Company: RPID
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001380106-25-000200
Chunk: 341

Company: RAPID MICRO BIOSYSTEMS, INC.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 341
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 30, 2025 and 2024, there were no transfers in or out of Level 3.Valuation of short-term investmentsU.S. Treasury bills and notes included in short-term investments were valued by the Company using quoted prices in active markets for identical securities, which represents a Level 1 measurement within the fair value hierarchy. Valuation of warrant liabilityThe fair value of the warrant liability at September 30, 2025 was determined using the Black-Scholes option pricing model. This represents a Level 3 measurement within the fair value hierarchy. The key inputs for the Black-Scholes valuation model were as follows:Fair value inputs as of September 30, 2025Exercise price$3.35 Stock price$3.34 Expected volatility69.0 %Expected term (in years)5.0Risk-free interest rate3.7 %Expected dividend yield0 %Change in fair value of Level 3 liabilities           The following table presents a reconciliation of the warrant liability measured at fair value on a recurring basis as of September 30, 2025:Warrant liabilityBalance at August 8, 2025 (Issuance date)$317 Change in estimated fair value41Balance at September 30, 2025$358                 The change in fair value of the warrant liability is recognized in the interim condensed consolidated statements of operations as the remeasurement of the warrant liability.

4. Investments

Short-term investments by investment type consisted of the following (in thousands):September 30, 2025AmortizedcostGrossunrealizedgainsGrossunrealizedlossesFairvalueShort-term investmentsU.S. Government Treasury Bills$250 $— $— $250 U.S. Government Treasury Notes22,040 12 — 22,052 $22,290 $12 $— $22,302 

20

December 31, 2024AmortizedcostGrossunrealizedgainsGrossunrealizedlossesFairvalueShort-term investmentsU.S. Government Treasury Notes$33,783 $38 $— $33,821 $33,783 $38 $— $33,821 

5. Inventory

Inventory consisted of the following (in thousands):September 30,December 31,20252024Raw materials$12,265 $10,560 Work in process1,173 372 Finished goods7,