Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 000-32929

PERASO INC.

(Exact name of registrant as specified in its charter)

Delaware		77-0291941
(State or other jurisdiction of		(I.R.S. Employer
Incorporation or organization)		Identification Number)

2309 Bering Drive

San Jose, California 95131

(Address of principal executive office and zip code)

(408) 418-7500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		PRSO		The Nasdaq Stock Market, LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to filing requirements for the past 90 days. Yes ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of outstanding shares of the registrant’s exchangeable shares, no par value, was 95,093 as of May 8, 2024.

The number of outstanding shares of the registrant’s common stock, par value $0.001 per share, was 2,595,143 as of May 8, 2024.

PERASO INC.

FORM 10-Q

March 31, 2024

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION		1

Item 1.	Financial Statements (Unaudited):	1

	Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023	1

	Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2024 and 2023	2

	Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2024 and 2023	3

	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023	4

	Notes to Condensed Consolidated Financial Statements	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23

Item 4.	Controls and Procedures	30

PART II — OTHER INFORMATION		31

Item 1.	Legal Proceedings	31

Item 1A.	Risk Factors	31

Item 5.	Other Information	31

Item 6.	Exhibits	32

	Signatures	33

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

PERASO INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value)

	March 31,			December 31,
	2024			2023
	(unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	2,435		$	1,583
Accounts receivable, net		1,482			731
Inventories, net		2,756			2,606
Tax credits and receivables		27			36
Prepaid expenses and other		758			584
Total current assets		7,458			5,540

Property and equipment, net		981			1,156
Right-of-use lease assets		524			615
Intangible assets, net		2,464			3,280
Other		121			123
Total assets	$	11,548		$	10,714
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	2,221		$	2,448
Accrued expenses and other		748			611
Deferred revenue		1,110			1,105
Short-term lease liabilities		328			370
Total current liabilities		4,407			4,534

Long-term lease liabilities		277			349
Warrant liabilities		158			1,748
Total liabilities		4,842			6,631
Commitments and contingencies (Note 4)
Stockholders’ equity
Preferred stock, $0.01 par value; 20,000 shares authorized; none issued and outstanding		—			—
Series A, special voting preferred stock, $0.01 par value; one share authorized; and one share issued and outstanding at March 31, 2024 and December 31, 2023		—			—
Common stock, $0.001 par value; 120,000 shares authorized; 2,289 shares and 673 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively		2			1
Exchangeable shares, no par value; unlimited shares authorized; 95 shares outstanding at March 31, 2024 and December 31, 2023		—			—
Additional paid-in capital		175,127			170,474
Accumulated deficit		(168,423	)		(166,392	)
Total stockholders’ equity		6,706			4,083
Total liabilities and stockholders’ equity	$	11,548		$	10,714

The accompanying notes are an integral part of these condensed consolidated financial statements.

PERASO INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(In thousands, except per share data)

	Three Months Ended
	March 31,
	2024			2023
Net revenue
Product	$	2,676		$	4,888
Royalty and other		140			145
Total net revenue		2,816			5,033
Cost of net revenue		1,510			3,106
Gross profit		1,306			1,927
Operating expenses
Research and development		2,835			3,887
Selling, general and administrative		2,102			2,242
Gain on license and asset sale		—			(406	)
Total operating expenses		4,937			5,723
Loss from operations		(3,631	)		(3,796	)
Change in fair value of warrant liabilities		1,591			658
Other income (expense), net		9			(10	)
Net loss	$	(2,031	)	$	(3,148	)

Other comprehensive loss, net of tax:
Net unrealized gain on available-for-sale-securities		—			14
Comprehensive loss	$	(2,031	)	$	(3,134	)

Net loss per share
Basic and diluted	$	(1.07	)	$	(5.54	)

Shares used in computing net loss per share
Basic and diluted		1,907			568

Note: Share and per share amounts for the three months ended March 31, 2024 and 2023 have been adjusted to reflect the impact of a 1-for-40 reverse stock split effected in January 2024, as discussed in Note 1.

The accompanying notes are an integral part of these condensed consolidated financial statements.

PERASO INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands)

	Series A														Accumulated
	Special Voting								Exchangeable				Additional		Other
	Preferred Stock				Common Stock				Shares				Paid-In		Comprehensive		Accumulated
	Shares		Amount		Shares		Amount		Shares		Amount		Capital		Loss		Deficit			Total
Balance as of December 31, 2023		—	$	—		673	$	1		95	$	—	$	170,474	$	—	$	(166,392	)	$	4,083
Shares issued for reverse stock split		—		—		52		—		—		—		—		—		—			—
Sale of common stock and warrants		—		—		563		—		—		—		3,431		—		—			3,431
Issuance of common stock upon exercise of warrants		—		—		1,001		1		—		—		—		—		—			1
Stock-based compensation		—		—		—		—		—		—		1,222		—		—			1,222
Net loss		—		—		—		—		—		—		—		—		(2,031	)		(2,031	)
Balance as of March 31, 2024		—	$	—		2,289	$	2		95	$	—	$	175,127	$	—	$	(168,423	)	$	6,706

	Series A															Accumulated
	Special Voting								Exchangeable					Additional		Other
	Preferred Stock				Common Stock				Shares					Paid-In		Comprehensive			Accumulated
	Shares		Amount		Shares		Amount		Shares			Amount		Capital		Loss			Deficit			Total
Balance as of December 31, 2022		—	$	—		357	$	—		228		$	—	$	164,879	$	(25	)	$	(149,597	)	$	15,257
Exchange of exchangeable shares		—		—		8		—		(8	)		—		—		—			—			—
Stock-based compensation		—		—		—		—		—			—		1,307		—			—			1,307
Unrealized gain on available-for-sale securities		—		—		—		—		—			—		—		14			—			14
Net loss		—		—		—		—		—			—		—		—			(3,148	)		(3,148	)
Balance as of March 31, 2023		—	$	—		365	$	—		220		$	—	$	166,186	$	(11	)	$	(152,745	)	$	13,430

The accompanying notes are an integral part of these condensed consolidated financial statements.

PERASO INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

	Three Months Ended
	March 31,
	2024			2023
Cash flows from operating activities:
Net loss	$	(2,031	)	$	(3,148	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		992			755
Stock-based compensation		1,222			1,307
Change in fair value of warrant liabilities		(1,591	)		(658	)
Inventory write-downs		—			369
Allowance for bad debt		—			(183	)
Accrued interest on debt obligation		(3	)		(6	)
Other		(5	)		5
Changes in assets and liabilities
Accounts receivable		(750	)		546
Inventories		(146	)		126
Prepaid expenses and other assets		(173	)		474
Tax credits and receivables		9			—
Accounts payable		(226	)		(480	)
Right-of-use assets		91			165
Lease liabilities - operating		(80	)		(147	)
Deferred revenue and other liabilities		141			(539	)
Net cash used in operating activities		(2,550	)		(1,414	)
Cash flows from investing activities:
Purchases of property and equipment		—			(84	)
Proceeds from maturities of marketable securities		—			500
Net cash provided by investing activities		—			416
Cash flows from financing activities:
Proceeds from sale of common stock and warrants, net		3,432			—
Repayment of financing lease		(30	)		(25	)
Net cash provided by (used in) financing activities		3,402			(25	)
Net increase (decrease) in cash and cash equivalents		852			(1,023	)
Cash and cash equivalents at beginning of period		1,583			1,828
Cash and cash equivalents at end of period	$	2,435		$	805

Supplemental disclosure:
Noncash investing and financing activities:
Unrealized gain on available-for-sale securities	$	—		$	14

The accompanying notes are an integral part of these condensed consolidated financial statements.

PERASO INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1. The Company and Summary of Significant Accounting Policies

Peraso Inc., formerly known as MoSys, Inc. (the Company), was incorporated in California in 1991 and reincorporated in 2000 in Delaware. The Company is a fabless semiconductor company specializing in the development of millimeter wave (mmWave), which is generally described as the frequency band from 24 Gigahertz (GHz) to 300GHz, wireless technology. The Company derives revenue from selling its semiconductor devices and modules and performance of non-recurring engineering services. The Company also manufactures and sells high-performance memory semiconductor devices for a wide range of markets and receives royalties from licensees of its memory technology.

On September 14, 2021, the Company and its subsidiaries, 2864552 Ontario Inc. (Callco) and 2864555 Ontario Inc. (Canco), entered into an Arrangement Agreement (the Arrangement Agreement) with Peraso Technologies Inc. (Peraso Tech), a corporation existing under the laws of the province of Ontario, to acquire all of the issued and outstanding common shares of Peraso Tech (the Peraso Shares), including those Peraso Shares to be issued in connection with the conversion or exchange of secured convertible debentures and common share purchase warrants of Peraso Tech, as applicable, by way of a statutory plan of arrangement (the Arrangement) under the Business Corporations Act (Ontario). On December 17, 2021, following the satisfaction of the closing conditions set forth in the Arrangement Agreement, the Arrangement was completed and, the Company changed its name to “Peraso Inc.” and began trading on the Nasdaq Stock Market (the Nasdaq) under the symbol “PRSO.”

For accounting purposes, Peraso Tech, the legal subsidiary, was treated as the accounting acquirer and the Company, the legal parent, was treated as the accounting acquiree. The transaction was accounted for as a reverse acquisition in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 805, Business Combinations.

The accompanying condensed consolidated financial statements of the Company have been prepared without audit. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements at that date. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission (SEC). The information in this report should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in its most recent annual report on Form 10-K filed with the SEC.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) necessary to summarize fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. The operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any other future period.

Liquidity and Going Concern

The Company incurred net losses of approximately $2.0 million for the three months ended March 31, 2024 and $16.8 million for the year ended December 31, 2023 and had an accumulated deficit of approximately $168.4 million as of March 31, 2024. These and prior year losses have resulted in significant negative cash flows and have required the Company to raise substantial amounts of additional capital. To date, the Company has primarily financed its operations through multiple offerings of common stock and issuance of convertible notes and loans to investors and affiliates. As disclosed in Note 7, in February 2024, the Company completed a public offering of its common stock and common stock purchase warrants for net proceeds of $3.4 million.

The Company expects to continue to incur operating losses for the foreseeable future as it secures additional customers and continues to invest in the commercialization of its products. The Company will need to increase revenues substantially beyond levels that it has attained in the past in order to generate sustainable operating profit and sufficient cash flows to continue doing business without raising additional capital from time to time. As a result of the Company’s expected operating losses and cash burn for the foreseeable future, as well as recurring losses from operations, if the Company is unable to raise sufficient capital through additional debt or equity arrangements, there will be uncertainty regarding the Company’s ability to maintain liquidity sufficient to operate its business effectively, which raises substantial doubt as to the Company’s ability to continue as a going concern within one year from the date of issuance of these condensed consolidated financial statements. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s consolidated financial statements for the year ended December 31, 2023, expressed substantial doubt about the Company’s ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments that might result from this uncertainty. There can be no assurance that such additional capital, whether in the form of debt or equity financing, will be sufficient or available and, if available, that such capital will be offered on terms and conditions acceptable to the Company. The Company’s primary focus is producing and selling its products. If the Company is unsuccessful in these efforts, it will need to implement additional cost reduction strategies, which could further affect its near- and long-term business plan. These efforts may include, but are not limited to, reducing headcount and curtailing business activities.

Basis of Presentation

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The Company’s fiscal year ends on December 31 of each calendar year. Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations or cash flows.

Reverse Stock Split

On December 15, 2023, the Company filed a certificate of amendment to its amended and restated certificate of incorporation with the Secretary of State of the State of Delaware to effect a 1-for-40 reverse stock split of the Company’s shares of common stock. Further, on January 2, 2024, Canco filed a certificate of amendment to its amended and restated certificate of incorporation under the Ontario Business Corporations Act to effect a 1-for-40 reverse stock split of the outstanding exchangeable shares. Such amendments and ratio were previously approved by the Company’s stockholders and board of directors.

As a result of the reverse stock split, which was effective for trading purposes on January 3, 2024, every 40 shares of the Company’s pre-reverse split outstanding common stock and exchangeable shares were combined and reclassified into one share of common stock. Proportionate voting rights and other rights of holders of common stock and exchangeable shares were not affected by the reverse stock split. Any fractional shares of common stock and exchangeable shares resulting from the reverse stock split were rounded up to the nearest whole share. All stock options and restricted stock units outstanding and common stock reserved for issuance under the Company’s equity incentive plans and warrants outstanding immediately prior to the reverse stock split were adjusted by dividing the number of affected shares of common stock by 40 and, as applicable, multiplying the exercise price by 40, as a result of the reverse stock split. All share and per-share amounts in these condensed consolidated financial statements have been restated to reflect the reverse stock split as if it had occurred at the beginning of the earliest period presented.

Risks and Uncertainties

The Company is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements, limited operating history and the volatility of public markets.

COVID-19 and World Unrest

The global outbreak of the coronavirus disease 2019 (COVID-19) was declared a pandemic by the World Health Organization and a national emergency by the U.S. government in March 2020. This negatively affected the U.S. and global economy, disrupted global supply chains, significantly restricted travel and transportation, resulted in mandated closures and orders to “shelter-in-place” and created significant disruption of the financial markets. While the U.S. national emergency expired in May 2023 and substantially all closures and “shelter-in-place” orders have ended, there can be no assurance that COVID-19 will not impact the Company’s operational and financial performance in the future, as actions taken by U.S. and foreign government agencies to prevent disease spread are uncertain, out of the Company’s control, and cannot be predicted.

World unrest due to wars and terrorist attacks have led to further economic disruptions. Mounting inflationary cost pressures and recessionary fears have negatively impacted the global economy. Since mid-2022, at times, the U.S. Federal Reserve has addressed elevated inflation by increasing interest rates. Given current market conditions, the Company may be unable to access the capital markets, and additional capital may only be available to the Company on terms that could be significantly detrimental to the Company’s current stockholders and to the Company’s business.

Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses recognized during the reported period. Material estimates may include assumptions made in determining reserves for uncollectible receivables, inventory write-downs, impairment of long-term assets, valuation allowance on deferred tax assets, accruals for potential liabilities and assumptions made in valuing equity instruments and warrant liabilities. Actual results could differ from those estimates.

Cash Equivalents and Investments

The Company has invested its excess cash in money market accounts, certificates of deposit, corporate debt, government-sponsored enterprise bonds and municipal bonds and considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Investments with original maturities greater than three months and remaining maturities less than one year are classified as short-term investments. Investments with remaining maturities greater than one year are classified as long-term investments. Management generally determines the appropriate classification of securities at the time of purchase. All securities are classified as available-for-sale. The Company’s available-for-sale short-term and long-term investments are carried at fair value, with the unrealized holding gains and losses reported in accumulated other comprehensive income (loss). Realized gains and losses and declines in the value judged to be other-than-temporary are included in the other income, net line item in the condensed consolidated statements of operations. The cost of securities sold is based on the specific identification method.

Fair Value Measurements

The Company measures the fair value of financial instruments using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels:

Level 1—Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date.

Level 2—Pricing is provided by third party sources of market information obtained through the Company’s investment advisors, rather than models. The Company does not adjust for, or apply, any additional assumptions or estimates to the pricing information it receives from advisors. The Company’s Level 2 securities include cash equivalents and available-for-sale securities, which consisted primarily of certificates of deposit, corporate debt, and government agency and municipal debt securities from issuers with high-quality credit ratings. The Company’s investment advisors obtain pricing data from independent sources, such as Standard & Poor’s, Bloomberg and Interactive Data Corporation, and rely on comparable pricing of other securities because the Level 2 securities are not actively traded and have fewer observable transactions. The Company considers this the most reliable information available for the valuation of the securities.

Level 3—Unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment are used to measure fair value. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. The determination of fair value for Level 3 investments and other financial instruments involves the most management judgment and subjectivity.

The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable, accounts payable, and other payables, approximate their fair values because of the short maturity of these instruments. The carrying values of lease obligations and long-term financing obligations approximate their fair values because interest rates on these obligations are based on prevailing market interest rates. The Company measures the fair value of its warrant liabilities using Level 3 inputs.

Derivatives and Liability-Classified Instruments

The Company accounts for common stock warrants as either equity-classified or liability-classified instruments based on an assessment of the specific terms of the warrants and the guidance provided by the Financial Accounting Standards Board (FASB) in ASC 480, Distinguishing Liabilities from Equity (ASC 480) and ASC 815, Derivatives and Hedging (ASC 815). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own stock and whether the holders of the warrants could potentially require net cash settlement in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

Allowance for Doubtful Accounts

The Company establishes an allowance for doubtful accounts to ensure that its trade receivables balances are not overstated due to uncollectibility. The Company performs ongoing customer credit evaluations within the context of the industry in which it operates and generally does not require collateral from its customers. A specific allowance of up to 100% of the invoice value is provided for any problematic customer balances. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. The Company grants credit only to customers deemed creditworthy in the judgment of management. The allowance for doubtful accounts receivable was approximately $30,000 as of March 31, 2024 and December 31, 2023.

Inventories

The Company values its inventories at the lower of cost, which approximates actual cost on a first-in, first-out basis, or net realizable value. Costs of inventories primarily consisted of material and third party assembly costs. The Company records write-downs for estimated obsolescence or unmarketable inventories based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those expected by management, additional adjustments to inventory valuation may be required. Charges for obsolete and slow-moving inventories are recorded based upon an analysis of specific identification of obsolete inventory items and quantification of slow moving inventory items. The Company determined that it had excess and obsolete inventory, primarily related to its mmWave products, and recorded write-downs of inventory of approximately $369,000 during the three months ended March 31, 2023. No material write-downs of inventory were recorded during the three months ended March 31, 2024. If the Company’s recognition of excess or obsolete inventory is, or if its estimates of inventory’s potential utility become, less favorable than currently expected, additional inventory write-downs may be required.

Intangible and Long-lived Assets

Intangible assets are recorded at cost and amortized on a straight-line method over their estimated useful lives of three to ten years. Amortization of developed technology and other intangibles directly related to the Company’s products is included in cost of net revenue, while amortization of customer relationships and other intangibles not associated with the Company’s products is included in selling, general and administrative expense in the condensed consolidated statements of operations.

The Company regularly reviews the carrying value and estimated lives of its long-lived assets and finite-lived intangible assets to determine whether indicators of impairment may exist which warrant adjustments to carrying values or estimated useful lives. The determinants used for this evaluation include management’s estimate of the asset’s ability to generate positive income from operations and positive cash flow in future periods as well as the strategic significance of the assets to the Company’s business objective. Should an impairment exist, the impairment loss would be measured based on the excess of the carrying amount of the long-lived asset group over the asset’s fair value.

Purchased Intangible Assets

Intangible assets acquired in business combinations are accounted for based on the fair value of assets purchased and are amortized over the period in which economic benefit is estimated to be received. Intangible assets subject to amortization, including those acquired in business combinations were as follows (amounts in thousands):

	March 31, 2024
	Gross					Net
	Carrying		Accumulated			Carrying
	Amount		Amortization			Amount
Developed technology	$	5,726	$	(4,035	)	$	1,691
Customer relationships		2,556		(1,801	)		755
Other		186		(168	)		18
Total	$	8,468	$	(6,004	)	$	2,464

	December 31, 2023
	Gross								Net
	Carrying		Accumulated			Other			Carrying
	Amount		Amortization			Impairment			Amount
Developed technology	$	5,726	$	(3,471	)	$	—		$	2,255
Customer relationships		2,556		(1,550	)		—			1,006
Other		186		(61	)		(106	)		19
Total	$	8,468	$	(5,082	)	$	(106	)	$	3,280

Developed technology primarily consisted of MoSys’ products that have reached technological feasibility and primarily relate to its memory semiconductor products and technology. The value of the developed technology was determined by discounting estimated net future cash flows of these products. Amortization related to developed technology of $0.6 million for the three months ended March 31, 2024 has been included in cost of net revenue in the condensed consolidated statements of operations and comprehensive loss.

Customer relationships relate to the Company’s ability to sell existing and future versions of its products to MoSys’ customers existing at the time of the arrangement. The fair value of the customer relationships was determined by discounting estimated net future cash flows from the customer relationships. Amortization related to customer relationships of $0.2 million for the three months ended March 31, 2024 has been included in selling, general and administrative expense in the condensed consolidated statements of operations and comprehensive loss.

Other amortization expense was approximately $1,000 for the three months ended March 31, 2024.

At March 31, 2024, the Company has not identified any intangible asset impairments. However, current macroeconomic conditions, which have been impacted by inflation and other world unrest, could negatively impact our business and stock price and trigger the Company to test for impairment. The Company will continue to evaluate for impairment indicators, as necessary, on a quarterly basis.

Revenue Recognition

The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, and its amendments (ASC 606). As described below, the analysis of contracts under ASC 606 supports the recognition of revenue at a point in time, resulting in revenue recognition timing that is materially consistent with the Company’s historical practice of recognizing product revenue when title and risk of loss pass to the customer.

The Company generates revenue primarily from sales of integrated circuits and antenna module products, performance of engineering services and licensing of its intellectual property. Revenues are recognized when control is transferred to customers in amounts that reflect the consideration the Company expects to be entitled to receive in exchange for those goods. Revenue recognition is evaluated through the following five steps: (i) identification of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied.

Product revenue

Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied. The majority of the Company’s contracts have a single performance obligation to transfer products. Accordingly, the Company recognizes revenue when title and risk of loss have been transferred to the customer, generally at the time of shipment of products. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products and is generally based upon a negotiated, formula, list or fixed price. The Company sells its products both directly to customers and through distributors generally under agreements with payment terms typically 60 days or less.

The Company may record an estimated allowance, at the time of shipment, for future returns and other charges against revenue consistent with the terms of sale.

Royalty and other

The Company’s licensing contracts typically provide for royalties based on the licensee’s use of the Company’s memory technology in its currently shipping commercial products. The Company estimates its royalty revenue in the calendar quarter in which the licensee uses the licensed technology. Payments are received in the subsequent quarter. The Company also generates revenue from licensing its technology. The Company recognizes license fees as revenue at the point of time when the control of the license has been transferred and the Company has no continuing performance obligations to the customer.

Engineering services revenue

Engineering and development contracts with customers generally contain a single performance obligation that is delivered over time. Revenue is recognized using an output method that is consistent with the satisfaction of the performance obligation as a measure of progress.

Contract liabilities – deferred revenue

The Company’s contract liabilities consist of advance customer payments and deferred revenue. The Company classifies advance customer payments and deferred revenue as current or non-current based on the timing of when the Company expects to recognize revenue. As of March 31, 2024 and December 31, 2023, contract liabilities were in a current position and included in deferred revenue.

During the three months ended March 31, 2024, the Company recognized approximately $201,800 of revenue that had been included in deferred revenue as of December 31, 2023.

See Note 5 for disaggregation of revenue by geography.

The Company does not have significant financing components, as payments from customers are typically due within 60 days of invoicing, and the Company has elected the practical expedient to not value financing components that are less than one year. Shipping and handling costs are generally incurred by the customer, and, therefore, are not recorded as revenue.

Cost of Net Revenue

Cost of net revenue consists primarily of direct and indirect costs of product sales, including amortization of intangible assets and depreciation of production-related fixed assets.

Stock-Based Compensation

The Company periodically issues stock options and restricted stock units to employees and non-employees. The Company accounts for such awards based on ASC 505 and ASC 718, whereby the value of the award is measured on the date of award and recognized as compensation expense on a straight-line basis over the vesting period. The fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing (Black Scholes) model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the options, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes model. The assumptions used in the Black-Scholes model could materially affect compensation expense recorded in future periods.

Foreign Currency Transactions

The functional currency of the Company is the U.S dollar. All foreign currency transactions are initially measured and recorded in an entity’s functional currency using the exchange rate on the date of the transaction. All monetary assets and liabilities are remeasured at the end of each reporting period using the exchange rate at that date. All non-monetary assets and related expense, depreciation or amortization are not subsequently remeasured and are measured using the historical exchange rate. An average exchange rate may be used to recognize income and expense items earned or incurred evenly over a period. Foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the statement of operations, except for the gains and losses arising from the conversion of the carrying amount of the foreign currency denominated convertible preferred shares into the functional currency that are presented as adjustment to the net loss to arrive at net loss attributable to common stockholders.

Per-Share Amounts

Basic net loss per share is computed by dividing net loss for the period by the weighted-average number of exchangeable shares and shares of common stock outstanding (WASO) during the period. In addition, the Company includes the number of shares of common stock issuable upon exercise of pre-funded warrants as outstanding. Diluted net loss per share gives effect to all potentially dilutive exchangeable and common shares outstanding during the period. Potentially dilutive common shares consist of incremental exchangeable shares and shares of common stock issuable upon the achievement of escrow terms, exercise of stock options, vesting of stock awards and exercise of warrants.

Prior to June 30, 2023, the Company excluded shares of common stock issuable upon exercise of pre-funded warrants from the computation of WASO. The pre-funded warrant shares are now included in the computation of WASO. Prior period amounts have been conformed to the current-period presentation. The impact of the change reduced the previously reported loss per share by $0.30, and increased WASO by approximately 29,000 shares for the three months ended March 31, 2023. The reclassification had no impact on the Company’s net loss or cash flows for the three months ended March 31, 2024.

The following table sets forth securities outstanding that were excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive (in thousands):

	March 31,
	2024		2023
Escrow shares - exchangeable shares		33		33
Escrow shares - common stock		13		13
Options to purchase common stock		36		37
Unvested restricted common stock units		15		27
Warrants classified as equity		8,094		—
Warrants classified as liabilities		235		123
Total		8,426		233

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and it requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact that this ASU will have on the presentation of its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that this ASU will have on the presentation of its consolidated financial statements.

Other recent authoritative guidance issued by the FASB (including technical corrections to the ASC), the American Institute of Certified Public Accountants, and the Securities and Exchange Commission (the SEC) did not, or is not expected to, have a material impact on the Company’s consolidated financial statements and related disclosures.

Note 2. Fair Value of Financial Instruments

The following tables represent the Company’s assets and liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands):

	March 31, 2024
	Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds (1)	$	1	$	—	$	—	$	—

Liabilities:
Warrant liabilities	$	158	$	—	$	—	$	158

	December 31, 2023
	Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds (1)	$	1	$	—	$	—	$	—

Liabilities:
Warrant liabilities	$	1,748	$	—	$	—	$	1,748

(1)	Amounts are included in cash and cash equivalents on the condensed consolidated balance sheets.

The following tables represent the Company’s determination of fair value for its financial assets (cash equivalents and investments) (in thousands):

	March 31, 2024
			Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Cash and cash equivalents	$	2,435	$	—	$	—	$	2,435

	December 31, 2023
			Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Cash and cash equivalents	$	1,583	$	—	$	—	$	1,583

Note 3. Balance Sheet Detail

	March 31,		December 31,
	2024		2023
	(in thousands)
Inventories:
Raw materials	$	147	$	209
Work-in-process		1,778		1,517
Finished goods		831		880
	$	2,756	$	2,606

Note 4. Commitments and Contingencies

Leases

The Company has operating leases for its corporate headquarters facility in San Jose, California and facilities in Toronto and Markham Ontario, Canada and recognizes lease expense on a straight-line basis over the respective lease terms.

In November 2023, the Company renewed the San Jose facility lease for a one-year term, which commenced January 15, 2024 (the Renewal Term), and, effective with the commencement of the Renewal Term, the Company ceased accounting for the lease under ASC 842. In December 2023, the Company renewed the Toronto office lease for a reduced amount of square footage for a one-year term, which commenced January 1, 2024. In May 2022, the Company entered into a lease for the facility in Markham with a 60-month term, which commenced June 21, 2022. The Markham landlord also provided a lease incentive of approximately $286,200 (the Incentive). In 2023, the Company received payment of $143,100 from the Markham landlord of the first installment of the Incentive. The remaining balance of the Incentive is paid to the Company in the form of an adjustment to rent during the last three months of each year during the remaining lease term. During 2023, a credit of $35,775 was made against the rent during the three months ended December 31, 2023. As of March 31, 2024, the pending Incentive to be received was $107,325.

Upon the renewal of the Toronto lease in December 2023, the Company recognized a right-of-use asset of approximately $137,700. The discount rate used to measure the lease assets and liabilities for the renewal was 8%.

The initial right-of-use asset and corresponding liability of approximately $1.0 million for the Markham facility lease were measured at the present value of the future minimum lease payments. The discount rate used to measure the lease assets and liabilities was 8%.

On March 1, 2022, the Company entered into a 36-month finance lease agreement for the lease of equipment resulting in the recognition of a right-of-use asset and lease liability of approximately $274,000.

On November 1, 2022, the Company entered into a 36-month finance lease agreement for the lease of equipment resulting in the recognition of a right-of-use asset of approximately $124,000 and lease liability of approximately $117,000.

The following table provides the details of right-of-use assets and lease liabilities as of March 31, 2024 (in thousands):

	Three Months Ended
	March 31, 2024
Right-of-use assets:
Operating leases	$	365
Finance lease		159
Total right-of-use assets	$	524
Lease liabilities:
Operating leases	$	445
Finance lease		160
Total lease liabilities	$	605

Future minimum payments under the leases at March 31, 2024 are listed in the table below (in thousands):

Year ending December 31,
2024	$	293
2025		164
2026		107
2027		104
Total future lease payments		668
Less: imputed interest		(63	)
Present value of lease liabilities	$	605

The following table provides the details of supplemental cash flow information (in thousands):

	Three Months Ended March 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for leases	$	106	$	199

Rent expense was approximately $0.2 million for each of the three-month periods ended March 31, 2024 and 2023. In addition to the minimum lease payments, the Company is responsible for property taxes, insurance and certain other operating costs related to the leased facilities and equipment.

Indemnification

In the ordinary course of business, the Company enters into contractual arrangements under which it may agree to indemnify the counterparties from any losses incurred relating to breach of representations and warranties, failure to perform certain covenants, or claims and losses arising from certain events as outlined within the particular contract, which may include, for example, losses arising from litigation or claims relating to past performance. Such indemnification clauses may not be subject to maximum loss clauses. The Company has also entered into indemnification agreements with its officers and directors. No material amounts were reflected in the Company’s condensed consolidated financial statements for the three months ended March 31, 2024 and 2023 related to these indemnifications.

The Company has not estimated the maximum potential amount of indemnification liability under these agreements due to the limited history of prior claims and the unique facts and circumstances applicable to each particular agreement. To date, the Company has not made any payments related to these indemnification agreements.

Product Warranties

The Company warrants certain of its products to be free of defects generally for a period of three years. The Company estimates its warranty costs based on historical warranty claim experience and includes such costs in cost of net revenues. Warranty costs were not material for the three months ended March 31, 2024 and 2023.

Legal Matters

The Company is not a party to any legal proceeding that the Company believes is likely to have a material adverse effect on its condensed consolidated financial position or results of operations. From time to time the Company may be subject to legal proceedings and claims in the ordinary course of business. These claims, even if not meritorious, could result in the expenditure of significant financial resources and diversion of management efforts.

Purchase Obligations

The Company’s primary purchase obligations include non-cancelable purchase orders for inventory and computer-aided-design (CAD) software. At March 31, 2024, the Company had outstanding non-cancelable purchase orders for inventory, primarily wafers and substrates, and related expenditures of approximately $3.2 million and non-cancelable purchase orders for CAD software of $2.2 million.

Note 5. Business Segments, Concentration of Credit Risk and Significant Customers

The Company determined its reporting units in accordance with ASC 280, Segment Reporting (ASC 280). Management evaluates a reporting unit by first identifying its operating segments under ASC 280. The Company then evaluates each operating segment to determine if it includes one or more components that constitute a business. If there are components within an operating segment that meet the definition of a business, the Company evaluates those components to determine if they must be aggregated into one or more reporting units. If applicable, when determining if it is appropriate to aggregate different operating segments, the Company determines if the segments are economically similar and, if so, the operating segments are aggregated.

Management has determined that the Company has one consolidated operating segment. The Company’s reporting segment reflects the manner in which its chief operating decision maker reviews results and allocates resources. The Company’s reporting segment meets the definition of an operating segment and does not include the aggregation of multiple operating segments.

The Company recognized revenue from shipments of product, licensing of its technologies and performance of services to customers by geographical location as follows (in thousands):

	Three Months Ended
	March 31,
	2024		2023
United States	$	2,230	$	3,089
Hong Kong		213		146
Taiwan		89		1,429
Rest of world		284		369
Total net revenue	$	2,816	$	5,033

The following is a breakdown of product revenue by category (in thousands):

	Three Months Ended March 31,
Product category	2024		2023
Memory ICs	$	2,383	$	2,181
mmWave ICs		77		1,479
mmWave modules		203		1,224
mmWave other products		13		4
	$	2,676	$	4,888

The following lists significant customers that represented more than 10% of the Company’s total revenue and/or net accounts receivable balance, as applicable, at each respective balance sheet date:

	Revenue						Accounts Receivable
	For the Three Months Ended March 31,						March 31,			December 31,
	2024			2023			2024			2023
Customer A		51	%		13	%		42	%		36	%
Customer B		28	%		25	%		42	%		33	%
Customer C		*			27	%		*			*
Customer D		*			21	%		*			*
Customer E		*			*			*			14	%

The following lists significant vendors that represented more than 10% of the Company’s total accounts payable balance at each respective balance sheet date:

	Accounts Payable
	March 31,			December 31,
	2024			2023
Vendor A		52	%		47	%
Vendor B		*			12	%

*	Represents less than 10%

Note 6. Stock-Based Compensation

Common Stock Equity Plans

In 2010, the Company adopted the 2010 Equity Incentive Plan and later amended it in 2014, 2017 and 2018 (the Amended 2010 Plan). The Amended 2010 Plan was terminated in August 2019 and remains in effect as to outstanding equity awards granted prior to the date of expiration. No new awards may be made under the Amended 2010 Plan.

In August 2019, the Company’s stockholders approved the 2019 Stock Incentive Plan (the 2019 Plan) to replace the Amended 2010 Plan. The 2019 Plan authorizes the board of directors or the compensation committee of the board of directors to grant a broad range of awards including stock options, stock appreciation rights, restricted stock, performance-based awards, and restricted stock units. Under the 2019 Plan, 4,563 shares were initially reserved for issuance. In November 2021, in connection with the approval of the Arrangement, the Company’s stockholders approved an amendment increasing the number of shares reserved for issuance under the 2019 Plan by 77,674 shares.

Under the 2019 Plan, the term of all incentive stock options granted to a person who, at the time of grant, owns stock representing more than 10% of the voting power of all classes of the Company’s stock may not exceed five years. The exercise price of stock options granted under the 2019 Plan must be at least equal to the fair market value of the shares on the date of grant. Generally, awards under the 2019 Plan will vest over a three to four-year period, and options will have a term of 10 years from the date of grant. In addition, the 2019 Plan provides for automatic acceleration of vesting for options granted to non-employee directors upon a change of control of the Company.

In connection with the Arrangement, the Company assumed the Peraso Technologies Inc. 2009 Share Option Plan (the 2009 Plan) and all outstanding options granted pursuant to the terms of the 2009 Plan. Each outstanding, unexercised and unexpired option under the 2009 Plan, whether vested or unvested, was assumed by the Company and converted into options to purchase shares of the Company’s common stock. No further awards will be made under the 2009 Plan.

The 2009 Plan, the Amended 2010 Plan and the 2019 Plan are referred to collectively as the “Plans.”

Stock-Based Compensation Expense

The Company reflected compensation costs of $1.0 million and $1.1 million related to the vesting of stock options during each of the three-month periods ended March 31, 2024 and 2023, respectively. At March 31, 2024, the unamortized compensation cost was approximately $2.2 million related to stock options and is expected to be recognized as expense over a weighted average period of approximately 0.8 years. The Company reflected compensation costs of $0.2 million related to the vesting of restricted stock during each of the three months ended March 31, 2024 and 2023. The unamortized compensation cost at March 31, 2024 was $0.7 million related to restricted stock units and is expected to be recognized as expense over a weighted average period of approximately 0.9 years. There were no stock options granted or exercised during the three months ended March 31, 2024 and 2023.

Common Stock Options and Restricted Stock

The term of all incentive stock options granted to a person who, at the time of grant, owns stock representing more than 10% of the voting power of all classes of the Company’s stock may not exceed five years. The exercise price of stock options granted under the 2019 Plan must be at least equal to the fair market value of the shares on the date of grant. Generally, options granted under the 2019 Plan will vest over a three to four-year period and have a term of 10 years from the date of grant. In addition, the 2019 Plan provides for automatic acceleration of vesting for options granted to non-employee directors upon a change of control (as defined in the 2019 Plan) of the Company.

The following table summarizes the activity in the shares available for grant under the Plans during the three months ended March 31, 2024 and options outstanding as of March 31, 2024 (in thousands, except exercise price):

				Options Outstanding
							Weighted
	Shares						Average
	Available			Number of			Exercise
	for Grant			Shares			Prices
Balance as of December 31, 2023		39			36		$	127.00
RSUs granted		(2	)		—			—
RSUs cancelled and returned to the 2019 Plan		2			—			—
Options cancelled		—			(1	)	$	147.64
Balance as of March 31, 2024		39			35		$	126.70

A summary of RSU activity under the Plans is presented below (in thousands, except for fair value):

				Weighted
				Average
	Number of			Grant-Date
	Shares			Fair Value
Non-vested shares as of December 31, 2023		15		$	69.63
Granted		2		$	1.55
Cancelled		(2	)	$	53.54
Non-vested shares as of March 31, 2024		15		$	62.04

The following table summarizes significant ranges of outstanding and exercisable options as of March 31, 2024 (in thousands, except contractual life and exercise price):

	Options Outstanding						Options Exercisable
			Weighted
			Average
			Remaining		Weighted				Weighted
			Contractual		Average				Average		Aggregate
	Number		Life		Exercise		Number		Exercise		Intrinsic
Range of Exercise Price	Outstanding		(in Years)		Price		Exercisable		Price		value
$0.00 - $62.80		2		5.64	$	62.80		2	$	62.80	$	—
$62.81 - $599.60		33		6.49	$	108.06		27	$	107.66	$	—
$0.00 - $599.60		35		6.43	$	126.70		29	$	130.00	$	—

Note 7. Equity

Exchangeable Shares and Preferred Stock

As discussed in Note 1, on December 17, 2021, following the satisfaction of the closing conditions set forth in the Arrangement Agreement, the Arrangement was completed. Pursuant to the completion of the Arrangement, each Peraso Share that was issued and outstanding immediately prior to December 17, 2021 was converted into either newly issued shares of common stock of the Company or shares of Canco, which are exchangeable for shares of the Company’s common stock (Exchangeable Shares), at the election of each former Peraso Tech stockholder. Of the shares issued to the holders of Peraso Tech Shares, pursuant to the terms of the Agreement, the Company held in escrow an aggregate of 32,822 Exchangeable Shares and 12,564 shares of common stock (collectively, the Escrow Shares). The Escrow Shares are escrowed pursuant to the terms of an escrow agreement on a pro rata basis from the aggregate consideration received by the holders of Peraso Shares, subject to the offset by the Company for any losses in accordance with the Agreement. Such Escrow Shares shall be released, subject to any offset claim, upon the satisfaction of the earlier of: (a) any date following the first anniversary of December 17, 2021 and prior to December 17, 2024 where the volume weighted average price of the common stock for any 20 trading days within a period of 30 consecutive trading days is at least $342.80 per share, subject to adjustment for stock splits or other similar transactions; (b) the date of any sale of all or substantially all of the assets or shares of the Company; or (c) the date of any bankruptcy, insolvency, restructuring, receivership, administration, wind-up, liquidation, dissolution, or similar event involving the Company. All and any voting rights and other stockholder rights, other than with respect to dividends and distributions, with respect to the Escrow Shares are suspended until the Escrow Shares are released from escrow.

The Exchangeable Share structure is commonly used for cross-border transactions of this nature so as to provide non-tax-exempt Canadian shareholders with the same economic rights and benefits as holders of the Company’s shares into which the Exchangeable Shares are exchangeable, while allowing those Canadian shareholders to benefit from the tax-rollover available on the issuance of the Exchangeable Shares. In general terms, by choosing to acquire Exchangeable Shares from Canco, such a former Peraso Tech shareholder was able to rely on a rollover rule in the Income Tax Act (Canada) in order to defer any capital gain that he/she/it would have otherwise realized.

Callco was incorporated to exercise the call rights, while Canco was incorporated to acquire the shares of Peraso Tech from Canadian shareholders that wished to receive Exchangeable Shares as consideration, so it was a tax deferred transaction for such Canadian shareholders. The use of a separate entity, Callco, helps maximize cross border paid-up capital, which represents the amount that can generally be distributed free of Canadian withholding tax. The call rights also allow Callco to “purchase” the Exchangeable Shares rather than having them redeemed by Canco on a redemption or retraction or in connection with a liquidity event, thus avoiding the adverse deemed dividend tax consequences to shareholders that may arise from a redemption or retraction of Exchangeable Shares.

Holders of Exchangeable Shares have the right at any time (the Retraction Right) to retract or redeem any or all of the Exchangeable Shares owned by them for an amount per share equal to the market price of a share of the Company’s common stock plus the full amount of all declared and unpaid dividends on such Exchangeable Share (the Exchangeable Share Purchase Price). The Exchangeable Share Purchase Price is payable only by the Company delivering or causing to be delivered to the relevant holder one share of the Company’s common stock for each Exchangeable Share purchased plus a cash amount equal to the amount of any accrued and unpaid dividends on such Exchangeable Share. The Company and Callco each have an overriding right, in the event that a holder of Exchangeable Shares exercises its Retraction Right, to redeem from such holder all, but not less than all, of the Exchangeable Shares tendered for redemption.

The Exchangeable Shares are subject to redemption by the Company, Callco and Canco at the Exchangeable Share Purchase Price, on the “Redemption Date,” which date shall be no earlier than the seventh anniversary of the date on which Exchangeable Shares are first issued, unless: (a) less than 10% of the aggregate number of Exchangeable Shares issued remain outstanding; (b) there is a change in control of the Company (defined generally as (i) any merger, amalgamation, arrangement, takeover bid or tender offer, material sale of shares or rights or interests that results in the holders of outstanding voting securities of the Company directly or indirectly owning, or exercising control or direction over, voting securities representing less than 50% of the total voting power of all of the voting securities of the surviving entity; or (ii) any sale or disposition of all or substantially of the Company’s assets), and (c) upon the occurrence of certain other events. The Exchangeable Share Purchase Price is payable only by the Company delivering or causing to be delivered to the relevant holder one share of the Company’s common stock for each Exchangeable Share purchased plus a cash amount equal to the amount of any accrued and unpaid dividends on such Exchangeable Share.

In the event of the liquidation, dissolution or winding-up of Canco, holders of Exchangeable Shares have the right to receive in respect of each Exchangeable Share held by such holder, an amount per share equal to the Exchangeable Share Purchase Price, which shall be satisfied in full by Canco by delivering to such holder one Company Share, plus an amount equal to the Dividend Amount. The Company and Callco each have an overriding right to purchase from all holders all but not less than all of the Exchangeable Shares upon the occurrence of such events.

In addition, the Company and Callco have the right to purchase all outstanding Exchangeable Shares at the Exchangeable Share Purchase Price if there is a change of law that permits holders of Exchangeable Shares to exchange their Exchangeable Shares for shares of common stock on a basis that will not require holders to recognize any gain or loss or any actual or deemed dividend for Canadian tax purposes.

The holders of Exchangeable Shares have an “automatic exchange right” in the event of any insolvency, liquidation, dissolution or winding-up or in general, related proceedings, of the Company for an amount per share equal to the Exchangeable Share Purchase Price.

It is expected that Callco will exercise its call rights, as that is more beneficial to the holders of the Exchangeable Shares. Once Callco acquires the Exchangeable Shares from a holder, it (Callco and the Company) is obligated to deliver the Company shares to the holder. Callco discharges this obligation by arranging for the Company to issue and deliver those shares to the holders on behalf of Callco. As consideration for satisfying the delivery obligation, Callco would issue its own shares to the Company.

There are no cash redemption features, as all redemption and exchange scenarios are payable in a share of the Company’s common stock. Neither Canco, Callco, or the Company assume any tax liabilities of a former Peraso Tech shareholder who acquired Exchangeable Shares under the plan of arrangement. The purchase price computed upon the exercise of rights pertaining to retraction, redemption, or liquidation, or otherwise giving rise to a purchase or cancellation of an Exchangeable Share, will, in all cases, consist of a 1:1 exchange involving the Company’s common stock, regardless of the market price of a share of the Company’s common stock.

In connection with the Arrangement, on December 15, 2021, the Company filed the Certificate of Designation of Series A Special Voting Preferred Stock (the Certificate) with the Secretary of State of the State of Delaware to designate Series A Special Voting Preferred Stock (the Special Voting Share) in accordance with the terms of the Arrangement Agreement in order to enable the holders of Exchangeable Shares to exercise their voting rights. The Special Voting Share was issued to a third-party administrative agent (the Agent) solely to facilitate the exercise of rights by holders of Exchangeable Shares. The rights of the Agent, as holder of the Special Voting Share, are limited to effecting the rights of the holders of the Exchangeable Shares; the Special Voting Share does not confer any independent rights to the Agent. Under the Certificate, when all of the Exchangeable Shares have been converted into shares of the Company’s common stock, the Special Voting Share shall be automatically cancelled and shall not be reissued. Each Exchangeable Share is exchangeable for one share of common stock of the Company and while outstanding, the Special Voting Share enables holders of Exchangeable Shares to cast votes on matters for which holders of the common stock are entitled to vote, and by virtue of the share terms relating to the Exchangeable Shares, enable the Exchangeable Shares to receive dividends that are economically equivalent to any dividends declared with respect to the shares of common stock. As the Special Voting Share does not participate in dividends (only the Exchangeable Shares participate in dividends) and is not entitled to participate in the residual interest of the Company, it is not classified as an equity instrument in the Company’s financial statements.

The Exchangeable Shares, which can be converted into common stock at the option of the holder and have the same voting and dividend rights as common stock, are similar in substance to shares of common stock. Further, Canco and Callco are non-substantive entities, which are looked through with the Exchangeable Shares being, in substance, common stock of the Company. Therefore, the Exchangeable Shares have been included in the determination of outstanding common stock. The Special Voting Share was issued to a third-party administrative agent (the Agent) solely to facilitate the exercise of rights by holders of Exchangeable Shares. The rights of the Agent, as holder of the Special Voting Share, are limited to effecting the rights of the holders of the Exchangeable Shares; the Special Voting Share does not confer any independent rights to the Agent. Under the Certificate, when all of the Exchangeable Shares have been converted into shares of the Company’s common stock, the Special Voting Share shall be automatically cancelled and shall not be reissued.

February 2024 Public Offering

On February 6, 2024, the Company entered into an underwriting agreement (the Underwriting Agreement) with Ladenburg Thalmann & Co. Inc., as the sole underwriter (the Underwriter), relating to the issuance and sale in a public offering (the Offering) of: (i) 480,000 shares of common stock, (ii) pre-funded warrants to purchase up to 1,424,760 shares of common stock, (iii) Series A warrants to purchase up to 3,809,520 shares of common stock, (iv) Series B warrants to purchase up to 3,809,520 shares of common stock, and (v) up to 285,714 additional shares of common stock, Series A warrants to purchase up to 571,428 shares of common stock and Series B warrants to purchase up to 571,428 shares of common stock that may be purchased pursuant to a 45-day option to purchase additional securities granted to the Underwriter by the Company. The Underwriter partially exercised this option on February 7, 2024 for 82,500 shares of common stock, Series A warrants to purchase up to 165,000 shares of common stock and Series B warrants to purchase up to 165,000 shares of common stock. The combined public offering price of each share of common stock, together with the accompanying Series A warrants and Series B warrants, was $2.10, less underwriting discounts and commissions. The combined public offering price of each pre-funded warrant, together with the accompanying Series A warrants and Series B warrants, was $2.099, less underwriting discounts and commissions.

The Offering, including the additional shares of common stock, Series A warrants and Series B warrants sold pursuant to the partial exercise of the Underwriter’s option, closed on February 8, 2024.

The net proceeds from the Offering, including the additional shares of common stock, Series A warrants and Series B warrants sold pursuant to the partial exercise of the Underwriter’s option, after deducting underwriting discounts and commissions and other estimated Offering expenses payable by the Company and excluding any proceeds from the exercise of the Series A warrants, Series B warrants and pre-funded warrants, were approximately $3.4 million.

The Series A warrants and Series B warrants each have an exercise price of $2.25 per share and were immediately exercisable upon issuance. The Series A warrants expire on the five-year anniversary of the date of issuance and the Series B warrants expire on the six-month anniversary of the date of issuance. The pre-funded warrants have an exercise price of $0.001 per share, were exercisable immediately and may be exercised at any time until all of the pre-funded warrants are exercised in full. The exercise price and number of shares of common stock issuable upon exercise of the warrants is subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting the common stock and the exercise price. Subject to limited exceptions, a holder may not exercise any portion of its warrants to the extent that the holder would beneficially own more than 9.99% or 4.99% (at the election of the holder) of the Company’s outstanding common stock after exercise.

On February 8, 2024, pursuant to the Underwriting Agreement, the Company issued Series A warrants to the Underwriter to purchase up to 139,108 shares of common stock at an exercise price of $2.625, subject to adjustments, which are exercisable at any time and from time to time, in whole or in part, until February 8, 2029.

Warrants Classified as Equity

As of March 31, 2024, the Company had the following equity-classified common stock purchase warrants outstanding (share amounts in thousands):

	Number of Shares			Exercise Price		Expiration
Balance as of December 31, 2023		7		$	28.00	June 28, 2023
Pre-funded warrants issued		1,425		$	0.001	—
Pre-funded warrants exercised		(1,001	)	$	0.001	—
Series A warrants issued		3,974		$	2.250	February 8, 2029
Series A warrants issued		139		$	2.625	February 8, 2029
Series B warrants issued		3,974		$	2.250	August 8, 2024
Balance as of March 31, 2024		8,518

During the three months ended March 31, 2024, holders exercised warrants for an aggregate of 674,920 shares of common stock based on the exercise price of $0.001 per share for aggregate proceeds of approximately $675. Also, during the three months ended March 31, 2024, holders exercised warrants for an aggregate of 326,190 shares of common stock on a cashless basis and surrendered 127 shares of common stock as payment of the aggregate exercise price.

Note 8. Warrants Classified as Liabilities

In November 2022 and June 2023, the Company completed registered direct offerings and sold shares of its common stock and common stock purchase warrants (the “Purchase Warrants”). The securities purchase agreements governing the Purchase Warrants provide for a value calculation for such warrants using the Black Scholes model in the event of certain fundamental transactions. The fair value calculation provides for a floor on the volatility amount utilized in the value calculation at 100% or greater. The Company has determined this provision introduces leverage to the holders of the Purchase Warrants that could result in a value that would be greater than the settlement amount of a fixed-for-fixed option on the Company’s own equity shares. Therefore, pursuant to ASC 815, the Company has classified the Purchase Warrants as liabilities in its condensed consolidated balance sheets. The classification of the Purchase Warrants, including whether the Purchase Warrants should be recorded as liabilities or as equity, is evaluated at the end of each reporting period with changes in the fair value reported in other income (expense) in the consolidated statements of operations and comprehensive loss.

As of March 31, 2024 and December 31, 2023, the Company had the following liability-classified warrants outstanding (amounts in thousands):

	Number of Shares		Exercise Price		Expiration Date
Warrants issued - November 2022		92	$	40.00	May 28, 2028
Warrants issued - June 2023		143	$	28.00	June 2, 2028
		235

	Number of Shares		Fair Value
Balance as of December 31, 2023		235	$	1,748
Change in fair value of warrants		—		(1,591	)
Balance as of March 31, 2024		235	$	157

The fair value of the Purchase Warrants at March 31, 2024 was determined using the Black Scholes model with the assumptions in the following table. The table also includes the total fair value determined at the valuation date based on these assumptions.

	2022 Purchase Warrant			2023 Purchase Warrant
Expected term based on contractual term		4.2 years			4.2 years
Interest rate (risk-free rate)		4.22	%		4.22	%
Expected volatility		124	%		124	%
Expected dividend yield		—			—
Fair value of warrants (in thousands)	$	57		$	100

The fair value of the Purchase Warrants at December 31, 2023 was determined using the Black Scholes model with the assumptions in the following table. The table also includes the total fair value determined at valuation date based on these assumptions.

	2022 Purchase Warrant			2023 Purchase Warrant
Expected term based on contractual term		4.4 years			4.4 years
Interest rate (risk-free rate)		3.84	%		3.84	%
Expected volatility		116	%		116	%
Expected dividend yield		—			—
Fair value of warrants (in thousands)	$	653		$	1,095

Note 9. Related Party Transactions

A family member of one of the Company’s executive officers is an employee of the Company. The Company recorded compensation expense of approximately $27,800 for the employed family member for each of the three months ended March 31, 2024 and 2023.

Note 10. License and Asset Sale Transaction

On August 5, 2022, the Company entered into a Technology License and Patent Assignment Agreement (the Intel Agreement) with Intel Corporation (Intel), pursuant to which Intel: (i) licensed from the Company, on an exclusive basis, certain software and technology assets related to the Company’s Stellar packet classification intellectual property, including its graph memory engine technology, and any roadmap variant, in the form existing as of the date of the Intel Agreement (the Licensed Technology); (ii) acquired from the Company certain patent applications and patents owned by the Company; and (iii) assumed a professional services agreement, dated March 24, 2020, between Fabulous Inventions AB (Fabulous) and the Company, pursuant to which, among other things, the Company licensed from Fabulous certain technology incorporated into the Licensed Technology.

As consideration for the Company to enter into the Intel Agreement, Intel agreed to pay the Company $3,062,500 at the closing of the transaction (the Closing) and $437,500 (the Holdback) upon the satisfaction by the Company, as mutually agreed upon by the parties in good faith, of certain release criteria set forth in the Intel Agreement relating to various due diligence activities of Intel regarding the Licensed Technology.

The Company determined that the license and asset sale did not qualify as a sale of a business, but as a sale of a non-financial asset, with the resultant gain recorded as income from operations in accordance with ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets. During the year ended December 31, 2022, the Company recognized a $2.6 million gain on this transaction, net of transaction costs. During the three months ended March 31, 2023, Intel paid the Holdback, and the Company recognized a $0.4 million gain, net of transaction costs, which was recorded as a reduction of operating expenses in the condensed consolidated statements of operations and comprehensive loss.

Note 11. Memory IC Product End-of-Life

Taiwan Semiconductor Manufacturing Corporation (TSMC) is the sole foundry that manufactures the wafers used to produce the Company’s memory IC products. TSMC has informed the Company that TSMC is discontinuing the foundry process used to produce wafers, in turn, necessary to manufacture the Company’s memory ICs. As a result, in May 2023, the Company informed its customers that the Company would be initiating an end-of-life (EOL) of its memory IC products. As of March 31, 2024, the Company had a non-cancelable purchase order backlog for its memory IC products of approximately $12.6 million. The Company expects to fulfill this backlog and complete final shipments of its memory IC products by March 31, 2025.

Note 12. Subsequent Events

Subsequent to March 31, 2024, the holders of the pre-funded warrants issued in the Offering exercised warrants for an additional 307,460 shares of common stock.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the accompanying condensed consolidated financial statements and notes included in this report. This Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which include, without limitation, statements about the market for our technology, our strategy, competition, expected financial performance and capital raising effort, the impacts of COVID-19 on our business, and inflation, which could cause customers to delay or reduce purchases of our products or delay payments to us, which would adversely affect our financial results, including cash flows, and other aspects of our business identified in our most recent annual report on Form 10-K filed with the Securities and Exchange Commission on March 29, 2024 and in other reports that we file from time to time with the Securities and Exchange Commission. Any statements about our business, financial results, financial condition and operations contained in this Form 10-Q that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words “believes,” “anticipates,” “expects,” “intends,” “plans,” “projects” or similar expressions are intended to identify forward-looking statements. Our actual results could differ materially from those expressed or implied by these forward-looking statements as a result of various factors, including the risk factors described under Item 1A of our annual report on Form 10-K for the year ended December 31, 2023 and the risk factors described below under Item 1A of this Form 10-Q. We undertake no obligation to update publicly any forward-looking statements for any reason, except as required by law, even as new information becomes available or events occur in the future.

Overview

We were formerly known as MoSys, Inc. (“MoSys”) and we were incorporated in California in 1991 and reincorporated in 2000 in Delaware. On September 14, 2021, we and our subsidiaries, 2864552 Ontario Inc. and 2864555 Ontario Inc., entered into an Arrangement Agreement (the “Arrangement Agreement”) with Peraso Technologies Inc. (“Peraso Tech”), a corporation existing under the laws of the province of Ontario, to acquire all of the issued and outstanding common shares of Peraso Tech (the “Peraso Shares”), including those Peraso Shares to be issued in connection with the conversion or exchange of secured convertible debentures and common share purchase warrants of Peraso Tech, as applicable, by way of a statutory plan of arrangement (the “Arrangement”) under the Business Corporations Act (Ontario). On December 17, 2021, following the satisfaction of the closing conditions set forth in the Arrangement Agreement, the Arrangement was completed and we changed our name to “Peraso Inc.” and began trading on the Nasdaq Stock Market (the “Nasdaq”) under the symbol “PRSO.”

Our strategy and primary business objective is to be a profitable, IP-rich fabless semiconductor company offering integrated circuits, or ICs, antenna modules and related non-recurring engineering services. We specialize in the development of mmWave semiconductors, primarily in the unlicensed 60 GHz spectrum band for 802.11ad/ay- compliant devices and in the 28/39 GHz spectrum bands for 5G-compliant devices. We derive our revenue from selling semiconductor devices, as well as antenna modules based on using those mmWave semiconductor devices. We have pioneered a high-volume mmWave IC production test methodology using standard, low-cost production test equipment. It has taken us several years to refine performance of this production test methodology, and we believe this places us in a leadership position in addressing operational challenges of delivering mmWave products into high-volume markets. We also produce and sell complete mmWave antenna modules. The primary advantage provided by our antenna modules is that our proprietary mmWave ICs and the antenna are integrated into a single device. A differentiating characteristic of mmWave technology is that the RF amplifiers must be as close as possible to the antenna to minimize loss. With our module, we can guarantee the performance of the amplifier/antenna interface and simplify customers’ radio frequency (“RF”) engineering, facilitating more opportunities for customer prospects that have not provided RF-type systems, as well as shortening the time to market for new products.

We also acquired a memory product line comprising our Bandwidth Engine IC products. These products integrate our proprietary, 1T-SRAM high-density embedded memory and a highly-efficient serial interface protocol resulting in a monolithic memory IC solution optimized for memory bandwidth and transaction access performance. Taiwan Semiconductor Manufacturing Corporation, or TSMC, is the sole foundry that manufactures the wafers used to produce our memory IC products. TSMC has informed us that it would be discontinuing the foundry process used to produce wafers, in turn, necessary to manufacture our memory ICs. As a result, in May 2023, we initiated an end-of-life, or EOL, of our memory IC products, and we commenced initial EOL shipments during the quarter ended September 30, 2023. We have requested customers to pay a deposit upon purchase order placement to reserve supply and provide funding for our required inventory purchases. In addition, we have requested customers to accelerate payments to improve our cash flows. Under our EOL plan, we expect shipments of our memory products to continue through March 31, 2025. However, the timing of EOL shipments will be dependent on receipt of purchase orders from customers, deliveries from our suppliers, and the delivery schedules requested by our customers.

We incurred net losses of approximately $2.0 million for the three months ended March 31, 2024 and $16.8 million for the year ended December 31, 2023, and we had an accumulated deficit of approximately $168.4 million as of March 31, 2024. These and prior year losses have resulted in significant negative cash flows and historically have required us to raise substantial amounts of additional capital. As discussed below, this raises significant doubt about our ability to continue as a going concern. We will need to increase revenues substantially beyond levels that we have attained in the past in order to generate sustainable operating profit and sufficient cash flows to continue doing business without raising additional capital from time to time.

Reverse Stock Split

On December 15, 2023, at our annual meeting of stockholders, our stockholders approved a certificate of amendment to our Second Amended and Restated Certificate of Incorporation (the “Charter Amendment”) to effect a reverse stock split of our outstanding shares of common stock at a ratio to be determined by our board of directors. On December 15, 2023, we filed the Charter Amendment with the Secretary of State of Delaware which effected a 1-for-40 reverse stock split of our outstanding shares of common stock as of 4:01 p.m. Eastern Time on January 2, 2024. As a result of the reverse stock split, every forty shares of common stock were combined into one issued and outstanding share of common stock, with no change in the $0.001 par value per share. Holders of fractional shares received, in lieu of any fractional share, the number of shares rounded up to the next whole number. All equity awards outstanding and common stock reserved for issuance under our equity incentive plans and warrants outstanding immediately prior to the reverse stock split were appropriately adjusted by dividing the number of affected shares of common stock by 40 and, as applicable, multiplying the exercise price by 40, as a result of the reverse stock split. Exchangeable shares, which can be converted to common stock at any time by their respective holders, were also adjusted to reflect the reverse stock split.

COVID-19 and World Unrest

The global outbreak of the coronavirus disease 2019 (COVID-19) was declared a pandemic by the World Health Organization and a national emergency by the U.S. government in March 2020. This negatively affected the U.S. and global economy, disrupted global supply chains, significantly restricted travel and transportation, resulted in mandated closures and orders to “shelter-in- place” and created significant disruption of the financial markets. While the U.S. national emergency expired in May 2023 and substantially all closures and “shelter-in-place” orders have ended, there can be no assurance that the COVID-19 pandemic will not impact our operational and financial performance in the future, as the duration and spread of the pandemic and related actions taken by U.S. and foreign government agencies to prevent disease spread are uncertain, out of our control, and cannot be predicted.

World unrest due to wars and terrorist attacks have led to further economic disruptions. Mounting inflationary cost pressures and recessionary fears have negatively impacted the global economy. Since mid-2022, at times, the U.S. Federal Reserve has addressed elevated inflation by increasing interest rates, as inflation remains elevated. Given current market conditions, we may be unable to access the capital markets, and additional capital may only be available to us on terms that could be significantly detrimental to our existing stockholders and to our business.

For additional information on risks that could impact our future results of operations, please refer to “Risk Factors” in Part II, Item 1A. of this quarterly report on Form 10-Q.

Critical Accounting Policies and Estimates

The discussion and analysis of our financial condition and results of operations are based upon our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The preparation of these condensed consolidated financial statements requires us to make certain estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis we make these estimates based on our historical experience and on assumptions that we consider reasonable under the circumstances. Actual results may differ from these estimates and reported results could differ under different assumptions or conditions. Our significant accounting policies and estimates are disclosed in Note 1 of the “Notes to Condensed Consolidated Financial Statements” included in Part I, Item 1 of this report and Note 1 of the “Notes to Consolidated Financial Statements” in our annual report on Form 10-K for the year ended December 31, 2023. As of March 31, 2024, there have been no material changes to our significant accounting policies and estimates.

Results of Operations

Net Revenue

	March 31,						Year-Over-Year Change
	2024			2023			2023 to 2024
	(dollar amounts in thousands)
Product - three months ended	$	2,676		$	4,888		$	(2,212	)	(45	)%
Percentage of total net revenue		95	%		97	%

The following table details revenue by product category for the three months ended March 31, 2024 and 2023:

(amounts in thousands)	Three Months Ended March 31,
Product category	2024		2023		change
Memory ICs	$	2,383	$	2,181		202
mmWave ICs		77		1,479		(1,402	)
mmWave modules		203		1,224		(1,021	)
mmWave other products		13		4		9
	$	2,676	$	4,888	$	(2,212	)

Product revenue decreased for the three months ended March 31, 2024 compared with the same period of 2023 primarily due to the decrease in shipments of our mmWave ICs and antenna modules, which was partially offset by increases in EOL shipments of our memory IC products. We initiated price increases on certain of our antenna module products in 2022, however, through March 31, 2024, we had not realized any material increase in revenue as a result of those price increases.

Taiwan Semiconductor Manufacturing Corporation (TSMC) is the sole foundry that manufactures the wafers used to produce our memory IC products. TSMC has informed us that TSMC is discontinuing the foundry process used to produce wafers, in turn, necessary to manufacture our memory ICs. As a result, in May 2023, we informed our customers that we would be initiating an end-of-life (EOL) of our memory IC products. As of March 31, 2024, we had a non-cancelable purchase order backlog for our memory IC products of approximately $12.6 million. We expect to fulfill this backlog and complete final shipments of our memory IC products by March 31, 2025.

We expect revenues to increase in 2024 as compared with 2023, as we anticipate increased sales of our memory IC products, based on EOL purchase orders received from customers. In addition, we expect sales of our mmWave products to increase from a volume and revenue perspective over the next 12 months, as we expect new customers to commence production during 2024.

	March 31,						Year-Over-Year Change
	2024			2023			2023 to 2024
	(dollar amounts in thousands)
Royalty and other - three months ended	$	140		$	145		$	(5	)	(3	)%
Percentage of total net revenue		5	%		3	%

Royalty and other includes royalty, non-recurring engineering services and license revenues. The decrease in royalty and other revenue for the three months ended March 31, 2024 compared with the same period of 2023 was primarily due to a decrease in royalty revenues from licensees of our memory technology due to reduced shipments by these licensees and partially offset by an increase in non-recurring engineering services revenue related to our mmWave technology.

Cost of Net Revenue and Gross Profit

	March 31,						Year-Over-Year Change
	2024			2023			2023 to 2024
	(dollar amounts in thousands)
Cost of net revenue - three months ended	$	1,510		$	3,106		$	(1,596	)	(51	)%
Percentage of total net revenue		54	%		62	%

Cost of net revenue is primarily comprised of direct and indirect costs related to the sale of our products, including amortization of intangible assets and depreciation of production-related fixed assets.

Cost of net revenue decreased for the three months ended March 31, 2024 when compared with the same period in 2023, primarily due to the combined effect of i) a decrease in sales of our mmWave IC and module products, partially offset by an increase in shipments of our memory IC products in 2024, and ii) increased amortization of developed technology of approximately $0.2 million.

	March 31,						Year-Over-Year Change
	2024			2023			2023 to 2024
	(dollar amounts in thousands)
Gross profit - three months ended	$	1,306		$	1,927		$	(621	)	(32	)%
Percentage of total net revenue		46	%		38	%

Gross profit decreased for the three months ended March 31, 2024 compared with the same period of 2023 primarily due to the decrease in shipment volumes of our mmWave products. The increase in our gross profit margin percentage for the three months ended March 31, 2024 compared with the prior year period was primarily attributable to the increase in shipments of our memory products, which carry higher gross margins than our mmWave products.

Research and Development

	March 31,						Year-Over-Year Change
	2024			2023			2023 to 2024
	(dollar amounts in thousands)
R&D - three months ended	$	2,835		$	3,887		$	(1,052	)	(27	)%
Percentage of total net revenue		101	%		77	%

Our research and development, or R&D, expenses include costs related to the development of our products. We expense R&D costs as they are incurred.

The decrease for the three months ended March 31, 2024 compared with the same period of 2023 was primarily due to reduced salary and consulting costs, as we implemented reductions on force in February and November 2023 and terminated consultant contracts. Most recently, in November 2023, we implemented a reduction in our workforce and eliminated three full-time equivalent positions, which included one employee and two consultants. In addition, we initiated a temporary lay-off in Canada of 16 positions, all intended to preserve cash while keeping capital expenditures to minimum levels in order to reduce operating costs and our short-term cash needs.

We expect that total R&D expenses will decrease during 2024 compared with 2023, as a result of our cost reduction initiatives initiated during 2023.

Selling, General and Administrative

	March 31,						Year-Over-Year Change
	2024			2023			2023 to 2024
	(dollar amounts in thousands)
SG&A - three months ended	$	2,102		$	2,242		$	(140	)	(6	)%
Percentage of total net revenue		75	%		45	%

Selling, general and administrative, or SG&A, expenses consist primarily of personnel and related overhead costs for sales, marketing, finance, human resources and general management and amortization of certain intangible assets.

The decrease for the three months ended March 31, 2024 compared with the same period of 2023 was primarily attributable to lower headcount, including the elimination of certain employee and consulting positions and reductions of other discretionary operating expenses during 2023. We expect that total SG&A expense will remain flat or slightly decrease for the remainder of 2024 compared with 2023 due to our continued cost reduction initiatives.

Liquidity and Capital Resources; Changes in Financial Condition

Cash Flows

As of March 31, 2024, we had cash and cash equivalents of $2.4 million and working capital of $3.1 million.

Net cash used in operating activities was $2.6 million for the first three months of 2024, which primarily resulted from our net loss of $2.0 million, as adjusted for a $1.6 million non-cash gain on the change in fair value of warrant liability, $1.0 million in net changes in assets and liabilities and $0.2 million in other non-cash changes, as partially offset by non-cash charges of $1.0 million of depreciation and amortization and $1.2 million of stock based compensation. The changes in assets and liabilities primarily related to the timing of accounts receivable collections, purchases of inventory and other vendor payables and prepayments.

Net cash used in operating activities was $1.4 million for the first three months of 2023, which primarily resulted from our net loss of $3.1 million, as adjusted for a $0.7 million non-cash gain on the change in fair value of warrant liability and $0.2 million of other non-cash changes, as partially offset by non-cash charges of $0.8 million of depreciation and amortization, $1.3 million of stock based compensation, and $0.5 million in net changes in assets and liabilities. The changes in assets and liabilities primarily related to the timing of accounts receivable collections, purchases of inventory and other vendor payables and prepayments.

Net cash provided by investing activities of $0.4 million for the three months ended March 31, 2023 represented $0.5 million in proceeds from maturities of short-term investments, partially offset by $0.1 million of purchases of property and equipment. For the three months ended March 31, 2024, no cash was provided by or used in investing activities.

Net cash provided by financing activities for the three months ended March 31, 2024 comprised $3.4 million in net proceeds from a public offering of our common stock and common stock purchase warrants completed in February 2024, partially offset by repayment of financing lease liabilities.

Net cash used in financing activities for the three months ended March 31, 2023 consisted of repayment of financing lease liabilities.

Our future liquidity and capital requirements are expected to vary from quarter-to-quarter, depending on numerous factors, including:

●

level of revenue;

●

cost, timing and success of technology development efforts;

●

inventory levels, as supply chain disruption has required us to maintain higher inventory levels and place purchase orders with our suppliers longer into the future, which exposes us to additional inventory risk;

●

timing of product shipments, which may be impacted by supply chain disruptions;

●

length of billing and collection cycles, which may be impacted in the event of a global recession or economic downturn;

●

fabrication costs, including mask costs, of our ICs, currently under development;

●

variations in manufacturing yields, material lead time and costs and other manufacturing risks;

●

costs of acquiring other businesses and integrating the acquired operations; and

●

profitability of our business.

Purchase Obligations

Our primary purchase obligations include non-cancelable purchase orders for inventory and computer-aided-design (CAD) software. At March 31, 2024, we had outstanding non-cancelable purchase orders for inventory, primarily wafers and substrates, and related expenditures of approximately $3.2 million and non-cancelable purchase orders for CAD software of $2.2 million, which extend through approximately September 2025.

Going Concern - Working Capital

We incurred net losses of approximately $2.0 million for the three months ended March 31, 2024 and $16.8 million for the year ended December 31, 2023, and we had an accumulated deficit of approximately $168.4 million as of March 31, 2024. These and prior year losses have resulted in significant negative cash flows and have required us to raise substantial amounts of additional capital. To date, we have primarily financed our operations through offerings of equity and equity-linked securities, issuance of convertible notes and loans.

We expect to continue to incur operating losses for the foreseeable future as we continue to secure new customers for and continue to invest in the development of our products, and we expect our cash expenditures to continue to exceed receipts for the foreseeable future, as our revenues will not be sufficient to offset our operating expenses.

We will need to increase revenues beyond the levels that we have attained in the past in order to generate sustainable operating profit and sufficient cash flows to continue doing business without raising additional capital from time to time.

As a result of our expected operating losses and cash burn and recurring losses from operations, if we are unable to raise sufficient capital through additional equity or debt arrangements, there will be uncertainty regarding our ability to maintain liquidity sufficient to operate our business effectively, which raises substantial doubt as to our ability to continue as a going concern within one year from the date of issuance of these condensed consolidated financial statements. The condensed consolidated financial statements presented in Part I, Item 1 of this Report have been prepared assuming that we will continue as a going concern, and do not include any adjustments that might result from the outcome of this uncertainty. There can be no assurance that such additional capital, whether in the form of equity or debt financing, will be sufficient or available and, if available, that such capital will be offered on terms and conditions acceptable to us. We are currently seeking additional financing in order to meet our cash requirements for the foreseeable future. If the Company is unsuccessful in these efforts, it will need to implement additional cost reduction strategies, which could further affect its near- and long-term business plan. These efforts may include, but are not limited to, reducing headcount and curtailing business activities. In February 2023, we announced that we had implemented cost-reduction initiatives to reduce operating expenses by approximately $5 million on an annualized basis. Most recently, in November 2023, we initiated a temporary lay-off in Canada of 16 positions, and eliminated three full-time equivalent positions in the U.S. and Canada. We have the ability to recall the employees subject to temporary lay-off, however such recalls would be dependent on improvements in business conditions and our financial condition, which we are unable to predict. If we do not recall any of the affected employees in Canada, we would achieve annual total savings of approximately $2.8 million from these reductions, excluding the impacts of any severance and related termination payments.

As discussed in Note 7 of the “Notes to Condensed Consolidated Financial Statements” included in Part I, Item 1 of this report, in February 2024, we completed a public offering of common stock and common stock purchase warrants for net proceeds to us of approximately $3.4 million. If we were to raise additional capital through the exercise of the common stock purchase warrants issued in February 2024 or other sales of our equity securities, our stockholders would suffer dilution of their equity ownership. If we engage in debt financing, we may be required to accept terms that restrict our ability to incur additional indebtedness, prohibit us from paying dividends, repurchasing our stock or making investments, and force us to maintain specified liquidity or other ratios, any of which could harm our business, operating results and financial condition. If we need additional capital and cannot raise it on acceptable terms, we may not be able to, among other things:

●

develop or enhance our products;

●

continue to expand our product development and sales and marketing organizations;

●

acquire complementary technologies, products or businesses;

●

expand operations, in the United States or internationally;

●

hire, train and retain employees; or

●

respond to competitive pressures or unanticipated working capital requirements.

Discontinuing any of the above-mentioned activities could seriously harm our ability to execute our business strategy and may force us to curtail our existing operations.

We believe that our existing cash and cash equivalents as of March 31, 2024, plus expected receipts associated with forecasted product sales, will provide us with liquidity to fund our planned operating needs into the first half of 2025. Variability in our operating forecast, driven primarily by (i) product sales and collections, (ii) potential customer licensing and non-recurring engineering (NRE) transactions, (iii) timing of operating expenditures, and (iv) unanticipated changes in net working capital, will impact our cash runway. Likewise, we may decide to revise our financial priorities and operating plans, depending on the level of customer shipments, licensing and NRE arrangements and timing of related collections. This could impact our ability to enter into strategic arrangements and to access additional capital.

We will need additional funding to continue our operating activities beyond those activities currently included in our operating forecast and related cash projection. Therefore, we will need to secure additional capital or financing and/or significantly delay, defer or reduce our cash expenditures before the end of 2024. There can be no assurance that we will be able to obtain additional capital or financing on terms acceptable to us, on a timely basis or at all.

Off-Balance Sheet Arrangements

We do not maintain any off-balance sheet arrangements or obligations that are reasonably likely to have a material current or future effect on our financial condition, results of operations, liquidity or capital resources.

Indemnifications

In the ordinary course of business, we enter into contractual arrangements under which we may agree to indemnify the counter-party from losses relating to a breach of representations and warranties, a failure to perform certain covenants, or claims and losses arising from certain external events as outlined within the contract, which may include, for example, losses arising from litigation or claims relating to past performance. Such indemnification clauses may not be subject to maximum loss clauses. We have also entered into indemnification agreements with our officers and directors. No material amounts related to these indemnifications are reflected in our condensed consolidated financial statements for the three months ended March 31, 2024.

Recent Accounting Pronouncements

See Note 1 to the condensed consolidated financial statements for a discussion of recently-issued accounting pronouncements.

ITEM 4. Controls and Procedures

Disclosure Controls and Procedures. Our management is responsible for establishing and maintaining adequate internal control over our financial reporting. Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934. Based on this evaluation, our management concluded that, as of March 31, 2024, our disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting. During the three months ended March 31, 2024, there was no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II—OTHER INFORMATION

ITEM 1. Legal Proceedings

The discussion of legal matters in Note 4 of the Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this report under the heading “Legal Matters” is incorporated by reference in response to this Part II, Item 1.

ITEM 1A. Risk Factors

We face many significant risks in our business, some of which are unknown to us and not presently foreseen. These risks could have a material adverse impact on our business, financial condition and results of operations in the future. There have been no material changes with respect to the risk factors disclosed under Item 1A of our annual report on Form 10-K for the year ended December 31, 2023, which we filed with the SEC on March 29, 2024.

ITEM 5. Other Information

None of the Company’s directors or officers adopted, modified or terminated a Rule 10b-5 trading arrangement or a non-Rule 10b-5 trading arrangement during the fiscal quarter ended March 31, 2024, as such terms are defined under Item 408(a) of Regulation S-K.

ITEM 6. Exhibits

(a) Exhibits

		Reference				Filed or Furnished
Exhibit No.	Exhibit Description	Form	File No.	Form Exhibit	Filing Date	Herewith
3.1	Restated Certificate of Incorporation of the Company	8-K	000-32929	3.6	November 12, 2010
3.1.1	Certificate of Amendment to Restated Certificate of Incorporation of the Company	8-K	000-32929	3.1	February 14, 2017
3.1.2	Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, filed with the Secretary of State of the State of Delaware on August 27, 2019	8-K	000-32929	3.1	August 27, 2019
3.1.3	Certificate of Amendment to Articles of Incorporation (Name Change)	8-K	000-32929	3.1	December 20, 2021
3.1.4	Certificate of Designation of Series A Special Voting Preferred Stock	8-K	000-32929	3.2	December 20, 2021
3.1.5	Certificate of Amendment to Amended and Restated Certificate of Incorporation of the Company, filed with the Secretary of State of the State of Delaware on December 15, 2023	8-K	000-32929	3.1	December 19, 2023
3.2	Amended and Restated Bylaws of the Company	8-K	000-32929	3.1	November 23, 2021
4.1	Form of Series A Warrant	S-1/A	333-276247	4.15	February 5, 2024
4.2	Form of Series B Warrant	S-1/A	333-276247	4.16	February 5, 2024
4.3	Form of Pre-Funded Warrant	S-1/A	333-276247	4.16	January 23, 2024
4.4	Form of Underwriter Warrant	S-1/A	333-276247	4.17	January 23, 2024
10.1	Underwriting Agreement, dated February 6, 2024, by and between the Company and Ladenburg Thalmann & Co. Inc.	8-K	000-32929	1.1	February 9, 2024
10.2	Form of Lock-Up Agreement	S-1/A	333-276247	10.30	January 23, 2024
10.3	Warrant Agency Agreement, dated February 8, 2024, by and between the Company and Equiniti Trust Company, LLC	8-K	000-32929	10.2	February 9, 2024
31.1	Rule 13a-14 Certification					X
31.2	Rule 13a-14 Certification					X
32.1	Section 1350 Certification					X
101	The following financial information from Peraso Inc.’s quarterly report on Form 10-Q for the period ended March 31, 2024, filed with the SEC on May 14, 2024, formatted in Inline Extensible Business Reporting Language (Inline XBRL): (i) the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023, (ii) the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, (iii) the Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2024 and 2023, (iv) the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023, and (v) Notes to Condensed Consolidated Financial Statements					X
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)					X

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: May 14, 2024	PERASO INC.

	By:	/s/ Ronald Glibbery
		Ronald Glibbery
		Chief Executive Officer (Principal Executive Officer)

	By:	/s/ James Sullivan
		James Sullivan
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

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Exhibit 31.1

CERTIFICATION PURSUANT TO

RULE 13a-14 OF THE SECURITIES EXCHANGE ACT OF 1934

I, Ronald Glibbery, certify that:

I have reviewed this quarterly report on Form 10-Q of Peraso Inc. for the period ended March 31, 2024;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: May 14, 2024

/s/ Ronald Glibbery
Ronald Glibbery
Chief Executive Officer (Principal Executive Officer)

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULE 13a-14 OF THE SECURITIES EXCHANGE ACT OF 1934

I, James Sullivan, certify that:

I have reviewed this quarterly report on Form 10-Q of Peraso Inc. for the period ended March 31, 2024;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: May 14, 2024

/s/ James Sullivan
James Sullivan
Chief Financial Officer (Principal Financial and Accounting Officer)

Exhibit 32.1

CERTIFICATION OF CEO AND CFO FURNISHED PURSUANT TO

18 U.S.C. § 1350,

AS ADOPTED PURSUANT TO

§ 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report on Form 10-Q of Peraso Inc. (the “Company”) for the quarterly period ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of Ronald Glibbery, Chief Executive Officer of the Company, and James Sullivan, Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of his knowledge, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Ronald Glibbery
	Ronald Glibbery
	Chief Executive Officer (Principal Executive Officer)
	May 14, 2024

	/s/ James Sullivan
	James Sullivan
	Chief Financial Officer (Principal Financial and Accounting Officer)
	May 14, 2024

This certification accompanies this Report pursuant to § 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, or otherwise required, be deemed filed by the Company for purposes of § 18 of the Securities Exchange Act of 1934, as amended.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 08, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Information [Line Items]
Entity Registrant Name	PERASO INC.
Entity Central Index Key	0000890394
Entity File Number	000-32929
Entity Tax Identification Number	77-0291941
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	2309 Bering Drive
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95131
Entity Phone Fax Numbers [Line Items]
City Area Code	(408)
Local Phone Number	418-7500
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PRSO
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		2,595,143

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 2,435	$ 1,583
Accounts receivable, net	1,482	731
Inventories, net	2,756	2,606
Tax credits and receivables	27	36
Prepaid expenses and other	758	584
Total current assets	7,458	5,540
Property and equipment, net	981	1,156
Right-of-use lease assets	524	615
Intangible assets, net	2,464	3,280
Other	121	123
Total assets	11,548	10,714
Current liabilities
Accounts payable	2,221	2,448
Accrued expenses and other	748	611
Deferred revenue	1,110	1,105
Short-term lease liabilities	328	370
Total current liabilities	4,407	4,534
Long-term lease liabilities	277	349
Warrant liabilities	158	1,748
Total liabilities	4,842	6,631
Commitments and contingencies (Note 4)
Stockholders’ equity
Preferred stock, value
Common stock, $0.001 par value; 120,000 shares authorized; 2,289 shares and 673 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	2	1
Exchangeable shares, no par value; unlimited shares authorized; 95 shares outstanding at March 31, 2024 and December 31, 2023
Additional paid-in capital	175,127	170,474
Accumulated deficit	(168,423)	(166,392)
Total stockholders’ equity	6,706	4,083
Total liabilities and stockholders’ equity	11,548	10,714
Series A Special Voting Preferred Stock
Stockholders’ equity
Preferred stock, value

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000	20,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	120,000	120,000
Common stock, shares issued	2,289	673
Common stock, shares outstanding	2,289	673
Exchangeable shares, par value (in Dollars per share)
Exchangeable shares, shares authorized	Unlimited	Unlimited
Exchangeable shares, shares outstanding	95	95
Series A Special Voting Preferred Stock
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	1	1
Preferred stock, shares issued	1	1
Preferred stock, shares outstanding	1	1

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net revenue
Total net revenue	$ 2,816	$ 5,033
Cost of net revenue	1,510	3,106
Gross profit	1,306	1,927
Operating expenses
Research and development	2,835	3,887
Selling, general and administrative	2,102	2,242
Gain on license and asset sale		(406)
Total operating expenses	4,937	5,723
Loss from operations	(3,631)	(3,796)
Change in fair value of warrant liabilities	1,591	658
Other income (expense), net	9	(10)
Net loss	(2,031)	(3,148)
Other comprehensive loss, net of tax:
Net unrealized gain on available-for-sale-securities		14
Comprehensive loss	$ (2,031)	$ (3,134)
Net loss per share
Basic (in Dollars per share)	$ (1.07)	$ (5.54)
Shares used in computing net loss per share
Basic (in Shares)	1,907	568
Product
Net revenue
Total net revenue	$ 2,676	$ 4,888
Royalty and Other
Net revenue
Total net revenue	$ 140	$ 145

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parentheticals) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Diluted	$ (1.07)	$ (5.54)
Diluted	1,907	568

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock	Exchangeable Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total
Balance at Dec. 31, 2022			$ 164,879	$ (25)	$ (149,597)	$ 15,257
Balance (in Shares) at Dec. 31, 2022	357	228
Exchange of exchangeable shares (in Shares)	8	(8)
Stock-based compensation			1,307			1,307
Unrealized gain on available-for-sale securities				14		14
Net loss					(3,148)	(3,148)
Balance at Mar. 31, 2023			166,186	(11)	(152,745)	13,430
Balance (in Shares) at Mar. 31, 2023	365	220
Balance at Dec. 31, 2023	$ 1		170,474		(166,392)	4,083
Balance (in Shares) at Dec. 31, 2023	673	95
Shares issued for reverse stock split (in Shares)	52
Sale of common stock and warrants			3,431			3,431
Sale of common stock and warrants (in Shares)	563
Issuance of common stock upon exercise of warrants	$ 1					1
Issuance of common stock upon exercise of warrants (in Shares)	1,001
Stock-based compensation			1,222			1,222
Net loss					(2,031)	(2,031)
Balance at Mar. 31, 2024	$ 2		$ 175,127		$ (168,423)	$ 6,706
Balance (in Shares) at Mar. 31, 2024	2,289	95

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (2,031)	$ (3,148)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	992	755
Stock-based compensation	1,222	1,307
Change in fair value of warrant liabilities	(1,591)	(658)
Inventory write-downs		369
Allowance for bad debt		(183)
Accrued interest on debt obligation	(3)	(6)
Other	(5)	5
Changes in assets and liabilities
Accounts receivable	(750)	546
Inventories	(146)	126
Prepaid expenses and other assets	(173)	474
Tax credits and receivables	9
Accounts payable	(226)	(480)
Right-of-use assets	91	165
Lease liabilities - operating	(80)	(147)
Deferred revenue and other liabilities	141	(539)
Net cash used in operating activities	(2,550)	(1,414)
Cash flows from investing activities:
Purchases of property and equipment		(84)
Proceeds from maturities of marketable securities		500
Net cash provided by investing activities		416
Cash flows from financing activities:
Proceeds from sale of common stock and warrants, net	3,432
Repayment of financing lease	(30)	(25)
Net cash provided by (used in) financing activities	3,402	(25)
Net increase (decrease) in cash and cash equivalents	852	(1,023)
Cash and cash equivalents at beginning of period	1,583	1,828
Cash and cash equivalents at end of period	2,435	805
Noncash investing and financing activities:
Unrealized gain on available-for-sale securities		$ 14

The Company and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

The Company and Summary of Significant Accounting Policies [Abstract]

The Company and Summary of Significant Accounting Policies

Note 1. The Company and Summary of Significant Accounting Policies

Liquidity and Going Concern

Basis of Presentation

Reverse Stock Split

Risks and Uncertainties

COVID-19 and World Unrest

Use of Estimates

Cash Equivalents and Investments

Fair Value Measurements

The Company measures the fair value of financial instruments using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels:

Level 1—Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date.

Derivatives and Liability-Classified Instruments

Allowance for Doubtful Accounts

Inventories

Intangible and Long-lived Assets

Purchased Intangible Assets

	March 31, 2024
	Gross					Net
	Carrying		Accumulated			Carrying
	Amount		Amortization			Amount
Developed technology	$	5,726	$	(4,035	)	$	1,691
Customer relationships		2,556		(1,801	)		755
Other		186		(168	)		18
Total	$	8,468	$	(6,004	)	$	2,464

	December 31, 2023
	Gross								Net
	Carrying		Accumulated			Other			Carrying
	Amount		Amortization			Impairment			Amount
Developed technology	$	5,726	$	(3,471	)	$	—		$	2,255
Customer relationships		2,556		(1,550	)		—			1,006
Other		186		(61	)		(106	)		19
Total	$	8,468	$	(5,082	)	$	(106	)	$	3,280

Other amortization expense was approximately $1,000 for the three months ended March 31, 2024.

Revenue Recognition

Product revenue

The Company may record an estimated allowance, at the time of shipment, for future returns and other charges against revenue consistent with the terms of sale.

Royalty and other

Engineering services revenue

Contract liabilities – deferred revenue

During the three months ended March 31, 2024, the Company recognized approximately $201,800 of revenue that had been included in deferred revenue as of December 31, 2023.

See Note 5 for disaggregation of revenue by geography.

Cost of Net Revenue

Cost of net revenue consists primarily of direct and indirect costs of product sales, including amortization of intangible assets and depreciation of production-related fixed assets.

Stock-Based Compensation

Foreign Currency Transactions

Per-Share Amounts

The following table sets forth securities outstanding that were excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive (in thousands):

	March 31,
	2024		2023
Escrow shares - exchangeable shares		33		33
Escrow shares - common stock		13		13
Options to purchase common stock		36		37
Unvested restricted common stock units		15		27
Warrants classified as equity		8,094		—
Warrants classified as liabilities		235		123
Total		8,426		233

Recently Issued Accounting Pronouncements

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

Note 2. Fair Value of Financial Instruments

The following tables represent the Company’s assets and liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands):

	March 31, 2024
	Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds (1)	$	1	$	—	$	—	$	—

Liabilities:
Warrant liabilities	$	158	$	—	$	—	$	158

	December 31, 2023
	Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds (1)	$	1	$	—	$	—	$	—

Liabilities:
Warrant liabilities	$	1,748	$	—	$	—	$	1,748

(1)	Amounts are included in cash and cash equivalents on the condensed consolidated balance sheets.

The following tables represent the Company’s determination of fair value for its financial assets (cash equivalents and investments) (in thousands):

	March 31, 2024
			Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Cash and cash equivalents	$	2,435	$	—	$	—	$	2,435

	December 31, 2023
			Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Cash and cash equivalents	$	1,583	$	—	$	—	$	1,583

Balance Sheet Detail

3 Months Ended

Mar. 31, 2024

Balance Sheet Detail [Abstract]

Balance Sheet Detail

Note 3. Balance Sheet Detail

	March 31,		December 31,
	2024		2023
	(in thousands)
Inventories:
Raw materials	$	147	$	209
Work-in-process		1,778		1,517
Finished goods		831		880
	$	2,756	$	2,606

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 4. Commitments and Contingencies

Leases

The following table provides the details of right-of-use assets and lease liabilities as of March 31, 2024 (in thousands):

	Three Months Ended
	March 31, 2024
Right-of-use assets:
Operating leases	$	365
Finance lease		159
Total right-of-use assets	$	524
Lease liabilities:
Operating leases	$	445
Finance lease		160
Total lease liabilities	$	605

Future minimum payments under the leases at March 31, 2024 are listed in the table below (in thousands):

Year ending December 31,
2024	$	293
2025		164
2026		107
2027		104
Total future lease payments		668
Less: imputed interest		(63	)
Present value of lease liabilities	$	605

The following table provides the details of supplemental cash flow information (in thousands):

	Three Months Ended March 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for leases	$	106	$	199

Indemnification

Product Warranties

Legal Matters

Purchase Obligations

Business Segments, Concentration of Credit Risk and Significant Customers

3 Months Ended

Mar. 31, 2024

Business Segments, Concentration of Credit Risk and Significant Customers [Abstract]

Business Segments, Concentration of Credit Risk and Significant Customers

Note 5. Business Segments, Concentration of Credit Risk and Significant Customers

The Company recognized revenue from shipments of product, licensing of its technologies and performance of services to customers by geographical location as follows (in thousands):

	Three Months Ended
	March 31,
	2024		2023
United States	$	2,230	$	3,089
Hong Kong		213		146
Taiwan		89		1,429
Rest of world		284		369
Total net revenue	$	2,816	$	5,033

The following is a breakdown of product revenue by category (in thousands):

	Three Months Ended March 31,
Product category	2024		2023
Memory ICs	$	2,383	$	2,181
mmWave ICs		77		1,479
mmWave modules		203		1,224
mmWave other products		13		4
	$	2,676	$	4,888

The following lists significant customers that represented more than 10% of the Company’s total revenue and/or net accounts receivable balance, as applicable, at each respective balance sheet date:

	Revenue						Accounts Receivable
	For the Three Months Ended March 31,						March 31,			December 31,
	2024			2023			2024			2023
Customer A		51	%		13	%		42	%		36	%
Customer B		28	%		25	%		42	%		33	%
Customer C		*			27	%		*			*
Customer D		*			21	%		*			*
Customer E		*			*			*			14	%

The following lists significant vendors that represented more than 10% of the Company’s total accounts payable balance at each respective balance sheet date:

	Accounts Payable
	March 31,			December 31,
	2024			2023
Vendor A		52	%		47	%
Vendor B		*			12	%

*	Represents less than 10%

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 6. Stock-Based Compensation

Common Stock Equity Plans

The 2009 Plan, the Amended 2010 Plan and the 2019 Plan are referred to collectively as the “Plans.”

Stock-Based Compensation Expense

Common Stock Options and Restricted Stock

				Options Outstanding
							Weighted
	Shares						Average
	Available			Number of			Exercise
	for Grant			Shares			Prices
Balance as of December 31, 2023		39			36		$	127.00
RSUs granted		(2	)		—			—
RSUs cancelled and returned to the 2019 Plan		2			—			—
Options cancelled		—			(1	)	$	147.64
Balance as of March 31, 2024		39			35		$	126.70

A summary of RSU activity under the Plans is presented below (in thousands, except for fair value):

				Weighted
				Average
	Number of			Grant-Date
	Shares			Fair Value
Non-vested shares as of December 31, 2023		15		$	69.63
Granted		2		$	1.55
Cancelled		(2	)	$	53.54
Non-vested shares as of March 31, 2024		15		$	62.04

The following table summarizes significant ranges of outstanding and exercisable options as of March 31, 2024 (in thousands, except contractual life and exercise price):

	Options Outstanding						Options Exercisable
			Weighted
			Average
			Remaining		Weighted				Weighted
			Contractual		Average				Average		Aggregate
	Number		Life		Exercise		Number		Exercise		Intrinsic
Range of Exercise Price	Outstanding		(in Years)		Price		Exercisable		Price		value
$0.00 - $62.80		2		5.64	$	62.80		2	$	62.80	$	—
$62.81 - $599.60		33		6.49	$	108.06		27	$	107.66	$	—
$0.00 - $599.60		35		6.43	$	126.70		29	$	130.00	$	—

Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Equity

Note 7. Equity

Exchangeable Shares and Preferred Stock

February 2024 Public Offering

The Offering, including the additional shares of common stock, Series A warrants and Series B warrants sold pursuant to the partial exercise of the Underwriter’s option, closed on February 8, 2024.

Warrants Classified as Equity

As of March 31, 2024, the Company had the following equity-classified common stock purchase warrants outstanding (share amounts in thousands):

	Number of Shares			Exercise Price		Expiration
Balance as of December 31, 2023		7		$	28.00	June 28, 2023
Pre-funded warrants issued		1,425		$	0.001	—
Pre-funded warrants exercised		(1,001	)	$	0.001	—
Series A warrants issued		3,974		$	2.250	February 8, 2029
Series A warrants issued		139		$	2.625	February 8, 2029
Series B warrants issued		3,974		$	2.250	August 8, 2024
Balance as of March 31, 2024		8,518

Warrants Classified as Liabilities

3 Months Ended

Mar. 31, 2024

Warrants Classified as Liabilities [Abstract]

Warrants Classified as Liabilities

Note 8. Warrants Classified as Liabilities

As of March 31, 2024 and December 31, 2023, the Company had the following liability-classified warrants outstanding (amounts in thousands):

	Number of Shares		Exercise Price		Expiration Date
Warrants issued - November 2022		92	$	40.00	May 28, 2028
Warrants issued - June 2023		143	$	28.00	June 2, 2028
		235

	Number of Shares		Fair Value
Balance as of December 31, 2023		235	$	1,748
Change in fair value of warrants		—		(1,591	)
Balance as of March 31, 2024		235	$	157

	2022 Purchase Warrant			2023 Purchase Warrant
Expected term based on contractual term		4.2 years			4.2 years
Interest rate (risk-free rate)		4.22	%		4.22	%
Expected volatility		124	%		124	%
Expected dividend yield		—			—
Fair value of warrants (in thousands)	$	57		$	100

	2022 Purchase Warrant			2023 Purchase Warrant
Expected term based on contractual term		4.4 years			4.4 years
Interest rate (risk-free rate)		3.84	%		3.84	%
Expected volatility		116	%		116	%
Expected dividend yield		—			—
Fair value of warrants (in thousands)	$	653		$	1,095

Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions

Note 9. Related Party Transactions

License and Asset Sale Transaction

3 Months Ended

Mar. 31, 2024

License and Asset Sale Transaction [Abstract]

License and Asset Sale Transaction

Note 10. License and Asset Sale Transaction

Memory IC Product End-of-Life

3 Months Ended

Mar. 31, 2024

Memory IC Product End-of-Life [Abstract]

Memory IC Product End-of-Life

Note 11. Memory IC Product End-of-Life

Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 12. Subsequent Events

Subsequent to March 31, 2024, the holders of the pre-funded warrants issued in the Offering exercised warrants for an additional 307,460 shares of common stock.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,031)	$ (3,148)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Accounting Policies, by Policy (Policies)

3 Months Ended

Mar. 31, 2024

The Company and Summary of Significant Accounting Policies [Abstract]

Liquidity and Going Concern

Liquidity and Going Concern

Basis of Presentation

Basis of Presentation

Reverse Stock Split

Risks and Uncertainties

Risks and Uncertainties

COVID-19 and World Unrest

COVID-19 and World Unrest

Use of Estimates

Use of Estimates

Cash Equivalents and Investments

Cash Equivalents and Investments

Fair Value Measurements

Fair Value Measurements

The Company measures the fair value of financial instruments using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels:

Level 1—Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date.

Derivatives and Liability-Classified Instruments

Derivatives and Liability-Classified Instruments

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts

Inventories

Inventories

Intangible and Long-lived Assets

Intangible and Long-lived Assets

Purchased Intangible Assets

Purchased Intangible Assets

	March 31, 2024
	Gross					Net
	Carrying		Accumulated			Carrying
	Amount		Amortization			Amount
Developed technology	$	5,726	$	(4,035	)	$	1,691
Customer relationships		2,556		(1,801	)		755
Other		186		(168	)		18
Total	$	8,468	$	(6,004	)	$	2,464

	December 31, 2023
	Gross								Net
	Carrying		Accumulated			Other			Carrying
	Amount		Amortization			Impairment			Amount
Developed technology	$	5,726	$	(3,471	)	$	—		$	2,255
Customer relationships		2,556		(1,550	)		—			1,006
Other		186		(61	)		(106	)		19
Total	$	8,468	$	(5,082	)	$	(106	)	$	3,280

Other amortization expense was approximately $1,000 for the three months ended March 31, 2024.

Revenue Recognition

Revenue Recognition

Product revenue

The Company may record an estimated allowance, at the time of shipment, for future returns and other charges against revenue consistent with the terms of sale.

Royalty and other

Engineering services revenue

Contract liabilities – deferred revenue

During the three months ended March 31, 2024, the Company recognized approximately $201,800 of revenue that had been included in deferred revenue as of December 31, 2023.

See Note 5 for disaggregation of revenue by geography.

Cost of Net Revenue

Cost of Net Revenue

Cost of net revenue consists primarily of direct and indirect costs of product sales, including amortization of intangible assets and depreciation of production-related fixed assets.

Stock-Based Compensation

Stock-Based Compensation

Foreign Currency Transactions

Foreign Currency Transactions

Per-Share Amounts

Per-Share Amounts

The following table sets forth securities outstanding that were excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive (in thousands):

	March 31,
	2024		2023
Escrow shares - exchangeable shares		33		33
Escrow shares - common stock		13		13
Options to purchase common stock		36		37
Unvested restricted common stock units		15		27
Warrants classified as equity		8,094		—
Warrants classified as liabilities		235		123
Total		8,426		233

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

The Company and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

The Company and Summary of Significant Accounting Policies [Abstract]

Schedule of Intangible Assets

Intangible assets subject to amortization, including those acquired in business combinations were as follows (amounts in thousands):

	March 31, 2024
	Gross					Net
	Carrying		Accumulated			Carrying
	Amount		Amortization			Amount
Developed technology	$	5,726	$	(4,035	)	$	1,691
Customer relationships		2,556		(1,801	)		755
Other		186		(168	)		18
Total	$	8,468	$	(6,004	)	$	2,464

	December 31, 2023
	Gross								Net
	Carrying		Accumulated			Other			Carrying
	Amount		Amortization			Impairment			Amount
Developed technology	$	5,726	$	(3,471	)	$	—		$	2,255
Customer relationships		2,556		(1,550	)		—			1,006
Other		186		(61	)		(106	)		19
Total	$	8,468	$	(5,082	)	$	(106	)	$	3,280

Schedule of Computation of Diluted Net Loss Per Share

The following table sets forth securities outstanding that were excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive (in thousands):

	March 31,
	2024		2023
Escrow shares - exchangeable shares		33		33
Escrow shares - common stock		13		13
Options to purchase common stock		36		37
Unvested restricted common stock units		15		27
Warrants classified as equity		8,094		—
Warrants classified as liabilities		235		123
Total		8,426		233

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value of Financial Instruments [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables represent the Company’s assets and liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands):

	March 31, 2024
	Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds (1)	$	1	$	—	$	—	$	—

Liabilities:
Warrant liabilities	$	158	$	—	$	—	$	158

	December 31, 2023
	Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds (1)	$	1	$	—	$	—	$	—

Liabilities:
Warrant liabilities	$	1,748	$	—	$	—	$	1,748

(1)	Amounts are included in cash and cash equivalents on the condensed consolidated balance sheets.

Schedule of Determination of Fair Value for its Financial Assets

The following tables represent the Company’s determination of fair value for its financial assets (cash equivalents and investments) (in thousands):

	March 31, 2024
			Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Cash and cash equivalents	$	2,435	$	—	$	—	$	2,435

	December 31, 2023
			Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Cash and cash equivalents	$	1,583	$	—	$	—	$	1,583

Balance Sheet Detail (Tables)

3 Months Ended

Mar. 31, 2024

Balance Sheet Detail [Abstract]

Schedule of Inventories

	March 31,		December 31,
	2024		2023
	(in thousands)
Inventories:
Raw materials	$	147	$	209
Work-in-process		1,778		1,517
Finished goods		831		880
	$	2,756	$	2,606

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies [Abstract]

Schedule of Right-of-Use Assets and Lease Liabilities

The following table provides the details of right-of-use assets and lease liabilities as of March 31, 2024 (in thousands):

	Three Months Ended
	March 31, 2024
Right-of-use assets:
Operating leases	$	365
Finance lease		159
Total right-of-use assets	$	524
Lease liabilities:
Operating leases	$	445
Finance lease		160
Total lease liabilities	$	605

Schedule of Future Minimum Payments

Future minimum payments under the leases at March 31, 2024 are listed in the table below (in thousands):

Year ending December 31,
2024	$	293
2025		164
2026		107
2027		104
Total future lease payments		668
Less: imputed interest		(63	)
Present value of lease liabilities	$	605

Schedule of Supplemental Cash Flow Information

The following table provides the details of supplemental cash flow information (in thousands):

	Three Months Ended March 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for leases	$	106	$	199

Business Segments, Concentration of Credit Risk and Significant Customers (Tables)

3 Months Ended

Mar. 31, 2024

Business Segments, Concentration of Credit Risk and Significant Customers [Abstract]

Schedule of Company Recognized Revenue

The Company recognized revenue from shipments of product, licensing of its technologies and performance of services to customers by geographical location as follows (in thousands):

	Three Months Ended
	March 31,
	2024		2023
United States	$	2,230	$	3,089
Hong Kong		213		146
Taiwan		89		1,429
Rest of world		284		369
Total net revenue	$	2,816	$	5,033

Schedule of Breakdown of Product Revenue by Category

The following is a breakdown of product revenue by category (in thousands):

	Three Months Ended March 31,
Product category	2024		2023
Memory ICs	$	2,383	$	2,181
mmWave ICs		77		1,479
mmWave modules		203		1,224
mmWave other products		13		4
	$	2,676	$	4,888

Schedule of Customers and Vendor Accounted

The following lists significant customers that represented more than 10% of the Company’s total revenue and/or net accounts receivable balance, as applicable, at each respective balance sheet date:

	Revenue						Accounts Receivable
	For the Three Months Ended March 31,						March 31,			December 31,
	2024			2023			2024			2023
Customer A		51	%		13	%		42	%		36	%
Customer B		28	%		25	%		42	%		33	%
Customer C		*			27	%		*			*
Customer D		*			21	%		*			*
Customer E		*			*			*			14	%

The following lists significant vendors that represented more than 10% of the Company’s total accounts payable balance at each respective balance sheet date:

	Accounts Payable
	March 31,			December 31,
	2024			2023
Vendor A		52	%		47	%
Vendor B		*			12	%

*	Represents less than 10%

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Stock-Based Compensation [Abstract]

Schedule of Options Outstanding

				Options Outstanding
							Weighted
	Shares						Average
	Available			Number of			Exercise
	for Grant			Shares			Prices
Balance as of December 31, 2023		39			36		$	127.00
RSUs granted		(2	)		—			—
RSUs cancelled and returned to the 2019 Plan		2			—			—
Options cancelled		—			(1	)	$	147.64
Balance as of March 31, 2024		39			35		$	126.70

Schedule of RSU Activity Under Plans

A summary of RSU activity under the Plans is presented below (in thousands, except for fair value):

				Weighted
				Average
	Number of			Grant-Date
	Shares			Fair Value
Non-vested shares as of December 31, 2023		15		$	69.63
Granted		2		$	1.55
Cancelled		(2	)	$	53.54
Non-vested shares as of March 31, 2024		15		$	62.04

Schedule of Significant Ranges of Outstanding and Exercisable Options

The following table summarizes significant ranges of outstanding and exercisable options as of March 31, 2024 (in thousands, except contractual life and exercise price):

	Options Outstanding						Options Exercisable
			Weighted
			Average
			Remaining		Weighted				Weighted
			Contractual		Average				Average		Aggregate
	Number		Life		Exercise		Number		Exercise		Intrinsic
Range of Exercise Price	Outstanding		(in Years)		Price		Exercisable		Price		value
$0.00 - $62.80		2		5.64	$	62.80		2	$	62.80	$	—
$62.81 - $599.60		33		6.49	$	108.06		27	$	107.66	$	—
$0.00 - $599.60		35		6.43	$	126.70		29	$	130.00	$	—

Equity (Tables)

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Schedule of Initial Fair Value of Purchase Warrants

As of March 31, 2024, the Company had the following equity-classified common stock purchase warrants outstanding (share amounts in thousands):

	Number of Shares			Exercise Price		Expiration
Balance as of December 31, 2023		7		$	28.00	June 28, 2023
Pre-funded warrants issued		1,425		$	0.001	—
Pre-funded warrants exercised		(1,001	)	$	0.001	—
Series A warrants issued		3,974		$	2.250	February 8, 2029
Series A warrants issued		139		$	2.625	February 8, 2029
Series B warrants issued		3,974		$	2.250	August 8, 2024
Balance as of March 31, 2024		8,518

Warrants Classified as Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Warrants Classified as Liabilities [Abstract]

Schedule of Liability-Classified Warrants Outstanding

As of March 31, 2024 and December 31, 2023, the Company had the following liability-classified warrants outstanding (amounts in thousands):

	Number of Shares		Exercise Price		Expiration Date
Warrants issued - November 2022		92	$	40.00	May 28, 2028
Warrants issued - June 2023		143	$	28.00	June 2, 2028
		235

Schedule of Fair Value of Warrants

As of March 31, 2024 and December 31, 2023, the Company had the following liability-classified warrants outstanding (amounts in thousands):

	Number of Shares		Fair Value
Balance as of December 31, 2023		235	$	1,748
Change in fair value of warrants		—		(1,591	)
Balance as of March 31, 2024		235	$	157

Schedule of Black Scholes Model

	2022 Purchase Warrant			2023 Purchase Warrant
Expected term based on contractual term		4.2 years			4.2 years
Interest rate (risk-free rate)		4.22	%		4.22	%
Expected volatility		124	%		124	%
Expected dividend yield		—			—
Fair value of warrants (in thousands)	$	57		$	100

	2022 Purchase Warrant			2023 Purchase Warrant
Expected term based on contractual term		4.4 years			4.4 years
Interest rate (risk-free rate)		3.84	%		3.84	%
Expected volatility		116	%		116	%
Expected dividend yield		—			—
Fair value of warrants (in thousands)	$	653		$	1,095

The Company and Summary of Significant Accounting Policies (Details) - USD ($)		3 Months Ended
	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
The Company and Summary of Significant Accounting Policies [Line Items]
Net losses		$ 2,000,000		$ 16,800,000
Accumulated deficit		$ 168,400,000
Net proceeds from common stock and warrants	$ 3,400,000
Percentage of specific allowance		100.00%
Allowance for doubtful accounts receivable		$ 30,000		$ 30,000
Inventory write-downs			$ 369,000
Other amortization expense		1,000
Deferred revenue		$ 201,800
Previously reported loss per share (in Dollars per share)		$ 28
WASO increased shares (in Shares)			29,000
Developed technology [Member]
The Company and Summary of Significant Accounting Policies [Line Items]
Amortization		$ 600,000
Customer Relationships [Member]
The Company and Summary of Significant Accounting Policies [Line Items]
Amortization		$ 200,000
Per-Share Amounts [Member]
The Company and Summary of Significant Accounting Policies [Line Items]
Previously reported loss per share (in Dollars per share)			$ 0.3
Minimum [Member]
The Company and Summary of Significant Accounting Policies [Line Items]
Estimated useful lives		3 years
Maximum [Member]
The Company and Summary of Significant Accounting Policies [Line Items]
Estimated useful lives		10 years

The Company and Summary of Significant Accounting Policies (Details) - Schedule of Intangible Assets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	$ 8,468	$ 8,468
Accumulated Amortization	(6,004)	(5,082)
Net Carrying Amount	2,464	3,280
Other Impairment		(106)
Developed technology [Member]
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	5,726	5,726
Accumulated Amortization	(4,035)	(3,471)
Net Carrying Amount	1,691	2,255
Other Impairment
Customer relationships [Member]
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	2,556	2,556
Accumulated Amortization	(1,801)	(1,550)
Net Carrying Amount	755	1,006
Other Impairment
Other [Member]
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	186	186
Accumulated Amortization	(168)	(61)
Net Carrying Amount	$ 18	19
Other Impairment		$ (106)

The Company and Summary of Significant Accounting Policies (Details) - Schedule of Computation of Diluted Net Loss Per Share - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8,426	233
Escrow Shares - exchangeable shares [Member]
Schedule of Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	33	33
Escrow Shares - common stock [Member]
Schedule of Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	13	13
Options to purchase common stock [Member]
Schedule of Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	36	37
Unvested restricted common stock units [Member]
Schedule of Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	15	27
Warrants Classified as Equity [Member]
Schedule of Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8,094
Common stock warrants [Member]
Schedule of Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	235	123

Fair Value of Financial Instruments (Details) - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis - USD ($)
$ in Thousands

Mar. 31, 2024

Dec. 31, 2023

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]

Money market funds

^[1]

$ 1

Warrant liabilities

158

1,748

Level 1 [Member]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]

Money market funds

^[1]

Warrant liabilities

Level 2 [Member]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]

Money market funds

^[1]

Warrant liabilities

Level 3 [Member]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]

Money market funds

^[1]

Warrant liabilities

$ 158

$ 1,748

[1]	Amounts are included in cash and cash equivalents on the condensed consolidated balance sheets.

Fair Value of Financial Instruments (Details) - Schedule of Determination of Fair Value for its Financial Assets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Determination of Fair Value for its Financial Assets [Line Items]
Cost	$ 2,435	$ 1,583
Unrealized Gains
Unrealized Losses
Fair Value	$ 2,435	$ 1,583

Balance Sheet Detail (Details) - Schedule of Inventories - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventories:
Raw materials	$ 147	$ 209
Work-in-process	1,778	1,517
Finished goods	831	880
Inventories total	$ 2,756	$ 2,606

Commitments and Contingencies (Details) - USD ($)			3 Months Ended
Commitments and Contingencies (Details) - USD ($)	Nov. 01, 2022	Mar. 01, 2022	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Nov. 30, 2023
Commitments and Contingencies [Line Items]
Lease incentive						$ 286,200
Credit against the rent payment				$ 35,775
Amount of pending lease incentive			$ 107,325
Recognition of right-of-use asset			$ 365,000
Percentage of lease assets and liabilities			8.00%
Right-of-use asset	$ 124,000		$ 1,000,000
Lease liability	$ 117,000	$ 274,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]			Right-of-use lease assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]			Right-of-use lease assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]			Present value of lease liabilities
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]			Present value of lease liabilities
Rent expense			$ 200,000		$ 200,000
Related expenditures			3,200,000
Non-cancelable purchase orders			$ 2,200,000
Markham landlord [Member]
Commitments and Contingencies [Line Items]
Payment of first installment of incentive				143,100
Toronto lease [Member]
Commitments and Contingencies [Line Items]
Recognition of right-of-use asset				$ 137,700
Percentage of lease assets and liabilities			8.00%

Commitments and Contingencies (Details) - Schedule of Right-of-Use Assets and Lease Liabilities - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Right-of-use assets:
Operating leases	$ 365
Finance lease	159
Total right-of-use assets	524	$ 615
Lease liabilities:
Operating leases	445
Finance lease	160
Total lease liabilities	$ 605

Commitments and Contingencies (Details) - Schedule of Future Minimum Payments $ in Thousands	Mar. 31, 2024 USD ($)
Schedule of Future Minimum Payments [Line Items]
2024	$ 293
2025	164
2026	107
2027	104
Total future lease payments	668
Less: imputed interest	(63)
Present value of lease liabilities	$ 605

Commitments and Contingencies (Details) - Schedule of Supplemental Cash Flow Information - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for leases	$ 106	$ 199

Business Segments, Concentration of Credit Risk and Significant Customers (Details) - Schedule of Company Recognized Revenue - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Company Recognized Revenue [Line Items]
Total net revenue	$ 2,816	$ 5,033
United States [Member]
Schedule of Company Recognized Revenue [Line Items]
Total net revenue	2,230	3,089
Hong Kong [Member]
Schedule of Company Recognized Revenue [Line Items]
Total net revenue	213	146
Taiwan [Member]
Schedule of Company Recognized Revenue [Line Items]
Total net revenue	89	1,429
Rest of world [Member]
Schedule of Company Recognized Revenue [Line Items]
Total net revenue	$ 284	$ 369

Business Segments, Concentration of Credit Risk and Significant Customers (Details) - Schedule of Breakdown of Product Revenue by Category - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Memory ICs [Member]
Schedule of Breakdown of Product Revenue by Category [Line Items]
Product category	$ 2,383	$ 2,181
mmWave ICs [Member]
Schedule of Breakdown of Product Revenue by Category [Line Items]
Product category	77	1,479
mmWave modules [Member]
Schedule of Breakdown of Product Revenue by Category [Line Items]
Product category	203	1,224
mmWave other products [Member]
Schedule of Breakdown of Product Revenue by Category [Line Items]
Product category	13	4
Product category [Member]
Schedule of Breakdown of Product Revenue by Category [Line Items]
Product category	$ 2,676	$ 4,888

Business Segments, Concentration of Credit Risk and Significant Customers (Details) - Schedule of Customers and Vendor Accounted

3 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

Customer Concentration Risk [Member] | Customer A [Member] | Revenue [Member]

Concentration Risk [Line Items]

Concentration Risk Percentage

51.00%

13.00%

Customer Concentration Risk [Member] | Customer A [Member] | Accounts Receivable [Member]

Concentration Risk [Line Items]

Concentration Risk Percentage

42.00%

36.00%

Customer Concentration Risk [Member] | Customer B [Member] | Revenue [Member]

Concentration Risk [Line Items]

Concentration Risk Percentage

28.00%

25.00%

Customer Concentration Risk [Member] | Customer B [Member] | Accounts Receivable [Member]

Concentration Risk [Line Items]

Concentration Risk Percentage

42.00%

33.00%

Customer Concentration Risk [Member] | Customer C [Member] | Revenue [Member]

Concentration Risk [Line Items]

Concentration Risk Percentage

^[1]

27.00%

Customer Concentration Risk [Member] | Customer C [Member] | Accounts Receivable [Member]

Concentration Risk [Line Items]

Concentration Risk Percentage

^[1]

Customer Concentration Risk [Member] | Customer D [Member] | Revenue [Member]

Concentration Risk [Line Items]

Concentration Risk Percentage

^[1]

21.00%

Customer Concentration Risk [Member] | Customer D [Member] | Accounts Receivable [Member]

Concentration Risk [Line Items]

Concentration Risk Percentage

^[1]

Customer Concentration Risk [Member] | Customer E [Member] | Revenue [Member]

Concentration Risk [Line Items]

Concentration Risk Percentage

^[1]

Customer Concentration Risk [Member] | Customer E [Member] | Accounts Receivable [Member]

Concentration Risk [Line Items]

Concentration Risk Percentage

^[1]

14.00%

Supplier Concentration Risk [Member] | Accounts Payable [Member] | Vendor A [Member]

Concentration Risk [Line Items]

Concentration Risk Percentage

52.00%

47.00%

Supplier Concentration Risk [Member] | Accounts Payable [Member] | Vendor B [Member]

Concentration Risk [Line Items]

Concentration Risk Percentage

^[1]

12.00%

[1]	Represents less than 10%

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023	Nov. 30, 2021	Aug. 31, 2019
Stock-Based Compensation [Line Items]
Term of plan	9 months 18 days
Compensation costs	$ 1.0	$ 1.1
Unamortized compensation cost	$ 2.2
Compensation costs		$ 0.2
Percentage of voting power	10.00%
Restricted Stock Options [Member]
Stock-Based Compensation [Line Items]
Unamortized compensation cost	$ 0.7
Compensation costs	$ 0.2
Weighted average expected period over which the expense is to be recognized	10 months 24 days
Stock Incentive Plan 2019 [Member]
Stock-Based Compensation [Line Items]
Number of shares reserved for issuance (in Shares)			77,674	4,563
Minimum percentage of voting rights required for applicability of a specific expiration term	10.00%
Maximum expiration term of options granted	5 years
Term of plan	10 years
Stock Incentive Plan 2019 [Member] \| Minimum [Member]
Stock-Based Compensation [Line Items]
Vesting period of replacement options	3 years

Stock-Based Compensation (Details) - Schedule of Options Outstanding - RSUs [Member]	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Schedule of Options Outstanding [Line Items]
Shares Available for Grant, Beginning Balance	39
Number of Shares, Beginning Balance	36
Weighted Average Exercise Prices, Beginning Balance (in Dollars per share) \| $ / shares	$ 127
Shares Available for Grant, Ending Balance	39
Number of Shares, Ending Balance	35
Weighted Average Exercise Prices, Ending Balance (in Dollars per share) \| $ / shares	$ 126.7
Shares Available for Grant, RSUs granted	(2)
Number of Shares, RSUs granted
Weighted Average Exercise Prices, RSUs granted (in Dollars per share) \| $ / shares
Shares Available for Grant, RSUs cancelled and returned to the Plans	2
Number of Shares, RSUs cancelled and returned to the Plans
Weighted Average Exercise Prices, RSUs cancelled and returned to the Plans (in Dollars per share) \| $ / shares
Shares Available for Grant, Options cancelled
Number of Shares, Options cancelled	(1)
Weighted Average Exercise Prices, Options cancelled (in Dollars per share) \| $ / shares	$ 147.64

Stock-Based Compensation (Details) - Schedule of RSU Activity Under Plans - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Schedule of RSU Activity Under Plans [Line Items]
Number of Shares, Beginning balance \| shares	15
Weighted Average Grant-Date Fair Value Beginning balance \| $ / shares	$ 69.63
Number of Shares, Ending balance \| shares	15
Weighted Average Grant-Date Fair Value, Ending balance \| $ / shares	$ 62.04
Number of Shares, Granted \| shares	2
Weighted Average Grant-Date Fair Value, Granted \| $ / shares	$ 1.55
Number of Shares, Cancelled \| shares	(2)
Weighted Average Grant-Date Fair Value, Cancelled \| $ / shares	$ 53.54

Stock-Based Compensation (Details) - Schedule of Significant Ranges of Outstanding and Exercisable Options	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
$0.00 - $62.80 [Member]
Schedule of Significant Ranges of Outstanding and Exercisable Options [Line Items]
Options Outstanding, Number Outstanding (in Shares) \| shares	2
Options Outstanding, Weighted Average Remaining Contractual Life (in Years)	5 years 7 months 20 days
Options Outstanding, Weighted Average Exercise Price	$ 62.8
Options Exercisable, Number Exercisable (in Shares) \| shares	2,000
Options Exercisable, Weighted Average Exercise Price	$ 62.8
Options Exercisable, Aggregate Intrinsic value (in Dollars) \| $
$62.81 - $599.60 [Member]
Schedule of Significant Ranges of Outstanding and Exercisable Options [Line Items]
Options Outstanding, Number Outstanding (in Shares) \| shares	33
Options Outstanding, Weighted Average Remaining Contractual Life (in Years)	6 years 5 months 26 days
Options Outstanding, Weighted Average Exercise Price	$ 108.06
Options Exercisable, Number Exercisable (in Shares) \| shares	27,000
Options Exercisable, Weighted Average Exercise Price	$ 107.66
Options Exercisable, Aggregate Intrinsic value (in Dollars) \| $
$0.00 - $599.60 [Member]
Schedule of Significant Ranges of Outstanding and Exercisable Options [Line Items]
Options Outstanding, Number Outstanding (in Shares) \| shares	35
Options Outstanding, Weighted Average Remaining Contractual Life (in Years)	6 years 5 months 4 days
Options Outstanding, Weighted Average Exercise Price	$ 126.7
Options Exercisable, Number Exercisable (in Shares) \| shares	29,000
Options Exercisable, Weighted Average Exercise Price	$ 130
Options Exercisable, Aggregate Intrinsic value (in Dollars) \| $
Minimum [Member] \| $0.00 - $62.80 [Member]
Schedule of Significant Ranges of Outstanding and Exercisable Options [Line Items]
Options Outstanding, Range of Exercise Price	$ 0
Minimum [Member] \| $62.81 - $599.60 [Member]
Schedule of Significant Ranges of Outstanding and Exercisable Options [Line Items]
Options Outstanding, Range of Exercise Price	62.81
Minimum [Member] \| $0.00 - $599.60 [Member]
Schedule of Significant Ranges of Outstanding and Exercisable Options [Line Items]
Options Outstanding, Range of Exercise Price	0
Maximum [Member] \| $0.00 - $62.80 [Member]
Schedule of Significant Ranges of Outstanding and Exercisable Options [Line Items]
Options Outstanding, Range of Exercise Price	62.8
Maximum [Member] \| $62.81 - $599.60 [Member]
Schedule of Significant Ranges of Outstanding and Exercisable Options [Line Items]
Options Outstanding, Range of Exercise Price	599.6
Maximum [Member] \| $0.00 - $599.60 [Member]
Schedule of Significant Ranges of Outstanding and Exercisable Options [Line Items]
Options Outstanding, Range of Exercise Price	$ 599.6

Equity (Details) - USD ($)		3 Months Ended
Equity (Details) - USD ($)	Feb. 06, 2024	Mar. 31, 2024	Feb. 08, 2024	Feb. 07, 2024
Equity [Line Items]
Aggregate exchangeable shares		32,822
Percentage of exchangeable shares		10.00%
Voting power percentage		50.00%
Common stock shares	571,428	326,190	139,108	82,500
Additional shares of common stock	285,714	674,920		165,000
Warrants to purchase	571,428			165,000
Initial exercise price (in Dollars per share)		$ 28
Net proceeds from the direct offering (in Dollars)		$ 3,400,000
Purchase price per share (in Dollars per share)		$ 2.25	$ 2.625
Aggregate proceeds (in Dollars)		$ 675,000
Aggregate exercise price		127
Pre-funded Warrants [Member]
Equity [Line Items]
Common stock shares	1,424,760
Purchase price per share (in Dollars per share)		$ 0.001
Series A warrants and Series B warrants [Member]
Equity [Line Items]
Initial exercise price (in Dollars per share)	$ 2.1
Purchase Warrants [Member]
Equity [Line Items]
Fair value of the Purchase Warrant liability (in Dollars)	$ 2,099.000
Purchase price per share (in Dollars per share)		$ 0.001
Maximum [Member]
Equity [Line Items]
Percentage of warrants to the extent		9.99%
Minimum [Member]
Equity [Line Items]
Percentage of warrants to the extent		4.99%
Common Stock [Member]
Equity [Line Items]
Aggregate exchangeable shares		12,564
Price per share (in Dollars per share)		$ 342.8
Common stock shares	480,000
Series A Common Stock [Member]
Equity [Line Items]
Common stock shares	3,809,520
Series B Common Stock [Member]
Equity [Line Items]
Common stock shares	3,809,520

Equity (Details) - Schedule of Equity-Classified Warrants Outstanding	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Schedule of Equity-Classified Warrants Outstanding [Line Items]
Number of Shares	7
Exercise Price (in Dollars per share) \| $ / shares	$ 28
Expiration	June 28, 2023
Number of Shares	8,518
Pre-funded warrants issued [Member]
Schedule of Equity-Classified Warrants Outstanding [Line Items]
Number of Shares	1,425
Exercise Price (in Dollars per share) \| $ / shares	$ 0.001
Expiration
Pre-funded warrants exercised [Member]
Schedule of Equity-Classified Warrants Outstanding [Line Items]
Number of Shares	(1,001)
Exercise Price (in Dollars per share) \| $ / shares	$ 0.001
Expiration
February Eight Two Zero Two Nine [Member] \| Series A warrants issued [Member]
Schedule of Equity-Classified Warrants Outstanding [Line Items]
Number of Shares	3,974
Exercise Price (in Dollars per share) \| $ / shares	$ 2.25
Expiration	February 8, 2029
February Eight Two Zero Two Nine One [Member] \| Series A warrants issued [Member]
Schedule of Equity-Classified Warrants Outstanding [Line Items]
Number of Shares	139
Exercise Price (in Dollars per share) \| $ / shares	$ 2.625
Expiration	February 8, 2029
August Eight Two Zero Two Four [Member] \| Series B warrants issued [Member]
Schedule of Equity-Classified Warrants Outstanding [Line Items]
Number of Shares	3,974
Exercise Price (in Dollars per share) \| $ / shares	$ 2.25
Expiration	August 8, 2024

Warrants Classified as Liabilities (Details)	3 Months Ended
Warrants Classified as Liabilities (Details)	Mar. 31, 2024
Warrants Classified as Liabilities [Abstract]
Percentage fair value volatility	100.00%

Warrants Classified as Liabilities (Details) - Schedule of Liability-Classified Warrants Outstanding	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Schedule of Liability-Classified Warrants Outstanding [Line Items]
Number of Shares \| shares	235
Exercise Price (in Dollars per share) \| $ / shares	$ 28
Warrants issued - November 2022 [Member]
Schedule of Liability-Classified Warrants Outstanding [Line Items]
Number of Shares \| shares	92
Exercise Price (in Dollars per share) \| $ / shares	$ 40
Expiration Date	May 28, 2028
Warrants issued - June 2023 [Member]
Schedule of Liability-Classified Warrants Outstanding [Line Items]
Number of Shares \| shares	143
Exercise Price (in Dollars per share) \| $ / shares	$ 28
Expiration Date	June 2, 2028

Warrants Classified as Liabilities (Details) - Schedule of Fair Value of Warrants - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule Of Fair Value Of Warrants Abstract
Number of Shares	235
Fair Value	$ 1,748
Number of Shares	235
Fair Value	$ 157
Change in fair value of warrants, Number of Shares
Change in fair value of warrants, Fair Value	$ (1,591)	$ (658)

Warrants Classified as Liabilities (Details) - Schedule of Black Scholes Model - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
2022 Purchase Warrant [Member]
Schedule of Black Scholes Model [Line Items]
Expected term based on contractual term	4 years 2 months 12 days	4 years 4 months 24 days
Interest rate (risk-free rate)	4.22%	3.84%
Expected volatility	124.00%	116.00%
Expected dividend yield
Fair value of warrants (in thousands) (in Dollars)	$ 57	$ 653
2023 Purchase Warrant [Member]
Schedule of Black Scholes Model [Line Items]
Expected term based on contractual term	4 years 2 months 12 days	4 years 4 months 24 days
Interest rate (risk-free rate)	4.22%	3.84%
Expected volatility	124.00%	116.00%
Expected dividend yield
Fair value of warrants (in thousands) (in Dollars)	$ 100	$ 1,095

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transactions [Abstract]
Payment to employee	$ 27,800	$ 27,800

License and Asset Sale Transaction (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022
License and Asset Sale Transaction [Line Items]
Company paid	$ 3,062,500
Closing transaction	$ 437,500
Gain on this transaction		$ 400	$ 2,600

Memory IC Product End-of-Life (Details) $ in Millions	3 Months Ended
Memory IC Product End-of-Life (Details) $ in Millions	Mar. 31, 2024 USD ($)
Memory IC Product End-of-Life [Abstract]
Non-cancelable purchase orders from customers	$ 12.6

Subsequent Events (Details)	Mar. 31, 2024 shares
Public Offering [Member]
Subsequent Events [Line Items]
Shares of common stock	307,460

Peraso (NASDAQ:PRSO)
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