Company: SERV
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001832483-25-000112
Chunk: 98

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 98
---
 ValueGainsLossesCash equivalentsMoney market funds$71,296 $— $— $71,296 Certificates of deposit10,000 4 — 10,004 U.S. Treasury securities12,960 — — 12,960 Short-term marketable securitiesCertificates of deposit20,000 37 — 20,037 Commercial paper34,077 13 — 34,090 Corporate notes/bonds32,536 12 — 32,548 U.S. Treasury securities6,934 — (1)6,933 Total$187,803 $66 $(1)$187,868 For marketable securities with unrealized loss positions, the Company does not intend to sell these securities, and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. No allowance for credit losses was recorded for these securities as of September 30, 2025.

7. PROPERTY AND EQUIPMENT, NET

The following is a summary of property and equipment, net (in thousands): September 30,2025December 31,2024Office equipment$375 $332 Leasehold improvement66 — Robot assets26,764 4,610 Construction-in-progress5,791 7,826 Tooling2,111 1,799 Total35,107 14,567 Less: accumulated depreciation(5,050)(2,604)Property and equipment, net$30,057 $11,963 Depreciation expense was $1.1 million and $9 thousand for the three months ended September 30, 2025 and 2024, respectively, and $2.4 million and $37 thousand for the nine months ended September 30, 2025 and 2024, respectively.

8. NOTE PAYABLE

Note Payable – Related PartyIn December 2023, the Company issued a senior secured promissory note to its Chief Executive Officer for which Serve received $70 thousand in proceeds. The note bore interest at 7.67% per annum. The note was fully repaid on January 3, 2024.January 2024 Convertible Note PayableAt various dates in January 2024, the Company issued to certain accredited investors convertible promissory notes in an aggregate amount of $5.0 million, for which the Company received $4.8