ESS Tech Inc
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
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Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Balance Sheets
(in thousands, except share data)
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $12,822 | $20,165 |
| Restricted cash, current | 906 | 1,373 |
| Accounts receivable, net | 413 | 1,990 |
| Short-term investments | 42,292 | 87,899 |
| Inventory | 7,037 | 3,366 |
| Prepaid expenses and other current assets | 5,084 | 3,305 |
| Total current assets | 68,554 | 118,098 |
| Property and equipment, net | 19,857 | 16,266 |
| Intangible assets, net | 4,723 | 4,923 |
| Operating lease right-of-use assets | 1,853 | 2,167 |
| Restricted cash, non-current | 947 | 945 |
| Other non-current assets | 763 | 833 |
| Total assets | $96,697 | $143,232 |
| Liabilities and stockholders' equity | ||
| Current liabilities: | ||
| Accounts payable | $10,937 | $2,755 |
| Accrued and other current liabilities | 10,178 | 10,755 |
| Accrued product warranties | 3,298 | 2,129 |
| Operating lease liabilities, current | 1,631 | 1,581 |
| Deferred revenue, current | 6,034 | 2,546 |
| Total current liabilities | 32,078 | 19,766 |
| Operating lease liabilities, non-current | 451 | 957 |
| Deferred revenue, non-current | — | 3,835 |
| Deferred revenue, non-current - related parties | 14,400 | 14,400 |
| Common stock warrant liabilities | 458 | 917 |
| Other non-current liabilities | 109 | — |
| Total liabilities | 47,496 | 39,875 |
| Commitments and contingencies (Note 8) | ||
| Stockholders’ equity: | ||
| Preferred stock ($0.0001 par value; 200,000,000 shares authorized, none issued and outstanding as of September 30, 2024 and December 31, 2023) | — | — |
| Common stock ($0.0001 par value; 1,000,000,000 shares authorized, 11,882,581 and 11,614,127 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively) | 1 | 1 |
| Additional paid-in capital | 808,100 | 799,513 |
| Accumulated deficit | (758,900) | (696,157) |
| Total stockholders’ equity | 49,201 | 103,357 |
| Total liabilities and stockholders’ equity | $96,697 | $143,232 |
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