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Momentus Inc. Announces Fourth Quarter and Full Year 2021 Financial Results

Momentus Inc. (NASDAQ: MNTS) (“Momentus” or the "Company”), a U.S. commercial space company that plans to offer transportation and other in-space infrastructure services, today announced its financial results for the fourth quarter ended December 31, 2021.

"We want to be a leading player in the emerging space transportation and infrastructure market," said Momentus Chief Executive John Rood. "We’re focused on making this happen and are making meaningful progress. We’ve matured our technology through rigorous ground testing and assembly of Vigoride orbital transfer vehicles. We’ve signed Launch Services agreements with our strategic partner SpaceX for the inaugural launch of Vigoride and other missions in 2022 and 2023. And we've continued to develop our innovative Microwave Electrothermal Thruster using water as a propellant and are eager to demonstrate it in space."

Fourth Quarter 2021 Business Highlights:

  • Focused our efforts to bring our Vigoride orbital transfer vehicle to market.
  • Completed assembly and initial system-level functional testing on the Vigoride-3 vehicle that we plan to fly on a demo mission later this year.
  • Subsequent to the close of the quarter, we completed system-level thermal vacuum testing on Vigoride 3, which is late-stage environmental testing that simulates the environment in space.
  • Completed Critical Design Review of our next-generation of Vigoride, called Block 2.2, to incorporate changes from the prior baseline. We now have three Block 2.2 vehicles in early stages of production.
  • Signed a Launch Services Agreement that reserves two ports for Momentus on SpaceX’s Transporter-5 mission, which is targeted for June of 2022. We plan to use one of these two ports for the inaugural mission of our Vigoride vehicle using Vigoride-3, which is designed to take our customers’ satellites to custom orbits. Our launch plans remain subject to the receipt of licenses and other government approvals, and successful completion of our current efforts to get Vigoride and other space hardware ready for flight.
  • We plan to use our second port on the Transporter-5 mission to aggregate ride-share demand from customers that do not require a custom orbit. We plan to use a deployer from a third party to place customer satellites in orbit.
  • Subsequent to the close of the quarter, we signed Launch Services Agreements that reserve space for Vigoride on four follow-on SpaceX missions, including Transporter-6, which is targeted for October of 2022, Transporter-7, which is targeted for January of 2023, Transporter-8, which is targeted for April of 2023, and Transporter-9, which is targeted for October 2023.
  • Established a Strategic Advisory Group comprised of five leaders and technology experts with world-class expertise and more than 150 years of combined experience in creating, implementing, and managing aerospace and technology businesses and programs for industry-leading companies and educational institutions.
  • Continued to make progress implementing our National Security Agreement, including meaningful progress upgrading and safeguarding our enterprise IT systems.

Conference Call Information

Momentus Inc. will host a conference call to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. To access the conference call, parties should dial (844) 646-2696 and enter the conference ID number 9898339 (international participants should dial +1 (918) 922-6901). The live audio webcast along with supplemental information will be accessible on the Company’s Investor Relations website at https://investors.momentus.space/events-and-presentations. A recording of the webcast will also be available following the conference call.

About Momentus Inc.

Momentus is a U.S. commercial space company that plans to offer in-space infrastructure services, including in-space transportation, hosted payloads and in-orbit services. Momentus believes it can make new ways of operating in space possible with its planned in-space transfer and service vehicles that will be powered by an innovative water plasma-based propulsion system that is under development. The Company anticipates flying its first Vigoride vehicle to Low Earth Orbit on a third-party launch provider as early as June 2022, subject to receipt of appropriate government licenses, approvals and availability of slots on its launch provider's manifest, for which there is no assurance such licenses, approvals and availability will be received, if at all.

Forward-Looking Statements

This press release contains certain statements which may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Momentus or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, and are not guarantees of future performance. The words “may,” “will,” “anticipate,” “believe,” “expect,” “continue,” “could,” “estimate,” “future,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “aim,” “strive,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions.

Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Momentus’ control. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: the ability of the Company to obtain licenses and government approvals for its missions, which are essential to its operations; the ability of the Company to effectively market and sell satellite transport services and planned in-orbit services; the ability of the Company to protect its intellectual property and trade secrets; the development of markets for satellite transport and in-orbit services; the ability of the Company to develop, test and validate its technology, including its water plasma propulsion technology; delays or impediments that the Company may face in the development, manufacture and deployment of next generation satellite transport systems; the ability of the Company to convert backlog or inbound inquiries into revenue; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business, including export control license requirements; the ability to attract or maintain a qualified workforce with the required security clearances and requisite skills; product service or product or launch failures or delays that could lead customers to use competitors’ services; investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings; the effects of the COVID-19 pandemic on the Company’s business; the Company’s ability to comply with the terms of its National Security Agreement and any related compliance measures instituted by the director who was approved by the CFIUS Monitoring Agencies (the “Security Director”); the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and/or other risks and uncertainties included in the section entitled “Risk Factors” in the prospectus dated September 14, 2021 related to the Registration Statement on Form S-1 (No. 333-259281) filed by the Company on September 3, 2021 , as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at investors.momentus.space. These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Fiscal Year 2021 Financial Results

MOMENTUS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share data)

 

 

 

 

 

Three Months Ended
December 31,

 

Year ended
December 31,

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

Service revenue 1

$

 

 

$

365

 

 

$

330

 

 

$

365

 

Cost of revenue (decrease) 2

 

 

 

 

368

 

 

 

(135

)

 

 

368

 

Gross margin

 

 

 

 

(3

)

 

 

465

 

 

 

(3

)

Operating expenses:

 

 

 

 

 

 

 

Research and development expenses

 

11,574

 

 

 

8,960

 

 

 

51,321

 

 

 

22,718

 

Selling, general and administrative expenses

 

13,103

 

 

 

4,467

 

 

 

48,905

 

 

 

11,945

 

Total operating expenses

 

24,677

 

 

 

13,427

 

 

 

100,226

 

 

 

34,663

 

Loss from operations

 

(24,677

)

 

 

(13,430

)

 

 

(99,761

)

 

 

(34,666

)

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

Decrease (increase) in fair value of SAFE notes

 

 

 

 

(164,595

)

 

 

209,291

 

 

 

(267,290

)

Decrease (increase) in fair value of warrants

 

27,505

 

 

 

(1,860

)

 

 

37,330

 

 

 

(3,177

)

Realized loss on disposal of asset

 

(17

)

 

 

(482

)

 

 

(17

)

 

 

(482

)

Interest income

 

 

 

 

 

 

 

2

 

 

 

7

 

Interest expense

 

(5,544

)

 

 

(324

)

 

 

(14,229

)

 

 

(470

)

SEC settlement

 

 

 

 

 

 

 

(7,000

)

 

 

 

Other income (expense) 3

 

5

 

 

 

(7

)

 

 

(4,960

)

 

 

(949

)

Total other income (expense)

 

21,948

 

 

 

(167,268

)

 

 

220,417

 

 

 

(272,360

)

Income (loss) before income taxes

 

(2,728

)

 

 

(180,698

)

 

 

120,656

 

 

 

(307,026

)

Income tax provision

 

1

 

 

 

 

 

 

2

 

 

 

1

 

Net income ( loss)

$

(2,729

)

 

$

(180,698

)

 

$

120,654

 

 

$

(307,027

)

Net income ( loss) per share, basic

$

(0.05

)

 

$

(2.88

)

 

$

1.85

 

 

$

(4.90

)

Net income ( loss) per share, fully diluted

$

(0.05

)

 

$

(2.88

)

 

$

1.70

 

 

$

(4.90

)

Weighted average shares outstanding, basic

 

60,589,566

 

 

 

62,722,340

 

 

 

65,177,873

 

 

 

62,643,121

 

Weighted average shares outstanding, fully diluted

 

60,589,566

 

 

 

62,722,340

 

 

 

70,918,777

 

 

 

62,643,121

 

1 - Revenue recognized related to cancellations of customer contracts, resulting in the forfeiture of customer deposits

2 - The reduction of cost of revenue represents the reversal of a contingency recorded during the prior year for loss contracts related to free slots on future missions. During the prior three months ended September 30, 2021, the Company signed amendments or terminations with those customers such that the services will no longer be free of charge. The reversed contingency was offset by costs incurred related to one of the cancelled contracts.

3 - Other expenses during the twelve months ended December 31, 2021 were due to the transaction costs allocated to the liability-classified warrant assumed in connection with the Business Combination. Other expense in the twelve months ended December 31, 2020 was due to banking fees related to SAFE financing raised during the period.

MOMENTUS INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)

    

 

December 31,
2021

 

December 31,
2020

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

160,036

 

 

$

23,005

 

Restricted cash, current

 

197

 

 

 

100

 

Prepaids and other current assets

 

9,431

 

 

 

4,508

 

Total current assets

 

169,664

 

 

 

27,613

 

Property, machinery and equipment, net

 

4,829

 

 

 

2,321

 

Intangible assets, net

 

349

 

 

 

305

 

Operating right-of-use asset

 

7,604

 

 

 

316

 

Deferred offering costs

 

 

 

 

2,610

 

Restricted cash, non-current

 

314

 

 

 

415

 

Other non-current assets

 

3,065

 

 

 

2,740

 

Total assets

$

185,825

 

 

$

36,320

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

 

 

 

Current liabilities:

 

 

 

Accounts payable

 

1,911

 

 

 

1,863

 

Accrued expenses

 

9,785

 

 

 

3,064

 

Loan payable, current

 

20,907

 

 

 

 

Contract liabilities, current

 

 

 

 

1,914

 

Operating lease liability, current

 

1,189

 

 

 

254

 

Other current liabilities

 

5,075

 

 

 

220

 

Total current liabilities

 

38,867

 

 

 

7,314

 

Contract liabilities, non-current

 

1,554

 

 

 

711

 

Warrant liability

 

5,749

 

 

 

3,206

 

SAFE notes

 

 

 

 

314,440

 

Operating lease liability, non-current

 

7,284

 

 

 

72

 

Other non-current liabilities

 

483

 

 

 

49

 

Total non-current liabilities

 

15,070

 

 

 

318,478

 

Total liabilities

 

53,937

 

 

 

325,792

 

 

 

 

 

Shareholders’ equity (deficit):

 

 

 

Common stock, $0.00001 par value; 250,000,000 shares authorized and 81,211,781 issued and outstanding as of December 31, 2021; 142,804,498 shares authorized and 62,510,690 issued and outstanding as of December 31, 2020

 

1

 

 

 

1

 

Additional paid-in capital

 

340,570

 

 

 

39,866

 

Accumulated deficit

 

(208,683

)

 

 

(329,338

)

Total shareholders’ deficit

 

131,888

 

 

 

(289,472

)

Total Liabilities and Shareholders’ Deficit

$

185,825

 

 

$

36,320

 

MOMENTUS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

 

Year ended December 31,

 

 

2021

 

 

 

2020

 

Cash flows from operating activities:

 

 

 

Net income (loss)

$

120,654

 

 

$

(307,027

)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

 

 

 

Depreciation and amortization

 

1,092

 

 

 

590

 

Amortization of debt discount and issuance costs

 

11,729

 

 

 

116

 

Increase in fair value of warrants

 

(37,330

)

 

 

3,177

 

Increase in fair value of SAFE notes

 

(209,291

)

 

 

267,290

 

Impairment of prepaid launch costs

 

9,450

 

 

 

1,500

 

Loss on disposal of fixed and intangible assets

 

17

 

 

 

482

 

Stock-based compensation expense

 

18,452

 

 

 

2,771

 

Changes in operating assets and liabilities:

 

 

 

Prepaids and other current assets

 

(14,373

)

 

 

(3,616

)

Other non-current assets

 

(325

)

 

 

(760

)

Accounts payable

 

1,562

 

 

 

(997

)

Accrued expenses

 

7,042

 

 

 

1,813

 

Other current liabilities

 

4,810

 

 

 

211

 

Contract liabilities

 

(1,071

)

 

 

1,916

 

Lease liabilities and right-of-use assets

 

859

 

 

 

 

Other non-current liabilities

 

11

 

 

 

 

Net cash used in operating activities

 

(86,712

)

 

 

(32,534

)

 

 

 

 

Cash flows from investing activities:

 

 

 

Purchase of property, machinery and equipment

 

(2,972

)

 

 

(1,502

)

Purchases of intangible assets

 

(118

)

 

 

(99

)

Net cash used in investing activities

 

(3,090

)

 

 

(1,601

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Proceeds from issuance of SAFE notes

 

30,853

 

 

 

44,650

 

Proceeds from issuance of loan payable

 

25,000

 

 

 

2,458

 

Proceeds from exercise of stock options

 

336

 

 

 

91

 

Payment for repurchase of Section 16 Officer common shares for tax coverage exchange

 

(151

)

 

 

 

Payment of notes payable

 

(1,500

)

 

 

(2,507

)

Payment of debt issuance costs

 

(144

)

 

 

(37

)

Payment of warrant issuance costs

 

(31

)

 

 

(1

)

Payment for repurchase of common shares

 

(40,000

)

 

 

 

Proceeds from issuance of common shares in PIPE

 

110,000

 

 

 

 

Payments of issuances costs related to PIPE

 

(4,416

)

 

 

 

Proceeds from issuance of common stock upon Business Combination

 

128,167

 

 

 

 

Payments for issuance costs related to Business Combination

 

(21,285

)

 

 

 

Net cash provided by financing activities

 

226,829

 

 

 

44,654

 

 

 

 

 

Increase in cash and cash equivalents

 

137,027

 

 

 

10,519

 

Cash and cash equivalents, beginning of period

 

23,520

 

 

 

13,002

 

Cash and cash equivalents, end of period

$

160,547

 

 

$

23,520

 

 

 

 

 

Supplemental disclosure of non-cash investing and financing activities

 

 

 

Issuance of common stock related to conversion of SAFE notes

$

136,001

 

 

$

 

Issuance of common stock related to exercise of warrant liabilities

$

6,999

 

 

$

 

Reclassification of deferred offering costs

$

2,610

 

 

$

 

Deferred offering costs in accounts payable and accrued expenses at period end

$

 

 

$

506

 

Assumption of merger warrants liability

$

31,225

 

 

$

 

Operating lease right-of-use assets in exchange for lease obligations

 

8,501

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information

 

 

 

Cash paid for income taxes

$

1

 

 

$

1

 

Cash paid for interest

$

2,500

 

 

$

353

 

Reclassifications

Certain reclassifications have been made to the prior year’s financial statements to conform to the current year’s presentation. None of the reclassifications have changed the total assets, liabilities, shareholders’ deficit, income, expenses or net losses previously reported.

Use of Non-GAAP Financial Measures (unaudited)

This press release references certain non-GAAP financial measures, including adjusted EBITDA, non-GAAP selling, general, and administrative expense and non-GAAP research and development expense. The Company defines adjusted EBITDA as earnings before interest expense, taxes, depreciation and amortization, stock-based compensation, and certain other items the Company believes are not indicative of its core operating performance. The Company defines non-GAAP selling, general, and administrative expenses and research and development expenses as those respective GAAP amounts, excluding stock-based compensation and non-recurring items not indicative of core operating performance None of these non-GAAP financial measures is a substitute for or superior to measures of financial performance prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should not be considered as an alternative to any other performance measures derived in accordance with GAAP.

The Company believes that presenting these non-GAAP financial measures provides useful supplemental information to investors about the Company that is helpful in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies.

Full year adjusted EBITDA

A reconciliation of adjusted EBITDA to net loss for the years ended December 31, 2021, and December 31, 2020 is set forth below:

 

Year Ended December 31

 

 

2021

 

 

 

2020

 

Net Income (Loss)

$

120,654

 

 

$

(307,027

)

Income tax expense

 

2

 

 

 

1

 

Interest income

 

(2

)

 

 

(7

)

Interest expense

 

14,229

 

 

 

470

 

Depreciation & amortization

 

1,092

 

 

 

590

 

EBITDA

 

135,975

 

 

 

(305,974

)

(Decrease) increase in fair value of SAFE notes

 

(209,291

)

 

 

267,290

 

(Decrease) increase in fair value of warrants

 

(37,330

)

 

 

3,177

 

Realized loss on disposal of assets

 

17

 

 

 

482

 

SEC settlement

 

7,000

 

 

 

 

Transaction costs allocated to warrant liability

 

4,780

 

 

 

 

Investment banking fees related to SAFE financing

 

175

 

 

 

1,005

 

Prepaid launch deposit impairment

 

9,450

 

 

 

1,500

 

SEC and CFIUS legal expenses

 

10,038

 

 

 

 

Reduction in SEC and CFIUS legal expenses due to fee dispute resolution

 

(2,551

)

 

 

 

Class action litigation legal expenses

 

852

 

 

 

 

SEC compliance costs

 

1,073

 

 

 

 

NSA compliance costs

 

1,835

 

 

 

 

Severance and other related expenses

 

136

 

 

 

268

 

Stock-based compensation

 

18,452

 

 

 

2,771

 

Adjusted EBITDA

$

(59,388

)

 

$

(29,482

)

A reconciliation of selling, general, and administrative expenses to non-GAAP selling, general, and administrative expenses for the years ended December 31, 2021 and December 31, 2020, is set forth below:

 

Year Ended December 31

(in thousands)

 

2021

 

 

 

2020

Selling, general, and administrative expenses

$

48,905

 

 

$

11,945

Stock-based compensation

 

16,110

 

 

 

2,584

SEC and CFIUS legal expenses

 

10,038

 

 

 

Reduction in SEC and CFIUS legal expenses due to fee dispute resolution

 

(2,551

)

 

 

Class action litigation legal expenses

 

852

 

 

 

SEC compliance costs

 

1,073

 

 

 

NSA compliance costs

 

1,835

 

 

 

Severance and other related expenses

 

63

 

 

 

110

Non-GAAP selling, general, administration expenses

$

21,483

 

 

$

9,251

A reconciliation of research and development expenses to non-GAAP research and development expenses for the years ended December 31, 2021, and December 31, 2020, is set forth below:

 

Year Ended December 31

(in thousands)

 

2021

 

 

2020

Research and development expenses

$

51,321

 

$

22,718

Prepaid launch deposit impairment

 

9,450

 

 

1,500

Stock-based compensation

 

2,341

 

 

188

Severance and other related expenses

 

74

 

 

158

Non-GAAP Research and development expenses

$

39,456

 

$

20,873

Quarterly adjusted EBITDA

A reconciliation of adjusted EBITDA to net loss for the three months ended December 31, 2021, December 31, 2020, and September 30, 2021, is set forth below:

 

Three Months Ended

(in thousands)

December 31, 2021

 

December 31, 2020

 

September 30, 2021

Net Income (Loss)

$

(2,729

)

 

$

(180,698

)

 

$

(5,614

)

Income tax expense

 

1

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

 

Interest expense

 

5,544

 

 

 

324

 

 

 

4,328

 

Depreciation & amortization

 

324

 

 

 

171

 

 

 

320

 

EBITDA

 

3,140

 

 

 

(180,202

)

 

 

(966

)

(Decrease) increase in fair value of SAFE notes

 

 

 

 

164,595

 

 

 

(26,924

)

(Decrease) increase in fair value of warrants

 

(27,505

)

 

 

1,860

 

 

 

2,712

 

Realized loss on disposal of assets

 

17

 

 

 

482

 

 

 

 

Transaction costs allocated to warrant liability

 

 

 

 

 

 

 

4,780

 

Prepaid launch deposit impairment

 

 

 

 

1,500

 

 

 

 

SEC and CFIUS legal expenses

 

464

 

 

 

 

 

 

2,188

 

Reduction in SEC and CFIUS legal expenses due to fee dispute

 

(2,551

)

 

 

 

 

 

 

Class action litigation legal expenses

 

797

 

 

 

 

 

 

54

 

SEC compliance costs

 

1,073

 

 

 

 

 

 

 

NSA compliance costs

 

905

 

 

 

 

 

 

882

 

Severance and other related expenses1

 

(13

)

 

 

110

 

 

 

(7

)

Stock-based compensation

 

7,265

 

 

 

1,129

 

 

 

3,075

 

Adjusted EBITDA

$

(16,407

)

 

$

(10,527

)

 

$

(14,207

)

1 - Loss contingencies for certain severance agreements were reversed when the Company determined they would not be signed and paid

A reconciliation of selling, general, and administrative expenses to non-GAAP selling, general, and administrative expenses for the three months ended December 31, 2021, December 31, 2020, and September 30, 2021, is set forth below:

 

Three Months Ended

(in thousands)

December 31, 2021

 

December 31, 2020

 

September 30, 2021

Selling, general, and administrative expenses

$

13,103

 

 

$

4,467

 

$

12,057

Stock-based compensation

 

5,109

 

 

 

1,050

 

 

3,023

SEC and CFIUS legal expenses

 

464

 

 

 

 

 

2,188

Reduction in SEC and CFIUS legal expenses due to fee dispute resolution

 

(2,551

)

 

 

 

 

Class action litigation legal expenses

 

797

 

 

 

 

 

54

SEC compliance costs

 

1,073

 

 

 

 

 

NSA compliance costs

 

905

 

 

 

 

 

882

Severance and other related expenses1

 

(13

)

 

 

110

 

 

Non-GAAP selling, general, administration expenses

$

7,318

 

 

$

3,306

 

$

5,910

1 - Loss contingencies for certain severance agreements were reversed when the Company determined they would not be signed and paid

A reconciliation of research and development expenses to non-GAAP research and development expenses for the three months ended December 31, 2021, December 31, 2020, and September 30, 2021, is set forth below:

 

Three Months Ended

(in thousands)

December 31, 2021

 

December 31, 2020

 

September 30, 2021

Research and development expenses

$

11,574

 

$

8,960

 

$

9,047

 

Prepaid launch deposit impairment

 

 

 

1,500

 

 

 

Stock-based compensation

 

2,156

 

 

78

 

 

52

 

Severance and other related expenses1

 

 

 

 

 

(7

)

Non-GAAP Research and development expenses

$

9,418

 

$

7,382

 

$

9,002

 

1 - Loss contingencies for certain severance agreements were reversed when the Company determined they would not be signed and paid

 

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