Company: GCTS
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0000950170-25-044438
Chunk: 9

Company: GCT Semiconductor Holding, Inc.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 7
Chunk 9
---
%, from $3.2 million for the year ended December 31, 2023 to $3.9 million for the year ended December 31, 2024. This change was primarily due to a $0.2 million increase in temporary services, and a $0.1 million increase in each of personnel related costs, allocations, travel, and stock-based compensation.

General and Administrative Expenses

General and administrative expenses increased by $3.4 million, or 46%, from $7.4 million for the year ended December 31, 2023 to $10.8 million for the year ended December 31, 2024. The change was primarily due to a $2.0 million increase in stock-based compensation related to the issuance and vesting of share-based awards, a $0.9 million increase in professional expenses related to the public company operations, a $0.7 million increase in temporary services, and a $0.5 million increase in personnel costs, partially offset by a $0.5 million decrease in allocations and a $0.4 million decrease in other expenses.

Gain on Extinguishment of Liability

Gain on extinguishment of liability was $14.6 million for the year ended December 31, 2024 due to the release by a vendor of amounts payable by us for research and development services received in prior years. No similar transactions took place during the year ended December 31, 2023.

Loss on Impairment of Long-Lived Assets

Loss on impairment of intangible assets was $0.8 million for the year ended December 31, 2024 due to impairment charges for certain long-lived assets that were determined to be not recoverable. No impairment charges were recorded for the year ended December 31, 2023.

Interest Expense

Interest expense decreased by $2.4 million, or 38%, from $6.2 million for the year ended December 31, 2023 to $3.9 million for the year ended December 31, 2024. The decrease of $2.4 million was primarily due to the conversion of significant amounts of outstanding convertible notes upon the closing of the Business Combination.

Gain on foreign currency transactions, net

Gain on foreign currency transactions increased by $4.4 million, or 1,663%, from $0.3 million for the year ended December 31, 2023 to $4.7 million for the year ended December 31, 2024. This increase