SEQC
SEQCCIK 0001779977
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Latest financial statements
From 10-Q filed Aug 28, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
(In thousands, except share and per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue | 937 | 472 | 1,793 | 1,450 |
| Operating costs and expenses: | ||||
| Cost of revenue | 609 | 426 | 1,207 | 1,288 |
| Research and development | 2,595 | 2,845 | 4,837 | 4,678 |
| Selling, general and administrative | 3,108 | 1,512 | 6,175 | 2,369 |
| Grant income | (574) | (683) | (648) | (1,100) |
| Total operating costs and expenses | 5,738 | 4,100 | 11,572 | 7,234 |
| Loss from operations | (4,801) | (3,628) | (9,778) | (5,785) |
| Other expenses (income): | ||||
| Interest income | (126) | (108) | (282) | (213) |
| Finance leases interest expense | 12 | 28 | 35 | 57 |
| Other expense (income), net | - | 22 | - | 16 |
| Loss before income tax expense | (4,688) | (3,570) | (9,531) | (5,645) |
| Income tax expense | 50 | - | 79 | - |
| Net loss | (4,738) | (3,570) | (9,610) | (5,645) |
| Other comprehensive income (loss): | ||||
| Foreign currency translation adjustment, net of taxes | 54 | 87 | (200) | 118 |
| Total other comprehensive income (loss) | 54 | 87 | (200) | 118 |
| Total comprehensive loss | (4,684) | (3,483) | (9,810) | (5,527) |
| Net loss per share attributable to common stockholders basic and diluted | (0.44) | (0.34) | (0.90) | (0.53) |
| Weighted average shares used in computing net loss per share attributable to common stockholders basic and diluted | 10,697,159 | 10,620,333 | 10,684,069 | 10,613,166 |
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except share and per share amounts)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash | 18,116 | 27,967 |
| Accounts receivable | 1,143 | 789 |
| Contract assets | 261 | 121 |
| Prepaid expenses and other current assets | 234 | 111 |
| Total current assets | 19,754 | 28,988 |
| Property and equipment, net | 5,190 | 4,084 |
| Finance right-of-use assets | 524 | 961 |
| Operating right-of-use assets | 1,433 | 1,436 |
| Deferred offering costs | 2,650 | 858 |
| Other assets | 288 | 190 |
| Total assets | 29,839 | 36,517 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 2,218 | 1,048 |
| Accrued expenses and other current liabilities | 2,086 | 1,602 |
| Contract liabilities | 349 | — |
| Current portion of finance lease liabilities | 139 | 223 |
| Total current liabilities | 4,792 | 2,873 |
| Finance lease liabilities, net of current portion | 225 | 489 |
| Operating lease liabilities | 1,752 | 1,579 |
| Deferred tax liability | — | 92 |
| Total liabilities | 6,769 | 5,033 |
| Commitments and contingencies (Note 14) | ||
| Stockholders’ equity: | ||
| Series X convertible preferred stock, $0.0001 par value per share; 1,012,625 shares authorized as of June 30, 2026 and December 31, 2025; 779,240 and 769,114 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively (aggregate liquidation preference $19,238 and $18,988 as of June 30, 2026 and December 31, 2025, respectively) | — | — |
| Series A-2 convertible preferred stock, $0.0001 par value per share; 3,184,572 shares authorized, issued, and outstanding as of June 30, 2026 and December 31, 2025 (aggregate liquidation preference $22,568 as of June 30, 2026 and December 31, 2025) | — | — |
| Series SA-2 convertible preferred stock, $0.0001 par value per share; 1,745,625 shares authorized, issued, and outstanding as of June 30, 2026 and December 31, 2025 (aggregate liquidation preference $9,896 as of June 30, 2026 and December 31, 2025) | — | — |
| Series A-1 convertible preferred stock, $0.0001 par value per share; 1,059,058 shares authorized, issued and outstanding as of June 30, 2026 and December 31, 2025 (aggregate liquidation preference $5,362 as of June 30, 2026 and December 31, 2025) | — | — |
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (9,610) | (5,645) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation | 674 | 484 |
| Amortization of finance lease right-of-use assets | 47 | 44 |
| Stock-based compensation expense | 1,099 | 1,239 |
| Non-cash operating lease expense | 3 | 86 |
| Non-cash finance lease interest expense | 30 | 51 |
| Deferred tax asset | (163) | — |
| Change in operating assets and liabilities: | ||
| Accounts receivable | (362) | 636 |
| Contract assets | (140) | (38) |
| Prepaid expenses and other current assets | (124) | (395) |
| Other assets | (27) | (120) |
| Accounts payable | 667 | 56 |
| Accrued expenses and other current liabilities | (262) | (16) |
| Deferred revenue | 349 | (59) |
| Operating lease liabilities | 173 | (128) |
| Net cash used in operating activities | (7,646) | (3,805) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (1,410) | (359) |
| Net cash flow used in investing activities | (1,410) | (359) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of Series A-2 preferred stock | — | 9,990 |
| Proceeds from issuance of Series X preferred stock | 257 | — |
| Payment of deferred offering costs | (1,240) | — |
| Proceeds from the exercise of stock options | 40 | 76 |
| Principal payment on finance leases | (280) | (150) |
| Net cash (used in) provided by financing activities | (1,223) | 9,916 |
| Effect of exchange rate changes on cash | 428 | 104 |
| Net (decrease) increase in cash | (9,851) | 5,856 |
| Cash at beginning of year | 27,967 | 9,584 |
| Cash at end of period | 18,116 | 15,440 |
| Supplemental disclosure of cash flow information: | ||
| Deferred financing costs in accrued expenses | 1,410 | 10 |
| Reclassification of finance right-of-use asset to property and equipment upon purchase | 298 | — |
| Property and equipment in accrued expenses | 6 | — |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except share and per share amounts); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗