Balance Sheet
Balance Sheet
Condensed Consolidated Balance Sheets as of June 30, 2022 (unaudited) and December 31, 2021
| $ in Thousands | Sep. 30, 2025 | Dec. 31, 2024 |
|---|---|---|
| CURRENT ASSETS | ||
| Cash and cash equivalents | 234359.0 | 15683.0 |
| Restricted cash - current | 3582.0 | 16656.0 |
| Accounts receivable, net | 1595.0 | 0.0 |
| Inventory | 10725.0 | 8087.0 |
| Prepaid expenses and other current assets | 15185.0 | 13473.0 |
| Total current assets | 265446.0 | 53899.0 |
| Restricted cash - noncurrent | 9312.0 | 9172.0 |
| Operating lease right-of-use assets | 54957.0 | 56833.0 |
| Property, plant and equipment, net | 655974.0 | 674079.0 |
| Prepaid expenses and other noncurrent assets | 3434.0 | 4402.0 |
| TOTAL ASSETS | 989123.0 | 798385.0 |
| CURRENT LIABILITIES | ||
| Accounts payable | 4408.0 | 6596.0 |
| Accrued expenses and other current liabilities | 23494.0 | 43259.0 |
| Accrued interest | 6434.0 | 7626.0 |
| Current portion of warrant liability | 60235.0 | 10109.0 |
| Total current liabilities | 118400.0 | 90877.0 |
| NONCURRENT LIABILITIES | ||
| Deferred revenue | 5000.0 | 5000.0 |
| Warrant liability, less current portion | 62258.0 | 120090.0 |
| Operating lease right-of-use liabilities | 53055.0 | 54665.0 |
| Series A Preferred Stock liability | 26259.0 | 18433.0 |
| Other noncurrent liabilities | 1370.0 | 5514.0 |
| TOTAL LIABILITIES | 621600.0 | 617936.0 |
| COMMITMENTS AND CONTINGENCIES (NOTE 10) | ||
| MEZZANINE EQUITY | ||
| Series B Convertible Perpetual Preferred Stock - $0.001 par value, 300 and no shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 299304.0 | 0.0 |
| STOCKHOLDERS' EQUITY | ||
| Common Stock - $0.001 par value, 450,000 shares authorized; 180,191 and 173,566 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 180.0 | 174.0 |
| Additional paid-in capital | 865444.0 | 813573.0 |
| Accumulated other comprehensive (loss)/ income | -251.0 | 78.0 |
| Accumulated deficit | -797154.0 | -633376.0 |
| TOTAL STOCKHOLDERS' EQUITY | 68219.0 | 180449.0 |
| TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY | 989123.0 | 798385.0 |
| Long-term debt | ||
| CURRENT LIABILITIES | ||
| Current portion of long-term debt | 10289.0 | 12932.0 |
| NONCURRENT LIABILITIES | ||
| Long-term debt, less current portion | 276853.0 | 256886.0 |
| Related Party | ||
| CURRENT LIABILITIES | ||
| Current portion of long-term debt | 13540.0 | 10355.0 |
| NONCURRENT LIABILITIES | ||
| Long-term debt, less current portion | 78405.0 | 66471.0 |
