Company: SERV
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001832483-25-000089
Chunk: 79

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 79
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able securitiesCommercial paper31,748 — (16)31,732 Corporate bonds27,515 — (23)27,492 U.S. Treasury securities7,413 — (6)7,407 Total$172,676 $— $(45)$172,631 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 June 30, 2025.

7. PROPERTY AND EQUIPMENT, NET

The following is a summary of property and equipment, net (in thousands): June 30,2025December 31,2024Office equipment$373 $332 Robot assets12,948 4,610 Construction-in-progress7,069 7,826 Tooling2,111 1,799 Total22,501 14,567 Less: accumulated depreciation(3,908)(2,604)Property and equipment, net$18,593 $11,963 Depreciation expense was $794 thousand and $10 thousand for the three months ended June 30, 2025 and 2024, respectively, and $1,269 thousand and $28 thousand for the six months ended June 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 million in net proceeds (the “January Notes”). As a result, the Company incurred fees of $170 thousand which was recorded as a debt discount. The January Notes bore interest at a rate of 6.00% per year, compounded annually, and were due and payable upon request by each investor on or after the 12-month anniversary of the original issuance date of each note. The Company could not prepay or repay