0001558370-25-001827 | 10-K | XBRL Viewer | Everspin Technologies INC

Year Ended December 31,

Valuation Allowance at beginning of year

Current Year Change

Valuation Allowance at end of year

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income	$ 781	$ 9,052
Basic EPS
Weighted-average shares of common stock outstanding, basic	21,642,793	20,748,302
Net income per common share, basic	$ 0.04	$ 0.44
Diluted EPS
Net income	$ 781	$ 9,052
Warrant liability fair value loss recognized		(25)
Net income attributable to common stockholders, diluted	$ 781	$ 9,027
Weighted-average shares of common stock outstanding, basic	21,642,793	20,748,302
Dilutive effect of stock options and RSUs	513,627	619,002
Weighted-average shares of common stock outstanding, diluted	22,156,420	21,367,304
Net income per common share, diluted	$ 0.04	$ 0.42

Balance Sheet Components - Property and Equipment Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property and Equipment, Net
Total property and equipment, gross	$ 16,390	$ 15,603
Less: accumulated depreciation	(13,170)	(11,886)
Total property and equipment, net	3,220	3,717
Depreciation and amortization expense	1,600	1,200
Manufacturing equipment
Property and Equipment, Net
Total property and equipment, gross	14,199	13,494
Computer and network equipment
Property and Equipment, Net
Total property and equipment, gross	602	520
Furniture and fixtures
Property and Equipment, Net
Total property and equipment, gross	113	113
Leasehold improvements
Property and Equipment, Net
Total property and equipment, gross	$ 1,476	$ 1,476

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory
Raw materials	$ 238	$ 189
Work-in-process	7,510	6,724
Finished goods	1,362	1,478
Total inventory	$ 9,110	$ 8,391

Debt

12 Months Ended

Dec. 31, 2024

Debt

Debt

6. Debt

In March 2023, the 2019 Credit Facility, consisting of the Company’s Term Loan and Line of Credit, was paid in full, and there was no outstanding balance as of December 31, 2024 or 2023. The Company paid an early termination and prepayment fee of $0.2 million, which was recorded within other income (expense) within the statements of income and comprehensive income for the year ended December 31, 2023. The Company was in compliance with all covenants throughout the 2019 Credit Facility payoff date in March 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Balance Sheets
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares Issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	22,059,697	21,080,472
Common stock, shares outstanding	22,059,697	21,080,472

Organization and Operations

12 Months Ended

Dec. 31, 2024

Organization and Operations

Organization and Operations

1. Organization and Operations

Everspin Technologies, Inc. (“we”, “our”, “us”, “Everspin Technologies”, “Everspin”, or the “Company”) was incorporated in Delaware on May 16, 2008. The Company’s magnetoresistive random access memory (MRAM) solutions offer the persistence of non-volatile memory with the speed and endurance of random access memory (RAM) and enable the protection of mission critical data particularly in the event of power interruption or failure. The Company’s MRAM solutions allow its customers in key markets, such as industrial, medical, automotive/transportation, aerospace, and data center, to design high performance, power-efficient and reliable systems without the need for bulky batteries or capacitors.

Geographic Information (Tables)

12 Months Ended

Dec. 31, 2024

Geographic Information

Schedule of property and equipment by country

Property and equipment, net by country was as follows (in thousands):


	Year Ended December 31,
	2024		2023
United States	$	2,165	$	2,555
Singapore		974		1,077
Other		81		85
	$	3,220	$	3,717

Schedule of revenue by country

Revenue by country was as follows (in thousands):


	Year Ended December 31,
	2024		2023
United States	$	9,968	$	14,599
Japan		5,974		12,216
Hong Kong		16,220		10,748
Germany		7,168		9,767
Singapore		3,363		4,285
China		—		2,727
Canada		742		1,324
All other		6,967		8,099
Total revenue	$	50,402	$	63,765

Net Income Per Common Share

12 Months Ended

Dec. 31, 2024

Net Income Per Common Share

Net Income Per Common Share

13. Net Income Per Common Share

The following table sets forth the computation of basic and diluted net income per share (in thousands, except share and per share amounts):

Basic EPS


	Year Ended December 31,
	2024		2023
Numerator:
Net income	$	781	$	9,052
Denominator:
Weighted-average shares of common stock outstanding, basic		21,642,793		20,748,302
Net income per common share, basic	$	0.04	$	0.44

Diluted EPS


	Year Ended December 31,
	2024		2023
Numerator:
Net income	$	781	$	9,052
Warrant liability fair value loss recognized		—		(25)
Net income attributable to common stockholders, diluted	$	781	$	9,027
Denominator:
Weighted-average shares of common stock outstanding, basic		21,642,793		20,748,302
Dilutive effect of stock options and RSUs		513,627		619,002
Weighted-average shares of common stock outstanding, diluted		22,156,420		21,367,304
Net income per common share, diluted	$	0.04	$	0.42

The following outstanding shares of potentially dilutive securities outstanding have been excluded from the computation of diluted net income per common share for the periods presented as their inclusion would be anti-dilutive:


	Year Ended December 31,
	2024	2023
Options to purchase common stock	741,141	613,652
RSUs	21,624	330,082
Common stock warrants	—	18,461
Total	762,765	962,195

Stock-Based Compensation - Summary of Options and Awards Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Stock-based compensation
Number of Options, Outstanding, Beginning balance	1,829,428
Number of Options, Options exercised	(184,958)
Number of Options, Options cancelled/forfeited	(122,613)
Number of Options, Outstanding, Ending balance	1,521,857	1,829,428
Number of Options, exercisable	1,357,041
Weighted - Average Exercise Price Per Share, Options outstanding, Beginning balance	$ 5.96
Weighted - Average Exercise Price Per Share, Options exercised	4.15
Weighted - Average Exercise Price Per Share, Options cancelled/forfeited	7.74
Weighted - Average Exercise Price Per Share, Options outstanding, Ending balance	6.04	$ 5.96
Weighted - Average Exercise Price Per Share, Options exercisable	$ 5.88
Weighted - Average Remaining Contractual Life, Options outstanding	5 years 10 months 24 days	6 years 10 months 24 days
Weighted - Average Remaining Contractual Life, Options exercisable	5 years 9 months 18 days
Aggregate Intrinsic Value, Options outstanding	$ 1,507	$ 5,676
Aggregate Intrinsic Value, Options exercised	612
Aggregate Intrinsic Value, Options exercisable	$ 1,466

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Stock-Based Compensation

Summary of stock option activity


	Options Outstanding
		Weighted-		Weighted-
		Average		Average	Aggregate
		Exercise		Remaining	Intrinsic
	Number of	Price Per		Contractual	Value
	Options	Share		Life (years)	(In thousands)
Balance—December 31, 2023	1,829,428	$	5.96	6.9	$	5,676
Options granted	—
Options exercised	(184,958)	$	4.15		$	612
Options cancelled/forfeited	(122,613)	$	7.74
Balance—December 31, 2024	1,521,857	$	6.04	5.9	$	1,507
Options exercisable—December 31, 2024	1,357,041	$	5.88	5.8	$	1,466

Schedule of restricted stock unit activity


	RSUs Outstanding
		Weighted-
		Average
	Number of	Grant Date
	Restricted Stock	Fair Value Per
	Units	Share
Balance—December 31, 2023	905,781	$	6.59
Granted	1,027,963	$	8.50
Vested	(725,101)	$	6.96
Cancelled/forfeited	(220,678)	$	8.16
Balance—December 31, 2024	987,965	$	7.89

Summary of Stock-Based Compensation Expense


	Year Ended December 31,
	2024		2023
General and administrative	$	3,304	$	2,519
Research and development		1,902		1,981
Sales and marketing		720		505
Cost of sales		787		—
Total stock-based compensation	$	6,713	$	5,005

Schedule of fair value assumptions


	Year Ended
	December 31,
	2023
Expected volatility	50.9 - 73.9	%
Risk-free interest rate	2.33 - 3.45	%
Expected term (in years)	6.01 - 6.05
Dividend yield	—	%

Balance Sheet Components - Intangible Assets, Net (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Intangible Assets
Gross Carrying Amount	$ 4,389
Amortization of intangible assets	(973)
Net Carrying Amount	$ 3,416
Internal-use software
Intangible Assets
Weighted-Average Life	2 years
Gross Carrying Amount	$ 4,389
Amortization of intangible assets	(973)
Net Carrying Amount	$ 3,416

- 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

Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
Geographic Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Geographic Information
Property and equipment, net	$ 3,220	$ 3,717
Revenue	50,402	63,765
United States
Geographic Information
Property and equipment, net	2,165	2,555
Revenue	9,968	14,599
Japan
Geographic Information
Revenue	5,974	12,216
Hong Kong
Geographic Information
Revenue	16,220	10,748
Germany
Geographic Information
Revenue	7,168	9,767
Singapore
Geographic Information
Property and equipment, net	974	1,077
Revenue	3,363	4,285
China
Geographic Information
Revenue		2,727
Canada
Geographic Information
Revenue	742	1,324
All other
Geographic Information
Property and equipment, net	81	85
Revenue	$ 6,967	$ 8,099

Stockholders' Equity - Warrants (Details) - 2015 Credit Facility	Jun. 30, 2015 $ / shares shares
Warrants
Number of shares the warrant can be converted to \| shares	18,461
Warrant exercise price \| $ / shares	$ 26

Stock-Based Compensation - Restricted Stock Units (Details) - RSUs $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Number of Restricted Stock Units
Balance, beginning of period \| shares	905,781
Granted \| shares	1,027,963
Vested \| shares	(725,101)
Cancelled/forfeited \| shares	(220,678)
Balance, end of period \| shares	987,965
Weighted Average Exercise Price Per Share
Balance, beginning of period (price per share) \| $ / shares	$ 6.59
Granted (price per share) \| $ / shares	8.5
Vested (price per share) \| $ / shares	6.96
Cancelled/forfeited (price per share) \| $ / shares	8.16
Balance, end of period (price per share) \| $ / shares	$ 7.89
Unrecognized stock-based compensation expense \| $	$ 6.2
Unrecognized compensation expense, weighted-average period expected to be recognized	2 years 4 months 24 days

Balance Sheet Components

12 Months Ended

Dec. 31, 2024

Balance Sheet Components

Balance Sheet Components

4. Balance Sheet Components

Inventory

Inventory consisted of the following (in thousands):


	December 31,		December 31,
	2024		2023
Raw materials	$	238	$	189
Work-in-process		7,510		6,724
Finished goods		1,362		1,478
Total inventory	$	9,110	$	8,391

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	December 31,		December 31,
	2024		2023
Manufacturing equipment	$	14,199	$	13,494
Computer and network equipment		602		520
Furniture and fixtures		113		113
Leasehold improvements		1,476		1,476
Total property and equipment, gross		16,390		15,603
Less: accumulated depreciation		(13,170)		(11,886)
Total property and equipment, net	$	3,220	$	3,717

Depreciation expense during years ended December 31, 2024 and 2023 was $1.6 million and $1.2 million, respectively.

Intangible Assets, Net

The gross carrying amounts and accumulated amortization of intangible assets are as follows at the dates indicated (in thousands):


	December 31, 2024
	Weighted-
	Average					Net
	Life		Gross Carrying	Accumulated		Carrying
	(in years)		Amount	Amortization		Amount
Internal-use software	2.0	$	4,389	$	(973)	$	3,416
Total intangible asset		$	4,389	$	(973)	$	3,416

Amortization expense for intangible assets was $0.1 million and zero for the years ended December 31, 2024 and 2023, respectively.

The table below presents estimated future amortization expense for finite-lived intangible assets (in thousands):


As of December 31, 2024	Amount
2025	$	1,771
2026		1,622
2027		8
2028		8
Thereafter		7
Total	$	3,416

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,		December 31,
	2024		2023
Payroll-related expenses	$	1,606	$	3,347
Inventory		157		317
Other		686		672
Total accrued liabilities	$	2,449	$	4,336

Deferred Revenue

In the year ended December 31, 2024, the Company executed a contractual arrangement with a customer for the development of a strategic radiation hardened field programmable gate array product. The total consideration in the arrangement is $1.8 million. The Company is recognizing revenue related to the performance obligation over time using the input method based on costs incurred to date relative to the total expected costs of the contract and began recognizing revenue in the third quarter of 2024. As of and for the year ended December 31, 2024, the Company has billed $1.6 million for the performance under the agreement and has recognized $1.5 million in revenue for the year ended December 31, 2024, with the difference of $0.1 million recorded in deferred revenue. The Company expects to recognize the remaining $0.1 million of the transaction price as services are performed throughout the contractual period and performance is expected to be complete in the year ended December 31, 2025.

In the year ended December 31, 2024, the Company executed a contractual arrangement with a customer for the development of a strategic radiation hardened high-reliability eMRAM macro. The total consideration in the arrangement is $1.2 million. The Company is recognizing revenue related to the performance obligation over time using the input method based on costs incurred to date relative to the total expected costs of the contract and began recognizing revenue in the third quarter of 2024. As of and for the year ended December 31, 2024, the Company has billed $1.2 million for the performance under the agreement and has recognized $1.1 million in revenue, with the difference of $0.1 million in recorded in deferred revenue. The Company expects to recognize the remaining $0.1 million of the transaction price as services are performed throughout the contractual period and performance is expected to be complete in the year ended December 31, 2025.

In 2021, the Company executed contractual arrangements with a customer for the development of a RAD-Hard product, consisting of a technology license, design license agreement and development subcontract (RAD-Hard 1). The Company does not share in the rights to future revenues or royalties. The total arrangements are for $6.5 million in consideration.

The Company concluded these contractual arrangements represent one arrangement and evaluated its promises to the customer and whether the performance obligations granted under the arrangement were distinct. The licenses provided to the customer are not transferable, are of limited value without the promised development services, and the customer cannot benefit from the license agreements without the specific obligated services in the development subcontract, as there is strong interdependence between the licenses and the development subcontract. Accordingly, the Company determined the licenses were not distinct within the context of the contract and combined the license with other performance obligations. The total transaction price of $6.5 million was allocated to the single performance obligation.

The Company recognizes revenue related to the performance obligations over time using the input method based on costs incurred to date relative to the total expected costs of the contract and began recognizing revenue in the second quarter of 2021 over the contract period. This method depicts performance under the contract and requires the Company to make estimates about the future costs expected to be incurred to perform under the contact, including labor and material costs.

The Company has recognized $0.7 million in revenue for the each of years ended December 31, 2024 and 2023, and $6.4 million in revenue since inception of the contractual agreements. Deferred revenue related to these agreements was $0.1 million and $0.3 million as of December 31, 2024 and 2023, respectively. The Company expects to recognize the remaining $0.1 million of the transaction price as services are performed throughout the contractual period and performance is expected to be complete in the year ending December 31, 2025.

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Current
Federal	$ 52
State	38	$ 134
Total Current	90	134
Deferred
Federal	21	40
State	(151)	(190)
Total Deferred	(130)	(150)
Provision for income taxes	$ (40)	$ (16)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 781	$ 9,052

- Definition

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+ Details

Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statement of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 781	$ 9,052
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,731	1,205
Gain on sale of property and equipment		(15)
Stock-based compensation	6,713	5,005
Loss on prepayment and termination of credit facility		170
Non-cash warrant revaluation		(25)
Non-cash interest expense		26
Changes in operating assets and liabilities:
Accounts receivable	(168)	(889)
Inventory	(719)	(1,708)
Prepaid expenses and other current assets	(284)	(384)
Other assets	(492)	(150)
Accounts payable	(374)	499
Accrued liabilities	(1,939)	803
Deferred revenue	(258)	(485)
Contract obligations	2,034
Lease liabilities, net	74	24
Net cash provided by operating activities	7,099	13,128
Cash flows from investing activities
Purchases of property and equipment	(3,049)	(1,404)
Purchase of intangible assets	(11)
Proceeds received from sale of property and equipment		19
Net cash used in investing activities	(3,060)	(1,385)
Cash flows from financing activities
Payments on long-term debt		(2,790)
Proceeds from exercise of stock options and purchase of shares in employee stock purchase plan	1,178	1,198
Payments on finance leases	(66)	(12)
Net cash provided by (used in) financing activities	1,112	(1,592)
Net increase in cash and cash equivalents	5,151	10,151
Cash and cash equivalents at beginning of period	36,946	26,795
Cash and cash equivalents at end of period	42,097	36,946
Supplementary cash flow information:
Interest paid		37
Cash paid for taxes	202
Operating cash flows paid for operating leases	1,399	1,384
Financing cash flows paid for finance leases	66	12
Non-cash investing and financing activities:
Internal-use software asset obtained in exchange for software liabilities	3,564
Right-of-use assets obtained in exchange for finance lease liabilities	297
Purchases of property and equipment in accounts payable and accrued liabilities	$ 182	446
Cashless exercise of warrants		$ 2

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Schedule of accounts receivable net

Accounts receivable, net consisted of the following (in thousands):


	December 31,		December 31,
	2024		2023
Trade accounts receivable	$	11,944	$	11,489
Unbilled accounts receivable		187		475
Allowance for product returns and price adjustments		(409)		(410)
Accounts receivable, net	$	11,722	$	11,554

Schedule of revenue and accounts receivable for each significant customer


	Revenue				Accounts Receivable
	Year Ended December 31,				As of December 31,
Customers	2024		2023		2024		2023
Customer A	*		15	%	*		13	%
Customer B	*		12	%	*		*
Customer C	*		11	%	*		22	%
Customer D	27	%	17	%	61	%	37	%

*	Less than 10%

Schedule of fair value of financial assets and liabilities measured on recurring basis

The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	33,617	$	—	$	—	$	33,617
Total assets measured at fair value	$	33,617	$	—	$	—	$	33,617


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	36,946	$	—	$	—	$	36,946
Total assets measured at fair value	$	36,946	$	—	$	—	$	36,946

Schedule of estimated useful lives of the assets


	Useful Lives
Computer and network equipment		2 years
Manufacturing equipment		2 – 7 years
Furniture and fixtures		7 years
Leasehold improvements		Lesser of useful life of the asset or the remaining lease term

Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2022	$ 2	$ 185,364	$ (146,702)	$ 38,664
Balance (in shares) at Dec. 31, 2022	20,374,288
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock incentive plans and exercise of stock options		1,198		1,198
Issuance of common stock under stock incentive plans and exercise of stock options (in shares)	705,948
Exercise of warrants		2		2
Exercise of warrants (in shares)	236
Stock-based compensation expense		5,005		5,005
Net Income (Loss)			9,052	9,052
Balance at Dec. 31, 2023	$ 2	191,569	(137,650)	53,921
Balance (in shares) at Dec. 31, 2023	21,080,472
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock incentive plans and exercise of stock options		1,178		1,178
Issuance of common stock under stock incentive plans and exercise of stock options (in shares)	979,225
Stock-based compensation expense		6,713		6,713
Net Income (Loss)			781	781
Balance at Dec. 31, 2024	$ 2	$ 199,460	$ (136,869)	$ 62,593
Balance (in shares) at Dec. 31, 2024	22,059,697

- 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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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Significant Agreements

12 Months Ended

Dec. 31, 2024

Significant Agreements

Significant Agreements

10. Significant Agreements

GLOBALFOUNDRIES, Inc. Joint Development Agreement

Since October 17, 2014, the Company has participated in a joint development agreement (JDA) with GLOBALFOUNDRIES Inc. (GF), a semiconductor foundry, for the joint development of STT-MRAM technology to produce a family of discrete and embedded MRAM technologies. The term of the agreement is until the completion, termination, or expiration of the last statement of work entered into pursuant to the joint development agreement. The agreement was extended on December 31, 2019 to include a new phase of support for 12nm MRAM development.

Under the current JDA extension terms, each party licenses its relevant intellectual property to the other party. For certain jointly developed works, the parties have agreed to follow an invention allocation procedure to determine ownership. In addition, GF possesses the exclusive right to manufacture the Company’s discrete and embedded STT-MRAM devices developed pursuant to the agreement until the earlier of three years after the qualification of the MRAM device for a particular technology node or four years after the completion of the relevant statement of work under which the device was developed. For the same exclusivity period associated with the relevant device, GF agreed not to license intellectual property developed in connection with the JDA to named competitors of the Company.

If GF manufactures, sells, or transfers to customers wafers containing production quantified STT-MRAM devices that utilize certain design information, GF will be required to pay the Company a royalty.

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	May 20, 2021	Oct. 07, 2016	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation
Weighted-average grant date fair value of options granted				$ 3.85
Issuance of common stock under Employee Stock Purchase Plan			$ 0.4	$ 0.4
Options remained outstanding			1,521,857	1,829,428
Employee Stock Option
Share-based Compensation
Unrecognized stock-based compensation expense			$ 0.7
Unrecognized compensation expense, weighted-average period expected to be recognized			10 months 24 days
2016 Employee Incentive Plan
Share-based Compensation
Maximum number of common stock shares may be issued under the plan		500,000	632,414
Annual increases in the number of shares available for issuance, percentage of outstanding capital stock		3.00%
Increase in number of shares reserved for issuance (in shares)	550,000
Shares available for future issuance (in shares)			545,525
Number of shares reserved and available for future issuance			3,038,336
2008 Equity Incentive Plan
Share-based Compensation
Number of Options, Options granted			0
Options remained outstanding			17,011
ESPP
Share-based Compensation
Shares available for future issuance (in shares)				1,031,800
Issuance of common stock under Employee Stock Purchase Plan (in shares)			69,166	87,718

Income Taxes - Reconciliation Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of statutory federal income tax
Tax at statutory federal rate	21.00%	21.00%
State taxes, net of federal benefit	3.60%	1.70%
Stock-based compensation	34.80%	0.60%
IRC section 162(m) limitation	29.00%	3.90%
R&D tax credits	(564.70%)
Change in valuation allowance	486.10%	(28.50%)
Other	(15.10%)	1.10%
Provision for income taxes	(5.30%)	(0.20%)

Statements of Operations and Comprehensive (Loss) Income Components - Disaggregated by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue
Revenue	$ 50,402	$ 63,765
APAC
Disaggregation of Revenue
Revenue	28,688	33,096
North America
Disaggregation of Revenue
Revenue	10,710	15,922
EMEA
Disaggregation of Revenue
Revenue	$ 11,004	$ 14,747

- 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

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Section 50
-Paragraph 32
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Income Taxes - Net operating loss carryforwards and Tax Act (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Net operating loss carryforwards
Valuation Allowance at beginning of year	$ (27,748)	$ (30,328)
Current Year Change	(3,595)	2,580
Valuation Allowance at end of year	(31,343)	$ (27,748)
Federal
Net operating loss carryforwards
Net operating loss carryforwards	89,200
Net operating loss carryforwards, which will expire if not utilized	53,200
Net operating loss carryforwards, which will carryover indefinitely	36,000
Net operating loss carryforwards, subject to expiration per IRC Section 382	43,800
Net operating loss carryforwards (tax effected), subject to expiration per IRC Section 382	9,200
State
Net operating loss carryforwards
Net operating loss carryforwards	48,300
Net operating loss carryforwards, which will expire if not utilized	45,500
Net operating loss carryforwards, which will carryover indefinitely	$ 2,800

Statements of Operations and Comprehensive (Loss) Income Components - Other Income, Net (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 14, 2024	Dec. 31, 2024	Dec. 31, 2023
Other income
Contract obligations		$ 2,034
Prepaid expenses and other current assets		1,272	$ 988
Award
Other income
Total amount to be collected	$ 14,600
Strategic award term	2 years 6 months
Amount billed related to agreement		8,100
Other income		6,100
Contract obligations		2,000
Prepaid expenses and other current assets		$ 0

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2024	Feb. 24, 2025	Jun. 30, 2024
Document And Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Securities Act File Number	001-37900
Entity Registrant Name	Everspin Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2640654
Entity Address, Address Line One	5670 W. Chandler Boulevard
Entity Address, Address Line Two	Suite 130
Entity Address, City or Town	Chandler
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85226
City Area Code	480
Local Phone Number	347-1111
Title of 12(b) Security	Common Stock, par value $ 0.0001
Trading Symbol	MRAM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Document Financial Statement Error Correction [Flag]	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Phoenix, Arizona
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,141,045
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001438423
Amendment Flag	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 128.2

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Use of Estimates

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, fair value of assets and liabilities, inventory net realizable value, deferred tax assets and related valuation allowances, and stock-based compensation. The Company believes its estimates and assumptions are reasonable; however, actual results may differ from the Company’s estimates.

Segment Information

The Company’s MRAM technology solutions are sold as products and services through MRAM-based products, licenses and royalties of MRAM and magnetic sensor technology and backend foundry and design services. The Company identifies and manages the business activities in one reportable segment. Everspin’s Chief Executive Officer is the Chief Operating Decision Maker (CODM). The CODM utilizes the Company’s long-range plan, which includes product development roadmaps and long-range financial models, as a key input to resource allocation. The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using net income.

Significant segment expenses within net income are those separately presented on the Company’s Statements of Income and Comprehensive Income, which include cost of revenue, research and development, and selling, general and administrative expenses.

Cash and Cash Equivalents

The Company considers all highly liquid, short-term investments with maturity dates of 90 days or less at the date of purchase to be cash equivalents. The Company’s cash equivalents consist solely of money market funds.

Accounts Receivable, Net

Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company generally does not require collateral or other security in support of accounts receivable. Allowances would be provided for individual accounts receivable when the Company becomes aware of a customer’s inability to meet its financial obligations, such as in the case of bankruptcy, deterioration in the customer’s operating results or change in financial position. If circumstances related to customers change, estimates of the recoverability of receivables would be further adjusted. The Company also considers a number of factors in evaluating the sufficiency of its allowance for doubtful accounts, including the length of time receivables are past due, significant one-time events, creditworthiness of customers and historical experience. Account balances would be charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company’s evaluation determined that no material allowance for doubtful accounts was necessary at December 31, 2024 and 2023.

The unbilled accounts receivable is an estimate of the unconditional consideration to which the Company expects to be entitled for uses of the Company’s intellectual property. The Company’s right is unconditional because nothing other than the passage of time is required before payment of the amounts are due. Certain customers report on a lagged basis and actual information is not available timely. The estimates recorded are based on historical trends in the customer’s usage and current market conditions. At December 31, 2024 and 2023, the unbilled accounts receivable balance was $0.2 million and $0.5 million, respectively. The Company’s unbilled conditional consideration is recorded to a contract asset account included in Prepaid Expenses and Other Current Assets. The conditions to the Company’s right to the consideration can include a contractual requirement to satisfy a performance obligation that has not yet begun or for which performance is in process as of the balance sheet date. At December 31, 2024 and 2023, the unbilled contract asset balance was $0.5 million and none, respectively.

The Company establishes an allowance for product returns. The Company analyzes historical returns, current economic trends and changes in customer demand and acceptance of products when evaluating the adequacy of sales returns. Returns are processed as credits on future purchases and, as a result, the allowance is recorded against the balance of trade accounts receivable. In addition, the Company from time to time may establish an allowance for estimated price adjustments related to its distributor agreements. The Company estimates credits to distributors based on the historical rate of credits provided to distributors relative to sales and evaluation of current market conditions. At December 31, 2024 and 2023, the allowance for product returns and price adjustments was $0.4 million and $0.4 million, respectively.

Accounts receivable, net consisted of the following (in thousands):


	December 31,		December 31,
	2024		2023
Trade accounts receivable	$	11,944	$	11,489
Unbilled accounts receivable		187		475
Allowance for product returns and price adjustments		(409)		(410)
Accounts receivable, net	$	11,722	$	11,554

Concentration of Credit Risk

Financial instruments that potentially expose the Company to a concentration of credit risk consist principally of cash and cash equivalents that are held by a financial institution in the United States and accounts receivable. Amounts on deposit with a financial institution may at times exceed federally insured limits.

Significant customers are those which represent more than 10% of the Company’s total revenue or net accounts receivable balance at each respective balance sheet date. For the purposes of this disclosure, the Company defines “customer” as the entity that is purchasing the products or licenses directly from the Company, which includes the distributors of the Company’s products in addition to end customers that the Company sells to directly. For each significant customer, revenue as a percentage of total revenue and accounts receivable as a percentage of total accounts receivable, net are as follows:


	Revenue				Accounts Receivable
	Year Ended December 31,				As of December 31,
Customers	2024		2023		2024		2023
Customer A	*		15	%	*		13	%
Customer B	*		12	%	*		*
Customer C	*		11	%	*		22	%
Customer D	27	%	17	%	61	%	37	%

*	Less than 10%

Inventory

Inventory is valued at the lower of cost, using the first-in, first-out or specific identification method, or net realizable value. The carrying value of inventory is adjusted for excess and obsolescence based on the Company’s

evaluation which takes into consideration historical and expected future demand, the effect new products may have on the sale of existing products, technological obsolescence, and other factors including inventory age and shipment. At the point of loss recognition, a new lower cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that new cost basis.

Fair Value of Financial Instruments

Fair value is defined as an exit price, representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. The framework for measuring fair value provides a three-tier hierarchy prioritizing inputs to valuation techniques used in measuring fair value as follows:

Level 1— Observable inputs such as quoted prices for identical assets or liabilities in active markets;

Level 2— Inputs, other than quoted prices for identical assets or liabilities in active markets, which are observable either directly or indirectly; and

Level 3— Unobservable inputs in which there is little or no market data requiring the reporting entity to develop its own assumptions.

The carrying value of accounts receivable, accounts payable, and other accruals readily convertible into cash approximate fair value because of the short-term nature of the instruments. The Company’s financial instruments consist of Level 1 assets. Where quoted prices are available in an active market, securities are classified as Level 1. Level 1 assets consist of highly liquid money market funds that are included in cash equivalents.

The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	33,617	$	—	$	—	$	33,617
Total assets measured at fair value	$	33,617	$	—	$	—	$	33,617


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	36,946	$	—	$	—	$	36,946
Total assets measured at fair value	$	36,946	$	—	$	—	$	36,946

Property and Equipment, Net

Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation begins at the time the asset is placed in service. Maintenance and repairs are charged to operations as incurred. Depreciation is computed using the straight-line method over the following estimated useful lives of the assets:


	Useful Lives
Computer and network equipment		2 years
Manufacturing equipment		2 – 7 years
Furniture and fixtures		7 years
Leasehold improvements		Lesser of useful life of the asset or the remaining lease term

Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the balance sheet and any resulting gain or loss is reflected in operations. Amortization expense of assets acquired through finance leases is included in the statements of income and comprehensive income.

Intangible Assets, Net

The Company’s intangible assets are comprised of internally developed software and licensed software from third parties to be used in research and development activities that have alternative future use. Costs incurred to develop software for internal use during the application development phase are capitalized and amortized over such software’s estimated useful life. Costs related to the design or maintenance of internal-use software are included in operating expenses as incurred. Licensed software is initially recorded at fair value based on the present value of the license fees to be paid over the term of the license, with a corresponding liability. The licensed software intangible asset is amortized on a straight-line basis over the shorter of the license term or the economic life of the asset, beginning when the asset is substantially ready for use. The licensed software liability is accreted to its settlement amount using the effective interest method.

Impairment of Long-lived Assets

The Company evaluates its long-lived assets, including property and equipment, leases, and intangible assets, at the asset group level, for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. If such events or changes in circumstances occur, for purposes of this assessment, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these assets is measured by comparison of the carrying amount of each asset group to the future undiscounted cash flows the asset group is expected to generate over its remaining life. If the asset group is considered to be impaired, the amount of any impairment is measured as the

difference between the carrying value and the fair value of the impaired asset. There have been no impairments of the Company’s long-lived assets during either of the periods presented.

Leases

The Company leases office, lab, manufacturing space and equipment in various locations with initial lease terms of up to seven years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. The terms of these leases also include renewal options at the election of the Company to renew or extend the lease for a range of an additional two to five years. These optional periods have not been considered in the determination of the right-of-use (“ROU”) assets or lease liabilities associated with these leases as the Company did not consider it reasonably certain it would exercise the options.

The Company determines if an arrangement is a lease at inception. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The classification of the Company’s leases as operating or finance leases along with the initial measurement and recognition of the associated ROU assets and lease liabilities is performed at the lease commencement date. The measurement of lease liabilities is based on the present value of future lease payments over the lease term. The Company uses its incremental borrowing rate, based on the information available at commencement date, to determine the present value of lease payments when its leases do not provide an implicit rate. The Company uses the implicit rate when readily determinable. The ROU asset is based on the measurement of the lease liability, includes any lease payments made prior to or on lease commencement and excludes lease incentives and initial direct costs incurred, as applicable. Lease expense for the Company’s operating leases is recognized on a straight-line basis over the lease term. Amortization expense for ROU assets associated with finance leases is recognized on a straight-line basis over the shorter of the useful life of the asset or the lease term and interest expense associated with finance leases is recognized on the balance of the lease liability using the effective interest method based on the estimated incremental borrowing rate.

The Company has lease agreements with lease and non-lease components. The Company has elected to not separate lease and non-lease components for any leases involving real estate and office equipment classes of assets and, as a result, accounts for the lease and non-lease components as a single lease component. The Company has elected to separate lease and non-lease components for any leases involving manufacturing facility classes of assets. Further, the Company elected the short-term lease exception policy, permitting it to not apply the recognition requirements of this standard to leases with terms of 12 months or less (short-term leases) for all classes of assets. As of December 31, 2024, the Company did not have any short-term leases.

Operating leases are included in right-of-use assets, lease liabilities, and lease liabilities, net of current portion in the Company’s balance sheet. Finance leases are immaterial.

Government Tax Credits, Incentives and Grants

From time to time, the Company may receive government funding in the form of tax credits, operating-related grants, capital-related grants, or other incentives to support various business activities, including capital development, research and development, and other activities as defined by the relevant government agency awarding the tax credit, incentive, or grant. The amount received is typically based on the amount of qualifying costs incurred. The Company typically has to meet certain requirements to retain the government funding. The Company records operating-related grants and non-income related tax credits as other income in the statements of income and comprehensive income when there is reasonable assurance that the grant will be received, and the Company will comply with the conditions specified in the grant agreement.

The Company received Employee Retention Tax Credit (“ERTC”) refunds from the United States Treasury totaling $2.0 million, relating to the payroll periods from October 1, 2020 through September 30, 2021. The amounts were received pursuant to provisions within the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), the Taxpayer Certainty and Disaster Tax Relief Act of 2020 enacted as part of the Consolidated Appropriations Act, 2021 (“Relief Act”), the American Rescue Plan Act of 2021 (“ARPA”) which provide tax relief and other stimulus measures, including the ERTC. The ERTC program allows for employers to claim a refundable tax credit against a portion of the employer share of Social Security tax for qualified wages paid to employees from March 13, 2020 through September 30, 2021.

The Company recognized the $2.0 million tax credit within other income, net in the statements of income and comprehensive income during the year ended December 31, 2023, which is when the amount was received and it was determined that those amounts were reasonably assured to be retained by the Company. The Company’s compliance with the program’s qualifications may be subject to audit through the year ended December 31, 2025, which is when the statute of limitation expires. The Company has received all expected ERTC refunds based on applications that have been submitted.

Revenue Recognition

The Company recognizes revenue when a customer obtains control of the promised products or services, in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. Revenue is recognized net of allowances for returns and price adjustments, and any taxes imposed on specific revenue-producing transactions, which are subsequently remitted to governmental authorities.

Nature of Products and Services

The Company’s revenue is derived from the sale of MRAM-based products in discrete unit form, licenses of and royalties on its MRAM and magnetic sensor technology, the sale of backend foundry services and design services to third parties. Sales of products in discrete unit form are recognized at a point in time, revenue related to licensing agreements is recognized when the Company has delivered control of the technology, revenue related to royalty agreements is recognized in the period in which sales generated from products sold using the Company’s technology occurs, sales of backend foundry services are recognized over time, and design services to third parties are recognized either at a point in time or over time, depending on the nature of the services.

Product Revenue

For products sold in their discrete form, the Company either sells its products directly to OEMs, ODMs and CMs, or through a network of distributors, who in turn sell to those customers. For sales directly to OEMs, ODMs and CMs, revenue is recognized when the OEM, ODM or CM obtains control of the product, which occurs at a point in time, generally upon shipment to the customer. Contracts for sales of products are generally less than one year.

From time to time, the Company may provide distributors with price adjustments subsequent to the delivery of product to them and such amounts are dependent on the end customer and product sales price. Price adjustments can be based on a variety of factors, including customer, product, quantity, geography, and competitive differentiation. Price

protection rights grant distributors the right to a credit in the event of declines in the price of the Company’s products. Under these circumstances, the Company remits back to the distributor a portion of their original purchase price after the resale transaction is completed in the form of a credit against the distributors’ outstanding accounts receivable balance. The credits are on a per unit basis and are not given to the distributor until the distributor provides information regarding the sale to their end customer. The Company estimates these credits and record such estimates in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of an allowance for price adjustments for amounts due to distributors. The Company estimates credits to distributors based on the historical rate of credits provided to distributors relative to sales and evaluation of current market conditions. Revenue on shipments to distributors is recorded when control of the products has been transferred to the distributor.

The Company estimates the amount of our product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The Company estimates its product return liability by analyzing its historical returns, current economic trends and changes in customer demand and acceptance of products. The Company has received insignificant returns to date and believes that returns of its products will continue to not be material.

Upon the transfer of control, generally at shipment, the Company records a trade receivable for the selling price as there is a legally enforceable obligation of the distributor to pay for the product delivered, an allowance is recorded for the estimated discount that will be provided to the distributor, and the net of these amounts is recorded as revenue on the statements of income and comprehensive income.

License Revenue

For licenses of technology, recognition of revenue is dependent upon whether the Company has delivered rights to the technology, and whether there are future performance obligations under the contract. In some instances, the license agreements call for future events or activities to occur in order for milestones amounts to become due from the customer. The terms of such agreements include payment to the Company of one or more of the following: non-refundable upfront fees; and royalties on net sales of licensed products. Historically, these license agreements have not included other future performance obligations for the Company once the license has been transferred to the customer.

Revenue from non-refundable upfront payments is recognized when the license is transferred to the customer and the Company has no other performance obligations.

The Company entered into a contractual agreement with a customer in 2021 for the development of a RAD-Hard product, consisting of a technology license, a design license agreement and development contract, and separate contractual agreements with a customer in 2023 and 2024 for the development of a strategic radiation hardened field programmable gate array product, consisting of a technology license to provide design and development services under the contractual agreement. The Company applies a five-step approach in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the performance obligation is satisfied.

As a result, the Company is recognizing revenue related to the performance obligations over the duration of the contract using the input method based on costs incurred to date relative to the total expected costs of the contract over the contract period.

Royalties

Revenue from sales-based royalties from licenses of the Company’s technology are recognized at the later of when (1) the sale occurs or (2) the performance obligation to which some or all of the sales-based royalty has been allocated is satisfied (in whole or in part). The Company will record an unbilled receivable (within accounts receivable, net) for the portion of sales-based royalties that have been earned but not invoiced at the end of each reporting period.

Other Revenue

For certain revenue streams, the Company recognizes revenue based on the pattern of transfer of the services. The Company uses the input method of measuring costs incurred to date compared to total estimated costs to be incurred under the contract as this method most faithfully depicts its performance. The Company will record an unbilled receivable (within accounts receivable, net) for the portion of the work that has been completed but not invoiced at the end of each reporting period.

At the inception of each agreement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price by using the most likely amount method. If it is probable that a significant reversal of cumulative revenue would not occur, the associated milestone value is included in the transaction price. At the end of each subsequent reporting period, the Company re-evaluates the probability or achievement of each such milestone and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.

Other Income, Net

Other income, net primarily consists of interest income and expense, a strategic award, realized gains and losses on sale of assets, and gains and losses on foreign currency transactions.

Product Warranty

The Company generally sells products with a limited warranty of product quality and a limited indemnification of customers against intellectual property infringement claims related to the Company’s products. The Company accrues for known warranty and indemnification issues if a loss is probable and can be reasonably estimated and accrues for estimated losses incurred for unidentified issues based on historical experience. A warranty liability was not recorded at December 31, 2024 and 2023, as the estimated future warranty costs were not material based on the Company’s historical experience.

Research and Development

Research and development expenses are incurred in support of internal development programs or as part of the Company’s joint development agreement with GLOBALFOUNDRIES (see Note 10). Research and development expenses include personnel-related costs (including stock-based compensation), circuit design costs, purchases of materials and laboratory supplies, fabrication and packaging of experimental integrated circuit products, amortization of certain intangible assets, depreciation of research and development related capital equipment and overhead and are expensed as incurred.

Stock-based Compensation

Stock-based compensation arrangements include stock option grants and restricted stock unit (RSU) awards under the Company’s equity incentive plans, as well as shares issued under the Company’s Employee Stock Purchase Plan (ESPP), through which employees may purchase the Company’s common stock at a discount to the market price.

The Company uses RSUs with a service condition as its primary equity incentive compensation instrument for employees. Share-based compensation expense for RSUs is measured on the grant date based on the fair market value of the Company’s common stock and is recognized over the requisite service period using the straight-line method. The Company accounts for forfeitures as they occur.

The Company measures its stock option grants based on the estimated fair value of the options as of the grant date using the Black-Scholes option-pricing model. Stock-based compensation expense for stock option grants is recognized over the requisite service period using the straight-line method. The Company accounts for forfeitures as they occur.

Expected volatility. The Company determines the expected stock price volatility based on the historical volatility of its common stock. Industry peers consist of several public companies in the technology industry similar in size, stage of life cycle and financial leverage. If circumstances change such that the identified companies are no longer similar, the Company will revise its peer group to substitute more suitable companies in this calculation.

Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury yield with a maturity equal to the expected term of the option in effect at the time of grant.

Expected term. The expected term represents the period that the stock-based awards are expected to be outstanding. The Company used the simplified method to determine the expected term, which is calculated as the average of the time to vesting and the contractual life of the options.

Dividend yield. The Company has never paid dividends on its common stock and is prohibited from paying dividends on its common stock. Therefore, the Company used an expected dividend yield of zero.

Income Taxes

The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company must then assess the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized.

The Company recognizes benefits of uncertain tax positions if it is more likely than not that such positions will be sustained upon examination based solely on their technical merits, as the largest amount of benefit that is more likely than not to be realized upon the ultimate settlement. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit.

Net Income per Common Share

Basic net income per common share is calculated by dividing the net income by the weighted-average number of shares of common stock outstanding for the period less shares subject to repurchase, without consideration of potentially dilutive securities. Diluted earnings per share is calculated using the treasury stock method by dividing net income by the total weighted average shares of common stock outstanding in addition to the potential impact of dilutive securities including restricted stock units, warrants, and options. In periods with a net loss, diluted net loss per common share is the same as basic net loss per common share since the effect of potentially dilutive securities is anti-dilutive.

Recently Adopted Accounting Pronouncements and Recently Issued Pronouncements

Recently Adopted Accounting Pronouncements

The Company adopted Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU also expands disclosure requirements to enable users of financial statements to better understand the entity’s measurement and assessment of segment performance and resource allocation. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

The Company adopted ASU 2023-07 effective January 1, 2024, on a retrospective basis. The adoption of ASU 2023-07 did not change the way that the Company identifies its single reportable segment and, as a result, did not have a material impact on the Company’s segment-related disclosures. The Company’s chief operating decision maker is its Chief Executive Officer who reviews financial information for purposes of allocating resources and evaluating financial performance for the entire Company.

Recently Issued Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to improve an entity’s income tax disclosures, primarily through disaggregated information about an entity’s effective income tax rate reconciliation and additional disclosures regarding income taxes paid. ASU 2023-09 is effective for the Company’s annual reporting periods, and interim periods within those years, beginning after December 15, 2024, on a prospective basis. The Company is currently evaluating the impact that the standard will have on its financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses, which requires additional disclosure of certain amounts included in the expense captions presented on the statement of operations, as well as disclosures about selling expenses. ASU 2024-03 is effective for the Company’s annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, on a prospective basis, with the option for retrospective application. Early adoption is permitted for annual financial statements that have not yet been issued. The Company is currently evaluating the impact that the standard will have on its financial statements.

The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the financial statements.

Subsequent Events

The Company evaluated events after December 31, 2024, and through the date the financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these financial statements.

Summary of Significant Accounting Policies - Leases (Details)	12 Months Ended
	Dec. 31, 2024
Leases
Operating lease - existence of option to extend	true
Finance lease - existence of option to extend	true
Minimum
Leases
Finance lease renewal term (in years)	2 years
Operating lease renewal term (in years)	2 years
Maximum
Leases
Operating term of lease (in years)	7 years
Finance term of lease (in years)	7 years
Finance lease renewal term (in years)	5 years
Operating lease renewal term (in years)	5 years

Stock-Based Compensation - Schedule of Fair Value of Employee Stock Options (Details) - Employee - Employee Stock Option	12 Months Ended
	Dec. 31, 2023
Share-based Compensation
Expected volatility, Minimum	50.90%
Expected volatility, Maximum	73.90%
Risk-free interest rate, Minimum	2.33%
Risk-free interest rate, Maximum	3.45%
Minimum
Share-based Compensation
Expected term (in years)	6 years 3 days
Maximum
Share-based Compensation
Expected term (in years)	6 years 18 days

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued liabilities
Payroll-related expenses	$ 1,606	$ 3,347
Inventory	157	317
Other	686	672
Total accrued liabilities	$ 2,449	$ 4,336

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Stockholders' Equity

Summary of common stock reserved for future issuance


	December 31,	December 31,
	2024	2023
Options issued and outstanding	1,521,857	1,793,485
Shares available for future option grants	545,525	598,397
RSUs subject to future vesting	987,965	905,781
Common stock warrants	18,461	18,461
Total	3,073,808	3,316,124

Summary of Significant Accounting Policies - Schedule of Revenue and Accounts Receivable for Each Significant Customer (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue \| Customer A
Concentration risk
Concentration risk percentage		15.00%
Revenue \| Customer A \| Maximum
Concentration risk
Concentration risk percentage	10.00%
Revenue \| Customer B
Concentration risk
Concentration risk percentage		12.00%
Revenue \| Customer B \| Maximum
Concentration risk
Concentration risk percentage	10.00%
Revenue \| Customer C
Concentration risk
Concentration risk percentage		11.00%
Revenue \| Customer C \| Maximum
Concentration risk
Concentration risk percentage	10.00%
Revenue \| Customer D
Concentration risk
Concentration risk percentage	27.00%	17.00%
Accounts Receivable, net \| Customer A
Concentration risk
Concentration risk percentage		13.00%
Accounts Receivable, net \| Customer A \| Maximum
Concentration risk
Concentration risk percentage	10.00%
Accounts Receivable, net \| Customer B \| Maximum
Concentration risk
Concentration risk percentage	10.00%	10.00%
Accounts Receivable, net \| Customer C
Concentration risk
Concentration risk percentage		22.00%
Accounts Receivable, net \| Customer C \| Maximum
Concentration risk
Concentration risk percentage	10.00%
Accounts Receivable, net \| Customer D
Concentration risk
Concentration risk percentage	61.00%	37.00%

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Use of Estimates

Segment Information

Cash and Cash Equivalents

Accounts Receivable, Net

Accounts receivable, net consisted of the following (in thousands):


	December 31,		December 31,
	2024		2023
Trade accounts receivable	$	11,944	$	11,489
Unbilled accounts receivable		187		475
Allowance for product returns and price adjustments		(409)		(410)
Accounts receivable, net	$	11,722	$	11,554

Concentration of Credit Risk


	Revenue				Accounts Receivable
	Year Ended December 31,				As of December 31,
Customers	2024		2023		2024		2023
Customer A	*		15	%	*		13	%
Customer B	*		12	%	*		*
Customer C	*		11	%	*		22	%
Customer D	27	%	17	%	61	%	37	%

*	Less than 10%

Inventory

Fair Value of Financial Instruments

Level 1— Observable inputs such as quoted prices for identical assets or liabilities in active markets;

Level 2— Inputs, other than quoted prices for identical assets or liabilities in active markets, which are observable either directly or indirectly; and

Level 3— Unobservable inputs in which there is little or no market data requiring the reporting entity to develop its own assumptions.

The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	33,617	$	—	$	—	$	33,617
Total assets measured at fair value	$	33,617	$	—	$	—	$	33,617


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	36,946	$	—	$	—	$	36,946
Total assets measured at fair value	$	36,946	$	—	$	—	$	36,946

Property and Equipment, Net


	Useful Lives
Computer and network equipment		2 years
Manufacturing equipment		2 – 7 years
Furniture and fixtures		7 years
Leasehold improvements		Lesser of useful life of the asset or the remaining lease term

Intangible Assets, Net

Leases

Operating leases are included in right-of-use assets, lease liabilities, and lease liabilities, net of current portion in the Company’s balance sheet. Finance leases are immaterial.

Impairment of Long-lived Assets

difference between the carrying value and the fair value of the impaired asset. There have been no impairments of the Company’s long-lived assets during either of the periods presented.

Government Tax Credits, Incentives and Grants

Revenue Recognition

Nature of Products and Services

Product Revenue

License Revenue

Revenue from non-refundable upfront payments is recognized when the license is transferred to the customer and the Company has no other performance obligations.

Royalties

Other Revenue

Other Income, Net

Other income, net primarily consists of interest income and expense, a strategic award, realized gains and losses on sale of assets, and gains and losses on foreign currency transactions.

Product Warranty

Research and Development

Stock-based Compensation

Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury yield with a maturity equal to the expected term of the option in effect at the time of grant.

Dividend yield. The Company has never paid dividends on its common stock and is prohibited from paying dividends on its common stock. Therefore, the Company used an expected dividend yield of zero.

Income Taxes

Net Income per Common Share

Recently Adopted Accounting Pronouncements

Recently Issued Pronouncements

The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the financial statements.

Subsequent Events

Net Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2024

Net Income Per Common Share

Computation of basic and diluted net income per share

The following table sets forth the computation of basic and diluted net income per share (in thousands, except share and per share amounts):

Basic EPS


	Year Ended December 31,
	2024		2023
Numerator:
Net income	$	781	$	9,052
Denominator:
Weighted-average shares of common stock outstanding, basic		21,642,793		20,748,302
Net income per common share, basic	$	0.04	$	0.44

Diluted EPS


	Year Ended December 31,
	2024		2023
Numerator:
Net income	$	781	$	9,052
Warrant liability fair value loss recognized		—		(25)
Net income attributable to common stockholders, diluted	$	781	$	9,027
Denominator:
Weighted-average shares of common stock outstanding, basic		21,642,793		20,748,302
Dilutive effect of stock options and RSUs		513,627		619,002
Weighted-average shares of common stock outstanding, diluted		22,156,420		21,367,304
Net income per common share, diluted	$	0.04	$	0.42

Schedule of potentially dilutive securities excluded from diluted net loss per common share


	Year Ended December 31,
	2024	2023
Options to purchase common stock	741,141	613,652
RSUs	21,624	330,082
Common stock warrants	—	18,461
Total	762,765	962,195

Geographic Information

12 Months Ended

Dec. 31, 2024

Geographic Information

Geographic Information

11. Geographic Information

Property and equipment, net by country was as follows (in thousands):


	Year Ended December 31,
	2024		2023
United States	$	2,165	$	2,555
Singapore		974		1,077
Other		81		85
	$	3,220	$	3,717

Revenue from customers is designated based on the geographic region or country to which the product is delivered or the licensee is located. Revenue by country was as follows (in thousands):


	Year Ended December 31,
	2024		2023
United States	$	9,968	$	14,599
Japan		5,974		12,216
Hong Kong		16,220		10,748
Germany		7,168		9,767
Singapore		3,363		4,285
China		—		2,727
Canada		742		1,324
All other		6,967		8,099
Total revenue	$	50,402	$	63,765

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Taxes

Income Taxes

12. Income Taxes

For the years ended December 31, 2024 and 2023, the Company’s provision for income tax consisted of (in thousands):


	Year Ended December 31,
	2024		2023
Current:
Federal	$	52	$	—
State		38		134
Foreign		—		—
Total Current	$	90	$	134

Deferred:
Federal	$	21	$	40
State		(151)		(190)
Foreign		—		—
Total Deferred	$	(130)	$	(150)

Provision for income taxes	$	(40)	$	(16)

The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:


	Year Ended December 31,
	2024		2023
Tax at statutory federal rate	21.0	%	21.0	%
State taxes, net of federal benefit	3.6		1.7
Stock-based compensation	34.8		0.6
IRC section 162(m) limitation	29.0		3.9
R&D tax credits	(564.7)		—
Change in valuation allowance	486.1		(28.5)
Other	(15.1)		1.1
Provision for income taxes	(5.3)	%	(0.2)	%

The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets are as follows (in thousands):


	Year Ended December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	20,564	$	22,068
Inventory		462		287
Accruals		366		863
Depreciation and amortization		9		13
Research and experimental credits		3,995		—
Research and experimental expenditures		6,412		4,728
Stock-based compensation		428		268
Right of use liability		1,045		1,245
Gross deferred tax assets		33,281		29,472
Valuation allowance		(31,343)		(27,748)
Deferred tax assets		1,938		1,724
Deferred tax liabilities:
Right of use asset		(1,024)		(1,226)
Other		(646)		(348)
Deferred tax liabilities		(1,670)		(1,574)
Net deferred tax assets	$	268	$	150

The Company is required to reduce its deferred tax assets by a valuation allowance if it is more likely than not that some or all of its deferred tax assets will not be realized. Management must use judgment in assessing the potential need for a valuation allowance, which requires an evaluation of both negative and positive evidence. The weight given to the potential effect of negative and positive evidence should be commensurate with the extent to which it can be objectively verified. In determining the need for and amount of the valuation allowance, if any, the Company assesses the likelihood that it will be able to recover its deferred tax assets using historical levels of income, estimates of future income and tax planning strategies. As a result of projected taxable income, the Company determined that, based on all available evidence, there was substantial certainty as to whether it will recover recorded net deferred taxes for certain state jurisdictions in future periods. However, as it pertains to the federal, Arizona, and Colorado net deferred tax assets, based on all the available evidence, there is substantial uncertainty as to whether it will recover recorded net deferred taxes in future periods. Accordingly, the Company recorded a partial valuation allowance against its net deferred tax assets as of December 31, 2024 and 2023, respectively. The net valuation allowance increased by $3.6 million in 2024, as reflected below (in thousands).

As of December 31, 2024, the Company has federal net operating loss carryforwards of approximately $89.2 million, of which $53.2 million will expire in 2030 through 2037 if not utilized, and $36.0 million that will carryover indefinitely. In addition, the Company has state net operating loss carryforwards of approximately $48.3 million, of which $45.5 million will expire in 2030 through 2040 if not utilized, and $2.8 million that will carryover indefinitely.

The Tax Reform Act of 1986 (the Act) provides for a limitation on the annual use of net operating loss carryforwards following certain ownership changes (as defined by the Act and codified under IRC Section 382) that could limit the Company’s ability to utilize these carryforwards. Further, a portion of the carryforwards may expire before utilized to reduce future income tax liabilities as a result of the annual limitation. The Company experienced an ownership change in October 2016 and as a result, $43.8 million ($9.2 million tax effected) of the federal NOLs are expected to expire unutilized due to limitation under IRC Section 382. Consistent with prior years, the NOLs expected to expire unutilized are included in the NOL carryforward amounts disclosed, subject to a valuation allowance.

The Company files income tax returns in the U.S. federal and various state jurisdictions. The Company is generally subject to U.S. federal and state income tax examination for all tax years beginning in 2008, due to the net operating losses that are carried forward.

A summary of changes in the Company’s gross unrecognized tax benefits for the years ended December 31, 2024 and 2023 was as follows (in thousands):


	Year Ended December 31,
	2024		2023
Unrecognized tax expense, beginning of the year	$	473	$	105
Decrease related to prior year tax positions		—		—
Increase related to prior year tax positions		662		368
Increase related to current year tax positions		254		—
Unrecognized tax expense, end of year	$	1,389	$	473

Included in the balance of unrecognized tax benefits as of December 31, 2024, are $0.1 million of tax benefit that, if recognized, would affect the effective tax rate. Included in the balance of uncertain tax benefits as of December 31, 2024 is $1.3 million of tax benefits that, if recognized, would result in adjustments to deferred taxes.

The Company's policy is to recognize interest and penalties accrued on any unrecognized tax benefit as a component of income tax expense. The Company has accrued penalties and interest of $0.2 million, as of both December 31, 2024 and 2023.

On October 8, 2021, the Organization for Economic Co-operation and Development ("OECD") released a statement on the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting, which agreed to a two-pillar solution to address tax challenges of the digital economy. On December 20, 2021, the OECD released the Model GloBE Rules for Pillar Two defining a 15% global minimum tax rate for large multinational corporations. The OECD continues to release additional guidance and countries are implementing legislation with widespread adoption of the Model GloBE Rules for Pillar Two expected by calendar year 2024. The Company is continuing to evaluate the Model GloBE Rules for Pillar Two and related legislation, and their potential impact on future periods, but does not expect it to have a material impact.

- Definition

The entire disclosure for income tax.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Net Income Per Common Share - Potentially Dilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	762,765	962,195
Employee Stock Option
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	741,141	613,652
RSUs
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	21,624	330,082
Common stock warrants
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share		18,461

Insider Trading Arrangements - Sanjeev Aggarwal

3 Months Ended

Dec. 31, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the fiscal quarter ended December 31, 2024, no Section 16 officer or director adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule10b5-1 trading arrangement” (as each defined in Item 408 of Regulation S-K of the Exchange Act), except as set forth in the table below.

Name & Title	Action Taken	Date Adopted	Type of Trading Arrangement (1)	Total Shares of Common Stock to be Sold (2)	Duration of Trading Arrangement (3)
Sanjeev Aggarwal, Chief Executive Officer	Adoption	12/6/2024	Rule 10b5-1 Trading Arrangement	Up to 100,000	1/9/2026

(1)

Except as indicated by a footnote, each trading arrangement marked as “Rule 10b5-1 Trading Arrangement” is a contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, as amended.

(2)

The number of shares to be sold under each trading arrangement represents the maximum actual number of shares issuable under the applicable stock awards. The actual number of shares to be sold under each trading arrangement will depend on the achievement of applicable conditions under the stock awards and the number of shares withheld to satisfy tax obligations upon the vesting of the awards.

(3)

Except as indicated by footnote, each trading arrangement permitted or permits transactions through and including the earlier to occur of (a) the completion of all sales or (b) the date listed in the table. Each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” only permitted or only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule.

Name

Sanjeev Aggarwal

Title

Chief Executive Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

12/6/2024

Expiration Date

1/9/2026

Aggregate Available

100,000

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Stock-Based Compensation

Stock-Based Compensation

8. Stock-Based Compensation

Share-Based Compensation Expense

The following table presents the details of the Company's share-based compensation expense (in thousands):


	Year Ended December 31,
	2024		2023
General and administrative	$	3,304	$	2,519
Research and development		1,902		1,981
Sales and marketing		720		505
Cost of sales		787		—
Total stock-based compensation	$	6,713	$	5,005

2016 Employee Incentive Plan

The Company’s board of directors adopted the 2016 Equity Incentive Plan (the 2016 Plan) on April 25, 2016, which was subsequently approved on September 20, 2016 by the Company’s stockholders. The 2016 Plan became effective on October 7, 2016, the date the Company’s S-8 registration statement relating to the 2016 Plan was declared effective by the SEC.

The 2016 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based stock awards, and other forms of equity compensation to employees, directors, and consultants. In addition, the 2016 Plan provides for the grant of performance cash awards to employees, directors, and consultants.

The maximum number of shares of common stock that may be issued under the 2016 Plan was initially 500,000 subject to an automatic increase on January 1 of each year, beginning on January 1, 2017, and continuing through and including January 1, 2026, by 3% of the total number of shares of capital stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by the Company’s board of directors. On May 20, 2021, the Company’s stockholders approved an amendment to the 2016 Plan to increase the total number of authorized shares of common stock available for grant thereunder by an additional 550,000 shares. At December 31, 2024, of the 3,038,336 shares of common stock reserved and available for grant under the 2016 Plan, 545,525 shares of common stock remain available for grant under the 2016 Plan. The Company authorized 632,414 shares during the year ended December 31, 2024.

2008 Employee Incentive Plan

The 2008 Equity Incentive Plan (the 2008 Plan) provided for the issuance of incentive stock options (ISO), nonqualified stock options, and other stock compensation awards.

Due to the adoption of the 2016 Plan, no further grants will be made under the 2008 Plan. However, any outstanding stock awards granted under the 2008 Plan will remain outstanding, subject to the terms of the Company’s 2008 Plan and the applicable stock award agreements, until such outstanding stock awards that are stock options are exercised or until they terminate or expire by their terms, or until such stock awards are fully settled, terminated, or forfeited. At December 31, 2024, 17,011 options under the 2008 Plan remained outstanding.

Summary of Stock Option Activity

The following table summarizes the stock option activity for all grants under the 2008 Plan and 2016 Plan:


	Options Outstanding
		Weighted-		Weighted-
		Average		Average	Aggregate
		Exercise		Remaining	Intrinsic
	Number of	Price Per		Contractual	Value
	Options	Share		Life (years)	(In thousands)
Balance—December 31, 2023	1,829,428	$	5.96	6.9	$	5,676
Options granted	—
Options exercised	(184,958)	$	4.15		$	612
Options cancelled/forfeited	(122,613)	$	7.74
Balance—December 31, 2024	1,521,857	$	6.04	5.9	$	1,507
Options exercisable—December 31, 2024	1,357,041	$	5.88	5.8	$	1,466

No options were granted during the year ended December 31, 2024. The weighted-average grant date fair value of options granted was $3.85 per share during the year ended December 31, 2023.

As of December 31, 2024, there was $0.7 million of total unrecognized compensation expense related to unvested options which is expected to be recognized over a weighted-average period of 0.9 years.

The Company estimated the fair value of each option grant using the Black-Scholes option-pricing model based on the assumptions below. The fair value of employee stock options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of employee stock options was estimated using the assumptions below:


	Year Ended
	December 31,
	2023
Expected volatility	50.9 - 73.9	%
Risk-free interest rate	2.33 - 3.45	%
Expected term (in years)	6.01 - 6.05
Dividend yield	—	%

2016 Employee Stock Purchase Plan

The Company’s board of directors adopted the 2016 Employee Stock Purchase Plan (the ESPP) on April 25, 2016, which was subsequently approved on September 20, 2016 by the Company’s stockholders. The Company had 1,031,800 shares available for issuance under the ESPP as of December 31, 2024. Employees purchased 69,166 shares for $0.4 million during the year ended December 31, 2024, and 87,718 shares for $0.4 million during the year ended December 31, 2023.

Restricted Stock Units

In September 2017, the Company’s board of directors authorized the issuance of restricted stock units (RSUs), under the 2016 Plan and adopted a form of Restricted Stock Unit Award Agreement, which is intended to serve as a standard form agreement for RSU grants issued to employees, executive officers, directors, and consultants. The fair value of the RSUs is recognized as expense ratably over the vesting period, as determined by the board of directors on the date of grant.

The following table summarizes RSU activity for the year ended December 31, 2024:


	RSUs Outstanding
		Weighted-
		Average
	Number of	Grant Date
	Restricted Stock	Fair Value Per
	Units	Share
Balance—December 31, 2023	905,781	$	6.59
Granted	1,027,963	$	8.50
Vested	(725,101)	$	6.96
Cancelled/forfeited	(220,678)	$	8.16
Balance—December 31, 2024	987,965	$	7.89

The fair value of RSUs is determined on the date of grant based on the market price of the Company’s common stock on that date. As of December 31, 2024, there was $6.2 million of unrecognized stock-based compensation expense related to RSUs to be recognized over a weighted-average period of 2.4 years. Compensation cost capitalized within inventory was immaterial as of December 31, 2024 and 2023.

Balance Sheet Components - Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2021	Dec. 31, 2024
Deferred Revenue
Revenue	$ 50,402	$ 63,765
Deferred revenue	78	336		$ 78
Development of a strategic radiation hardened field programmable gate array product arrangement
Deferred Revenue
Total amount of consideration to be received	1,800
Amount billed for the performance under contractual agreements	1,600
Revenue	1,500
Deferred revenue	100			100
Revenue expected to be recognized	100			100
Development of a strategic radiation hardened high-reliability eMRAM macro
Deferred Revenue
Total amount of consideration to be received	1,200
Amount billed for the performance under contractual agreements	1,200
Revenue	1,100
Deferred revenue	100			100
Revenue expected to be recognized	100			100
RAD Hard product 1 arrangement
Deferred Revenue
Total amount of consideration to be received			$ 6,500
Revenue	700			6,400
Deferred revenue	100	$ 300		100
Revenue expected to be recognized	$ 100			$ 100

- Definition

+ References

+ Details

Stockholders' Equity - (Details) - $ / shares	12 Months Ended
Stockholders' Equity - (Details) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Common stock reserved
Dividends on common stock	$ 0
Reserved shares of common stock for future issuance	3,073,808	3,316,124
Common stock warrants
Common stock reserved
Reserved shares of common stock for future issuance	18,461	18,461
Options issued and outstanding
Common stock reserved
Reserved shares of common stock for future issuance	1,521,857	1,793,485
Shares available for future option grants
Common stock reserved
Reserved shares of common stock for future issuance	545,525	598,397
RSUs subject to future vesting
Common stock reserved
Reserved shares of common stock for future issuance	987,965	905,781

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Stockholders' Equity

Stockholders' Equity

7. Stockholders’ Equity

Common Stock

Common stockholders are entitled to dividends if and when declared by the board of directors. As of December 31, 2024, no dividends on common stock had been declared by the board of directors.

Reserved Shares of Common Stock

The Company had reserved shares of common stock for future issuance as follows:


	December 31,	December 31,
	2024	2023
Options issued and outstanding	1,521,857	1,793,485
Shares available for future option grants	545,525	598,397
RSUs subject to future vesting	987,965	905,781
Common stock warrants	18,461	18,461
Total	3,073,808	3,316,124

Warrants

In connection with the Company’s prior credit facility with Ares Venture Finance entered into in June 2015, the Company issued Ares Venture Finance a warrant to purchase 18,461 shares of the Company’s common stock at an exercise price of $26.00 per share. The warrant can be exercised at any time and expires on June 5, 2025.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Income Taxes - Deferred tax assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 20,564	$ 22,068
Inventory	462	287
Accruals	366	863
Depreciation and amortization	9	13
Research and experimental credits	3,995
Research and experimental expenditures	6,412	4,728
Stock-based compensation	428	268
Right of use liability	1,045	1,245
Gross deferred tax assets	33,281	29,472
Valuation allowance	(31,343)	(27,748)	$ (30,328)
Deferred tax assets	1,938	1,724
Deferred tax liabilities:
Right of use asset	(1,024)	(1,226)
Other	(646)	(348)
Deferred tax liabilities	(1,670)	(1,574)
Net deferred tax assets	268	150
Increase in valuation allowance	$ 3,595	$ (2,580)

Statements of Operations and Comprehensive (Loss) Income Components (Tables)

12 Months Ended

Dec. 31, 2024

Statements of Operations and Comprehensive (Loss) Income Components

Schedule of disaggregation of revenue

The following table presents the Company’s revenues disaggregated by sales channel (in thousands):


	Year Ended December 31,
	2024		2023
Distributor	$	39,943	$	49,845
Non-distributor		10,459		13,920
Total revenue	$	50,402	$	63,765

The following table presents the Company’s revenues disaggregated by timing of recognition (in thousands):


	Year Ended December 31,
	2024		2023
Point in time	$	42,903	$	54,183
Over time		7,499		9,582
Total revenue	$	50,402	$	63,765

The following table presents the Company’s revenues disaggregated by type (in thousands):


	Year Ended December 31,
	2024		2023
Product sales	$	42,203	$	53,123
Licensing		6,346		7,476
Royalties		700		862
Other revenue		1,153		2,304
Total revenue	$	50,402	$	63,765

Schedule of revenue by region

Revenue by region for the periods indicated was as follows (in thousands):


	Year Ended December 31,
	2024		2023
APAC	$	28,688	$	33,096
North America		10,710		15,922
EMEA		11,004		14,747
Total revenue	$	50,402	$	63,765

Income Taxes - Unrecognized Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Unrecognized tax expense roll forward
Unrecognized tax expense, beginning of the year	$ 473	$ 105
Increase related to prior year tax positions	662	368
Increase related to current year tax positions	254
Unrecognized tax expense, end of year	1,389	473
Interest and penalties on unrecognized tax benefit	200	$ 200
Unrecognized tax benefits that would impact effective tax rate	100
Amount of unrecognized tax benefits that, if recognized, would affect deferred taxes	$ 1,300

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2024

Balance Sheet Components

Schedule of Inventory

Inventory consisted of the following (in thousands):


	December 31,		December 31,
	2024		2023
Raw materials	$	238	$	189
Work-in-process		7,510		6,724
Finished goods		1,362		1,478
Total inventory	$	9,110	$	8,391

Schedule of property and equipment, net

Property and equipment, net consisted of the following (in thousands):


	December 31,		December 31,
	2024		2023
Manufacturing equipment	$	14,199	$	13,494
Computer and network equipment		602		520
Furniture and fixtures		113		113
Leasehold improvements		1,476		1,476
Total property and equipment, gross		16,390		15,603
Less: accumulated depreciation		(13,170)		(11,886)
Total property and equipment, net	$	3,220	$	3,717

Schedule of Intangible Assets, Net

The gross carrying amounts and accumulated amortization of intangible assets are as follows at the dates indicated (in thousands):


	December 31, 2024
	Weighted-
	Average					Net
	Life		Gross Carrying	Accumulated		Carrying
	(in years)		Amount	Amortization		Amount
Internal-use software	2.0	$	4,389	$	(973)	$	3,416
Total intangible asset		$	4,389	$	(973)	$	3,416

Schedule of estimated future amortization expense for finite-lived intangible assets

The table below presents estimated future amortization expense for finite-lived intangible assets (in thousands):


As of December 31, 2024	Amount
2025	$	1,771
2026		1,622
2027		8
2028		8
Thereafter		7
Total	$	3,416

Schedule of accrued liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,		December 31,
	2024		2023
Payroll-related expenses	$	1,606	$	3,347
Inventory		157		317
Other		686		672
Total accrued liabilities	$	2,449	$	4,336

Statements of Operations and Comprehensive (Loss) Income Components - Disaggregated by Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue
Revenue	$ 50,402	$ 63,765
Product sales
Disaggregation of Revenue
Revenue	42,203	53,123
Licensing
Disaggregation of Revenue
Revenue	6,346	7,476
Royalties
Disaggregation of Revenue
Revenue	700	862
Other revenue
Disaggregation of Revenue
Revenue	$ 1,153	$ 2,304

- 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

- Definition

+ References

+ Details

Statements of Operations and Comprehensive (Loss) Income Components - Disaggregated by Timing of Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue
Revenue	$ 50,402	$ 63,765
Point in time
Disaggregation of Revenue
Revenue	42,903	54,183
Over time
Disaggregation of Revenue
Revenue	$ 7,499	$ 9,582

- 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

- Definition

+ References

+ Details

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 42,097	$ 36,946
Accounts receivable, net	11,722	11,554
Inventory	9,110	8,391
Prepaid expenses and other current assets	1,272	988
Total current assets	64,201	57,879
Property and equipment, net	3,220	3,717
Intangible assets, net	3,416
Right-of-use assets	4,549	5,495
Other assets	2,403	212
Total assets	77,789	67,303
Current liabilities:
Accounts payable	2,278	2,916
Accrued liabilities	2,449	4,336
Deferred revenue	78	336
Lease liabilities, current portion	1,306	1,190
Contract obligations	2,034
Software liabilities, current portion	1,769
Total current liabilities	9,914	8,778
Lease liabilities, net of current portion	3,336	4,390
Software liabilities, net of current portion	1,784
Long-term income tax liability	162	214
Total liabilities	15,196	13,382
Commitments and contingencies (Note 5)
Stockholders' equity:
Preferred stock, $0.0001 par value per share; 5,000,000 shares authorized; no shares issued and outstanding as of December 31, 2024 and 2023, respectively
Common stock, $0.0001 par value per share; 100,000,000 shares authorized; 22,059,697 and 21,080,472 shares issued and outstanding as of December 31, 2024 and 2023, respectively	2	2
Additional paid-in capital	199,460	191,569
Accumulated deficit	(136,869)	(137,650)
Total stockholders' equity	62,593	53,921
Total liabilities and stockholders' equity	$ 77,789	$ 67,303

Stock-Based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	$ 6,713	$ 5,005
General and administrative
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	3,304	2,519
Research and development
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	1,902	1,981
Sales and marketing
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	720	$ 505
Cost of sales
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	$ 787

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies.

Schedule of Undiscounted future non-cancellable lease payments

The undiscounted future non-cancellable lease payments under the Company’s operating and finance leases were as follows (in thousands):


As of December 31, 2024	Amount
2025	$	1,481
2026		1,497
2027		1,380
2028		595
Thereafter		48
Total lease payments		5,001
Less: imputed interest		(359)
Total lease liabilities		4,642
Less: current portion of lease liabilities		(1,306)
Total lease liabilities, net of current portion	$	3,336

Schedule of supplemental information


	December 31,		December 31,
	2024		2023
Weighted-average remaining lease term (years)	3.39		4.37
Weighted-average discount rate	4.50	%	4.50	%


	December 31,		December 31,
	2024		2023
Weighted-average remaining lease term (years)	4.15		1.09
Weighted-average discount rate	3.90	%	4.50	%

401(k) Plan

12 Months Ended

Dec. 31, 2024

401(k) Plan

401(k) Plan

9. 401(k) Plan

The Company has a defined contribution employee benefit plan pursuant to Section 401(k) of the Internal Revenue Code. The plan allows eligible employees to defer a portion of their annual compensation up to certain statutory limits. At the election of the Board of Directors, the Company may elect to match employee contributions but has not done so to date.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies.

Commitments and Contingencies

5. Commitments and Contingencies

Leases

Operating leases consist of fabrication, lab, and office space expiring at various dates through 2029. Finance leases relate to a server lease expiring in February 2029. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The undiscounted future non-cancellable lease payments under the Company’s operating and finance leases were as follows (in thousands):


As of December 31, 2024	Amount
2025	$	1,481
2026		1,497
2027		1,380
2028		595
Thereafter		48
Total lease payments		5,001
Less: imputed interest		(359)
Total lease liabilities		4,642
Less: current portion of lease liabilities		(1,306)
Total lease liabilities, net of current portion	$	3,336

Other information related to the Company's operating lease liabilities was as follows:


	December 31,		December 31,
	2024		2023
Weighted-average remaining lease term (years)	3.39		4.37
Weighted-average discount rate	4.50	%	4.50	%

Other information related to the Company’s finance lease liabilities was as follows:


	December 31,		December 31,
	2024		2023
Weighted-average remaining lease term (years)	4.15		1.09
Weighted-average discount rate	3.90	%	4.50	%

Lease costs for the Company’s operating leases were $1.4 million for both of the years ended December 31, 2024 and 2023, respectively. Lease costs for the Company’s finance lease were immaterial for the years ended December 31, 2024 and 2023.

Legal Proceedings

From time to time, the Company may become involved in legal proceedings arising from the ordinary course of its business. Management is currently not aware of any matters that it expects will have a material adverse effect on the financial position, results of operations or cash flows of the Company.

Indemnifications

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. The Company currently has directors’ and officers’ insurance.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Summary of Significant Accounting Policies - Segments, Accounts Receivable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Summary of Significant Accounting Policies
Number of reportable segments \| segment	1
Accounts receivable
Trade accounts receivable	$ 11,944	$ 11,489
Unbilled accounts receivable	187	475
Allowance for product returns and price adjustments	(409)	(410)
Accounts receivable, net	11,722	11,554
Unbilled contract asset	$ 500	$ 0

Significant Agreements (Details) - Joint Development Agreement - GlobalFoundries, Inc.	Oct. 17, 2014
Joint development agreement
Period of possession of exclusive right to manufacture after qualification of device	3 years
Period of possession of exclusive right to manufacture after completion of device development work	4 years

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Other lease information
2025	$ 1,481
2026	1,497
2027	1,380
2028	595
Thereafter	48
Total lease payments	5,001
Less: imputed interest	(359)
Total lease liabilities	4,642
Less: current portion of lease liabilities	(1,306)	$ (1,190)
Total lease liabilities, net of current portion	$ 3,336	$ 4,390
Weighted-average remaining lease term (years)	3 years 4 months 20 days	4 years 4 months 13 days
Weighted-average discount rate	4.50%	4.50%
Weighted-average remaining lease term (years)	4 years 1 month 24 days	1 year 1 month 2 days
Weighted-average discount rate	3.90%	4.50%
Operating lease costs	$ 1,400	$ 1,400

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of components of income taxes

For the years ended December 31, 2024 and 2023, the Company’s provision for income tax consisted of (in thousands):


	Year Ended December 31,
	2024		2023
Current:
Federal	$	52	$	—
State		38		134
Foreign		—		—
Total Current	$	90	$	134

Deferred:
Federal	$	21	$	40
State		(151)		(190)
Foreign		—		—
Total Deferred	$	(130)	$	(150)

Provision for income taxes	$	(40)	$	(16)

Schedule of reconciliation of statutory federal income tax rate


	Year Ended December 31,
	2024		2023
Tax at statutory federal rate	21.0	%	21.0	%
State taxes, net of federal benefit	3.6		1.7
Stock-based compensation	34.8		0.6
IRC section 162(m) limitation	29.0		3.9
R&D tax credits	(564.7)		—
Change in valuation allowance	486.1		(28.5)
Other	(15.1)		1.1
Provision for income taxes	(5.3)	%	(0.2)	%

Schedule of tax effects of temporary differences and carryforwards

The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets are as follows (in thousands):


	Year Ended December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	20,564	$	22,068
Inventory		462		287
Accruals		366		863
Depreciation and amortization		9		13
Research and experimental credits		3,995		—
Research and experimental expenditures		6,412		4,728
Stock-based compensation		428		268
Right of use liability		1,045		1,245
Gross deferred tax assets		33,281		29,472
Valuation allowance		(31,343)		(27,748)
Deferred tax assets		1,938		1,724
Deferred tax liabilities:
Right of use asset		(1,024)		(1,226)
Other		(646)		(348)
Deferred tax liabilities		(1,670)		(1,574)
Net deferred tax assets	$	268	$	150

Summary of net valuation allowance

Schedule of changes in the Company's gross unrecognized tax benefits

A summary of changes in the Company’s gross unrecognized tax benefits for the years ended December 31, 2024 and 2023 was as follows (in thousands):


	Year Ended December 31,
	2024		2023
Unrecognized tax expense, beginning of the year	$	473	$	105
Decrease related to prior year tax positions		—		—
Increase related to prior year tax positions		662		368
Increase related to current year tax positions		254		—
Unrecognized tax expense, end of year	$	1,389	$	473

Statements of Operations and Comprehensive (Loss) Income Components

12 Months Ended

Dec. 31, 2024

Statements of Operations and Comprehensive (Loss) Income Components

Statements of Operations and Comprehensive (Loss) Income Components

3. Statements of Operations and Comprehensive (Loss) Income Components

Revenue

The Company sells products to its distributors, ODMs and OEMs. The Company also recognizes revenue under licensing, patent, and royalty agreements with some customers. The following table presents the Company’s revenues disaggregated by sales channel (in thousands):


	Year Ended December 31,
	2024		2023
Distributor	$	39,943	$	49,845
Non-distributor		10,459		13,920
Total revenue	$	50,402	$	63,765

The following table presents the Company’s revenues disaggregated by timing of recognition (in thousands):


	Year Ended December 31,
	2024		2023
Point in time	$	42,903	$	54,183
Over time		7,499		9,582
Total revenue	$	50,402	$	63,765

The following table presents the Company’s revenues disaggregated by type (in thousands):


	Year Ended December 31,
	2024		2023
Product sales	$	42,203	$	53,123
Licensing		6,346		7,476
Royalties		700		862
Other revenue		1,153		2,304
Total revenue	$	50,402	$	63,765

The Company licenses its intellectual property and is entitled to consideration based on the customer’s sales. The Company makes estimates in instances when the customer reports sales on a lagged basis and actual information is not available timely. The estimates are based on historical trends in the customer’s activity and current market conditions. The amounts are reported in licensing, royalty, patent and other revenue in the statements of income and comprehensive income.

The Company recognizes revenue by geography based on the region in which its products are sold, and not to where the end products in which they are assembled are shipped. Revenue by region for the periods indicated was as follows (in thousands):


	Year Ended December 31,
	2024		2023
APAC	$	28,688	$	33,096
North America		10,710		15,922
EMEA		11,004		14,747
Total revenue	$	50,402	$	63,765

Other Income, Net

On August 14, 2024, the Company received a strategic award to develop a long-term plan to provide manufacturing services for aerospace and defense segments (the Award). Under the Award, the Company will provide a plan to mitigate risks to its MRAM manufacturing supply chain. Pursuant to the Award, the Company may receive cash payments upon the achievement of certain technical tasks and deliverables. The Award allows for milestones totaling up to approximately $14.6 million for the Company over a span of 2.5 years.

The Award is not in the ordinary course of the Company’s business and hence not a contract with a customer. The Company has applied the revenue recognition principles under ASC 606 by analogy.

The Company records the total consideration from the Award as other income using an input method based on costs incurred to date relative to the total expected costs of the Award over its term. Amounts invoiced in excess of income recognized are recorded as a contract obligations liability on the balance sheets. This liability represents the Company’s obligation to perform future services for which the Company has received or is entitled to receive payment but which are not yet fulfilled. During the year ended December 31, 2024, the Company has invoiced $8.1 million related to this Award of which no balance is outstanding as of December 31, 2024. The contract obligations liability was $2.0 million as of December 31, 2024. The Company recorded $6.1 million of other income related to this Award in the year ended December 31, 2024.

Statements of Income and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Total revenue	$ 50,402	$ 63,765
Total cost of sales	24,276	26,520
Gross profit	26,126	37,245
Operating expenses:
Research and development	13,686	11,776
General and administrative	14,141	14,296
Sales and marketing	5,390	5,288
Total operating expenses	33,217	31,360
(Loss) income from operations	(7,091)	5,885
Interest expense		(63)
Other income, net	7,832	3,214
Net income before income taxes	741	9,036
Income tax benefit	40	16
Net income and comprehensive income	$ 781	$ 9,052
Net income per common share, Basic	$ 0.04	$ 0.44
Net income per common share, Diluted	$ 0.04	$ 0.42
Weighted-average shares of common stock outstanding, basic	21,642,793	20,748,302
Weighted average shares of common stock outstanding, Diluted	22,156,420	21,367,304
Product sales
Total revenue	$ 42,203	$ 53,123
Total cost of sales	22,812	24,693
Licensing, royalty, patent, and other revenue
Total revenue	8,199	10,642
Total cost of sales	$ 1,464	$ 1,827

Statements of Operations and Comprehensive (Loss) Income Components - Disaggregated by Sales Channel (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue
Revenue	$ 50,402	$ 63,765
Distributor
Disaggregation of Revenue
Revenue	39,943	49,845
Non-distributor
Disaggregation of Revenue
Revenue	$ 10,459	$ 13,920

- 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

- Definition

+ References

+ Details

Summary of Significant Accounting Policies - Schedule of Employee Retention Tax Credit (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023
Summary of Significant Accounting Policies
Proceeds from employee retention tax credit refunds	$ 2.0	$ 2.0

Balance Sheet Components - Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Components
Amortization expense for intangible assets	$ 100	$ 0
Estimated future amortization expense:
2025	1,771
2026	1,622
2027	8
2028	8
Thereafter	7
Net Carrying Amount	$ 3,416

Summary of Significant Accounting Policies - Schedule of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value
Total assets measured at fair value	$ 33,617	$ 36,946
Level 1
Fair Value
Total assets measured at fair value	33,617	36,946
Money Market Funds
Fair Value
Money market funds	33,617	36,946
Money Market Funds \| Level 1
Fair Value
Money market funds	$ 33,617	$ 36,946

Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Impairment of Long-lived Assets
Impairment of long-lived assets	$ 0	$ 0
Computer and network equipment
Property and Equipment, Net
Useful Lives	2 years
Manufacturing equipment \| Minimum
Property and Equipment, Net
Useful Lives	2 years
Manufacturing equipment \| Maximum
Property and Equipment, Net
Useful Lives	7 years
Furniture and fixtures
Property and Equipment, Net
Useful Lives	7 years

Debt - Carrying Value (Details) - 2019 Credit Facility - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024
Debt
Outstanding balance	$ 0	$ 0
Prepayment fee	$ 200

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details