligations of 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 years ended December 31, 2025 and 2024, the Company recognized $5.6 million and $0.8 million in revenue, respectively (see Note 12 – Revenue Recognition for additional information on revenue disaggregation).

The Company records a majority of its revenue based on the shipment of products that it sells. Generally, there is a five-day return policy on the Company’s shipment of products. Additionally, the Company records revenue associated with product development projects that it enters into with certain customers. In general, these 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. Payment terms for most customer invoices are a minimum of net 30 days. Product sales are usually subject to a warranty of a minimum of one year.

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 recorded $0 for credit losses on its accounts receivable as of both December 31, 2025 and 2024.

The Company follows ASC Topic 310, Receivables (“Topic 310”) to account for transactions related to factoring accounts receivable. The Company has entered into an agreement to sell certain accounts receivable to a third-party financial institution under which the Company receives the proceeds of customer invoices from the third-party financial institution, less a discount fee. The third-party financial institution is responsible for subsequent collection of the amount due from the customer without recourse. Proceeds from the factoring agreements are reflected as a reduction of accounts receivable on the Company’s balance sheets and included in the cash flows operating activities in the statements of cash flows. The Company received proceeds under its accounts receivable factoring agreement of approximately $0 and $0.3 million during the years ended December 31, 2025 and 2024, respectively. There were no outstanding receivables due under the accounts receivable factoring agreement as of December 31, 2025 and 2024. Discount fees from factoring accounts receivable were approximately $0 and $31,000 for the years ended December 31, 2025 and 2024, respectively, and are included in other income (expense), net on the statement of operations.

Inventory

Inventory is stated at the lower of cost, determined on a weighted average cost method, 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 $4.1 million and $7.7 million for the years ended December 31, 2025 and 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. Forfeitures are recorded as they occur.

Under the 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 740, Income Taxes (“ASC 740”). Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between consolidated 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 allowances 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 operations for the period that the adjustment is determined to be required.

The Company accounts for uncertain tax position in accordance with ASC 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 ASC 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 does not believe the impact of these provisions and the OBBBA to have a material impact on its financial statements.

Net Loss Per Common Share

Basic net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per common 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 net loss per common share excludes potentially dilutive securities of 688,419 and 65,710 for the years ended December 31, 2025 and 2024, respectively, because their inclusion would be antidilutive.

Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive.


	For the year ended	For the year ended
	December 31, 2025	December 31, 2024
Warrants issued to investors	677,428	47,764
RSUs	10,991	17,946
Total potentially dilutive securities	688,419	65,710

For the year ended December 31, 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 year ended December 31, 2024, the table above includes 34,014 warrants expiring on February 20, 2029, which have an exercise price of $55.20 per share and 13,750 warrants expiring on March 28, 2029, which, as of December 31, 2024 had an exercise price of $9.00 per share.

Property and Equipment

Property and equipment are stated at cost and are depreciated using the straight-line method over the useful lives (in years) of the related asset. 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

Adoption of New Accounting Standard

In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740), Improvements to Income Tax Disclosures” (“ASU 2023-09”). 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. The Company adopted this standard during the year ended December 31, 2025. The adoption of this standard did not have a material impact on the Company’s financial statements and related disclosures.

Recent Accounting Pronouncements, Not Yet Adopted

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.

In December 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements”, which intends to improve the navigability of the guidance in ASC 270, “Interim Reporting” (“ASC 270”) and clarify when it applies. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, and permits prospective or full retrospective adoption. Early adoption is permitted. The Company is evaluating the impact of this guidance on its financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-12, “Codification Improvements”, which addresses suggestions received from stakeholders regarding the Accounting Standards Codification and makes other incremental improvements to U.S. GAAP. The update represents changes to the Codification that clarify, correct errors in or make other improvements to a variety of topics that are intended to make it easier to understand and apply. ASU 2025-12 is effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years. Entities are required to apply the amendments to ASC 260, “Earnings Per Share” (“ASC 260”), retrospectively. All other amendments may be applied prospectively or retrospectively. Early adoption is permitted. The Company is evaluating the impact of this guidance on its 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 financial statements.

Liquidity and Management Plans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 23, 2026	Dec. 31, 2025	Dec. 31, 2024
Liquidity And Management Plans
Revenue		$ 5,630	$ 768
Net loss		9,593	18,398
Net cash used in operating activities		12,420	17,573
Cash and cash equivalents		10,401	1,353
Subsequent event \| ATM program
Liquidity And Management Plans
Proceeds of securities offerings	$ 31,900
Technology Service
Liquidity And Management Plans
Revenue		$ 5,600	$ 800

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
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+ Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

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+ Details

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Accrued Expenses

Schedule of Accrued Expenses

Accrued expenses consist of the following (in thousands):


	Balance as of
	December 31, 2025		December 31, 2024
Accrued compensation	$	1,341	$	740
Accrued purchased inventory received		359		—
Accrued stock registration expense		186		40
Customer deposits received		32		—
Accrued legal expenses		30		178
Accrued interest		—		81
Other accrued expenses		147		96
Total	$	2,095	$	1,135

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of losses before taxes by jurisdiction

Losses before taxes by jurisdiction for the years ended December 31, 2025 and 2024 are as follows (in thousands):


	For the year ended December 31,
	2025		2024
Domestic	$	(9,593)	$	(18,398)
Foreign		—		—
Loss before taxes	$	(9,593)	$	(18,398)

Schedule of current and deferred income tax expense

Current and deferred income tax expense for the years ended December 31, 2025 and 2024 are as follows (in thousands):


		For the year ended December 31,
Current		2025			2024
Federal		$	—		$	—
State			—			—
Foreign			—			—
Total income tax expense		$	—		$	—


		For the year ended December 31,
Deferred		2025			2024
Federal		$	—		$	—
State			—			—
Foreign			—			—
Total income tax expense		$	—		$	—

Schedule of taxes paid by jurisdiction


		For the year ended December 31,
		2025			2024
Federal		$	—		$	—
State			—			—
Foreign			—			—
Total income taxes paid		$	—		$	—

Schedule of effective income tax rate reconciliation


	For the year ended December 31, 2025					For the year ended December 31, 2024
	Amount (in					Amount (in
	thousands)			Rate		thousands)			Rate
Income tax benefit at federal statutory rate	$	(2,015)		21.0	%	$	(3,864)		21.0	%
Tax credits:
Research and development credit		(238)		2.5			(447)		2.4
Change in valuation allowance		2,054		(21.4)			3,555		(19.3)
Nontaxable or nondeductible items:
Other		(8)		—			(168)		0.9
Excess tax deficit on stock awards		184		(1.9)			164		(0.9)
Changes in unrecognized tax benefits		24		(0.2)			760		(4.1)
Other adjustments		(1)		—			—		—
Effective income tax rate	$	—		0.0	%	$	—		0.0	%

Schedule of deferred tax assets and liabilities

As of December 31, 2025 and 2024, the Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following (in thousands):


	December 31,
	2025		2024
Deferred tax assets:
Research and development tax credits	$	11,470	$	11,087
Net operating loss (“NOL”) carryovers		92,392		87,825
Property and equipment		75		197
Research and development (“R&D”) costs		3,802		6,919
Start-up and organizational costs		7		9
Stock-based compensation		107		338
Operating lease liability		254		176
Other accruals and reserves		321		215
Total gross deferred tax assets		108,428		106,766
Less: valuation allowance		(108,223)		(106,627)
Total deferred tax assets		205		139
Deferred tax liabilities:
Operating lease right-of-use asset		(205)		(139)
Total deferred tax liabilities		(205)		(139)
Total deferred taxes, net	$	—	$	—

Schedule of valuation allowance


	2025		2024
January 1,	$	106,627	$	104,318
Increase in valuation allowance		1,596		2,309
December 31,	$	108,223	$	106,627

Schedule of unrecognized tax benefits roll forward

A reconciliation of the beginning and ending balance of total unrecognized tax benefits is as follows (in thousands):


		2025			2024
Unrecognized tax benefit at beginning of year		$	1,357		$	—
Gross increases - tax positions in prior period			3			1,275
Gross increases - tax positions in current period			45			82
Unrecognized tax benefit at end of year		$	1,405		$	1,357

Capital Stock and Warrants (Tables)

12 Months Ended

Dec. 31, 2025

Capital Stock and Warrants

Schedule of Shares of Common Stock Reserved for Future Issuance


		December 31, 2025		December 31, 2024
RSUs outstanding		10,991		17,946
Warrants outstanding		677,428		47,764
Shares available for issuance under the 2024 Equity Incentive Plan		78,176		8,763
Shares available for issuance under the Employee Stock Purchase Plan		—		460
Total		766,595		74,933

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies

Schedule of Reconciliation of Undiscounted Cash Flows to Lease Liabilities Recognized

A reconciliation of undiscounted cash flows to lease liabilities recognized as of December 31, 2025 is as follows (in thousands):


For the year ending December 31,	Amount
2026	$	556
2027		610
Total future lease payments		1,166
Present value discount (8.0% weighted average)		(86)
Total operating lease liabilities	$	1,080

Subsequent Events (Details) - ATM program - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 23, 2026	Dec. 31, 2024
Subsequent Events
Stock issued during period		228,392
Subsequent event
Subsequent Events
Stock issued during period	3,299,728
Proceeds of securities offerings	$ 31.9

Liquidity and Management Plans

12 Months Ended

Dec. 31, 2025

Liquidity and Management Plans

Liquidity and Management Plans

Note 2 – Liquidity and Management Plans

During the years ended December 31, 2025 and 2024, the Company recorded revenue of $5.6 million and $0.8 million, respectively. The Company incurred a net loss of $9.6 million and $18.4 million for the years ended December 31, 2025 and 2024, respectively. Net cash used in operating activities was $12.4 million and $17.6 million for the years ended December 31, 2025 and 2024, respectively.

As of December 31, 2025, the Company had cash on hand of $10.4 million. The Company is currently meeting its liquidity requirements through the collection of accounts receivable and net proceeds generated from securities offerings through the Company’s ATM Program (see Note 10 – Capital Stock and Warrants and Note 17 – Subsequent Events) and selectively capital stock and warrants financings.

Accounting Standards Codification (“ASC”) 205-40, Presentation of Financial Statements - Going Concern, requires management to assess the Company’s ability to continue as a going concern. In accordance with this guidance, the Company’s management has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued.

In addition to cash on hand as of December 31, 2025, the Company raised net proceeds in the ATM Program of approximately $31.9 million between January 2 and March 23, 2026 (see Note 17 – Subsequent Events). Based on current operating levels and cost reductions implemented during 2025, the Company believes it has sufficient cash on hand and access to capital to fund operations for at least 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.

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 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
		December 31, 2025			December 31, 2024
Prepaid insurance		$	152		$	163
Deposit for intellectual property renewals			106			—
Deferred cost of revenue			54			—
Prepaid software and support			24			67
Deposit with contract manufacturer			21			323
Prepaid subscriptions			13			22
Tradeshow deposits			6			21
Prepaid and deferred financing costs			—			372
Other deposits			46			15
Total		$	422		$	983

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2025 and 2024 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):


	Balance as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	10,401	$	—	$	—	$	10,401
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,			As of December 31,
	2025 (exercise date)			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 year ended December 31,
		2025			2024
Beginning value		$	358		$	620
Change in value of warrant liability			(257)			(262)
Warrants exercised			(101)			—
Ending value		$	—		$	358

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Prepaid Expenses and Other Current Assets
Prepaid insurance	$ 152	$ 163
Deposit for intellectual property renewals	106
Deferred cost of revenue	54
Prepaid software and support	24	67
Deposit with contract manufacturer	21	323
Prepaid subscriptions	13	22
Tradeshow deposits	6	21
Prepaid and deferred financing costs		372
Other deposits	46	15
Total	$ 422	$ 983

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We believe cybersecurity is critical to supporting our vision and enabling our strategy. We have servers, computers, and other technological equipment with electronic files containing Company intellectual property including customer information. We also have hardware and firmware that is provided to third parties for testing as part of our manufacturing process. Additionally, we are an IoT service provider through the e-Compass cloud-based platform. Although we mitigate the threat of a cyber-attack with updates, patches, lifecycle replacements of legacy equipment and employee training, no system is completely safe from an attack or theft of intellectual property that could cause significant loss or business interruption. We generally face a multitude of cybersecurity threats that are common to most industries. Examples of threats to our systems could include: (i) ransomware allowing unauthorized users to access our databases, encrypt the data and demand payment in order to provide a decryption key, (ii) denial of Service (DoS) where an unauthorized user exerts heavy traffic on our servers, making them unavailable, (iii) SQL Infection where unauthorized users cause interference with database content, (iv) insider threats where users misuse our platforms, creating data loss or corruption, and (v) cloud misconfigurations leading to unintended exposure of sensitive data. A significant breach of our systems or those of our third-party vendors could result in the loss of sensitive data, intellectual property, or customer information, leading to operational disruptions, reputational damage, and litigation. Our customers, suppliers, and partners also face similar cybersecurity threats and, while we have not been materially affected to date, a cybersecurity incident impacting us or any of these entities could materially adversely affect our operations, performance, and results of operations. These cybersecurity threats and related risks make it imperative that we maintain a strong focus on cybersecurity. We assess, identify and manage material risks from cybersecurity threats through various policies, procedures and processes of our information technology (“IT”) department, which include 1) review of IT security policy and change management policy review, 2) IT control procedures, 3) firewall reviews, 4) system backups and 5) procurement of cyber liability insurance. We have one full-time IT employee, with over a decade of cybersecurity experience. This IT employee reports to the General Counsel, a former Certified Information Systems Security Professional. The General Counsel and other executive officers provide direct updates to the Audit Committee at least annually, or if a significant event were to occur, immediately. We also train our employees on cybersecurity threats on a regular basis and numerous cybersecurity service providers are engaged to monitor and proactively protect our IT systems. Cyber insurance coverage is maintained to mitigate risks to our operations. We conduct continuous vulnerability scanning. All vendor agreements are reviewed by our legal department, and risks are highlighted and mitigated through discussions with IT, and our Chief Executive Officer and Chief Financial Officer. During the fiscal year ended December 31, 2025, we did not experience any cybersecurity incidents that, individually or in the aggregate, were determined to be material to our financial condition or results of operations. We have not faced any threats that have resulted in loss of information, or inability to operate for any period of time; nor have any threats affected or been deemed likely to materially affect our business strategy, results of operations, or financial condition. If a material cybersecurity incident were to occur, it would be evaluated based on both quantitative and qualitative factors.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We assess, identify and manage material risks from cybersecurity threats through various policies, procedures and processes of our information technology (“IT”) department, which include 1) review of IT security policy and change management policy review, 2) IT control procedures, 3) firewall reviews, 4) system backups and 5) procurement of cyber liability insurance.
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance The Board of Directors oversees the risks of cybersecurity threats and communicates with the Chief Executive Officer and Chief Financial Officer regarding controls in place. The Board of Directors receives periodic briefings from the Chief Executive Officer and Chief Financial Officer, concerning cybersecurity, information security and technology risks, and our related risk mitigation programs. Any material cybersecurity threats, breaches or other concerns are immediately communicated to the Board of Directors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Board of Directors
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors receives periodic briefings from the Chief Executive Officer and Chief Financial Officer, concerning cybersecurity, information security and technology risks, and our related risk mitigation programs.
Cybersecurity Risk Role of Management [Text Block]	We assess, identify and manage material risks from cybersecurity threats through various policies, procedures and processes of our information technology (“IT”) department, which include 1) review of IT security policy and change management policy review, 2) IT control procedures, 3) firewall reviews, 4) system backups and 5) procurement of cyber liability insurance
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The General Counsel and other executive officers
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	We have one full-time IT employee, with over a decade of cybersecurity experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	This IT employee reports to the General Counsel, a former Certified Information Systems Security Professional. The General Counsel and other executive officers provide direct updates to the Audit Committee at least annually, or if a significant event were to occur, immediately.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Stock Based Compensation - Summary of Fair Values of Stock Options and ESPP (Details) - Options to purchase common stock - Employee Stock Purchase Plan	12 Months Ended
	Dec. 31, 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%

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income Taxes
Domestic	$ (9,593)	$ (18,398)
Loss before taxes	$ (9,593)	$ (18,398)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Employee Benefit Plan

12 Months Ended

Dec. 31, 2025

Employee Benefit Plan

Employee Benefit Plan

Note 16 – Employee Benefit Plan

The Company administers a 401(K) retirement plan (the “401(K) Plan”) in which all employees are eligible to participate. Each eligible employee may elect to contribute to the 401(K) Plan. During the years ended December 31, 2025 and 2024, the Company made matching contributions of $159,000 and $98,000, respectively.

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2025

Revenue Recognition

Schedule of disaggregation of revenue


		For the year ended December 31,
Revenue by product/service		2025			2024
PowerBridge sales and shipping		$	5,523		$	676
Other			107			92
Total revenue		$	5,630		$	768


		For the year ended December 31,
Revenue by geographic region		2025			2024
United States		$	5,186		$	651
Europe			420			82
Other			24			35
Total revenue		$	5,630		$	768

Schedule of selected balance sheet line items reflecting accounts receivable and contract liabilities


	Balances as of December 31,
	2025		2024		2023
Trade receivables	$	2,988	$	78	$	102
Deferred revenue	$	27	$	13	$	27
Customer deposits	$	32	$	—	$	—

Revenue Recognition - Schedule of disaggregation of revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue Recognition
Revenue	$ 5,630	$ 768
United States
Revenue Recognition
Revenue	5,186	651
Europe
Revenue Recognition
Revenue	420	82
Other
Revenue Recognition
Revenue	24	35
PowerBridge sales and shipping
Revenue Recognition
Revenue	5,523	676
Other
Revenue Recognition
Revenue	$ 107	$ 92

- Definition

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.

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Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accrued Expenses
Accrued compensation	$ 1,341	$ 740
Accrued purchased inventory received	359
Accrued stock registration expense	186	40
Customer deposits received	32
Accrued legal expenses	30	178
Accrued interest		81
Other accrued expenses	147	96
Total	$ 2,095	$ 1,135

Short-term Debt

12 Months Ended

Dec. 31, 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% per year. On October 15, 2025, the Company financed approximately $0.1 million in cyber liability and additional insurance premiums to be repaid in 11 installments of approximately $6,000 with a borrowing rate of 6.09% per year. As of December 31, 2025, the Company had an outstanding balance of approximately $0.1 million on the financing for its insurance premiums with a weighted average borrowing rate of 6.45% per year.

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 December 31, 2025, the Company had no short-term loan payable balance in relation to the Agile loan agreement. The Company recorded interest expense of approximately $0.2 million related to the Amended Loan Agreement during the year ended December 31, 2025. The payment multiplier on the New Term 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 December 31, 2025, the debt discount was fully amortized. On July 7, 2025, the Company paid off all outstanding amounts owed to the Lender. As of December 31, 2025, no balance was owed pursuant to the Amended Loan Agreement.

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) segment customer item $ / shares shares	Dec. 31, 2024 USD ($) customer item $ / shares shares	Jun. 30, 2025 $ / shares	Dec. 31, 2023 $ / shares	Mar. 28, 2023 $ / shares
Summary of Significant Accounting Policies
Revenue	$ 5,630,000	$ 768,000
Product return policy period	5 days
Accounts receivable, net of allowance for credit losses	$ 0	0
Research and development	$ 4,126,000	$ 7,686,000
Antidilutive securities excluded from computation of earnings per share, amount \| shares	688,419	65,710
Exercise price \| $ / shares					$ 240
Customer invoices payment minimum days	30 days
Product sales warranty minimum term	1 year
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Proceeds from accounts receivable factoring	$ 0	$ 300,000
Accounts receivable in factoring agreement	0	0
Discount fees from factoring accounts receivable	$ 0	$ 31,000
One supplier \| Revenues \| Supplier concentration risk
Summary of Significant Accounting Policies
Number of supplied contract manufacturer \| item	1	1
One customer \| Revenues \| Customer concentration risk
Summary of Significant Accounting Policies
Number of customers \| customer	1
Concentration percentage	85.00%
One customer \| Accounts receivable \| Credit concentration risk
Summary of Significant Accounting Policies
Number of customers \| customer	1
Concentration percentage	99.00%
Two customer \| Revenues \| Customer concentration risk
Summary of Significant Accounting Policies
Number of customers \| customer		2
Concentration percentage		76.00%
Two customer \| Accounts receivable \| Credit concentration risk
Summary of Significant Accounting Policies
Number of customers \| customer		2
Concentration percentage		99.00%
Computer hardware
Summary of Significant Accounting Policies
Estimated Useful life	3 years
Furniture and fixtures
Summary of Significant Accounting Policies
Estimated Useful life	7 years
Leasehold improvements
Summary of Significant Accounting Policies
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Minimum \| Computer software
Summary of Significant Accounting Policies
Estimated Useful life	1 year
Maximum \| Computer software
Summary of Significant Accounting Policies
Estimated Useful life	2 years
Warrants issued to investors
Summary of Significant Accounting Policies
Antidilutive securities excluded from computation of earnings per share, amount \| shares	677,428	47,764
Exercise price \| $ / shares		$ 9	$ 8.4	$ 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 \| shares	633,111
Exercise price \| $ / shares	$ 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 \| shares	44,317
Exercise price \| $ / shares	$ 9.9
Warrants issued to investors \| Expiring at February 20 2029
Summary of Significant Accounting Policies
Antidilutive securities excluded from computation of earnings per share, amount \| shares		34,014
Exercise price \| $ / shares		$ 55.2
Warrants issued to investors \| Expiring on March 28 2029
Summary of Significant Accounting Policies
Antidilutive securities excluded from computation of earnings per share, amount \| shares		13,750
Exercise price \| $ / shares		$ 9
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	$ 5,600,000	$ 800,000

Stock Based Compensation - Restricted Stock Units (Details) - RSUs $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) shares
Stock-Based Compensation
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period	2,258
Shares vested	4,128
Employee service share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options \| $	$ 0.3
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	2 years 4 months 24 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

- Definition

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.

+ References

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+ Details

Commitments and Contingencies - Severance and Change in Control Agreement & Executive Transition - Cesar Johnston (Details) - USD ($)			12 Months Ended
	May 30, 2024	Mar. 24, 2024	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies
Severance expense			$ 403,000	$ 1,377,000
Accrued severance			$ 0	28,000
Executive \| Amended and Restated Severance and Change in Control Agreement \| Minimum [Member]
Commitments and Contingencies
Monthly salary	3 months
Target bonus percentage	25.00%
Accelerate vesting percentage of unvested equity awards	25.00%
Termination period	3 months
Executive \| Amended and Restated Severance and Change in Control Agreement \| Maximum [Member]
Commitments and Contingencies
Monthly salary	12 months
Target bonus percentage	100.00%
Accelerate vesting percentage of unvested equity awards	100.00%
Termination period	12 months
Executive \| Cesar Johnston \| Amended and Restated Severance and Change in Control Agreement
Commitments and Contingencies
Monthly salary		18 months
Target bonus percentage		100.00%
Scheduled to vest		18 months
Termination period		18 months
Severance expense				1,200,000
Compensation-based payments				$ 100,000

Capital Stock and Warrants - Shares of common stock reserved for future issuance (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
Capital Stock and Warrants
Total shares of common stock reserved for future issuance	766,595	74,933
RSUs outstanding
Capital Stock and Warrants
Total shares of common stock reserved for future issuance	10,991	17,946
Warrants
Capital Stock and Warrants
Total shares of common stock reserved for future issuance	677,428	47,764
2024 Equity Incentive Plan
Capital Stock and Warrants
Total shares of common stock reserved for future issuance	78,176	8,763
Employee Stock Purchase Plan
Capital Stock and Warrants
Total shares of common stock reserved for future issuance		460

- Definition

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.

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+ Details

Commitments and Contingencies - Schedule of Reconciliation of Undiscounted Cash Flows to Lease Liabilities Recognized (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Reconciliation of undiscounted cash flows to lease liabilities
2026	$ 556
2027	610
Total future lease payments	1,166
Present value discount (8.0% weighted average)	(86)
Total operating lease liabilities	$ 1,080
Weighted average (in Percentage)	8.00%

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies

Commitments and Contingencies

Note 8 – Commitments and Contingencies

Operating Leases

San Jose Lease

On May 20, 2022, the Company signed a lease amendment to the existing lease for its office space at its corporate headquarters in San Jose, California, extending the term of the lease for an additional three years ending on September 30, 2025. Upon signing the lease amendment, the Company recorded a new ROU lease asset of $2.1 million and operating lease liability of $2.1 million, using a present value discount rate of 3.0%, which was used as an incremental borrowing rate for a hypothetical fully collateralized real estate transaction. As of January 1, 2024, the discount rate was adjusted to 8% in order to reflect a realistic incremental borrowing rate at lease commencement. The adjustment created a one-time reduction to the ROU lease asset and operating lease liability of approximately $51,000. Upon expiration of the original lease on September 30, 2022, the new monthly lease payment starting October 1, 2022 was approximately $59,000, subject to annual escalations up to a maximum monthly lease payment of approximately $62,000. On July 31, 2024, the Company signed an additional lease amendment where the monthly payments through the remainder of 2024 were reduced to approximately $37,000 and the monthly payments from January 2025 through September 2025 increased to approximately $76,000. As a result of this amendment, the Company revalued its ROU lease asset to $0.8 million and its operating lease liability to $0.8 million on July 31, 2024.

On March 19, 2025, the Company signed an amendment to the existing lease for its office space at its corporate headquarters in San Jose, California, relocating to a smaller suite within the same building and extending the lease through December 31, 2027. The Company agreed to issue 2,500 shares of its common stock to the landlord upon signing the amendment as partial consideration for the amended lease and agreed to new monthly payments beginning October 2025 of approximately $37,000, escalating to approximately $46,000 during 2026 and $51,000 during 2027. As a result of the new lease amendment signed on March 19, 2025, the ROU asset and operating lease liability were both increased by approximately $0.9 million. The Company recorded lease expense of $0.5 million and $0.8 million for the years ended December 31, 2025 and 2024, respectively.

Operating Lease Commitments

The Company follows ASC 842, Leases, (“Topic 842”) and recognizes the required ROU assets and operating lease liabilities on its balance sheets. The Company anticipates having future total lease payments of $1.2 million through the fourth quarter of 2027. As of December 31, 2025, the Company has total operating lease right-of-use assets of $0.9 million, current operating lease liabilities of $0.5 million and long-term operating lease liabilities of $0.6 million. The weighted average remaining lease term is 2.0 years as of December 31, 2025.

Note 8 – Commitments and Contingencies, continued

A reconciliation of undiscounted cash flows to lease liabilities recognized as of December 31, 2025 is as follows (in thousands):


For the year ending December 31,	Amount
2026	$	556
2027		610
Total future lease payments		1,166
Present value discount (8.0% weighted average)		(86)
Total operating lease liabilities	$	1,080

Litigations, Claims, and Assessments

The Company is from time to time involved in various disputes, claims, liens and litigation matters arising in the normal course of business. While the outcome of these disputes, claims, liens and litigation matters cannot be predicted with certainty, after consulting with legal counsel, management does not believe that the outcome of these matters will have a material adverse effect on the Company’s combined financial position, results of operations or cash flows.

MBO Bonus Plan

On May 30, 2024, the Board, on the recommendation of the Compensation Committee, approved the 2024 Corporate Bonus Plan (the “2024 Bonus Plan”), whereby employees’ bonuses will be based upon achievement of performance objectives set by the Compensation Committee and paid annually. Employees must be continuously employed throughout the applicable performance period and payment date and achieve the performance objectives.

Under the 2024 Bonus Plan, the Compensation Committee is responsible for selecting the amounts of potential bonuses for executive officers and vice presidents, defining the performance metrics used to determine whether any such bonuses will be paid and determining whether those performance metrics have been achieved. During the year ended December 31, 2025, the Company did not record any expense under the 2024 Bonus Plan. During the year ended December 31, 2024, the Company recorded $0.3 million expense under the 2024 Bonus Plan which was paid out during the first quarter of 2025.

On February 21, 2025, the Board, on the recommendation of the Compensation Committee, approved the 2025 Corporate Bonus Plan (the “2025 Bonus Plan”), whereby employees’ bonuses will be based upon achievement of performance objectives set by the Compensation Committee and paid annually. Employees must be continuously employed throughout the applicable performance period and payment date and achieve the performance objectives.

Under the 2025 Bonus Plan, the Compensation Committee is responsible for selecting the amounts of potential bonuses for executive officers and vice presidents and defining the annual performance metrics against which the bonus compensation will be measured. The level of achievement against pre-defined performance metrics is used to determine whether any such bonuses will be paid and whether those performance metrics have been satisfactorily achieved. The Company accrued $1.1 million in bonus expense under the 2025 Bonus Plan during the year ended December 31, 2025, which the Company plans to pay during the first quarter of 2026.

Severance and Change in Control Agreement

On May 30, 2024, the Compensation Committee approved a new form of Severance Agreement and Change in Control Agreement (“Severance Agreement”) that the Company may enter into with executive officers and vice presidents (each, an “Executive”). Under the Severance Agreement, if an Executive party thereto is terminated without cause or in a qualifying change in control termination, the Company agrees to pay the Executive three to twelve months of that Executive’s monthly base salary and 25% to 100% of the Executive’s target bonus, and to accelerate the vesting of 25% to 100% of the Executive’s unvested equity awards. If an Executive elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) the Company will pay the full amount of the Executive’s premiums under the Company’s health, dental and vision plans, including coverage for the Executive’s eligible dependents, for the three-to-twelve-month period, as applicable, following the Executive’s termination.

Note 8 – Commitments and Contingencies, continued

Executive Transition – Cesar Johnston

On March 26, 2024, the Company announced that Cesar Johnston was no longer serving as President and Chief Executive Officer of the Company effective March 24, 2024. In connection with his cessation as an officer of the Company, Mr. Johnston was entitled to receive the benefits and payments set forth in the Amended and Restated Severance and Change in Control Agreement, dated December 6, 2021 (“Johnston Severance Agreement”), between the Company and Mr. Johnston. Accordingly, Mr. Johnston received (a) 18 months of his monthly salary plus the amount equal to 100% of his target bonus, (b) any outstanding unvested equity awards held by Mr. Johnston that were scheduled to vest during the next 18 months following the termination date, and (c) reimbursement for continued COBRA payments, if elected by Mr. Johnston, during the 18 months following the termination date. The Company recorded $1.2 million in total severance expense pertaining to Mr. Johnston’s departure during the year ended December 31, 2024, including $0.1 million in stock-based compensation as a result of accelerated vesting of RSUs and options (see Note 11 – Stock-Based Compensation for additional details).

As of December 31, 2025, the Company had no unpaid severance expense pertaining to the Johnston Severance Agreement.

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2025	Mar. 23, 2026	Jun. 30, 2025
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 10,682,962
Entity Common Stock, Shares Outstanding		5,501,099
Auditor Firm ID	207
Auditor Name	BPM LLP
Auditor Location	San Jose, California
Entity Central Index Key	0001575793
Document Fiscal Period Focus	FY
Amendment Flag	false
Documents Incorporated by Reference [Text Block]	Part III of this Annual Report on Form 10-K incorporates certain information by reference from the registrant’s proxy statement for the 2026 annual meeting of stockholders to be filed with the Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2025.

Property and Equipment (Details) - USD ($)	12 Months Ended
Property and Equipment (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Property and Equipment
Property and Equipment, Gross	$ 3,247,000	$ 4,584,000
Less - accumulated depreciation	(2,949,000)	(4,228,000)
Property and equipment, net	298,000	356,000
Disposal of property, plant and equipment	1,400,000	0
Depreciation and amortization expense	100,000	200,000
Cost of revenue	1,000	4,000
Computer hardware
Property and Equipment
Property and Equipment, Gross	1,562,000	2,257,000
Computer software
Property and Equipment
Property and Equipment, Gross	1,055,000	1,055,000
Furniture and fixtures
Property and Equipment
Property and Equipment, Gross	206,000	489,000
Leasehold improvements
Property and Equipment
Property and Equipment, Gross	$ 424,000	$ 783,000

Stock Based Compensation

12 Months Ended

Dec. 31, 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.

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 December 31, 2025, there are 1,264 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 December 31, 2025, there are 9,727 RSUs granted and outstanding under the 2024 Equity Incentive Plan. As of December 31, 2025, 78,176 shares of common stock remain available for issuance under the 2024 Equity Incentive Plan.

Restricted Stock Units (“RSUs”)

During the year ended December 31, 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 year ended December 31, 2025, the Compensation Committee granted employees an aggregate of 2,099 RSUs, which vest over four years.

As of December 31, 2025, the unamortized fair value of the RSUs was $0.3 million. The unamortized amount will be expensed over a weighted average period of 2.4 years. A summary of the activity related to RSUs for the year ended December 31, 2025 is presented below:


		Weighted
		Average Grant
	Total	Date Fair Value
Outstanding as of January 1, 2025	17,946	$	71.59
RSUs granted	2,258		13.77
RSUs forfeited	(5,085)		42.05
RSUs vested	(4,128)		107.89
Outstanding as of December 31, 2025	10,991	$	59.75

Note 11 – Stock Based Compensation, continued

Employee Stock Purchase Plan (“ESPP”)

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 $19.20 per share for the year ended December 31, 2024, 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 year ended December 31, 2025. The Company recognized compensation expense for the ESPP of approximately $5,000 for the year ended December 31, 2024.

The Company estimated the fair value of ESPP purchase options granted during the year ended December 31, 2024 using the Black-Scholes option pricing model. The fair values of ESPP purchase options granted were estimated using the following assumptions:


	For the year ended December 31,
	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):


	For the year ended December 31,
	2025		2024
Research and development	$	51	$	213
Sales and marketing		131		287
General and administrative		82		163
Severance expense		16		130
Cost of revenue		1		6
Total	$	281	$	799

Commitments and Contingencies - Operating Leases (Details) - USD ($)				12 Months Ended
	Mar. 19, 2025	Jul. 31, 2024	Oct. 01, 2022	Dec. 31, 2025	Dec. 31, 2024	Jan. 01, 2024	May 20, 2022
Commitments and Contingencies
ROU lease assets				$ 872,000	$ 527,000
Operating lease liability				1,080,000
Total operating lease payments				1,166,000
Operating lease liabilities, current portion				491,000	668,000
Operating lease liabilities, long-term portion				589,000
Accounting Standards Update 2016-02
Commitments and Contingencies
ROU lease assets				900,000
Total operating lease payments				1,200,000
Operating lease liabilities, current portion				$ 500,000
Weighted average remaining lease term				2 years
Operating lease liabilities, long-term portion				$ 600,000
San Jose, California
Commitments and Contingencies
Operating lease, renewal term							3 years
ROU lease assets	$ 900,000	$ 800,000					$ 2,100,000
Operating lease liability	900,000	800,000					$ 2,100,000
Operating lease present value discount rate						8.00%	3.00%
Reduction in Right-Of-Use Asset						$ 1
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				$ 500,000	$ 800,000
Number of shares issued	2,500
San Jose, California \| Maximum
Commitments and Contingencies
Maximum monthly lease payment			$ 62,000

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Measurements

Fair Value Measurements

Note 15 - Fair Value Measurements


	Balance as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	10,401	$	—	$	—	$	10,401
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.

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,			As of December 31,
	2025 (exercise date)			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	%

Note 15 - Fair Value Measurements, continued

The decrease in the fair value of the 2023 Warrant liability was determined to be $0.3 million during both the years ended December 31, 2025 and 2024 (see Note 14 – Warrant Liability).


		For the year ended December 31,
		2025			2024
Beginning value		$	358		$	620
Change in value of warrant liability			(257)			(262)
Warrants exercised			(101)			—
Ending value		$	—		$	358

- Definition

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.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Organization, Nature of Operations (Details)			12 Months Ended
Business Organization, Nature of Operations (Details)	Aug. 07, 2025	Jun. 11, 2025	Dec. 31, 2025 patent
Business Organization, Nature of Operations
Reverse stock split, description	1-for-30		1-for-30
Reverse stock split, conversion ratio	0.033		0.033
Maximum patent portfolio			300
Maximum
Business Organization, Nature of Operations
Reverse stock split, description		1-for-50.
Reverse stock split, conversion ratio		0.02

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Summary of Significant Accounting Policies
Total potentially dilutive securities	688,419	65,710
Warrants issued to investors
Summary of Significant Accounting Policies
Total potentially dilutive securities	677,428	47,764
RSUs
Summary of Significant Accounting Policies
Total potentially dilutive securities	10,991	17,946

Revenue Recognition

12 Months Ended

Dec. 31, 2025

Revenue Recognition

Revenue Recognition

Note 12 – Revenue Recognition

The following tables depict the disaggregation of revenue by product or service and geographic region of the customers for the years ended December 31, 2025 and 2024:


		For the year ended December 31,
Revenue by product/service		2025			2024
PowerBridge sales and shipping		$	5,523		$	676
Other			107			92
Total revenue		$	5,630		$	768


		For the year ended December 31,
Revenue by geographic region		2025			2024
United States		$	5,186		$	651
Europe			420			82
Other			24			35
Total revenue		$	5,630		$	768

Substantially all revenue recognized during 2025 and 2024 was recognized at a point in time.

Selected balance sheet line items that reflect accounts receivable and contract liabilities as of December 31, 2025, 2024 and 2023 were as follows (in thousands):


	Balances as of December 31,
	2025		2024		2023
Trade receivables	$	2,988	$	78	$	102
Deferred revenue	$	27	$	13	$	27
Customer deposits	$	32	$	—	$	—

The Company expects to satisfy its obligations under deferred revenue and collect all net trade receivables within one year of December 31, 2025.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	For the year ended	For the year ended
	December 31, 2025	December 31, 2024
Warrants issued to investors	677,428	47,764
RSUs	10,991	17,946
Total potentially dilutive securities	688,419	65,710

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2025

Prepaid Expenses and Other Current Assets

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
		December 31, 2025			December 31, 2024
Prepaid insurance		$	152		$	163
Deposit for intellectual property renewals			106			—
Deferred cost of revenue			54			—
Prepaid software and support			24			67
Deposit with contract manufacturer			21			323
Prepaid subscriptions			13			22
Tradeshow deposits			6			21
Prepaid and deferred financing costs			—			372
Other deposits			46			15
Total		$	422		$	983

In addition to the prepaid expenses and other current assets disclosed above, the Company had $0.3 million and $0 in other assets relating to deposits for intellectual property renewals as of December 31, 2025 and 2024, respectively.

Revenue Recognition (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue Recognition
Trade receivables	$ 2,988	$ 78	$ 102
Deferred revenue	27	$ 13	$ 27
Customer deposits	$ 32

Commitments and Contingencies - MBO Bonus Plan, 2025 and 2024 Bonus Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
2024 bonus plan
Commitments and Contingencies
Bonus expense	$ 0	$ 300,000
2025 bonus plan
Commitments and Contingencies
Compensation expense	$ 1,100,000

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Amount
Income tax benefit at federal statutory rate	$ (2,015)	$ (3,864)
Tax credits:
Research and development tax credits	(238)	(447)
Change in valuation allowance	2,054	3,555
Nontaxable or nondeductible items:
Other	(8)	(168)
Excess tax deficit on stock awards	184	164
Changes in unrecognized tax benefits	24	760
Other adjustments	(1)
Total income tax expense
Percent
Tax benefit at federal statutory rate	21.00%	21.00%
Tax credits:
Research and development tax credits	2.50%	2.40%
Change in valuation allowance	(21.40%)	(19.30%)
Nontaxable or nondeductible items:
Other		0.90%
Excess tax deficit on stock awards	(1.90%)	(0.90%)
Changes in unrecognized tax benefits	(0.20%)	(4.10%)
Other adjustments
Effective income tax rate

Short-term Debt - Financing For Insurance Premiums (Details)	Oct. 15, 2025 USD ($) installment	Apr. 29, 2025 USD ($) installment	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Short-term Debt
Short term borrowings outstanding			$ 88,000	$ 818,000
Financing for insurance premiums
Short-term Debt
Debt instrument face amount		$ 300,000
Number of installments \| installment	11	9
Periodic repayment of debt	$ 6,000	$ 35,000
Interest rate, per year (in %)	6.09%	6.99%	6.45%
Additional debt amount	$ 100,000
Short term borrowings outstanding			$ 100,000

Short-term Debt - Agile Subordinated Loan Agreement (Details)			12 Months Ended
	Nov. 05, 2024 USD ($)	Oct. 01, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Short-term Debt
Short term borrowings outstanding			$ 88,000	$ 818,000
Interest expense			$ 200,000
New Term Loan
Short-term Debt
Administrative fee	$ 48,000
Settlement value	648,000
Payment multiplier			1.42
Original Loan Agreement
Short-term Debt
Administrative fee			$ 25,000
Amended Loan Agreement
Short-term Debt
Administrative fee			48,000
Subordinated Business Loan Agreement
Short-term Debt
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
Short term borrowings outstanding			$ 0
Subordinated Business Loan Agreement \| Maximum
Short-term Debt
Additional debt amount		$ 1,600,000
Subordinated Business Loan Agreement \| New Term Loan
Short-term Debt
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
Short-term Debt
Additional debt amount	$ 1,600,000

BALANCE SHEETS - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 10,401,000	$ 1,353,000
Accounts receivable, net	2,988,000	78,000
Inventory	1,509,000	498,000
Prepaid expenses and other current assets	422,000	983,000
Total current assets	15,320,000	2,912,000
Property and equipment, net	298,000	356,000
Other assets	252,000
Operating lease right-of-use assets	872,000	527,000
Total assets	16,742,000	3,795,000
Current liabilities:
Accounts payable	954,000	1,852,000
Accrued expenses	2,095,000	1,135,000
Accrued severance expense	0	28,000
Warrant liability		358,000
Operating lease liabilities, current portion	491,000	668,000
Short-term loan payable, net	88,000	818,000
Deferred revenue	27,000	13,000
Total current liabilities	3,655,000	4,872,000
Operating lease liabilities, long-term portion	589,000
Total liabilities	4,244,000	4,872,000
Commitments and contingencies (Note 8)
Stockholders' equity (deficit):
Common Stock, $0.00001 par value, 200,000,000 shares authorized as of December 31, 2025 and 2024; 2,200,240 and 452,533 shares issued and outstanding as of December 31, 2025 and 2024, respectively.	1,000	1,000
Additional paid-in capital	422,530,000	399,362,000
Accumulated deficit	(410,033,000)	(400,440,000)
Total stockholders' equity (deficit)	12,498,000	(1,077,000)
Total liabilities and stockholders' equity	$ 16,742,000	$ 3,795,000

Stock Based Compensation - Equity Incentive Plan - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Jun. 11, 2025	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	766,595	74,933
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs	$ 18,353	$ 3,153
RSUs
Stock-Based Compensation
Common stock, capital shares reserved for future issuance	10,991	17,946
Options granted and outstanding	10,991	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	1,264
2024 Equity Incentive Plan
Stock-Based Compensation
Common stock, capital shares reserved for future issuance	78,176	8,763
Common stock remain eligible to be issued	78,176
Number of shares available for grant			66,667	15,200
2024 Equity Incentive Plan \| RSUs
Stock-Based Compensation
Options granted and outstanding	9,727

Income Taxes - Schedule of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Taxes
Beginning balance	$ 106,627	$ 104,318
Increase in valuation allowance	1,596	2,309
Ending balance	$ 108,223	$ 106,627

STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
STATEMENTS OF OPERATIONS
Revenue	$ 5,630	$ 768
Cost of revenue	3,601	756
Gross profit	2,029	12
Operating expenses:
Research and development	4,126	7,686
Sales and marketing	2,359	3,066
General and administrative	4,495	6,293
Severance expense	403	1,377
Expenses from abandoned financing transaction	661
Total operating expenses	12,044	18,422
Loss from operations	(10,015)	(18,410)
Other income (expense), net:
Change in fair value of warrant liability	257	262
Interest income, net	166
Loss on retirement of property and equipment	(1)
Loss on extinguishment of short-term debt		(219)
Discount fees from accounts receivable factoring agreements		(31)
Total other income (expense), net	422	12
Net loss	$ (9,593)	$ (18,398)
Basic loss per common share	$ (6.46)	$ (77.16)
Diluted loss per common share	$ (6.46)	$ (77.16)
Weighted average shares outstanding, basic	1,485,101	238,453
Weighted average shares outstanding, diluted	1,485,101	238,453

Accrued Expenses

12 Months Ended

Dec. 31, 2025

Accrued Expenses

Accrued Expenses

Note 7 – Accrued Expenses

Accrued expenses consist of the following (in thousands):


	Balance as of
	December 31, 2025		December 31, 2024
Accrued compensation	$	1,341	$	740
Accrued purchased inventory received		359		—
Accrued stock registration expense		186		40
Customer deposits received		32		—
Accrued legal expenses		30		178
Accrued interest		—		81
Other accrued expenses		147		96
Total	$	2,095	$	1,135

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	0 years	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

Inventory

12 Months Ended

Dec. 31, 2025

Inventory

Inventory

Note 5 – Inventory

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


		Balance as of
		December 31, 2025		December 31, 2024
Raw materials		$	679	$	498
Work-in-process			109		—
Finished goods			721		—
Total		$	1,509	$	498

Warrant Liability

12 Months Ended

Dec. 31, 2025

Warrant Liability

Warrant Liability

Note 14 - 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.

Note 14 - Warrant Liability, continued

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 a decrease of $0.3 million for both the years ended December 31, 2025 and 2024. As of December 31, 2025, the 2023 Warrants had been fully exercised in the Concurrent Warrant Exercise Transaction, eliminating the recorded warrant liability. See Note 15 - Fair Value Measurements for details on changes of fair value of the warrant liability.

Stock Based Compensation - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares
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 \| $ / shares	$ 19.2
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 \| $	$ 5,000

- Definition

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.

+ References

+ Details

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

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

Schedule of Restricted Stock Units Activity


		Weighted
		Average Grant
	Total	Date Fair Value
Outstanding as of January 1, 2025	17,946	$	71.59
RSUs granted	2,258		13.77
RSUs forfeited	(5,085)		42.05
RSUs vested	(4,128)		107.89
Outstanding as of December 31, 2025	10,991	$	59.75

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):


	For the year ended December 31,
	2025		2024
Research and development	$	51	$	213
Sales and marketing		131		287
General and administrative		82		163
Severance expense		16		130
Cost of revenue		1		6
Total	$	281	$	799

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 year ended December 31,
	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

- Definition

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.

+ References

+ Details

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property and Equipment

Summary of Property and Equipment

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


	Balance as of
		December 31, 2025	December 31, 2024
Computer hardware	$	1,562	$	2,257
Computer software		1,055		1,055
Furniture and fixtures		206		489
Leasehold improvements		424		783
		3,247		4,584
Less – accumulated depreciation		(2,949)		(4,228)
Total property and equipment, net	$	298	$	356

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value Measurements
Change in fair value of warrant liability	$ (257)	$ (262)
Warrants Two Thousand Twenty Three
Fair Value Measurements
Change in fair value of warrant liability	$ (300)	$ (300)

Stock Based Compensation - Schedule of Restricted Stock Units Activity (Details) - RSUs	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Outstanding \| shares	17,946
Shares granted \| shares	2,258
Shares vested \| shares	(4,128)
Shares forfeited \| shares	(5,085)
Number of Options, Outstanding \| shares	10,991
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 71.59
Weighted Average Grant Date Fair Value, Shares Granted \| $ / shares	13.77
Weighted Average Grant Date Fair Value, Shares Vested \| $ / shares	107.89
Weighted Average Grant Date Fair Value, Shares Forfeited \| $ / shares	42.05
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 59.75

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

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

Concentration of Credit Risk

Substantially all of the Company's product sales were supplied by one contract manufacturer during the years ended December 31, 2025 and 2024 which exposes it to various risks.

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.

Warrants

Note 3 – Summary of Significant Accounting Policies, continued

Fair Value

●

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 the customer.

Identify the performance obligations in the contract.

Determine the transaction price of the contract.

Allocate the transaction price to the performance obligations of 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

Note 3 – Summary of Significant Accounting Policies, continued

Research and Development

Stock-Based Compensation

Income Taxes

Note 3 – Summary of Significant Accounting Policies, continued

Net Loss Per Common Share

Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive.


	For the year ended	For the year ended
	December 31, 2025	December 31, 2024
Warrants issued to investors	677,428	47,764
RSUs	10,991	17,946
Total potentially dilutive securities	688,419	65,710

Property and Equipment

Leases

Note 3 – Summary of Significant Accounting Policies, continued

Segments

Adoption of New Accounting Standard

Recent Accounting Pronouncements, Not Yet Adopted

STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Reverse stock split, conversion ratio	0.033
ATM
Issuance costs	$ 1,155	$ 346
Sale of common stock
Issuance costs	$ 592	$ 230

STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2023	$ 1	$ 393,539	$ (382,042)	$ 11,498
Beginning balance (in shares) at Dec. 31, 2023	182,380
Stock-based compensation - stock options		72		72
Stock-based compensation - restricted stock units ("RSUs")		722		722
Stock-based compensation - employee stock purchase plan ("ESPP")		5		5
Issuance of shares for RSUs (in shares)	1,146
Shares purchased from contributions to the ESPP		6		6
Shares purchased from contributions to the ESPP (in shares)	238
Shares issued to consultants for services		95		95
Shares issued to consultants for services (in shares)	5,433
Pre-funded warrants exercised (in shares)	15,014
Issuance of shares in a sale of common stock, pre-funded warrants and warrants, net of issuance costs		1,770		1,770
Issuance of shares in a sale of common stock, pre-funded warrants and warrants, net of issuance costs (in shares)	19,000
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs		3,153		3,153
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs (in shares)	229,322
Net loss			(18,398)	(18,398)
Ending balance at Dec. 31, 2024	$ 1	399,362	(400,440)	(1,077)
Ending balance (in shares) at Dec. 31, 2024	452,533
Stock-based compensation - restricted stock units ("RSUs")		281		281
Issuance of shares for RSUs (in shares)	4,128
Shares issued to consultants for services		25		25
Shares issued to consultants for services (in shares)	2,500
Warrants exercised		364		364
Warrants exercised (in shares)	47,764
Reclassification of warrant liability upon warrant exercise		101		101
Pre-funded warrants exercised (in shares)	465,347
Issuance of shares in a sale of common stock, pre-funded warrants and warrants, net of issuance costs		4,044		4,044
Issuance of shares in a sale of common stock, pre-funded warrants and warrants, net of issuance costs (in shares)	120,000
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs		18,353		18,353
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs (in shares)	1,107,968
Net loss			(9,593)	(9,593)
Ending balance at Dec. 31, 2025	$ 1	$ 422,530	$ (410,033)	$ 12,498
Ending balance (in shares) at Dec. 31, 2025	2,200,240

Warrant Liability - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 28, 2023	Dec. 31, 2025	Dec. 31, 2024	Sep. 11, 2025
Class Of Warrant Or Right
Warrants exercisable term	6 years
Exercise price	$ 240
Change in fair value of warrant liability		$ (257)	$ (262)
Warrants Two Thousand Twenty Three
Class Of Warrant Or Right
Warrant liability	$ 3,100
Change in fair value of warrant liability		$ (300)	$ (300)
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

BALANCE SHEETS (Parenthetical)	12 Months Ended
BALANCE SHEETS (Parenthetical)	Dec. 31, 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)	2,200,240	452,533
Common stock, shares outstanding (in shares)	2,200,240	452,533
Reverse stock split, conversion ratio	0.033

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (9,593)	$ (18,398)

- Definition

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

+ References

+ Details

Capital Stock and Warrants

12 Months Ended

Dec. 31, 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 had a term of six years and 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 14 – Warrant Liability and Note 15 – 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 December 31, 2025, the 2023 Warrants had been fully exercised.

On December 13, 2024, the Company filed a shelf registration statement on Form S-3 with the SEC, which became effective February 12, 2025. 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 $80 million.

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 was 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 had an expiration date of 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 December 31, 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 $3.2 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).

Note 10 – Capital Stock and Warrants, continued

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).

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. In total, during the year ended December 31, 2025, the Company sold 555,155 shares of its common stock for net proceeds of approximately $5.0 million (net of commissions and related offering expenses of approximately $0.4 million) under the ATM Program. As of December 31, 2025, approximately $64.6 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 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 December 31, 2025, no 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 $4.0 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 to date (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.

Note 10 – Capital Stock and Warrants, continued

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.

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 year ended December 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 year ended December 31, 2025.

Common Stock Outstanding

The Company’s outstanding shares of common stock typically include shares that are deemed delivered under U.S. 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 U.S. GAAP until the actual delivery of shares takes place. There are currently 200,000,000 shares of common stock authorized for issuance. As of December 31, 2025, there were 2,200,240 shares of the Company’s common stock outstanding.

Common Stock Reserved for Future Issuance

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


		December 31, 2025		December 31, 2024
RSUs outstanding		10,991		17,946
Warrants outstanding		677,428		47,764
Shares available for issuance under the 2024 Equity Incentive Plan		78,176		8,763
Shares available for issuance under the Employee Stock Purchase Plan		—		460
Total		766,595		74,933

- Definition

The entire disclosure for equity.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

STATEMENTS OF OPERATIONS (Parenthetical)		12 Months Ended
STATEMENTS OF OPERATIONS (Parenthetical)	Aug. 07, 2025	Dec. 31, 2025
STATEMENTS OF OPERATIONS
Reverse stock split, conversion ratio	0.033	0.033

Employee Benefit Plan (Details) - USD ($)	12 Months Ended
Employee Benefit Plan (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Employee Benefit Plan
Matching contributions	$ 159,000	$ 98,000

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

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+ Details

Inventory (Tables)

12 Months Ended

Dec. 31, 2025

Inventory

Summary of inventory balance

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


		Balance as of
		December 31, 2025		December 31, 2024
Raw materials		$	679	$	498
Work-in-process			109		—
Finished goods			721		—
Total		$	1,509	$	498

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Contingency [Line Items]
Provision for income taxes
Tax benefit at federal statutory rate	21.00%	21.00%
Operating loss carryforwards not subject to expiration	$ 255,300
Operating loss carryforwards subject to expiration	84,700
Deferred tax assets, tax credit carryforwards, research	11,470	$ 11,087
Unrecognized tax benefits	1,405	1,357
Interest or penalties for uncertain tax positions	$ 0
Income tax examination description	The Company files income tax returns in the U.S. federal and various state jurisdictions. Due to the Company’s net operating loss carryforwards, all tax years since inception remain subject to examination by all taxing authorities. The Company is not currently under audit in any tax jurisdiction.
Domestic tax jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 340,000	320,200
Deferred tax assets, tax credit carryforwards, research	$ 7,800
Tax credit carry forward expiration period	2032
State and local jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 304,500	$ 294,900
Deferred tax assets, tax credit carryforwards, research	$ 6,200

Capital Stock and Warrants (Details)											1 Months Ended	2 Months Ended	12 Months Ended
Capital Stock and Warrants (Details)	Sep. 11, 2025 USD ($)	Sep. 10, 2025 USD ($) $ / shares shares	Mar. 11, 2025 shares	Dec. 13, 2024 USD ($)	Oct. 11, 2024 USD ($) $ / 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 ($) shares	Dec. 31, 2025 USD ($) Vote shares	Dec. 31, 2024 USD ($) $ / shares shares	Jun. 30, 2025 $ / shares	Feb. 13, 2025 USD ($)	Jan. 06, 2025 USD ($)	Dec. 31, 2023 $ / shares
Capital Stock and Warrants
Number of common stock voting entitlement per share \| Vote													1
Securities reserved for issuance \| $									$ 2,700,000
Common stock, shares issued (in shares)									13,750				2,200,240	452,533
Warrants exercisable term									6 years
Exercise price \| $ / shares									$ 240
Net proceeds from a sale of common stock and warrant issuance \| $													$ 4,044,000	$ 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 U.S. 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 U.S. 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
Common stock, shares outstanding (in shares)													2,200,240	452,533
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 \| $														$ 3,200,000
Stock issued during period														228,392
Issuance costs \| $														$ 300,000
Prior ATM Program
Capital Stock and Warrants
Securities reserved for issuance \| $				$ 80,000,000
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			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 \| $													$ 5,000,000
Stock issued during period													555,155
Issuance costs \| $													$ 400,000
Common stock available for sale \| $													64,600,000			$ 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 \| $	$ 4,000,000
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
Warrants outstanding													0
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
Securities reserved for issuance \| $										$ 100,000,000
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
Warrants \| 2025 Offering
Capital Stock and Warrants
Warrants outstanding													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

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Research and development tax credits	$ 11,470	$ 11,087
Net operating loss ("NOL") carryovers	92,392	87,825
Property and equipment	75	197
Research and development ("R&D") costs	3,802	6,919
Start-up and organizational costs	7	9
Stock-based compensation	107	338
Operating lease liability	254	176
Other accruals and reserves	321	215
Total gross deferred tax assets	108,428	106,766
Less: valuation allowance	(108,223)	(106,627)	$ (104,318)
Total deferred tax assets	205	139
Deferred tax liabilities:
Operating lease right-of-use asset	(205)	(139)
Total deferred tax liabilities	$ (205)	$ (139)

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Taxes

Income Taxes

Note 13 – Income Taxes

Losses before taxes by jurisdiction for the years ended December 31, 2025 and 2024 are as follows (in thousands):


	For the year ended December 31,
	2025		2024
Domestic	$	(9,593)	$	(18,398)
Foreign		—		—
Loss before taxes	$	(9,593)	$	(18,398)

Current and deferred income tax expense for the years ended December 31, 2025 and 2024 are as follows (in thousands):


		For the year ended December 31,
Current		2025			2024
Federal		$	—		$	—
State			—			—
Foreign			—			—
Total income tax expense		$	—		$	—

Note 13 – Income Taxes, continued


		For the year ended December 31,
Deferred		2025			2024
Federal		$	—		$	—
State			—			—
Foreign			—			—
Total income tax expense		$	—		$	—

During the year ended December 31, 2025, the Company adopted ASU 2023-09 to enhance the income taxes disclosure and the rate reconciliation disclosure. See Note 3 – Summary of Significant Accounting Policies, Adoption of New Accounting Standard for additional details.

A summary of taxes paid by jurisdiction for the years ended December 31, 2025 and 2024 is as follows:


		For the year ended December 31,
		2025			2024
Federal		$	—		$	—
State			—			—
Foreign			—			—
Total income taxes paid		$	—		$	—

Reconciliation between the effective tax rate on income from continuing operations and the statutory tax rate of 21% is as follows:


	For the year ended December 31, 2025					For the year ended December 31, 2024
	Amount (in					Amount (in
	thousands)			Rate		thousands)			Rate
Income tax benefit at federal statutory rate	$	(2,015)		21.0	%	$	(3,864)		21.0	%
Tax credits:
Research and development credit		(238)		2.5			(447)		2.4
Change in valuation allowance		2,054		(21.4)			3,555		(19.3)
Nontaxable or nondeductible items:
Other		(8)		—			(168)		0.9
Excess tax deficit on stock awards		184		(1.9)			164		(0.9)
Changes in unrecognized tax benefits		24		(0.2)			760		(4.1)
Other adjustments		(1)		—			—		—
Effective income tax rate	$	—		0.0	%	$	—		0.0	%

Note 13 – Income Taxes, continued

As of December 31, 2025 and 2024, the Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following (in thousands):


	December 31,
	2025		2024
Deferred tax assets:
Research and development tax credits	$	11,470	$	11,087
Net operating loss (“NOL”) carryovers		92,392		87,825
Property and equipment		75		197
Research and development (“R&D”) costs		3,802		6,919
Start-up and organizational costs		7		9
Stock-based compensation		107		338
Operating lease liability		254		176
Other accruals and reserves		321		215
Total gross deferred tax assets		108,428		106,766
Less: valuation allowance		(108,223)		(106,627)
Total deferred tax assets		205		139
Deferred tax liabilities:
Operating lease right-of-use asset		(205)		(139)
Total deferred tax liabilities		(205)		(139)
Total deferred taxes, net	$	—	$	—

The Company considers all available evidence, both positive and negative, including historical levels of taxable income, expectations and risks associated with estimates of future taxable income, and ongoing prudent and feasible tax planning strategies in assessing the need for a valuation allowance. Because of the Company’s recent history of operating losses, management believes that it is more likely than not that all of the Company’s deferred tax assets will not be realized and accordingly, has provided a full valuation allowance for its deferred tax asset as of December 31, 2025 and 2024.

The change in the Company’s valuation allowance is as follows:


	2025		2024
January 1,	$	106,627	$	104,318
Increase in valuation allowance		1,596		2,309
December 31,	$	108,223	$	106,627

As of December 31, 2025 and 2024, the Company has NOL carryforwards for U.S. federal income tax purposes of approximately $340.0 million and $320.2 million, respectively, and for state income tax purposes, approximately $304.5 million and $294.9 million, respectively. NOL carryforwards of $255.3 million will be carried forward indefinitely for U.S. federal tax purposes and $84.7 million will expire beginning in 2033. State net operating loss carryforwards, if not utilized, will begin to expire on various dates starting in 2033. The Company has federal and state R&D tax credit carryforwards of approximately $7.8 million and $6.2 million, respectively. The federal R&D credit carryforwards will expire beginning in 2032 and state R&D credit carryforwards do not expire.

Under Section 382 and 383 of the Internal Revenue Code of 1986, as amended, or the Code, if a corporation undergoes an “ownership change,” the corporation’s ability to use its pre-change net operating loss carryforwards and other pre-change attributes, such as research tax credits, to offset its post-change income may be limited. As a result of such ownership changes, the annual limitation may result in the expiration of net operating losses and credits before utilization. In general, an “ownership change” will occur if there is a cumulative change in the Company’s ownership by “5-percent shareholders” that exceeds 50 percentage points over a rolling three-year period. Similar rules may apply under state tax laws.

Note 13 – Income Taxes, continued

The Company accounts for uncertain tax position in accordance with ASC 740. Tax positions are evaluated in a two-step process, whereby the Company first determines whether it is more likely than not that a tax position will be sustained upon examination by tax authorities, including resolutions of any related appeals or litigation processes, based on technical merit. If a tax position meets the more-likely-than-not recognition threshold it is then measured to determine the amount of benefit to recognized in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement.

The total amount of unrecognized tax benefits as of December 31, 2025 is $1.4 million. If recognized, none of the unrecognized tax benefits would impact the effective tax rate because of the valuation allowance. The Company recognizes interest and penalties related to income tax matters as a component of income tax expense. As of December 31, 2025, there were no accrued interest and penalties related to unrecognized tax benefits. The Company does not anticipate any significant change of the unrecognized tax benefits within twelve months of this reporting date.

A reconciliation of the beginning and ending balance of total unrecognized tax benefits is as follows (in thousands):


		2025			2024
Unrecognized tax benefit at beginning of year		$	1,357		$	—
Gross increases - tax positions in prior period			3			1,275
Gross increases - tax positions in current period			45			82
Unrecognized tax benefit at end of year		$	1,405		$	1,357

The Company files income tax returns in the U.S. federal and various state jurisdictions. Due to the Company’s net operating loss carryforwards, all tax years since inception remain subject to examination by all taxing authorities. The Company is not currently under audit in any tax jurisdiction.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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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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+ Details