0001558370-25-011568 | 10-Q | XBRL Viewer | Helius Medical Technologies INC

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of weighted-average assumptions used in Black-Scholes option pricing model


	Six Months Ended June 30,
	2025
Risk-free interest rate		4.44	%
Expected volatility		125.37	%
Expected term (years)		5.38
Expected dividend yield		0.00	%
Fair value, per share	$	476.10

Schedule of stock-based compensation expense

Total stock-based compensation expense was as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Cost of sales	$	1	$	5	$	7	$	9
Selling, general and administrative		345		298		853		628
Research and development		64		64		171		130
Total stock-based compensation expense	$	410	$	367	$	1,031	$	767

SUPPLEMENTAL BALANCE SHEET DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2025

SUPPLEMENTAL BALANCE SHEET DISCLOSURES

Schedule of inventory, net

Inventory, net (in thousands)


	June 30,		December 31,
	2025		2024
Raw materials	$	575	$	576
Work-in-process		379		402
Finished goods		279		145
Inventory, gross		1,233		1,123
Inventory reserve		(92)		(87)
Inventory, net	$	1,141	$	1,036

Schedule of prepaid expenses and other current assets

Prepaid expenses and other current assets (in thousands)


	June 30,		December 31,
	2025		2024
Prepaid expenses	$	480	$	603
Inventory related		10		55
Deferred offering costs		—		7
Total prepaid expenses and other current assets	$	490	$	665

Schedule of accrued and other current liabilities

Accrued and other current liabilities (in thousands)


	June 30,		December 31,
	2025		2024
Insurance payable	$	91	$	356
Employees benefits		328		759
Professional services		18		24
Franchise tax		20		—
Other		15		100
Total accrued and other current liabilities	$	472	$	1,239

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2025

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

7. STOCK-BASED COMPENSATION

The Company may issue stock-based compensation awards under the Helius Medical Technologies, Inc. 2022 Equity Incentive Plan (as amended, the “2022 Plan”) or the Helius Medical Technologies, Inc. 2021 Inducement Plan (as amended, the “Inducement Plan”), as described more fully in the 2024 10-K. On January 1, 2023, pursuant to the automatic increase provision of the 2022 Plan, the number of shares authorized for issuance increased from 352 to 426. On May 30, 2024, the Board adopted a First Amendment (the “Amendment”) to the 2022 Plan. On June 27, 2024, at the

annual meeting of stockholders, the stockholders of the Company approved the Amendment. Pursuant to the terms and conditions of the Amendment, the 2022 Plan was amended to increase the aggregate number of shares of common stock that may be issued under the 2022 Plan to 2,785 new shares with an automatic increase on January 1st of each year by an amount equal to 5% of the fully diluted shares (as defined in the 2022 Plan) as of the last day of the preceding calendar year. On July 2, 2024, the Company approved an amendment to the Inducement Plan pursuant to which, the Inducement Plan was amended to increase the aggregate number of shares of common stock that may be issued under the Inducement Plan to 200 new shares. As of January 1, 2025, the number of shares authorized for issuance increased from 2,785 to 3,605. On April 22, 2025, the Board adopted an amendment to the 2022 Plan to increase the aggregate number of shares of common stock that may be issued under the 2022 Plan to 20% of the fully diluted shares on the 10^th calendar date following the first closing of a registered offering of the Company’s common stock that occurs on or after May 15, 2025 (the “Equity Plan Amendment”). The Equity Plan Amendment was approved by stockholders at the special stockholders meeting held on May 23, 2025, and on June 16, 2025, following the 2025 Offering, the number of shares authorized for issuance increased from 3,605 to 142,286. On July 2, 2025, the Company granted 124,200 stock options out of the 2022 Plan to Directors and employees. As of July 2, 2025, the remaining shares available for grant were 14,485 under the 2022 Plan and 166 under the Inducement Plan.

During the three and six months ended June 30, 2025, the Company granted 847 stock options out of the 2022 Plan and no stock options out of the Inducement Plan at a weighted average exercise price of $546.90 per share. The options vest over one to three years and expire ten years after the grant date. No options were granted during the six months ended June 30, 2024.

The grant date fair values of the stock options were estimated using the Black-Scholes option pricing model using the following weighted average assumptions:


	Six Months Ended June 30,
	2025
Risk-free interest rate		4.44	%
Expected volatility		125.37	%
Expected term (years)		5.38
Expected dividend yield		0.00	%
Fair value, per share	$	476.10

There were no restricted stock units granted during the six months ended June 30, 2025.

As of June 30, 2025, there were an aggregate of 3,635 stock options outstanding with a weighted average exercise price of $3,794.66 per share and no unvested restricted stock units outstanding.

Total stock-based compensation expense was as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Cost of sales	$	1	$	5	$	7	$	9
Selling, general and administrative		345		298		853		628
Research and development		64		64		171		130
Total stock-based compensation expense	$	410	$	367	$	1,031	$	767

As of June 30, 2025, the total remaining unrecognized compensation expense related to nonvested stock options and restricted stock units was $0.8 million which will be amortized over the weighted-average remaining requisite service period of 0.8 years.

BASIC AND DILUTED LOSS PER SHARE - Antidilutive securities (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2025 shares	Jun. 30, 2024 shares	Jun. 30, 2025 shares	Jun. 30, 2024 shares	Jun. 06, 2025
Placement Agent Warrants
Anti-dilutive securities
Number of warrants outstanding	8,871		8,871
2025 Offering
Anti-dilutive securities
Number of shares of common stock issuable upon a cash exercise of the common warrant	2		2
2025 Offering \| Common Warrants
Anti-dilutive securities
Number of warrants outstanding	2		2
Number of shares of common stock issuable upon a cash exercise of the common warrant					2
2025 Offering \| Placement Agent Warrants
Anti-dilutive securities
Number of warrants outstanding	8,871		8,871
Stock options
Anti-dilutive securities
Anti-dilutive outstanding securities not included in computation of diluted loss per share	3,635	323	3,635	323
Warrants
Anti-dilutive securities
Anti-dilutive outstanding securities not included in computation of diluted loss per share	18,554	8,512	18,554	8,512

SUPPLEMENTAL BALANCE SHEET DISCLOSURES - Accrued and other current liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Accrued and other current liabilities
Insurance payable	$ 91	$ 356
Employees benefits	328	759
Professional services	18	24
Franchise tax	20
Other	15	100
Total accrued and other current liabilities	$ 472	$ 1,239

COMMON STOCK, PREFERRED STOCK AND WARRANTS - Private Placement (Details) - USD ($)			6 Months Ended
	Jun. 06, 2025	Apr. 24, 2025	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Fair value of derivative liability					$ 241,000
Change in fair value of derivative liability			$ 5,919,000	$ (2,875,000)
Share issuance costs			$ 1,212,000	$ 850,000
Repayment of promissory notes	$ 1,560,000
Common stock, par value (in dollars per share)			$ 0.001		$ 0.001
2025 Private Placement
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Shares of common stock available for issuance		1,760
Common stock, par value (in dollars per share)		$ 0.001
Placement agent fees and expenses		$ 100,000
Gross proceeds		$ 1,300,000
2025 Private Placement \| Notes
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Original issue discount percent		20.00%
Principal amount of notes		$ 1,560,000
2025 Private Placement \| Maxim Group LLC
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Placement agent fees expressed as a percentage of the gross proceeds of the Offering		7.00%
Maximum amount of legal fees that are reimbursable		$ 15,000

BASIC AND DILUTED LOSS PER SHARE - Public Offering (Details) - $ / shares		3 Months Ended	6 Months Ended
	May 09, 2024	Jun. 30, 2025	Jun. 30, 2025	May 31, 2024
Pre-funded Warrants
Public Offering
Number of warrants exercised		16	16
2024 Public Offering
Public Offering
Combined offering price (in dollars per share)	$ 1,687.5			$ 1,687.5
Offering price per Pre-funded warrant and accompanying Public Warrants (in dollars per share)	$ 1,687.499			$ 1,687.499
2024 Public Offering \| Pre-funded Warrants
Public Offering
Shares of common stock purchasable with warrants	2,859			2,859
Exercise price	$ 0.001			$ 0.001
Number of warrants exercised	1,435
Number of warrants outstanding		0	0

SUPPLEMENTAL BALANCE SHEET DISCLOSURES - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
SUPPLEMENTAL BALANCE SHEET DISCLOSURES
Prepaid expenses	$ 480	$ 603
Inventory related	10	55
Deferred offering costs		7
Total prepaid expenses and other current assets	$ 490	$ 665

STOCK-BASED COMPENSATION - Fair value assumptions and other (Details) - Stock options	6 Months Ended
	Jun. 30, 2025 $ / shares
STOCK-BASED COMPENSATION
Risk-free interest rate	4.44%
Expected volatility	125.37%
Expected term (years)	5 years 4 months 17 days
Expected dividend yield	0.00%
Fair value, per share	$ 476.1

- 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

SEGMENT AND GEOGRAPHIC INFORMATION (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
SEGMENT AND GEOGRAPHIC INFORMATION (Details) $ in Thousands	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($) customer	Jun. 30, 2025 USD ($) customer segment	Jun. 30, 2024 USD ($) customer	Dec. 31, 2024 customer
Segment and Geographic Information
Number of operating segments \| segment			1
Product sales, net	$ 33	$ 171	$ 71	$ 295
Other revenue	10	11	21	22
Total revenue	$ 43	$ 182	$ 92	$ 317
Net product sales \| Customer \| Four customers
Segment and Geographic Information
Concentration of risk (percent)	87.00%
Net product sales \| Customer \| Six customer
Segment and Geographic Information
Number of customers \| customer			6
Concentration of risk (percent)			94.00%
Net product sales \| Customer \| Three customers
Segment and Geographic Information
Number of customers \| customer		3
Concentration of risk (percent)		97.00%
Net product sales \| Customer \| Two customers
Segment and Geographic Information
Number of customers \| customer				2
Concentration of risk (percent)				88.00%
Accounts receivable, net \| Credit \| Two customers
Segment and Geographic Information
Number of customers \| customer			2		2
Concentration of risk (percent)			100.00%		100.00%
United States
Segment and Geographic Information
Product sales, net	$ 7	$ 67	$ 26	$ 146
Canada
Segment and Geographic Information
Product sales, net	$ 26	$ 104	$ 45	$ 149

SUPPLEMENTAL BALANCE SHEET DISCLOSURES - Accounts receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
SUPPLEMENTAL BALANCE SHEET DISCLOSURES
Allowance for credit losses	$ 0	$ 0

COMMON STOCK, PREFERRED STOCK AND WARRANTS (Tables)

6 Months Ended

Jun. 30, 2025

COMMON STOCK, PREFERRED STOCK AND WARRANTS

Schedule of share price and the inputs used to estimate the fair value of the warrants


	Stock price		Warrant term (in years)	Expected volatility		Risk-free interest rate		Dividend rate
June 6, 2025 - Issuance	$	54.50	2.50	99.95	%	4.03	%	0.00	%
June 9, 2025		43.25	2.49	99.95		4.03		0.00
June 11, 2025 - Pre-reset		55.50	2.49	99.95		4.03		0.00
June 11, 2025 - Post-reset		55.50	2.49	99.95		4.03		0.00
June 12, 2025		30.03	2.48	99.95		4.03		0.00
June 13, 2025		25.45	2.48	99.95		4.03		0.00
June 16, 2025 - Pre-reset		18.78	2.47	99.95		4.03		0.00
June 16, 2025 - Post-reset		18.78	2.47	99.95		4.03		0.00
June 17, 2025		15.48	2.47	99.95		4.03		0.00
June 18, 2025		18.02	2.47	99.95		4.03		0.00
June 20, 2025	$	16.50	2.46	99.95	%	4.03	%	0.00	%


	June 30,			December 31,
	2025			2024
Stock price	$	9.10		$	502.73
Warrant term (in years)		2.11			2.61
Expected volatility		153.01	%		98.92	%
Risk-free interest rate		3.72	%		4.26	%
Dividend rate		0.00	%		0.00	%

SUPPLEMENTAL BALANCE SHEET DISCLOSURES - Deferred revenue (Details) - HTC - Exclusivity Agreement $ in Thousands	Mar. 03, 2023 CAD ($) item
Deferred Revenue
Value of exclusivity right granted \| $	$ 273
Number of additional terms \| item	1
Additional term	5 years
Period for written notice for renewal	60 days

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2025

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

5. FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value of an asset or liability considers assumptions that market participants would use in pricing the asset or liability, including consideration of non-performance risk. The inputs used to determine fair values are categorized in one of the following three levels of the fair value hierarchy:

Level 1 – Quoted market prices in active markets for identical assets or liabilities.

Level 2 – Inputs, other than quoted prices in active markets, that are observable, either directly or indirectly.

Level 3 – Unobservable inputs that are not corroborated by market data.

The unaudited condensed consolidated financial statements include financial instruments for which the fair market value of such instruments may differ from amounts reflected on a historical cost basis. As of June 30, 2025 and December 31, 2024, financial instruments of the Company consist of cash equivalents, which were comprised of deposits of excess cash in an unrestricted money market savings account and a money market mutual fund. The carrying value of cash equivalents generally approximates fair value due to their short-term nature.

The Company’s derivative liability as of December 31, 2024 is comprised of warrants issued in connection with the registered public offering completed in August 2022 and the warrants issued in connection with the offering in June 2025, discussed in more detail in Note 6 to our unaudited condensed consolidated financial statements. The derivative liability relating to the August 2022 and June 2025 warrants is classified as Level 3 within the fair value hierarchy and is required to be recorded at fair value at inception and on a quarterly recurring basis.

The majority of the Company’s non-financial instruments, which include intangible assets, lease assets, inventories and property and equipment, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or at least annually for indefinite-lived intangible assets), a non-financial instrument is required to be evaluated for impairment. If the Company determines that the non-financial instrument is impaired, the Company would be required to write down the non-financial instrument to its fair value.

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 6,078	$ 1,088
Accounts receivable	12	70
Other receivables	82	565
Inventory, net	1,141	1,036
Prepaid expenses and other current assets	490	665
Total current assets	7,803	3,424
Property and equipment, net	90	107
Operating lease right-of-use asset, net		11
Total assets	7,893	3,542
Current liabilities
Accounts payable	1,292	873
Accrued and other current liabilities	472	1,239
Current portion of operating lease liabilities		12
Current portion of deferred revenue	41	39
Total current liabilities	1,805	2,163
Deferred revenue, net of current portion	62	79
Derivative liability		241
Total liabilities	1,867	2,483
Stockholders' equity
Class A common stock, $0.001 par value; 150,000,000 shares authorized; 680,475 and 4,936 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	1
Additional paid-in capital	191,690	172,425
Accumulated deficit	(185,370)	(171,699)
Accumulated other comprehensive loss	(295)	333
Total stockholders' equity	6,026	1,059
Total liabilities and stockholders' equity	$ 7,893	$ 3,542

COMMON STOCK, PREFERRED STOCK AND WARRANTS - 2025 Offering (Details) $ / shares in Units, $ in Thousands			6 Months Ended
	Jul. 01, 2025 shares	Jun. 06, 2025 USD ($) $ / shares shares	Jun. 30, 2025 USD ($) $ / shares shares	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) $ / shares
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Fair value of derivative liability \| $					$ 241
Change in fair value of derivative liability \| $			$ 5,919	$ (2,875)
Share issuance costs \| $			$ 1,212	$ 850
Repayment of promissory notes \| $		$ 1,560
Common stock, par value (in dollars per share) \| $ / shares			$ 0.001		$ 0.001
2025 Pre-funded Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Number of warrants exercised			3,131
Placement Agent Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Number of warrants exercised			12,548
Number of warrants exercised for common shares	17,742
Number of warrants outstanding			8,871
2025 Offering
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Shares issued		52,241
Combined offering price (in dollars per share) \| $ / shares		$ 163.5
Number of shares of common stock issuable upon a cash exercise of the common warrant			2
Financial advisory services fee \| $			$ 50
Aggregate gross proceeds from issuance of equity \| $		$ 9,100
Share issuance costs \| $		$ 1,200
2025 Offering \| Maxim Group LLC
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Placement agent fees expressed as a percentage of the gross proceeds of the Offering		7.00%
Maximum amount of legal fees that are reimbursable \| $			100
Financial advisory services fee \| $			$ 100
2025 Offering \| 2025 Pre-funded Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Shares of common stock purchasable with warrants		3,131
Exercise price \| $ / shares		$ 0.001
Number of warrants exercised		3,131
Issue price of warrants \| $ / shares		$ 163.499
2025 Offering \| Common Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Shares of common stock purchasable with warrants		55,372
Exercise price \| $ / shares		$ 367.875
Number of warrants exercised			293,233
Warrant expiration period		2 years 6 months
Number of shares of common stock issuable upon a cash exercise of the common warrant		2
Aggregate increase in shares available for purchase		237,863
Number of warrants exercised for common shares			586,466
Number of warrants outstanding			2
Fair value of derivative liability \| $		$ 3,400	$ 0
Offering costs allocated to derivative liability \| $			500
Change in fair value of derivative liability \| $			$ 6,200
2025 Offering \| Common Warrants \| First Reset Date
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Exercise price \| $ / shares		$ 79.25
2025 Offering \| Common Warrants \| Second Reset Date
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Exercise price \| $ / shares		$ 47.55
2025 Offering \| Placement Agent Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Shares of common stock purchasable with warrants		2,769
Number of warrants exercised			12,548
Aggregate increase in shares available for purchase		18,650
Number of warrants exercised for common shares			25,093
Number of warrants outstanding			8,871

LEASES (Tables)

6 Months Ended

Jun. 30, 2025

LEASES

Schedule of expected operating lease costs

Expected operating lease costs as of June 30, 2025 were as follows (in thousands):


2025 (remaining)	$	24
2026		12
Total lease payments		36

BASIC AND DILUTED LOSS PER SHARE

6 Months Ended

Jun. 30, 2025

BASIC AND DILUTED LOSS PER SHARE

BASIC AND DILUTED LOSS PER SHARE

8. BASIC AND DILUTED LOSS PER SHARE

The table below presents the computation of basic and diluted loss per share (in thousands, except share and per share information):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Basic:
Net loss available to common stockholders — basic	$	(9,833)	$	(1,612)	$	(13,671)	$	(4,128)
Weighted average common shares outstanding — basic⁽¹⁾⁽³⁾		123,335		3,322		67,828		2,188
Loss per share - basic	$	(79.73)	$	(485.30)	$	(201.55)	$	(1,886.90)

Diluted:
Net loss available to common stockholders — diluted ⁽²⁾	$	(9,833)	$	(1,612)	$	(13,671)	$	(4,128)
Weighted average common shares outstanding — diluted ⁽¹⁾⁽³⁾		123,335		3,322		67,828		2,188
Loss per share — diluted	$	(79.73)	$	(485.30)	$	(201.55)	$	(1,886.90)

(1)

In May 2024, in connection with the 2024 Public Offering, the Company issued and sold Pre-funded Warrants exercisable for an aggregate of 2,859 shares of common stock. The total price of the Pre-funded Warrants is $1,687.50 per share, $1,687.499 of which was pre-funded and paid to the Company upon issuance of the Pre-funded Warrants. The exercise price of the Pre-funded Warrants is $0.001 per share. The Pre-funded Warrants are immediately exercisable and do not expire. During the three and six months ended June 30, 2025, 16 Pre-funded Warrants were exercised, leaving no Pre-funded Warrants outstanding. Refer to Note 6 for additional information about the 2024 Public Offering and the Pre-funded Warrants.

(2)

For the three and six months ended June 30, 2025 and 2024, no adjustment was made to the numerator.

(3)

The weighted average number of common shares outstanding as of June 30, 2025 includes the Abeyance Shares from the exercise of the Existing Warrants, the exercise of which was fully paid by the Holders and requires no further consideration for the delivery of the shares of common stock. Therefore, the Abeyance Shares are included in the computation of basic and diluted loss per share.

The following outstanding securities, presented based on amounts outstanding as of the end of each period, were not included in the computation of diluted net loss per share for the periods indicated, as they would have been anti-dilutive due to the net loss in each period.


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2025	2024	2025	2024
Stock options	3,635	323	3,635	323
Warrants ⁽¹⁾	18,554	8,512	18,554	8,512

(1)

Common Warrants outstanding of two warrant shares and Placement Agent Warrants outstanding of 8,871 warrant shares included in the Warrants total are each exercisable for two shares of common stock under the Zero Cash Provision.

LEASES (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
LEASES (Details) - USD ($) $ in Thousands	Apr. 01, 2025	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
LEASES
Amount of monthly rent expense	$ 4
Lessee options to extend lease				false
Operating lease costs		$ 12	$ 10	$ 23	$ 20
Expected operating lease costs
2025 (remaining)		24		24
2026		12		12
Total lease payments		$ 36		$ 36

COMMON STOCK, PREFERRED STOCK AND WARRANTS - Warrants, Fair Value Inputs (Details) - 2022 Public Warrants	Jun. 30, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($) $ / shares
Stock price
Fair value inputs
Derivative Liability, Measurement Input \| $ / shares	9.1	502.73
Warrant term (in years)
Fair value inputs
Derivative Liability, Measurement Input \| $	2.11	2.61
Expected volatility
Fair value inputs
Derivative Liability, Measurement Input	1.5301	0.9892
Risk-free interest rate
Fair value inputs
Derivative Liability, Measurement Input	0.0372	0.0426
Dividend rate
Fair value inputs
Derivative Liability, Measurement Input	0	0

BASIC AND DILUTED LOSS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2025

BASIC AND DILUTED LOSS PER SHARE

Schedule of computation of basic and diluted loss per share

The table below presents the computation of basic and diluted loss per share (in thousands, except share and per share information):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Basic:
Net loss available to common stockholders — basic	$	(9,833)	$	(1,612)	$	(13,671)	$	(4,128)
Weighted average common shares outstanding — basic⁽¹⁾⁽³⁾		123,335		3,322		67,828		2,188
Loss per share - basic	$	(79.73)	$	(485.30)	$	(201.55)	$	(1,886.90)

Diluted:
Net loss available to common stockholders — diluted ⁽²⁾	$	(9,833)	$	(1,612)	$	(13,671)	$	(4,128)
Weighted average common shares outstanding — diluted ⁽¹⁾⁽³⁾		123,335		3,322		67,828		2,188
Loss per share — diluted	$	(79.73)	$	(485.30)	$	(201.55)	$	(1,886.90)

(1)

(2)

For the three and six months ended June 30, 2025 and 2024, no adjustment was made to the numerator.

(3)

Schedule of anti-dilutive securities


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2025	2024	2025	2024
Stock options	3,635	323	3,635	323
Warrants ⁽¹⁾	18,554	8,512	18,554	8,512

(1)

STOCK-BASED COMPENSATION - Plan information (Details) - shares	Jun. 27, 2025	Apr. 22, 2025	Jun. 30, 2025	Jun. 16, 2025	Jun. 15, 2025	Jan. 01, 2025	Dec. 31, 2024	Jul. 02, 2024	Jun. 27, 2024	Jan. 01, 2023	Dec. 31, 2022
2022 Plan
STOCK-BASED COMPENSATION
Shares authorized for issuance				142,286	3,605	3,605	2,785	200	2,785	426	352
Automatic increase to number of shares authorized for issuance, as a percentage of fully diluted shares of common stock outstanding	5.00%	20.00%
Shares of common stock available for issuance			14,485
Inducement Plan
STOCK-BASED COMPENSATION
Shares of common stock available for issuance			166

- 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

COMMON STOCK, PREFERRED STOCK AND WARRANTS

6 Months Ended

Jun. 30, 2025

COMMON STOCK, PREFERRED STOCK AND WARRANTS

COMMON STOCK, PREFERRED STOCK AND WARRANTS

6. COMMON STOCK, PREFERRED STOCK AND WARRANTS

2025 Offering

On June 6, 2025 (the “Issuance Date”), we completed the issuance and sale of an aggregate of 52,241 shares of common stock and pre-funded warrants to purchase up to 3,131 shares of common stock (“2025 Pre-funded Warrants”) and accompanying common warrants to purchase up to 55,372 shares of common stock (the “Common Warrants”) (the “2025 Offering”). We also issued warrants to the placement agent to purchase 2,769 shares of common stock on the same terms as the Common Warrants (the “Placement Agent Warrants” and together with the Common Warrants, the “2025 Warrants”). The 2025 Pre-funded Warrants have an exercise price of $0.001 per share and 3,131 were exercised on the closing date. The 2025 Offering price per share of common stock and accompanying Common Warrant was $163.50, the offering price per 2025 Pre-funded Warrant was $163.499. The Common Warrants have an exercise price of $367.875 per share, are immediately exercisable upon issuance and will expire two and one-half (2.5) years after the original issuance date.

Following the issue date of the 2025 Warrants, a holder of the Common Warrants has the right to receive, without payment of any additional cash to the Company (the “Zero Cash Provision”), an aggregate number of shares equal to the product of (x) the aggregate number of shares of common stock that would be issuable upon a cash exercise of the common warrant and (y) two. In addition, at 4:01 p.m. Eastern time on the 5th trading day after the date of issuance (the “First Reset Date”), the exercise price of the Common Warrants reset to $79.25 per share, and on the 10th calendar day after the date of issuance (the “Second Reset Date”), the exercise price of the Common Warrants reset to $47.55 per share. Under the terms of the 2025 Warrants, following the price resets the number of shares of common stock issuable upon exercise of the 2025 Warrants was increased such that the aggregate exercise price of the 2025 Warrants remained unchanged. The aggregate increase in shares available for purchase on the First Reset Date and Second Reset date was 237,863 for the Common Warrants and 18,650 for the Placement Agent Warrants. In connection with the Common Warrants, 293,233 shares were exercised for 586,466 shares of common stock issued and 2 Common Warrants are outstanding as of June 30, 2025. In connection with the Placement Agent Warrants, 12,548 shares were exercised for 25,093 shares of common stock issued and 8,871 Placement Agent Warrants are outstanding as of June 30, 2025.

At inception, the 2025 Warrants provisions were analyzed under Accounting Standards Codification (“ASC”) 718, ASC 840 and ASC 815 and the Company concluded that the Common Warrants did not meet the guidance for being classified as an equity instrument due to the Zero Cash Provision. The fair value of the Common Warrants as of the Issuance Date and as of each Common Warrant exercise was determined using a Monte Carlo simulation model, which uses multiple input variables to determine the probability of a price reset. The gross proceeds were allocated based on the fair value as of the Issuance Date resulting in a derivative liability at the Issuance Date of $3.4 million. Offering costs allocated to the derivative liability of $0.5 million were expensed as Other (expense)/income, net. The related change in fair value due to the exercise price and share resets resulted in a loss due to the change in fair value of the derivative liability of $6.2 million. The fair value of the derivative liability associated with the Common Warrants as of June 30, 2025 was $0.

The following table includes the share price and the inputs used to estimate the fair value of the warrants at the Issuance Date and as of each exercise date and before and after each exercise price and share reset:


	Stock price		Warrant term (in years)	Expected volatility		Risk-free interest rate		Dividend rate
June 6, 2025 - Issuance	$	54.50	2.50	99.95	%	4.03	%	0.00	%
June 9, 2025		43.25	2.49	99.95		4.03		0.00
June 11, 2025 - Pre-reset		55.50	2.49	99.95		4.03		0.00
June 11, 2025 - Post-reset		55.50	2.49	99.95		4.03		0.00
June 12, 2025		30.03	2.48	99.95		4.03		0.00
June 13, 2025		25.45	2.48	99.95		4.03		0.00
June 16, 2025 - Pre-reset		18.78	2.47	99.95		4.03		0.00
June 16, 2025 - Post-reset		18.78	2.47	99.95		4.03		0.00
June 17, 2025		15.48	2.47	99.95		4.03		0.00
June 18, 2025		18.02	2.47	99.95		4.03		0.00
June 20, 2025	$	16.50	2.46	99.95	%	4.03	%	0.00	%

Maxim Group LLC served as the placement agent in the 2025 Offering, pursuant to the terms of a placement agency agreement and received 7% of the gross proceeds of the Offering (the “Cash Transaction Fee”) and reimbursement of the legal fees of its counsel of up to $100 thousand. Maxim Group LLC paid $100 thousand to B. Riley Securities for financial advisory services which was deducted from the Cash Transaction Fee and the remaining $50 thousand financial advisory services fee was paid for by the Company from the net proceeds of the 2025 Offering.

The aggregate gross proceeds to the Company were $9.1 million, before deducting placement agent fees and other expenses of $1.2 million and repayment of promissory notes of $1.56 million.

Private Placement

On April 24, 2025, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain investors (the “Purchasers”) pursuant to which the Company sold, in a private placement (the “2025 Private Placement”), unsecured 20% original issue discount promissory notes with an aggregate principal amount of $1.56 million (the “Notes”) with a maturity date of the earlier of a) July 24, 2025, b) the closing date of the Company’s next registered offering of securities on Form S-1. The Purchase Agreement also provides for the issuance of an aggregate of 1,760 shares of common stock of the Company, par value $0.001 per share (the “Private Placement Shares”) to the Purchasers. The transaction closed on April 25, 2025.

Maxim Group LLC served as the placement agent in the 2025 Private Placement, pursuant to the terms of a placement agency agreement and received 7% of the gross proceeds of the Offering and reimbursement of the legal fees of its counsel of up to $15,000.

The aggregate gross proceeds to the Company were $1.3 million, before deducting placement agent fees and expenses of $0.1 million.

2024 Public Offering

On May 9, 2024, the Company closed on a registered public offering consisting of 939 shares of common stock (the “2024 Public Offering”), pre-funded warrants to purchase 2,859 shares of common stock (the “Pre-funded Warrants”) and accompanying Series A Warrants to purchase up to 3,802 shares of its common stock (“Series A Warrants”) and Series B Warrants to purchase up to 3,802 shares of its common stock (“Series B Warrants”, and together with the Series A Warrants, the “2024 Public Warrants”). The 2024 Public Offering price per share of common stock and accompanying Series A Warrants and Series B Warrants was $1,687.50, the public offering price per Pre-funded Warrant and accompanying Series A and Series B warrant was $1,687.499.

The Pre-funded Warrants have an exercise price of $0.001 per share and 1,435 were exercised on the closing date. Net proceeds from the 2024 Public Offering, after deducting placement agent fees and expenses and other offering costs, were approximately $5.5 million.

The 2024 Public Warrants have an exercise price of $1,687.50 per share and are exercisable upon issuance. The Series A Warrants will expire five years following the date of issuance and the Series B Warrants will expire twelve months following the date of issuance and expired in May 2025. The Pre-funded Warrants are exercisable upon issuance and may be exercised at any time until the Pre-funded Warrants are exercised in full.

Warrant inducement

On January 21, 2025, the Company entered into warrant exercise inducement offer letters (the “Inducement Letters”) with certain holders (the “Holders”) of its existing 2024 Public Warrants to purchase shares of the Company’s Class A common stock (the “Existing Warrants”), pursuant to which the Holders agreed to exercise for cash their Existing Warrants to purchase an aggregate of 6,628 shares of the Company’s common stock, in the aggregate, at a reduced exercise price of $563.25 per share, in exchange for the Company’s agreement to issue new Series C Warrants and Series D Warrants (the “Inducement Warrants”) on substantially the same terms as the Existing Warrants described below, to purchase up to 8,281 shares of the Company’s common stock (the “Inducement Warrant Shares”). The Company received aggregate gross proceeds of approximately $3.7 million from the exercise of the Existing Warrants by the Holders. The Company engaged Roth Capital Partners, LLC (“Roth”) to act as its financial advisor with the transactions summarized above and has paid Roth $0.2 million for its services, in addition to reimbursement for certain expenses along with other legal and regulatory expenses of $0.1 million resulting in net proceeds of $3.4 million and non-cash share issuance costs of $1.0 million and $3.1 million related to the modification of the Existing Warrants and issuance of the Inducement Warrants, respectively. As of June 30, 2025, 3,572 shares (the “Abeyance Shares”) from the exercised Existing Warrants that were held in abeyance to be issued at the direction of the Holders due to the ownership limitations from the warrant agreements have been issued.

The Company filed a registration statement on Form S-3 and S-3/A covering the resale of the Inducement Warrants Shares issued or issuable upon the exercise of the Inducement Warrants, which was effective March 27, 2025.

On April 21, 2025, stockholder approval was obtained for the issuance of the Inducement Warrants at the Company’s annual meeting of stockholders.

At-The-Market Offering

On June 23, 2023, the Company entered into a Sales Agreement (the “Sales Agreement”) with Roth to create an at-the-market offering program (“ATM”) under which the Company may offer and sell shares with an aggregate offering price of up to $2.0 million. Roth is entitled to a fixed commission rate equal to up to 3% of the gross proceeds pursuant to the Sales Agreement. As of June 30, 2025, 124 and 197 shares have been sold under the ATM generating net proceeds of $0.1 million and $1.3 million in 2025 and 2024, respectively. On July 7, 2025, the Company filed a prospectus supplement that amends and supplements the prior prospectus supplements related to the ATM to increase the maximum offering size to $25.0 million. On July 21, 2025, the Company sold 379,040 shares at a weighted-average price of $13.63 generating net proceeds after commissions of $5.0 million.

Warrants

August 2022 Warrants

In connection with the Company’s registered public offering that closed on August 9, 2022, the Company issued warrants to purchase an aggregate of 960 shares of common stock (“2022 Public Warrants”). The Company performed an analysis of the provisions of the 2022 Public Warrants and concluded that the 2022 Public Warrants did not meet the guidance for being classified as an equity instrument due to a potential price reset prompted by a change in an unrelated instrument’s conversion rate or, in the event of a fundamental transaction, settlement rights that differ from those of the underlying common stockholders.

Due to the exercise resets resulting from the Inducement Letters and May 2025 Reverse Stock Split, refer to Note 1, and related share adjustment, the fair value of the 2022 Warrants as of June 30, 2025 was determined using the Black-Scholes option pricing model and as of December 31, 2024 was determined using both a Monte Carlo simulation model, which uses multiple input variables to determine the probability of the occurrence of a price reset or a fundamental transaction and the Black-Scholes option pricing model. As a result of the Company’s reverse stock split on July 1, 2025, refer to Note 1, the exercise price on the Public Warrants was reset to $8.609 per share based on the volume-weighted average price for the five trading days following the July 2025 Reverse Stock Split. The following table includes the share price and the inputs used to estimate the fair value of the warrants:


	June 30,			December 31,
	2025			2024
Stock price	$	9.10		$	502.73
Warrant term (in years)		2.11			2.61
Expected volatility		153.01	%		98.92	%
Risk-free interest rate		3.72	%		4.26	%
Dividend rate		0.00	%		0.00	%

The fair value of the derivative liability associated with the 2022 Public Warrants as of June 30, 2025 and December 31, 2024 was $0 and $0.2 million, respectively. The change in the fair value of the derivative liability was recognized as a component of nonoperating income (expense) in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss. The Company will continue to evaluate the 2022 Public Warrants qualitatively in future periods. Eighty 2022 Public Warrants were exercised and no 2022 Public Warrants were cancelled during the six months ended June 30, 2025. The remaining outstanding 2022 Public Warrants to purchase 724 shares of common stock are classified as a derivative liability as of June 30, 2025, were exercisable upon issuance and will expire five years following the date of issuance.

Equity-classified Warrants

The Company has outstanding equity-classified warrants to purchase 17,828 shares of common stock at a weighted average exercise price of $385.27, with expiration dates ranging from February 2026 to April 2030. During the six months ended June 30, 2025, 22,323 equity-classified warrants, including 3,131 2025 Pre-funded Warrants, 12,548 Placement Agent Warrants, 16 Pre-funded Warrants and 6,628 Exiting Warrants, were exercised for 34,868 common shares as the result of the cashless exercise provision for the Pre-Funded Warrants and the zero cash provision for the Placement Agent Warrants. The 8,871 outstanding Placement Agent Warrants as of June 30, 2025 were exercised in full on July 1, 2025 for 17,742 shares of common stock.

- Definition

The entire disclosure for equity.

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+ Details

RECENT ACCOUNTING PRONOUNCEMENTS

6 Months Ended

Jun. 30, 2025

RECENT ACCOUNTING PRONOUNCEMENTS

RECENT ACCOUNTING PRONOUNCEMENTS

2. RECENT ACCOUNTING PRONOUNCEMENTS

In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires interim and annual tabular disclosure of disaggregated information for certain income statement expense captions. Specific expense categories required to be disclosed quantitatively include inventory purchases, employee compensation, depreciation, and intangible asset amortization, as well as other specified expense categories currently disclosed under existing disclosure requirements. Additionally, any remaining amounts that are not separately disaggregated are required to be described qualitatively. ASU 2024-03 also requires separate disclosure of total selling expenses incurred each reporting period, with annual disclosure of the entity's definition of selling expenses. The annual disclosures required by ASU 2024-03 are effective for the Company beginning in its fiscal year ending December 31, 2027, with interim disclosures effective beginning in its fiscal year ending December 31, 2028. The provisions of ASU 2024-03 are to be applied prospectively, although retrospective application is permitted. Early adoption is also permitted. The Company is currently evaluating the ASU to determine its impact on the Company’s disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance requires expanded annual disclosures including the standardization and disaggregation of income tax rate reconciliation categories and the amount of income taxes paid by jurisdiction. The guidance is effective for the Company

beginning in its fiscal year ending December 31, 2025. The Company is currently evaluating the ASU to determine its impact on the Company’s disclosures.

In March 2024, the SEC adopted rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires the disclosure of material Scope 1 and Scope 2 greenhouse gas emissions and other climate-related topics in annual reports and registration statements. For non-accelerated filers and smaller reporting companies, disclosure requirements will begin phasing in for fiscal years beginning on or after January 1, 2027, subject to legal challenges and the SEC's voluntary stay of the disclosure requirements. The Company is currently evaluating the impact these rules will have on its consolidated financial statements and related disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Class A Common Stock	Additional Paid-In Capital	Shares To Be Issued	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total
Beginning Balance, Shares at Dec. 31, 2023	918
Beginning Balance at Dec. 31, 2023		$ 162,980		$ (159,957)	$ (673)	$ 2,350
Issuance of common stock in public offering, Shares	1,136
Issuance of common stock in public offering		2,961				2,961
Issuance of warrants in public offering		4,829				4,829
Share issuance costs		(1,132)				(1,132)
Exercise of warrants, net of issuance costs, Shares	2,169
Exercise of warrants, net of issuance costs		264				264
Settlement of restricted stock units, Shares	8
Stock-based compensation		767				767
Other comprehensive (loss) income					428	428
Net loss				(4,128)		(4,128)
Ending Balance, Shares at Jun. 30, 2024	4,231
Ending Balance at Jun. 30, 2024		170,669		(164,085)	(245)	6,339
Beginning Balance, Shares at Mar. 31, 2024	1,146
Beginning Balance at Mar. 31, 2024		164,844		(162,473)	(385)	1,986
Issuance of common stock in public offering, Shares	939
Issuance of common stock in public offering		1,587				1,587
Issuance of warrants in public offering		4,829				4,829
Share issuance costs		(959)				(959)
Exercise of warrants, net of issuance costs, Shares	2,138
Exercise of warrants, net of issuance costs		1				1
Settlement of restricted stock units, Shares	8
Stock-based compensation		367				367
Other comprehensive (loss) income					140	140
Net loss				(1,612)		(1,612)
Ending Balance, Shares at Jun. 30, 2024	4,231
Ending Balance at Jun. 30, 2024		170,669		(164,085)	(245)	6,339
Beginning Balance, Shares at Dec. 31, 2024	4,936
Beginning Balance at Dec. 31, 2024		172,425		(171,699)	333	1,059
Issuance of common stock in public offering, Shares	54,125
Issuance of common stock in public offering		5,749				5,749
Issuance of warrants in public offering		321				321
Share issuance costs		(790)				(790)
Exercise of warrants, net of issuance costs, Shares	621,414
Exercise of warrants, net of issuance costs	$ 1	12,954				12,955
Stock-based compensation		1,031				1,031
Other comprehensive (loss) income					(628)	(628)
Net loss				(13,671)		(13,671)
Ending Balance, Shares at Jun. 30, 2025	680,475
Ending Balance at Jun. 30, 2025	$ 1	191,690		(185,370)	(295)	6,026
Beginning Balance, Shares at Mar. 31, 2025	8,132		3,572
Beginning Balance at Mar. 31, 2025		174,692	$ 1,843	(175,537)	282	1,280
Issuance of common stock in public offering, Shares	54,001
Issuance of common stock in public offering		5,672				5,672
Issuance of warrants in public offering		321				321
Share issuance costs		(780)				(780)
Exercise of warrants, net of issuance costs, Shares	618,342		(3,572)
Exercise of warrants, net of issuance costs	$ 1	11,375	$ (1,843)			9,533
Stock-based compensation		410				410
Other comprehensive (loss) income					(577)	(577)
Net loss				(9,833)		(9,833)
Ending Balance, Shares at Jun. 30, 2025	680,475
Ending Balance at Jun. 30, 2025	$ 1	$ 191,690		$ (185,370)	$ (295)	$ 6,026

BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2025

BASIS OF PRESENTATION

BASIS OF PRESENTATION

1. BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements of Helius Medical Technologies, Inc. (together with its wholly owned subsidiaries the “Company”) have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") and should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 that was filed with the Securities and Exchange Commission on March 25, 2025 (“2024 10-K”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") have been condensed or omitted.

There have been no material changes to the Company's significant accounting policies from those described in the 2024 Form 10-K.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates.

In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair statement of the results for the interim periods presented. All such adjustments, unless otherwise noted herein, are of a normal, recurring nature. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year.

Reverse Stock Splits

On April 21, 2025, at the annual meeting of stockholders the stockholders of the Company approved a potential reverse stock split at a ratio of 1-to-2 to 1-to-30. The Board subsequently approved a reverse stock split of 1-for-15, which became effective on May 2, 2025 (the “May 2025 Reverse Stock Split”).

On May 23, 2025, at a special meeting of stockholders the stockholders of the Company approved a potential reverse stock split at a ratio of 1-to-2 to 1-to-250. The Board subsequently approved a reverse stock split of 1-for-50, which became effective on July 1, 2025 (the “July 2025 Reverse Stock Split” and together with the May 2025 Reverse Stock Split, the “Reverse Stock Splits”). Refer to Note 6 for additional information.

All issued and outstanding common stock and per share amounts contained in the unaudited condensed consolidated financial statements have been retroactively adjusted to reflect the Reverse Stock Splits for all periods presented. In addition, a proportionate adjustment was made to the per share exercise price and the number of shares issuable upon the exercise of all outstanding stock options and warrants to purchase shares of common stock. A proportionate adjustment was also made to the number of shares reserved for issuance pursuant to the Company’s equity incentive compensation plans to reflect the Reverse Stock Splits. Any fraction of a share of common stock that was created as a result of the Reverse Stock Splits was rounded down to the next whole share and stockholders received cash settlement equal to the market value of the fractional share, determined by multiplying such fraction by the closing sales price of the Company’s common stock as reported on Nasdaq on the last trading day before the Reverse Stock Splits effective dates. The authorized shares and par value of the common stock and preferred stock were not adjusted as a result of the Reverse Stock Splits.

Going Concern Uncertainty

As of June 30, 2025, the Company had cash and cash equivalents of $6.1 million. For the six months ended June 30, 2025, the Company had an operating loss of $7.3 million, and as of June 30, 2025, its accumulated deficit was $185.4 million. For the six months ended June 30, 2025, the Company had $71 thousand of net revenue from the commercial sale of products. The Company expects to continue to incur operating losses and net cash outflows until such time as it generates a level of revenue to support its cost structure. There is no assurance that the Company will achieve profitable

operations, and, if achieved, whether it will be sustained on a continued basis. These factors indicate substantial doubt about the Company’s ability to continue as a going concern within one year after the date the unaudited condensed consolidated financial statements are filed. The Company’s unaudited condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and satisfaction of liabilities in the ordinary course of business; no adjustments have been made relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company not continue as a going concern.

The Company intends to fund ongoing activities by utilizing its current cash and cash equivalents on hand, cash received from the sale of its PoNS device in the U.S. and Canada and by raising additional capital through equity or debt financings. There can be no assurance that we will be successful in raising additional capital or that such capital, if available, will be on terms that are acceptable to us. If we are unable to raise sufficient additional capital, we may be compelled to reduce the scope of our operations and planned capital expenditures or sell certain assets, including intellectual property, and we may be forced to cease or wind down operations, seek protection under the provisions of the U.S. Bankruptcy Code, or liquidate and dissolve our company.

Global Economic Conditions

Generally, worldwide economic conditions remain uncertain, particularly due to geopolitical conflicts in Ukraine and in the Middle East, disruptions in the banking system and financial markets, increased inflation, sustained high interest rates and unpredictable trade policies, including tariffs, customs regulations and other trade restrictions. The general economic and capital market conditions both in the United States and worldwide, have been volatile in the past and at times have adversely affected the Company’s access to capital and increased the cost of capital. The capital and credit markets may not be available to support future capital raising activity on favorable terms. If economic conditions decline, the Company’s future cost of equity or debt capital and access to the capital markets could be adversely affected.

Changes in economic conditions, trade restrictions, high interest rates, supply chain constraints, logistics challenges, labor shortages, the effects of conflicts in Ukraine and the Middle East, disruptions in the banking system and financial markets, high levels of inflation and an increase in interest rates have increased costs and have had and may continue to have a negative impact on the Company’s business. Although the Company has taken and may continue to take measures to mitigate these impacts, if these measures are not effective, the Company’s business, financial condition, results of operations, and liquidity could be materially adversely affected.

COMMITMENTS AND CONTINGENCIES - License agreement (Details) - Advanced NeuroRehabilitation, LLC - License Agreement for Exclusive Right on Patent Pending Technology - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
COMMITMENTS AND CONTINGENCIES
Percentage of royalty on net revenue			4.00%
Royalty expense	$ 1	$ 7	$ 3	$ 12

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2025	Aug. 08, 2025
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2025
Document Transition Report	false
Entity File Number	001-38445
Entity Registrant Name	HELIUS MEDICAL TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4787690
Entity Address, Address Line One	642 Newtown Yardley Road, Suite 100
Entity Address, City or Town	Newtown
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	18940
City Area Code	215
Local Phone Number	944-6100
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	HSDT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,077,257
Entity Central Index Key	0001610853
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false

STOCK-BASED COMPENSATION - Awards granted and outstanding (Details) - $ / shares		3 Months Ended	6 Months Ended
	Jul. 02, 2025	Jun. 30, 2025	Jun. 30, 2025	Jun. 30, 2024
Stock options
STOCK-BASED COMPENSATION
Granted (in shares)				0
Granted (in dollars per share)			$ 546.9
Expiration period			10 years
Outstanding stock options (in shares)		3,635	3,635
Weighted average exercise price (in dollars per share)		$ 3,794.66	$ 3,794.66
Stock options \| Minimum
STOCK-BASED COMPENSATION
Vesting period			1 year
Stock options \| Maximum
STOCK-BASED COMPENSATION
Vesting period			3 years
Restricted stock units
STOCK-BASED COMPENSATION
Granted (in shares)			0
Outstanding unvested RSU (in shares)		0	0
2022 Plan \| Stock options
STOCK-BASED COMPENSATION
Granted (in shares)	124,200	847	847
Inducement Plan \| Stock options
STOCK-BASED COMPENSATION
Granted (in shares)		0	0

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2025	Dec. 31, 2024
Unaudited Condensed Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares, issued (in shares)	680,475	4,936
Common stock, shares, outstanding (in shares)	680,475	4,936

COMMON STOCK, PREFERRED STOCK AND WARRANTS - Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended
	Jul. 01, 2025	Jun. 30, 2025	Jun. 30, 2025	Jan. 21, 2025	Dec. 31, 2024	Aug. 09, 2022
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Fair value of derivative liability					$ 241
Number of warrants settled			34,868
2022 Public Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Shares of common stock purchasable with warrants		724	724
Exercise price	$ 8.609
Number of days, warrants exercise price reset	5 days
Fair value of derivative liability		$ 0	$ 0		$ 200
Number of warrants exercised			80
Number of warrants cancelled			0
Warrant expiration period		5 years	5 years
Equity Classified Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Shares of common stock purchasable with warrants		17,828	17,828
Number of warrants exercised			22,323
Equity Classified Warrants \| Weighted Average
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Exercise price		$ 385.27	$ 385.27
2025 Pre-funded Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Number of warrants exercised			3,131
Placement Agent Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Number of warrants exercised			12,548
Number of warrants outstanding		8,871	8,871
Number of warrants exercised for common shares	17,742
Pre-funded Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Number of warrants exercised		16	16
Existing Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Shares of common stock purchasable with warrants				6,628
Exercise price				$ 563.25
Number of warrants exercised			6,628
August 9, 2022 registered public offering \| 2022 Public Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Shares of common stock purchasable with warrants						960

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION (Details) $ in Thousands					3 Months Ended		6 Months Ended
BASIS OF PRESENTATION (Details) $ in Thousands	Jul. 01, 2025	May 23, 2025	May 02, 2025	Apr. 21, 2025	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
BASIS OF PRESENTATION
Reverse stock split	0.020		0.067
Cash and cash equivalents					$ 6,078		$ 6,078		$ 1,088
Operating loss					3,322	$ 3,270	7,333	$ 6,686
Accumulated deficit					185,370		185,370		$ 171,699
Product sales, net					$ 33	$ 171	$ 71	$ 295
Maximum
BASIS OF PRESENTATION
Reverse stock split		0.5		0.5
Minimum
BASIS OF PRESENTATION
Reverse stock split		0.004		0.033

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

- Definition

Amount, excluding 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.

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+ Details

SEGMENT AND GEOGRAPHIC INFORMATION

6 Months Ended

Jun. 30, 2025

SEGMENT AND GEOGRAPHIC INFORMATION

SEGMENT AND GEOGRAPHIC INFORMATION

10. SEGMENT AND GEOGRAPHIC INFORMATION

Segment Information

Operating segments are components of an enterprise for which separate financial information is available and are evaluated regularly by the Company’s chief operating decision maker (“CODM”) in deciding how to allocate resources and assessing performance. The Company’s CODM is its Chief Executive Officer. The Company’s Chief Executive Officer views the Company’s operations and manages its business in one operating segment, which is the business of development and commercialization of products related to PoNS® devices. The Company has a single reporting segment and the determination of the single segment is consistent with the information provided to the CODM. The CODM evaluates performance and allocates resources based on the Company’s consolidated financial results.

Geographic Information

The following table presents the Company’s revenue disaggregated by geographic area (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Product sales, net:
United States	$	7	$	67	$	26	$	146
Canada		26		104		45		149
Total product sales, net		33		171		71		295
Other revenue		10		11		21		22
Total revenue	$	43	$	182	$	92	$	317

Four customers accounted for 87% and six customers accounted for 94% of net product sales for the three and six months ended June 30, 2025, respectively, and three customers accounted for 97% and two customers accounted for 88% of net product sales for the three and six months ended June 30, 2024. Two customers accounted for 100% of accounts receivable, net as of June 30, 2025 and December 31, 2024.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
STOCK-BASED COMPENSATION
Total stock-based compensation expense	$ 410	$ 367	$ 1,031	$ 767
Remaining unrecognized compensation expense related to nonvested awards	800		$ 800
Weighted-average remaining requisite service period			9 months 18 days
Cost of sales
STOCK-BASED COMPENSATION
Total stock-based compensation expense	1	5	$ 7	9
Selling, general and administrative
STOCK-BASED COMPENSATION
Total stock-based compensation expense	345	298	853	628
Research and development
STOCK-BASED COMPENSATION
Total stock-based compensation expense	$ 64	$ 64	$ 171	$ 130

SUPPLEMENTAL BALANCE SHEET DISCLOSURES - Inventory, net (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Inventory
Raw materials	$ 575	$ 576
Work-in-process	379	402
Finished goods	279	145
Inventory, gross	1,233	1,123
Inventory reserve	(92)	(87)
Inventory, net	1,141	$ 1,036
Inventory written off	$ 0

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net loss	$ (13,671)	$ (4,128)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of debt discount and imputed interest expense	680
Warrant-related offering costs expensed	448
Change in fair value of derivative liability	5,919	(2,875)
Stock-based compensation expense	1,031	767
Foreign exchange (gain) loss	(623)	428
Depreciation expense	17	18
Amortization expense		14
Provision for (reversal of) inventory reserve	5	(15)
Non-cash operating lease expense	11	20
Changes in operating assets and liabilities:
Accounts receivable	59	(8)
Other receivables	484	(19)
Inventory	(111)	(349)
Prepaid expense and other current assets	169	255
Operating lease liabilities	(12)	(22)
Accounts payable	91	609
Accrued and other current liabilities	(770)	(566)
Deferred revenue	(20)	(21)
Net cash used in operating activities	(6,293)	(5,892)
Cash flows from investing activities:
Purchase of property and equipment		(5)
Net cash used in investing activities		(5)
Cash flows from financing activities:
Proceeds from issuance of common stock	5,749	2,961
Proceeds from issuance of warrants	3,692	4,829
Proceeds from exercise of warrants	3,734	163
Share issuance costs	(1,212)	(850)
Proceeds from issuance of notes payable	880
Repayment of notes payable	(1,560)
Net cash provided by financing activities	11,283	7,103
Effect of currency exchange rate changes on cash and cash equivalents		(1)
Net increase in cash and cash equivalents	4,990	1,205
Cash and cash equivalents at beginning of period	1,088	5,182
Cash and cash equivalents at end of period	6,078	6,387
Non-cash investing and financing transactions:
Derivative warrant liability reclassified to equity on exercise of warrants	9,527	101
Deferred offering costs reclassified to equity upon public offering	8	132
Share issuance costs included in accounts payable	$ 330	$ 150

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2025

COMMITMENTS AND CONTINGENCIES.

COMMITMENTS AND CONTINGENCIES

9. COMMITMENTS AND CONTINGENCIES

The Company is obligated under a license agreement with Advanced NeuroRehabilitation, LLC to pay a 4% royalty on net revenue collected from the sale of devices covered by the patent-pending technology. During the three and six months ended June 30, 2025 and 2024, the Company recorded royalty expense from the sale of devices of approximately $1 thousand and $3 thousand, $7 thousand and $12 thousand, respectively, in its unaudited condensed consolidated statements of operations and comprehensive loss.

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)

6 Months Ended

Jun. 30, 2025

SEGMENT AND GEOGRAPHIC INFORMATION

Schedule of revenue disaggregated by geographic area

The following table presents the Company’s revenue disaggregated by geographic area (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Product sales, net:
United States	$	7	$	67	$	26	$	146
Canada		26		104		45		149
Total product sales, net		33		171		71		295
Other revenue		10		11		21		22
Total revenue	$	43	$	182	$	92	$	317

COMMON STOCK, PREFERRED STOCK AND WARRANTS - At-The-Market Offering (Details) - At-The-Market Offering - USD ($) $ / shares in Units, $ in Millions				6 Months Ended
	Jul. 21, 2025	Jul. 07, 2025	Jun. 23, 2023	Jun. 30, 2025	Jun. 30, 2024
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Aggregate offering amount		$ 25.0	$ 2.0
Shares issued	379,040			124	197
Net proceeds from issuance of common stock				$ 0.1	$ 1.3
weighted-average price	$ 13.63
Net proceeds after commissions from sale of stock	$ 5.0
Roth
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Maximum commission rate, percentage of gross proceeds pursuant to the Sales Agreement			3.00%

SUPPLEMENTAL BALANCE SHEET DISCLOSURES

6 Months Ended

Jun. 30, 2025

SUPPLEMENTAL BALANCE SHEET DISCLOSURES

SUPPLEMENTAL BALANCE SHEET DISCLOSURES

3. SUPPLEMENTAL BALANCE SHEET DISCLOSURES

Components of selected captions in the unaudited condensed consolidated balance sheets consisted of the following:

Accounts receivable

Accounts receivable from product sales are net of allowance for credit losses. The allowance for credit losses was $0 as of both June 30, 2025 and December 31, 2024.

Inventory, net (in thousands)


	June 30,		December 31,
	2025		2024
Raw materials	$	575	$	576
Work-in-process		379		402
Finished goods		279		145
Inventory, gross		1,233		1,123
Inventory reserve		(92)		(87)
Inventory, net	$	1,141	$	1,036

During the six months ended June 30, 2025, no inventory was written off to the inventory reserve.

Prepaid expenses and other current assets (in thousands)


	June 30,		December 31,
	2025		2024
Prepaid expenses	$	480	$	603
Inventory related		10		55
Deferred offering costs		—		7
Total prepaid expenses and other current assets	$	490	$	665

Accrued and other current liabilities (in thousands)


	June 30,		December 31,
	2025		2024
Insurance payable	$	91	$	356
Employees benefits		328		759
Professional services		18		24
Franchise tax		20		—
Other		15		100
Total accrued and other current liabilities	$	472	$	1,239

Deferred revenue

Exclusive Distribution Agreement

Pursuant to an Exclusive Distribution Agreement with Health Tech Connex Inc. (“HTC”) (“Exclusivity Agreement”) entered into on March 3, 2023, subject to certain terms and conditions, the Company granted to HTC the exclusive right to provide PoNS Therapy in the Fraser Valley and Vancouver metro regions of British Columbia. HTC will purchase the PoNS devices for use in these regions exclusively from the Company and on terms no less favorable than the then-current standard terms and conditions. This Exclusivity Agreement replaced the previous Clinical Research and Co-Promotion Agreement (“Co-Promotion Agreement”) between the parties entered into in October 2019 that included a similar exclusive right provision. The exclusive right under the Exclusivity Agreement was granted for a value of CAD$273 thousand, which is represented by the unamortized up-front payment under the former Co-Promotion Agreement. The initial term of the Exclusivity Agreement expires on December 31, 2027, and is renewable by HTC for one additional five-year term upon sixty days’ written notice to the Company.

Deferred revenue as of both June 30, 2025 and December 31, 2024 is comprised of the remaining unamortized amount under the Exclusivity Agreement. Revenue recognized is included in other revenue in the unaudited condensed consolidated statements of operations and comprehensive loss.

On July 13, 2025, the Company sent HTC a termination letter, terminating the Exclusivity Agreement effective immediately, due to material breach by HTC in fulfilling its obligations under the Exclusivity Agreement.

BASIC AND DILUTED LOSS PER SHARE - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Basic:
Net loss available to common stockholders - basic	$ (9,833)	$ (1,612)	$ (13,671)	$ (4,128)
Weighted average common shares outstanding - basic (in shares)	123,335	3,322	67,828	2,188
Loss per share - basic (in dollar per share)	$ (79.73)	$ (485.3)	$ (201.55)	$ (1,886.9)
Diluted:
Net loss available to common stockholders - diluted	$ (9,833)	$ (1,612)	$ (13,671)	$ (4,128)
Weighted average common shares outstanding - diluted (in shares)	123,335	3,322	67,828	2,188
Loss per share - diluted (in dollar per share)	$ (79.73)	$ (485.3)	$ (201.55)	$ (1,886.9)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

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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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

COMMON STOCK, PREFERRED STOCK AND WARRANTS - 2024 Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Jun. 06, 2025	May 09, 2024	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	May 31, 2024
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Fair value of derivative liability							$ 241
Change in fair value of derivative liability					$ 5,919	$ (2,875)
Share issuance costs					$ 1,212	$ 850
Repayment of promissory notes	$ 1,560
Common stock, par value (in dollars per share)			$ 0.001		$ 0.001		$ 0.001
Pre-funded Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Number of warrants exercised			16		16
Common Stock
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Shares issued			54,001	939	54,125	1,136
2024 Public Offering
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Combined offering price (in dollars per share)		$ 1,687.5						$ 1,687.5
Offering price per Pre-funded warrant and accompanying Public Warrants (in dollars per share)		$ 1,687.499						$ 1,687.499
Net proceeds from issuance of common stock		$ 5,500
2024 Public Offering \| Public Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Exercise price		$ 1,687.5
2024 Public Offering \| Series A Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Shares of common stock purchasable with warrants		3,802
Warrant expiration period		12 months
2024 Public Offering \| Series B Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Shares of common stock purchasable with warrants		3,802
Warrant expiration period		5 years
2024 Public Offering \| Pre-funded Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Shares of common stock purchasable with warrants		2,859						2,859
Exercise price		$ 0.001						$ 0.001
Number of warrants exercised		1,435
Number of warrants outstanding			0		0
2024 Public Offering \| Common Stock
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Shares issued		939

LEASES

6 Months Ended

Jun. 30, 2025

LEASES

LEASES

4. LEASES

On January 16, 2025, the Company entered into an agreement to extend the operating lease for the Company’s headquarters through March 31, 2026, at a rate of $4 thousand per month effective April 1, 2025. The lease does not contain any options to extend. Operating lease costs for the three and six months ended June 30, 2025 and 2024 were $12 thousand and $23 thousand, $10 thousand and $20 thousand, respectively.

Expected operating lease costs as of June 30, 2025 were as follows (in thousands):


2025 (remaining)	$	24
2026		12
Total lease payments		36

COMMON STOCK, PREFERRED STOCK AND WARRANTS - Warrant inducement (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 21, 2025	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Proceeds from exercise of warrants				$ 3,734	$ 163
Professional fees	$ 200
Share issuance costs		$ 780	$ 959	$ 790	$ 1,132
Existing Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Shares of common stock purchasable with warrants	6,628
Exercise price	$ 563.25
Proceeds from exercise of warrants	$ 3,700
Other legal and regulatory expenses	100
Net proceeds from exercise of warrants	3,400
Share issuance costs	$ 1,000
Shares of common stock available for issuance		3,572		3,572
Inducement Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Shares of common stock purchasable with warrants	8,281
Share issuance costs	$ 3,100

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Revenue
Product sales, net	$ 33	$ 171	$ 71	$ 295
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Other revenue	$ 10	$ 11	$ 21	$ 22
Total revenue	43	182	92	317
Cost of revenue
Cost of revenue	$ 96	$ 118	$ 217	$ 241
Cost, Product and Service [Extensible Enumeration]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Gross (loss) profit	$ (53)	$ 64	$ (125)	$ 76
Operating expenses
Selling, general and administrative expenses	2,447	2,457	5,441	5,090
Research and development expenses	822	870	1,767	1,658
Amortization expense		7		14
Total operating expenses	3,269	3,334	7,208	6,762
Loss from operations	(3,322)	(3,270)	(7,333)	(6,686)
Nonoperating income
Interest expense, net	(628)	(5)	(634)	(13)
Change in fair value of derivative liability	(6,028)	1,733	(5,919)	2,875
Foreign exchange gain (loss)	565	(141)	615	(429)
Other (expense)/income, net	(420)	71	(400)	125
Nonoperating income, net	(6,511)	1,658	(6,338)	2,558
Loss before provision for income taxes	(9,833)	(1,612)	(13,671)	(4,128)
Provision for income taxes	0	0	0	0
Net loss	(9,833)	(1,612)	(13,671)	(4,128)
Other comprehensive (loss) income
Foreign currency translation adjustments	(577)	140	(628)	428
Comprehensive loss	$ (10,410)	$ (1,472)	$ (14,299)	$ (3,700)
Loss per share
Basic (in dollars per share)	$ (79.73)	$ (485.3)	$ (201.55)	$ (1,886.9)
Diluted (in dollars per share)	$ (79.73)	$ (485.3)	$ (201.55)	$ (1,886.9)
Weighted average number of common shares outstanding
Basic (in shares)	123,335	3,322	67,828	2,188
Diluted (in shares)	123,335	3,322	67,828	2,188

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (9,833)	$ (1,612)	$ (13,671)	$ (4,128)

- Definition

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

+ References

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

COMMON STOCK, PREFERRED STOCK AND WARRANTS - Estimate the fair value of the warrants at the Issuance Date (Details)	Jun. 30, 2025 Y
Stock price \| June 6, 2025 - Issuance
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	54.5
Stock price \| June 9, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	43.25
Stock price \| June 11, 2025 - Pre-reset
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	55.5
Stock price \| June 11, 2025 - Post-reset
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	55.5
Stock price \| June 12, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	30.03
Stock price \| June 13, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	25.45
Stock price \| June 16, 2025 - Pre-reset
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	18.78
Stock price \| June 16, 2025 - Post-reset
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	18.78
Stock price \| June 17, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	15.48
Stock price \| June 18, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	18.02
Stock price \| June 20, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	16.5
Warrant term (in years) \| June 6, 2025 - Issuance
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	2.5
Warrant term (in years) \| June 9, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	2.49
Warrant term (in years) \| June 11, 2025 - Pre-reset
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	2.49
Warrant term (in years) \| June 11, 2025 - Post-reset
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	2.49
Warrant term (in years) \| June 12, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	2.48
Warrant term (in years) \| June 13, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	2.48
Warrant term (in years) \| June 16, 2025 - Pre-reset
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	2.47
Warrant term (in years) \| June 16, 2025 - Post-reset
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	2.47
Warrant term (in years) \| June 17, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	2.47
Warrant term (in years) \| June 18, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	2.47
Warrant term (in years) \| June 20, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	2.46
Expected volatility \| June 6, 2025 - Issuance
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.9995
Expected volatility \| June 9, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.9995
Expected volatility \| June 11, 2025 - Pre-reset
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.9995
Expected volatility \| June 11, 2025 - Post-reset
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.9995
Expected volatility \| June 12, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.9995
Expected volatility \| June 13, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.9995
Expected volatility \| June 16, 2025 - Pre-reset
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.9995
Expected volatility \| June 16, 2025 - Post-reset
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.9995
Expected volatility \| June 17, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.9995
Expected volatility \| June 18, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.9995
Expected volatility \| June 20, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.9995
Risk-free interest rate \| June 6, 2025 - Issuance
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.0403
Risk-free interest rate \| June 9, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.0403
Risk-free interest rate \| June 11, 2025 - Pre-reset
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.0403
Risk-free interest rate \| June 11, 2025 - Post-reset
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.0403
Risk-free interest rate \| June 12, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.0403
Risk-free interest rate \| June 13, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.0403
Risk-free interest rate \| June 16, 2025 - Pre-reset
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.0403
Risk-free interest rate \| June 16, 2025 - Post-reset
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.0403
Risk-free interest rate \| June 17, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.0403
Risk-free interest rate \| June 18, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.0403
Risk-free interest rate \| June 20, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0.0403
Dividend rate \| June 6, 2025 - Issuance
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0
Dividend rate \| June 9, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0
Dividend rate \| June 11, 2025 - Pre-reset
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0
Dividend rate \| June 11, 2025 - Post-reset
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0
Dividend rate \| June 12, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0
Dividend rate \| June 13, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0
Dividend rate \| June 16, 2025 - Pre-reset
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0
Dividend rate \| June 16, 2025 - Post-reset
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0
Dividend rate \| June 17, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0
Dividend rate \| June 18, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0
Dividend rate \| June 20, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Derivative liability, measurement input	0