Company: SERV
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001832483-25-000112
Chunk: 143

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 143
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 million in professional fees that largely included acquisition related transaction costs and corporate expansion related fees, stock-based compensation expense of $3.71 million, and $1.82 million due to increased employee headcount. The remaining $2.73 million is primarily the result of increased incremental operating expenses as we scale for expanded locations and workforce.

Operations expenses increased $2.07 million to $2.99 million for the three months ended September 30, 2025, from $0.92 million for the same period in 2024, $1.10 million due to increased employee headcount, and facility costs of $0.35 million from expansion locations.

Research and development expenses increased $8.41 million to $13.41 million for the three months ended September 30, 2025, from $5.01 million for the same period in 2024, due primarily to an increase of headcount expenses of $4.75 million.

Sales and marketing expenses increased $0.50 million to $0.88 million for the three months ended September 30, 2025, from $0.38 million for the same period in 2024, due to an increase in headcount expenses of $0.28 million.

Interest income increased $1.22 million to $1.71 million for the three months ended September 30, 2025, from income of $0.48 million for the same period in 2024 as a result of interest earned from cash on hand and marketable securities. 

Interest expense and amortization decreased $0.03 million to zero for the three months ended September 30, 2025, from the expense of $0.03 million for the same period in 2024, as the prior period expense was related to amortization of debt discount. 

Realized gain on foreign currency translation had a negligible increase from the translation of the Company’s non-U.S. transactions to U.S. dollars.

Realized gain on investments increased $0.09 million to $0.09 million for the three months ended September 30, 2025, from income of zero for the same period in 2024 as a result of recognized gains from marketable securities. 

35

Comparison of Results of Operations for the nine months ended September 30, 2025 and 2024

The following table summarizes our operating results as reflected in our unaudited statements of operations during the nine months ended September 30, 202