Quarterly report [Sections 13 or 15(d)]

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net (loss)/profit $ (77,924,000) $ 21,018,000
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 4,620,000 5,457,000
Amortization 355,000 115,000
Share-based compensation expense 1,990,000 6,160,000
Unrealized foreign exchange gains (888,000) (266,000)
Accretion of available-for-sale debt securities (509,000) (42,000)
Other 56,000 2,000
Changes in operating assets and liabilities:    
(Increase)/decrease in receivables and other operating assets (9,158,000) 20,788,000
Increase in inventories (4,041,000)  
(Decrease)/increase in payables and other current liabilities (11,407,000) 1,012,000
Decrease in noncurrent assets 562,000  
Increase in borrowings and other non-current liabilities 784,000 454,000
Decrease in deferred revenue (5,812,000) (39,249,000)
Net cash (used in)/provided by operating activities (101,372,000) 15,449,000
Cash flows from investing activities    
Acquisition of property, plant and equipment (1,278,000) (524,000)
Acquisition of intangible assets   (588,000)
Maturity, redemption or sale of marketable securities 76,950,000  
Investment in marketable securities (16,090,000)  
Other 62,000 11,000
Net cash provided by/(used in) investing activities 59,644,000 (1,101,000)
Cash flows from financing activities    
Proceeds from issuance of borrowings, net of discount   24,500,000
Repayment of borrowings (25,451,000)  
Proceeds from issuance of common stock from offerings, net of commissions and issuance costs 1,775,000 29,171,000
Proceeds from exercise of stock options 10,000 76,000
Net cash (used in)/provided by financing activities (23,666,000) 53,747,000
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash (34,000) (436,000)
Net (decrease)/increase in cash, cash equivalents and restricted cash (65,428,000) 67,659,000
Cash, cash equivalents and restricted cash at start of period 93,206,000 147,017,000
Cash, cash equivalents and restricted cash at end of period $ 27,778,000 $ 214,676,000