Company: SERV
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001832483-25-000089
Chunk: 15

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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ested restricted stock units121,660- *- - - - - Exercise of warrants1,164,644- *11,787 - - - 11,787 Exercise of options60,120- *138 - - - 138 Stock-based compensation-- 3,879 - - - 3,879 Net loss-- - - (13,216)- (13,216)Balances at March 31, 202556,845,5156 330,900 — (120,742)— 210,164 Issuance of common stock under the 2025 Equity Distribution Agreement, net of offering costs1,125,706- *13,521 - - - 13,521 Vested restricted stock units216,685- *- - - - - Exercise of warrants1,092,542- *(411)- - - (411)Exercise of options52,884- *86 - - - 86 Stock-based compensation-- 4,398 - - - 4,398 Other comprehensive income-- - - - 298 298 Net loss-- - - (20,850)- (20,850)Balances at June 30, 202559,333,332$6 $348,494 $— $(141,592)$298 $207,206 

*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)Six Months EndedJune 30,20252024Cash flows from operating activities:Net loss$(34,068)$(18,075)Adjustments to reconcile net loss to net cash used in operating activities:Depreciation & amortization1,292 28 Accretion of discount on available-for-sale securities(398)- Stock-based compensation8,277 7,735 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(499)(90)Inventory- 65 Prepaid expenses(650)(443)