Company: SERV
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001832483-25-000112
Chunk: 22

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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(20,850)Balances at June 30, 202559,333,3326 348,494 — (141,592)298 207,206 Issuance of common stock under the 2025 Equity Distribution Agreement, net of offering costs5,374,2291 65,246 - - - 65,247 Vayu Acquisition1,539,906- *37,830 - - - 37,830 Vested restricted stock units1,421,532- *- - - - - Exercise of warrants17,187- *5 - - - 5 Exercise of options74,837- *181 - - - 181 Stock-based compensation-- 6,642 - - - 6,642 Other comprehensive loss-- - - - (233)(233)Net loss-- - - (33,020)- (33,020)Balances at September 30, 202567,761,0237 458,398 — (174,612)65 283,858 

*The change in common stock is less than $1,000

See accompanying notes to the unaudited condensed consolidated financial statements

3

Serve Robotics Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(unaudited)Nine Months EndedSeptember 30,20252024Cash flows from operating activities:Net loss$(67,088)$(26,071)Adjustments to reconcile net loss to net cash used in operating activities:Depreciation & amortization3,387 37 Stock-based compensation14,919 9,930 Accretion of discount on available-for-sale securities(548)- Amortization of debt discount- 1,678 Change in fair value of derivative liability- 222 Changes in operating assets and liabilities, net of effects of business acquired:Accounts receivable, net(718)(10)Inventory- 447 Prepaid expenses(6,229)(2,776)Other receivables(496)(180)Other current assets(133)- Accounts payable3,479 1,556 Accrued liabilities2,688 (111)Deferred revenue(17)14 Operating lease liabilities, net155 (15)Net cash used in operating activities(50,601)(15,