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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue from contract with customer, product and service, extensible enumeration	Service [Member]	Service [Member]	Service [Member]	Service [Member]
Service revenue	$ 1,209	$ 1,705	$ 1,722	$ 1,727
Cost of revenue	0	388	0	388
Gross profit	1,209	1,317	1,722	1,339
Operating expenses:
Research and development expenses	2,850	10,204	5,526	20,323
Selling, general and administrative expenses	5,323	10,007	11,487	20,277
Total operating expenses	8,173	20,211	17,013	40,600
Loss from operations	(6,964)	(18,894)	(15,291)	(39,261)
Other income (expense), net:
Change in fair value of warrant liability	0	451	0	338
Realized loss on disposal of assets	(55)	(17)	(55)	(17)
Interest income	4	357	22	912
Interest expense	0	(732)	(57)	(1,652)
Other income	(1)	0	52	20
Total other income (expense), net	(52)	59	(38)	(399)
Net loss	$ (7,016)	$ (18,835)	$ (15,329)	$ (39,660)
Net loss per share, basic (in dollars per share)	$ (0.42)	$ (9.81)	$ (1.05)	$ (21.60)
Net loss per share, diluted (in dollars per share)	$ (0.42)	$ (9.81)	$ (1.05)	$ (21.60)
Weighted average shares outstanding, basic (in shares)	16,597,027	1,919,555	14,582,974	1,835,777
Weighted average shares outstanding, fully diluted (in shares)	16,597,027	1,919,555	14,582,974	1,835,777

Stock-based Compensation - Schedule of Options Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Total Options
Beginning balance (in shares) \| shares	23,912
Forfeitures (in shares) \| shares	(3,912)
Ending balance (in shares) \| shares	20,000
Total options exercisable (in shares) \| shares	17,103
Weighted- Average Exercise Price Per Share
Options outstanding, weighted-average exercise price per share, beginning balance (in dollars per share) \| $ / shares	$ 68.39
Forfeitures (in dollars per share) \| $ / shares	11.62
Options outstanding, weighted-average exercise price per share, ending balance (in dollars per share) \| $ / shares	79.49
Options exercisable, weighted-average exercise price per share (in dollars per share) \| $ / shares	$ 71.44
Stock Options Additional Disclosures
Options outstanding, weighted-average remaining contractual term (in years)	6 years 10 months 24 days
Options exercisable, weighted-average remaining contractual term (in years)	6 years 8 months 12 days
Options outstanding, aggregate intrinsic value \| $	$ 0
Options exercisable, aggregate intrinsic value \| $	$ 0
Vested and Expected to Vest
Total options vested and expected to vest (in shares) \| shares	20,000
Options vested and expected to vest, weighted-average exercise price per share (in dollars per share) \| $ / shares	$ 79.49
Options vested and expected to vest, weighted-average remaining contractual term (in years)	6 years 10 months 24 days
Options vested and expected to vest, aggregate intrinsic value \| $	$ 0

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Consolidated Interim Financial Information

The accompanying consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The consolidated balance sheet as of December 31, 2023 was derived from the Company’s audited financial statements but does not include all disclosures required by GAAP for audited financial statements. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (the “FASB”).

The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. The accompanying interim consolidated financial statements contain all adjustments that are necessary to present fairly the Company’s financial position as of June 30, 2024 and December 31, 2023, the results of operations for the three and six months ended June 30, 2024 and 2023, the statement of stockholders’ equity for the three and six months ended June 30, 2024 and 2023, and cash flows for the six months ended June 30, 2024 and 2023. Such adjustments are of a normal and recurring nature. The results for the three and six months ended June 30, 2024 are not necessarily indicative of the results for the year ending December 31, 2024, or for any future period. These interim consolidated financial statements should be read in conjunction with the audited financial statements as of and for the years ended December 31, 2023 and 2022, filed with the SEC in our Annual Report on Form 10-K filed by the Company on June 6, 2024 and Form 10-K/A filed on September 16, 2024.

Principles of Consolidation

The consolidated interim financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation.

Use of Estimates

The preparation of consolidated interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated interim financial statements and accompanying notes. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Accordingly, actual results could differ from those estimates. Significant estimates inherent in the preparation of the consolidated interim financial statements include, but are not limited to, the timing of revenue recognition, accounting for useful lives of property, machinery and equipment, net intangible assets, net accrued liabilities, leases, income taxes including deferred tax assets and liabilities, impairment valuation, stock-based compensation, warrant liabilities, and litigation contingencies.

Emerging Growth Company Status

Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can choose not to take advantage of the extended transition period and comply with the requirements that apply to non-emerging growth companies, and any such election to not take advantage of the extended transition period is irrevocable. The Company is an “emerging growth company” as defined in Section 2(a) of the Securities

Act and has elected to take advantage of the benefits of the extended transition period for new or revised financial accounting standards. The Company will remain an emerging growth company until the earliest of (i) the last day of the fiscal year in which the market value of Class A common stock that is held by non-affiliates exceeds $700 million as of the end of that year’s second fiscal quarter, (ii) the last day of the fiscal year in which the Company after the consummation of the Business Combination has total annual gross revenue of $1.2 billion or more during such fiscal year (as indexed for inflation), (iii) the date on which the Company has issued more than $1 billion in non-convertible debt in the prior three-year period or (iv) December 31, 2024. The Company expects to continue to take advantage of the benefits of the extended transition period, although it may decide to early adopt such new or revised accounting standards to the extent permitted by such standards. This may make it difficult or impossible to compare the Company’s financial results with the financial results of another public company that is either not an emerging growth company or is an emerging growth company that has chosen not to take advantage of the extended transition period exemptions because of the potential differences in accounting standards used.

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of cash on hand, cash in bank with no restrictions, as well as highly liquid investments which are unrestricted as to withdrawal or use, and which have original maturities of three months or less when initially purchased.

The Company places its cash in the bank, which may at times be in excess of the Federal Deposit Insurance Corporation insurance limits of $250,000 per depositor, with high credit quality financial institutions and attempts to limit the amount of credit exposure with any one institution.

Restricted cash primarily represents deposited cash that is restricted by financial institutions. $0.4 million is restricted primarily as collateral for a letter of credit issued to the Company’s landlord in accordance with the terms of a lease agreement entered into in December 2020, and is classified as a non-current asset as it will be returned to the Company at the end of the lease which is expected to occur beyond one year from June 30, 2024. In event of default, the landlord can take over the restricted cash from the restricted cash bank account.

Deferred Fulfillment and Prepaid Launch Costs

The Company prepays for certain launch costs to third-party providers that will carry the transport vehicle to orbit. Prepaid costs allocated to the delivery of a customers’ payload are classified as deferred fulfillment costs and recognized as cost of revenue upon delivery of the customers’ payload. Prepaid costs allocated to our payload are classified as prepaid launch costs and are amortized to cost of sales and research and development expense upon the release of our payload. The allocation is determined based on the distribution between customer and our payload weight on each launch.

Property, Machinery and Equipment

Property, machinery and equipment are stated at cost less accumulated depreciation. Depreciation is generally recorded using the straight-line method over the estimated useful lives of the respective assets. The estimated useful lives of fixed assets by asset category are described below:


Fixed Assets						Estimated Useful Life
Computer equipment						Three years
Furniture and fixtures						Five years
Leasehold improvements						Lesser of estimated useful life or remaining lease term (one year to seven years)
Machinery and equipment						Seven years

Costs of maintenance or repairs that do not extend the lives of the respective assets are charged to expenses as incurred.

Intangible Assets

Intangible assets, which consist of patents, are considered long-lived assets and are reported at cost less accumulated amortization and accumulated impairment loss, if any. Amortization is recognized on a straight-line basis over 10 years for patents, which is the estimated useful lives of the intangible assets.

In accordance with ASC Topic 350-40, Intangibles, the Company presents capitalized implementation costs for cloud computing arrangements within prepaid and other current assets, and other non-current assets to properly present the capitalized costs with their related subscription fees.

Loss Contingencies

The Company estimates loss contingencies in accordance with ASC Sub-Topic 450-20, Loss Contingencies (“ASC 450-20”), which states that a loss contingency shall be accrued by a charge to income if both of the following conditions are met: (i) information available before the consolidated interim financial statements are issued or are available to be issued indicates that it is probable that a liability had been incurred at the date of the consolidated interim financial statements and (ii) the amount of loss can be reasonably estimated. We regularly evaluate current information available to us to determine whether such accruals should be adjusted and whether new accruals are required.

Revenue Recognition

The Company enters into short-term contracts for ‘last-mile’ satellite and cargo delivery (transportation service), payload hosting and in-orbit servicing options with customers that are primarily in the aerospace industry. For its transportation service arrangements, the Company has a single performance obligation of delivering the customers’ payload to its designated orbit and recognizes revenue (along with any other fees that have been paid) at a point in time, upon satisfaction of this performance obligation. Additionally, for its in-orbit service arrangements, the Company provides a multitude of services consistently throughout the mission to its customers and also has services available on a ‘stand ready’ basis as needed until the mission reaches its conclusion. The Company recognizes revenue for these in-orbit services ratably over time on a straight-line basis. The Company also enters into contracts to perform analysis and provide engineering services to U.S. Government organizations.

The Company accounts for customer contracts in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”), which includes the following five-step model:

•Identification of the contract, or contracts, with a customer.

•Identification of the performance obligations in the contract.

•Determination of the transaction price.

•Allocation of the transaction price to the performance obligations in the contract.

•Recognition of revenue when, or as, the Company satisfies a performance obligation.

The Company estimates variable consideration at the most likely amount, which is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur. While the Company’s standard contracts do not contain refund or recourse provisions that enable its customers to recover any non-refundable fees that have been paid, the Company may issue full or partial refunds, or concessions on future services to customers on a case-by-case basis as necessary to preserve and foster future business relationships and customer goodwill. Contracts to provide engineering services to U.S. Government organizations generally have set payments tied to each milestone. When a milestone is achieved, the Company submits the completed service for approval, submits invoices to the government site, and collects on that completed milestone.

Fair Value Measurement

The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. A three-tiered hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value. This hierarchy requires that the Company use observable market data, when available, and minimize the use of unobservable inputs when determining fair value:

•Level 1, observable inputs such as quoted prices in active markets;

•Level 2, inputs other than the quoted prices in active markets that are observable either directly or indirectly; and

•Level 3, unobservable inputs in which there is little or no market data, which requires that the Company develop its own assumptions.

The fair values of cash and cash equivalents, accounts payable, and certain prepaid and other current assets and accrued expenses approximate carrying values due to the short-term maturities of these instruments which fall with Level 1 of the fair value hierarchy. The carrying value of certain other non-current assets and liabilities approximates fair value. The Company had no Level 2 inputs for the three and six months ended June 30, 2024.

Certain of the Company’s warrants are recorded as a derivative liability pursuant to ASC Topic 815, Derivatives and Hedging (“ASC Topic 815”), and are classified within Level 3 of the fair value hierarchy as the Company is using the Black Scholes Option Pricing model. The primary significant unobservable input used in the valuation of the warrants is expected stock price volatility. Expected stock price volatility is based on the actual historical volatility of a group of comparable publicly traded companies observed over a historical period equal to the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the date of valuation equal to the remaining expected life of the warrants. The expected term was based on the maturity of the warrants, which is 5 years. The dividend yield percentage is zero because the Company does not currently pay dividends, nor does it intend to do so during the expected term of the warrants. Upon conversion of the Legacy Momentus private warrants immediately prior to the business combination, the key valuation input was the closing price of Company’s Class A common stock on the Closing, as the expected term and volatility were immaterial to the pricing model.

Warrant Liability

The Company’s private warrants and stock purchase warrants are recorded as derivative liabilities pursuant to ASC Topic 815 and are classified within Level 3 of the fair value hierarchy as the Company is using the Black Scholes Option Pricing model to calculate fair value. See Note 9 for additional information. Significant unobservable inputs, prior to the Company’s stock being publicly listed, included stock price, volatility and expected term. At the end of each reporting period, changes in fair value during the period are recognized as components of other income within the condensed consolidated statements of operations. The Company will continue to adjust the warrant liability for changes in fair value until the earlier of (i) the exercise or expiration of the warrants or (ii) the redemption of the warrants, at which time the warrants will be reclassified to additional paid-in capital within the condensed consolidated statements of stockholders’ equity.

The warrants issued by Momentus Inc. prior to the Business Combination were exercised in connection with the Business Combination and as a result, the Company performed a fair value measurement of those warrants on the Closing and recorded the change in the instruments’ fair values prior to converting them to equity. The warrants assumed by the Company as a result of the Business Combination remain outstanding.

Public and Private Warrants

Prior to the Business Combination, SRAC issued 225,450 private placement warrants (“Private Warrants”) and 172,500 public warrants (“Public Warrants” and, collectively with the Private Warrants, the “Public and Private Warrants”). Each whole warrant entitles the holder to purchase one share of the Company’s Class A common stock at a price of $575.00 per share, subject to adjustments and will expire five years after the Business Combination or earlier upon redemption or liquidation.

The Private Warrants do not meet the derivative scope exception and are accounted for as derivative liabilities. Specifically, the Private Warrants contain provisions that cause the settlement amounts to be dependent upon the characteristics of the holder of the warrant which is not an input into the pricing of a fixed-for-fixed option on equity shares. Therefore, the Private Warrants are not considered indexed to the Company’s stock and should be classified as a liability. Since the Private Warrants meet the definition of a derivative, the Company recorded the Private Warrants as liabilities on the condensed consolidated balance sheet at fair value upon the Closing, with subsequent

changes in the fair value recognized in the condensed consolidated statements of operations at each reporting date. The fair value of the Private Warrants was measured using the Black-Scholes option-pricing model at each measurement date.

In addition, the Public Warrants are accounted for as equity classified by the Company. On consummation of the Business Combination, the Company recorded equity related to the Public Warrants of $20.2 million, with an offsetting entry to additional paid-in capital. Similarly, on the consummation of the Business Combination, the Company recorded a liability related to the Private Warrants of $31.2 million, with an offsetting entry to additional paid-in capital.

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC Topic 815, at the initial recognition.

Other than the Public and Private Warrants noted above, the Company also had other warrants issued and outstanding which were recognized as derivative liabilities in accordance with ASC Topic 815 until they were fully exercised. Accordingly, the Company recognized the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period until exercised. The fair value of the warrant liabilities issued were initially measured using the Black-Scholes model and were subsequently remeasured at each reporting period with changes recorded as a component of other income in the Company’s condensed consolidated statements of operations. Derivative warrant liabilities are classified as non-current as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. See Note 9 for additional information.

Equity Classified Warrants

Subsequent to the Business Combination, the Company has issued warrants in conjunction with various securities purchase agreements (See Note 9 for additional information). The warrants are freestanding equity-linked instruments that meet the indexation and equity classification criteria of ASC Sub-Topic 815-40.

The grant-date fair value of these warrants is recorded in additional paid-in capital on the condensed consolidated balance sheets. The fair value of the warrants are measured using the Black-Scholes option-pricing model on the grant date.

Modification of Equity Classified Warrants

A change in the terms or conditions of a warrant is accounted for as a modification. For a warrant modification accounted for under ASC Topic 815, the effect of a modification shall be measured as the difference between the fair value of the modified warrant and the fair value of the original warrant immediately before its terms are modified, with each measured on the modification date. The accounting for incremental fair value of the modified warrants over the original warrants is based on the specific facts and circumstances related to the modification. When a modification is directly attributable to an equity offering, the incremental change in fair value of the warrants is accounted for as an equity issuance cost. When a modification is directly attributable to a debt offering, the incremental change in fair value of the warrants is accounted for as a debt discount or debt issuance cost. For all other modifications, the incremental change in fair value is recognized as a deemed dividend.

Basic and Diluted Loss Per Share

Net loss per share is provided in accordance with ASC Sub-Topic 260-10, Earnings per Share. Basic net loss per share is computed by dividing losses by the weighted average number of common shares outstanding during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Diluted loss per share excludes all potential common shares if their effect is anti-dilutive.

Impairment of Long-lived Assets

The Company evaluates the carrying value of long-lived assets, which includes intangible assets, on an annual basis, or more frequently whenever circumstances indicate a long-lived asset may be impaired. When indicators of impairment exist, the Company estimates future undiscounted cash flows attributable to such assets. In the event

cash flows are not expected to be sufficient to recover the recorded value of the assets, the assets are written down to their estimated fair value.

Stock-based Compensation

The Company has a stock incentive plan under which equity awards are granted to employees, directors, and consultants. All stock-based payments are recognized in the consolidated interim financial statements based on their respective grant date fair values.

Restricted stock unit fair value is based on our closing stock price on the day of the grant. Stock option fair value is determined using the Black Scholes Merton Option Pricing model. The model requires management to make a number of assumptions, including expected volatility of the Company’s stock, expected life of the option, risk-free interest rate, and expected dividends. Employee Stock Purchase Plan (“ESPP”) compensation fair value is also determined using the Black Scholes Merton Option Pricing model, using a six-month expected term to conform with the six month ESPP offering period.

The fair value of equity awards is expensed over the related service period which is typically the vesting period, and expense is only recognized for awards that are expected to vest. The Company accounts for forfeitures as they occur.

401(k) Plan

The Company has a 401(k) plan that it offers to its full-time employees. The Company did not contribute to the plan during the six months ended June 30, 2024.

Research and Development Costs

Research and development costs are expensed as incurred. Research and development costs include activities to develop existing and future technologies for the Company’s vehicles. Research and development activities include basic research, applied research, design, development, and related test program activities. Costs incurred for developing our vehicles primarily include equipment, material, and labor hours (both internal and subcontractors).

Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities related to an executory contractual arrangement are deferred and capitalized. These advance payments are recognized as an expense as the related goods are delivered or services performed. When the related goods are no longer expected to be delivered or services rendered, the capitalized advance payment is charged to expense.

Leases

The Company determines if an arrangement contains a lease at inception based on whether there is an identified property, plant or equipment and whether the Company controls the use of the identified asset throughout the period of use.

Operating leases are included in the accompanying condensed consolidated balance sheets. Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term. Lease liabilities represent the Company’s obligation to make lease payments arising from the lease and are included in current and non-current liabilities. Operating lease ROU assets and lease liabilities are recognized at the lease inception date based on the present value of lease payments over the lease term discounted based on the more readily determinable of (i) the rate implicit in the lease or (ii) the Company’s incremental borrowing rate (which is the estimated rate the Company would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease). Because the Company’s operating leases generally do not provide an implicit rate, the Company estimates its incremental borrowing rate based on the information available at lease commencement date for borrowings with a similar term.

The Company’s operating lease ROU assets are measured based on the corresponding operating lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs incurred and (iii) tenant incentives under the lease. The Company does not assume renewals or early terminations unless it is reasonably certain to exercise these options at commencement. The Company elected the practical expedient which allows the Company to not allocate consideration between lease and non-lease components. Variable lease payments

are recognized in the period in which the obligation for those payments is incurred. In addition, the Company elected the practical expedient such that it does not recognize ROU assets or lease liabilities for leases with a term of 12 months or less of all asset classes. Operating lease expense is recognized on a straight-line basis over the lease term.

Income Taxes

The Company accounts for income taxes in accordance with authoritative guidance, which requires the use of the asset and liability method. Under this method, deferred income tax assets and liabilities are determined based upon the difference between the financial statement carrying amounts and the tax basis of assets and liabilities and are measured using the enacted tax rate expected to apply to taxable income in the years in which the differences are expected to be reversed.

Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, management considers all available evidence, including past operating results, estimates of future taxable income, and the feasibility of tax planning strategies.

In the event that management changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made.

The Company is required to evaluate the tax positions taken in the course of preparing its tax returns to determine whether tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the “more likely than not” threshold would be recorded as a tax expense in the current year. The amount recognized is subject to estimate and management judgment with respect to the likely outcome of each uncertain tax position. The amount that is ultimately sustained for an individual uncertain tax position or for all uncertain tax positions in the aggregate could differ from the amount that is initially recognized.

Concentrations of Risk

Financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and cash equivalents in banks that management believes are creditworthy, however deposits may exceed federally insured limits.

Segment Reporting

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing operating performance. In consideration of ASC Topic 280, Segment Reporting (“ASC Topic 480”), we are not organized around specific services or geographic regions.

Our chief operating decision maker “CODM” uses financial information to evaluate our performance, which is the same basis on which our results and performance are communicated to our Board of Directors. All of the Company’s long-lived assets are held domestically in the United States. The company recognized $1.7 million of revenue during the six months ended June 30, 2024, of which 98.0% was derived domestically and 2.0% was derived from customers domiciled in foreign countries. Based on the information described above and in accordance with the applicable literature, management has concluded that we are organized and operated as one operating and reportable segment.

Recently Issued Accounting Standards

Although there are several new accounting pronouncements issued or proposed by the FASB, which have been adopted or will be adopted as applicable, management does not believe any of these accounting pronouncements has had or will have a material impact on the Company’s financial position or results of operations.

In July 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-03, Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718) (“ASU 2023-03”). This update requires (1) disclosure and presentation of income or loss related to common stock transactions on the face of the income statement, (2) modification of the existing classification and measurement of

redeemable preferred shares and redeemable equity-classified shares, and (3) modification of accounting treatment for stock-based compensation. The FASB has not set an effective date on ASU 2023-03 and adoption is permitted. The Company is currently evaluating the impact of the provisions of ASU 2023-03 on its financial statement disclosures.

In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). The amendments in this ASU are expected to clarify or improve disclosure and presentation requirements of a variety of ASC topics by aligning them with the SEC’s regulations. ASU 2023-06 will become effective for each amendment on the effective date of the SEC's corresponding disclosure rule changes. The Company is currently evaluating the impact ASU 2023-06 will have on its results of operations, financial position, or cash flows.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the CODM and included within the reported measure of a segment’s profit or loss, requires interim disclosures about a reportable segment’s profit or loss and assets that are currently required annually, requires disclosure of the position and title of the CODM, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and contains other disclosure requirements. The disclosures required under ASU 2023-07 are also required for public entities with a single reportable segment. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and for interim periods within those fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect the adoption of ASU 2023-07 to have a material impact on its financial position or results of operations.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) that addresses requests for improved income tax disclosures from investors that use the financial statements to make capital allocation decisions. Public entities must adopt the new guidance for fiscal years beginning after December 15, 2024. The amendments in ASU 2023-09 must be applied on a retrospective basis to all prior periods presented in the financial statements and early adoption is permitted. The Company is in the process of evaluating the potential impact ASU 2023-09 will have on its results of operations, financial position, or cash flows.

On March 21, 2024, the FASB issued ASU 2024-01 which clarifies how an entity determines whether a profits interest or similar award are within the scope of ASC Topic 718 Compensation - Stock Compensation or not a share-based payment arrangement and therefore within the scope of other guidance. The Company is still in the process of evaluating this standard. The amendments of ASU 2024-01 are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. For all other entities, the amendments are effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods.

In March 29, 2024, the FASB issued ASU 2024-02 which removes references to the Board’s concepts statements from the FASB Accounting Standards Codification. The ASU is part of the Board’s standing project to make “Codification updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance, and other minor improvements.” ASU 2024-02 is not expected to have a material impact on the Company.

Earnings Per Share - Schedule of Antidilutive Shares (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	14,823,062	949,066	14,823,062	805,972
Options and unvested stock units outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	276,544	291,045	276,544	147,951
Warrants outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	14,517,768	629,271	14,517,768	629,271
Contingent Sponsor Earnout Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	28,750	28,750	28,750	28,750

Nature of Operations	6 Months Ended
Nature of Operations	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Note 1. Nature of Operations The Company Momentus Inc. (together with its consolidated subsidiaries “Momentus” or the “Company”) is a U.S. commercial space company that offers satellites, satellite buses, satellite technologies, and space infrastructure services, including in-space transportation, hosted payloads and in-orbit services. Momentus is making new ways of operating in space possible with its in-space transfer and service vehicles, powered by an innovative, space-proven water plasma-based propulsion system. Momentus has launched four missions to date, deployed 17 customer satellites, and provided hosted payload services. Three of these missions involved operation of the Vigoride OSV in orbit. During these three Vigoride missions, the system and technology were tested repeatedly. Improvements based on lessons learned during these missions were rapidly incorporated. As a result of these three missions, the Vigoride OSV has been successfully demonstrated in space and accumulated significant flight heritage. The Company has produced its next Orbital Service Vehicle, Vigoride 7, that it intends to utilize on a future mission or for use as a satellite bus. In addition to the Vigoride Orbital Service Vehicle, Momentus is now also offering its M-1000 satellite bus which has substantial commonality with Vigoride. With a growing demand for satellite bus services, Momentus is positioned to advance its hardware and flight-proven technology for this market. The M-1000 bus is a flexible option to meet various mission requirements. Innovations to improve sensor capability, maneuverability, increased power, and lower costs are integrated into the product. Momentus believes it can manufacture satellite buses like the M-1000 at a rapid and scalable pace. Momentus has completed work in support of its Small Business Innovation Research contract from the Space Development Agency that was signed in August 2023. This project's scope involved making tailored modifications to the system underlying the M-1000 satellite bus and Vigoride OSV to support a full range of U.S. Department of Defense (DoD) payloads. Some of these areas include adding a secure payload interface, optical communications terminals, a high-volume data recorder, and improving the modularity of the propulsion system. Business Combination On August 12, 2021, the Company consummated a merger pursuant to the terms of the Agreement and Plan of Merger, dated October 7, 2020, and as amended on March 5, 2021, April 6, 2021, and June 29, 2021 (the “Merger Agreement”), by and among Stable Road Acquisition Corp (“SRAC”), Project Marvel First Merger Sub, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of SRAC (“First Merger Sub”), and Project Marvel Second Merger Sub, LLC, a Delaware limited liability company and a direct, wholly-owned subsidiary of SRAC (“Second Merger Sub”), pursuant to which First Merger Sub merged with and into Momentus Inc., a Delaware corporation (“Legacy Momentus”) with Legacy Momentus as the surviving corporation of the First Merger Sub, and immediately following which Legacy Momentus merged with and into the Second Merger Sub, with the Second Merger Sub as the surviving entity (the “Business Combination”). In connection with the closing of the Business Combination (“Closing”), the Company changed its name from Stable Road Acquisition Corp. to Momentus Inc., and Legacy Momentus changed its name to Momentus Space, LLC. The Business Combination was accounted for as a reverse recapitalization under ASC Topic 805, Business Combinations, with SRAC and its two wholly-owned subsidiaries. The Company received gross proceeds of $247.3 million upon the closing of the Business Combination. Public and private warrants of SRAC were assumed by the Company as a result of the Business Combination. Going Concern The accompanying consolidated interim financial statements have been prepared assuming that the Company will continue as a going concern. The going concern basis of presentation assumes that the Company will continue in operation one year after the date these consolidated interim financial statements are issued and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company’s ability to continue as a going concern is dependent on the Company’s ability to successfully raise capital to fund its business operations and execute on its business plan. To date the Company remains heavily focused on growth and continued development of its proprietary technology, and as a result, it has not generated sufficient revenues to provide cash flows that enable the Company to finance its operations internally and the Company’s financial position and operating results raise substantial doubt about the Company’s ability to continue as a going concern. This is reflected by the Company’s incurred net loss of $15.3 million for the six months ended June 30, 2024, and accumulated deficit of $388.4 million as of June 30, 2024. Additionally, the Company used net cash of $6.4 million to fund its operating activities for the six months ended June 30, 2024, and had cash and cash equivalents of $0.9 million as of June 30, 2024. Pursuant to the requirements of ASC Topic 205-40, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year from the date these consolidated interim financial statements are issued. This evaluation does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented or are not within control of the Company as of the date the consolidated interim financial statements are issued. When substantial doubt exists, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the consolidated interim financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated interim financial statements are issued. In connection with the preparation of the consolidated interim financial statements for the six months ended June 30, 2024, management conducted an evaluation and concluded that there were conditions and events, considered in the aggregate, which raised substantial doubt as to the Company’s ability to continue as a going concern within twelve months after the date of the issuance of such consolidated interim financial statements. The Company believes that its current level of cash and cash equivalents are not sufficient to fund its regular operations, scaling of commercial production, and maintain its existing services and products. These conditions raise substantial doubt regarding its ability to continue as a going concern for a period of at least one year from the date of issuance of these consolidated interim financial statements. In order to proceed with the Company’s business plan and operating strategy, the Company will need to raise substantial additional capital to fund its operations. Until such time, if ever, the Company can generate revenues sufficient to achieve profitability, the Company expects to finance its operations through equity or debt financings, which may not be available to the Company on the timing needed or on terms that the Company deems to be favorable. In an effort to alleviate these conditions, the Company continues to seek and evaluate all opportunities to access additional capital through any available means. As a result of these uncertainties, and notwithstanding management’s plans and efforts to date, there is substantial doubt about the Company’s ability to continue as a going concern. If the Company is unable to raise substantial additional capital in the near term, the Company's operations and business plan will need to be scaled back or halted altogether. Additionally, if the Company is able to raise additional capital but that capital is insufficient to provide a bridge to full commercial production at a profit, the Company's operations could be severely curtailed or cease entirely and the Company may not realize any significant value from its assets. The accompanying consolidated interim financial statements have been prepared on a going concern basis of accounting. The accompanying consolidated interim financial statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern. Reverse Stock Split Effective August 22, 2023, the Company’s stockholders approved a 1-for-50 reverse stock split of the Company’s Class A common stock. As a result of the reverse stock split, every 50 shares of Class A common stock issued and outstanding on August 22, 2023, were automatically combined into one share of Class A common stock. Any fractional shares resulting from the reverse stock split were rounded up to the next nearest whole share of Class A common stock. The reverse stock split did not affect the stated par value of the Class A common stock nor did it change the total number of the Company’s authorized shares of Class A common stock. Both the Company’s Class B common stock and the Company’s preferred stock were not affected by the reverse stock split. Also on the effective date of the reverse stock split, all options, warrants and other convertible securities of the Company outstanding immediately prior to the reverse stock split were adjusted by dividing the number of shares of Class A common stock into which the options, warrants and other convertible securities are exercisable or convertible by 50 and multiplying the exercise or conversion price thereof by 50, all in accordance with the terms of the plans, agreements or arrangements governing such options, warrants and other convertible securities and subject to rounding to the nearest whole share. Such proportional adjustments were also made to the number of shares and restricted stock units issued and issuable under the Company’s equity compensation plan. The Company has retroactively adjusted all periods presented for the effects of the stock split. See Note 9 for additional information.

Stockholders’ Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Fair Value Inputs

Key assumptions for the Black-Scholes model used to determine the fair value of warrants outstanding as of each period end were as follows:


	June 30, 2024		December 31, 2023
Warrant term (years)	2.12		2.61
Volatility	156.93	%	113.50	%
Risk-free rate	4.57	%	4.05	%
Dividend yield	0.00	%	0.00	%

The significant inputs into the Black-Scholes valuation model at the initial recognition date are as follows:


Warrant term (years)	5.00
Volatility	95.00	%
Risk-free rate	4.33	%
Dividend yield	—	%

The significant inputs into the Black-Scholes valuation model before and after the modification date are as follows:


	Pre Modification		Post Modification
Warrant term (years)	4.87		5.00
Volatility	95.00	%	95.00	%
Risk-free rate	4.22	%	4.21	%
Dividend yield	—	%	—	%

The significant inputs into the Black-Scholes valuation model at the initial recognition date are as follows:


Warrant term (years)	5.00
Volatility	97.50	%
Risk-free rate	4.02	%
Dividend yield	—	%

The significant inputs into the Black-Scholes valuation model before and after the modification date are as follows:


	Pre Modification		Post Modification
Warrant term (years)	4.83		5.00
Volatility	97.50	%	97.50	%
Risk-free rate	3.85	%	3.84	%
Dividend yield	—	%	—	%

Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 5. Intangible Assets

Intangible assets, net consisted of the following as of June 30, 2024:


(in thousands)	Gross Value		Accumulated Amortization		Net Value		Weighted Average Remaining Amortization Period (In Years)
Patents/Intellectual Property	$	463	$	(184)	$	279	5.7

Total	$	463	$	(184)	$	279

Intangible assets, net consisted of the following as of December 31, 2023:


(in thousands)	Gross Value		Accumulated Amortization		Net Value		Weighted Average Remaining Amortization Period (In Years)
Patents/Intellectual Property	$	519	$	(177)	$	341	6.3

Total	$	519	$	(177)	$	341

Amortization expense related to intangible assets was $14 thousand and $29 thousand for the three and six months ended June 30, 2024, respectively, and $14 thousand and $26 thousand for the three and six months ended June 30, 2023, respectively.

As of June 30, 2024, the future estimated amortization expense related to intangible assets is as follows:


(in thousands)
Remainder of 2024	$	26
2025	52
2026	52
2027	52
2028	43
Thereafter	54
Total	$	279

Summary of Significant Accounting Policies - Narrative (Details)		3 Months Ended			6 Months Ended		12 Months Ended
	Aug. 12, 2021 USD ($)	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) segment $ / shares shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 04, 2024	Jan. 12, 2024 $ / shares
Cash and Cash Equivalents [Line Items]
Restricted cash, non-current		$ 380,000			$ 380,000		$ 373,000
Deferred fulfillment and prepaid launch costs		400,000			400,000		1,700,000
Contract with customer, cumulative catch-up to revenue		1,200,000	$ 0		1,700,000	$ 0
Contract with customer, liability		1,100,000			1,100,000		1,000,000.0
Contract liabilities, non-current		618,000			618,000		998,000
Service revenue		$ 1,209,000	$ 1,705,000		$ 1,722,000	1,727,000
Contract with customer, liability							35,000
Warrants and rights outstanding, term (in years)		5 years			5 years			5 years	5 years
Payment of liability				$ 10,000,000
Exercise price (in dollars per share) \| $ / shares									$ 0.96
Estimated fair value of warrants		$ 3,000			$ 3,000		3,000
Impairments of long-lived assets					0	$ 0
Defined contribution plan, cost					$ 0
Number of reportable segments \| segment					1
Number of operating segments \| segment					1
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| Geographic Distribution, Domestic
Cash and Cash Equivalents [Line Items]
Percentage of derived from customers					98.00%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| Geographic Distribution, Foreign
Cash and Cash Equivalents [Line Items]
Percentage of derived from customers					2.00%
Common Class A
Cash and Cash Equivalents [Line Items]
Exchange ratio		1			1
Exercise price (in dollars per share) \| $ / shares		$ 575.00			$ 575.00
Expiration period					5 years
ESPP
Cash and Cash Equivalents [Line Items]
Offering period					6 months
Restricted Stock Units
Cash and Cash Equivalents [Line Items]
Expected term					6 months
Private Placement Warrant
Cash and Cash Equivalents [Line Items]
Number of warrants outstanding (in shares) \| shares		225,450			225,450
Estimated fair value of warrants	$ 31,200,000
Public Warrant
Cash and Cash Equivalents [Line Items]
Number of warrants outstanding (in shares) \| shares		172,500			172,500
Equity related to warrants	$ 20,200,000
Prepaid Expenses and Other Current Assets
Cash and Cash Equivalents [Line Items]
Deferred fulfillment and prepaid launch costs		$ 0			$ 0		1,300,000
Other Noncurrent Assets
Cash and Cash Equivalents [Line Items]
Deferred fulfillment and prepaid launch costs		$ 400,000			$ 400,000		$ 400,000
Patents
Cash and Cash Equivalents [Line Items]
Intangible asset useful life		10 years			10 years
Cash Designated for Collateral
Cash and Cash Equivalents [Line Items]
Restricted cash, non-current		$ 400,000			$ 400,000

Property, Machinery and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Machinery and Equipment

Note 4. Property, Machinery and Equipment

Property, machinery and equipment, net consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Computer equipment	$	10	$	10

Leasehold improvements	2,394		2,394
Machinery and equipment	3,411		3,411

Property, machinery and equipment, gross	5,815		5,815
Less: accumulated depreciation	(2,978)		(2,563)
Property, machinery and equipment, net	$	2,837	$	3,252

Depreciation expense related to property, machinery and equipment was $0.2 million and $0.4 million for the three and six months ended June 30, 2024, respectively and $0.2 million and $0.4 million for the three and six months ended June 30, 2023. Depreciation expense is recorded within operating expenses.

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Legal and other professional services	$	3,898	$	3,811
Compensation expense	609		392
Research and development projects	247		323


Other accrued liabilities	432		228
Total	$	5,186	$	4,754

Leases - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jan. 31, 2021
Leases [Abstract]
Obligation owed under lease agreement	$ 6,117	$ 10,500
Operating lease, weighted-average remaining lease term	3 years 8 months 12 days
Operating lease, weighted-average discount rate	5.60%

Commitment and Contingencies - Narrative (Details) - USD ($)										3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 04, 2024	Jan. 12, 2024	Nov. 16, 2023	Oct. 23, 2023	Oct. 18, 2023	Oct. 05, 2023	Feb. 27, 2023	Jul. 20, 2022	Jun. 30, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Other expense										$ (52,000)	$ 59,000	$ (38,000)	$ (399,000)
Percentage of equity interest sold by co-founders									100.00%
Payments to co-founders									$ 40,000,000
Additional payments owed to co-founders							$ 10,000,000		10,000,000.0
Minimum proceeds from sale of business and other capital raising transactions									250,000,000.0
Aggregate cost	$ 4,000,000	$ 4,000,000.0					$ 10,000,000
Consideration Due within 10 Business Days
Loss Contingencies [Line Items]
Additional payments owed to co-founders									$ 10,000,000
Threshold period									10 days
Minimum proceeds from sale of business and other capital raising transactions									$ 250,000,000
Baker Mckenzie
Loss Contingencies [Line Items]
Contingency recorded as a result of settlement										8,500,000		8,500,000
Estimated insurance recoveries										4,000,000.0		4,000,000.0
Reduction in litigation settlement contingency			$ 3,500,000			$ 1,000,000.0
Other expense														$ 4,500,000
National Security Agreement
Loss Contingencies [Line Items]
Legal expenses										$ 100,000		$ 100,000
SAFE Note Litigation
Loss Contingencies [Line Items]
Alleged investment amount								$ 4,000,000
Common stock issued (in shares)								14,500
SAFE Note Litigation \| Pending Litigation
Loss Contingencies [Line Items]
Damages sought								$ 7,600,000
Founder Litigation
Loss Contingencies [Line Items]
Payments for legal settlements					$ 100,000
Stephen J. Purcell
Loss Contingencies [Line Items]
Damages sought				$ 80,000

Stockholders’ Equity - Co-Founder Divestment and Stock Repurchase Agreements (Details) - USD ($)						3 Months Ended
	Mar. 04, 2024	Jan. 12, 2024	Feb. 27, 2023	Aug. 12, 2021	Jun. 30, 2021	Mar. 31, 2023
Class of Stock [Line Items]
Percentage of equity interest sold by co-founders					100.00%
Additional payments owed to co-founders			$ 10,000,000		$ 10,000,000.0
Minimum proceeds from sale of business and other capital raising transactions					250,000,000.0
Aggregate cost	$ 4,000,000	$ 4,000,000.0	10,000,000
Additional funding received in connection with business combination			247,300,000	$ 247,300,000
Payment of liability						$ 10,000,000
Common Stock
Class of Stock [Line Items]
Aggregate cost			$ 10,000,000.0
Consideration from Funds Legally Available
Class of Stock [Line Items]
Additional payments owed to co-founders					$ 40,000,000.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 14	$ 14	$ 29	$ 26

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Antidilutive Shares

The following table summarizes potential common shares that were excluded as their effect is anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023

Options and unvested stock units outstanding	276,544	291,045	276,544	147,951
Warrants outstanding	14,517,768	629,271	14,517,768	629,271

Contingent Sponsor Earnout Shares	28,750	28,750	28,750	28,750
Total	14,823,062	949,066	14,823,062	805,972

Stockholders’ Equity - Contingent Sponsor Earnout Shares (Details) - Contingent Sponsor Earnout Shares - Common Class A - $ / shares	Aug. 12, 2021	Aug. 13, 2021
Class of Stock [Line Items]
Number of shares modified (in shares)	28,750
Weighted Average Closing Price of $12.50
Class of Stock [Line Items]
Weighted-average closing sale price (in dollars per share)	$ 625.00
Percentage of shares forfeited		66.00%
Weighted Average Closing Price of $15.00
Class of Stock [Line Items]
Weighted-average closing sale price (in dollars per share)	750.00
Percentage of shares forfeited		33.00%
Weighted Average Closing Price of $17.50
Class of Stock [Line Items]
Weighted-average closing sale price (in dollars per share)	$ 875.00

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (7,016)	$ (8,313)	$ (18,835)	$ (20,825)	$ (15,329)	$ (39,660)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Paragraph 6
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, number of shares authorized (in shares)	20,000,000	20,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, number of shares authorized (in shares)	250,000,000	250,000,000
Common stock issued (in shares)	16,625,778	8,283,865
Common stock outstanding (in shares)	16,625,778	8,283,865
Common Class B
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, number of shares authorized (in shares)	4,312,500	4,312,500
Common stock issued (in shares)	0	0
Common stock outstanding (in shares)	0	0

Stockholders’ Equity - Schedule of Fair Value Inputs (Details)	Jun. 30, 2024	Mar. 04, 2024	Mar. 03, 2024	Jan. 12, 2024	Jan. 11, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Warrants and rights outstanding, term (in years)	5 years	5 years		5 years
January Modified Warrants
Class of Warrant or Right [Line Items]
Warrants and rights outstanding, term (in years)		5 years	4 years 10 months 13 days
November Modified Warrants
Class of Warrant or Right [Line Items]
Warrants and rights outstanding, term (in years)				5 years	4 years 9 months 29 days
Volatility
Class of Warrant or Right [Line Items]
Warrants, measurement input		0.9500		0.9750
Volatility \| January Modified Warrants
Class of Warrant or Right [Line Items]
Warrants, measurement input		0.9500	0.9500
Volatility \| November Modified Warrants
Class of Warrant or Right [Line Items]
Warrants, measurement input				0.9750	0.9750
Risk-free rate
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.0457	0.0433		0.0402		0.0405
Risk-free rate \| January Modified Warrants
Class of Warrant or Right [Line Items]
Warrants, measurement input		0.0421	0.0422
Risk-free rate \| November Modified Warrants
Class of Warrant or Right [Line Items]
Warrants, measurement input				0.0384	0.0385
Dividend yield
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.0000	0		0		0.0000
Dividend yield \| January Modified Warrants
Class of Warrant or Right [Line Items]
Warrants, measurement input		0	0
Dividend yield \| November Modified Warrants
Class of Warrant or Right [Line Items]
Warrants, measurement input				0	0

Income Taxes - Narrative (Details)	3 Months Ended	6 Months Ended
Income Taxes - Narrative (Details)	Jun. 30, 2024	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Effective tax rate	0.00%	0.00%

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 15. Subsequent Events Convertible Promissory Note On July 12, 2024, the Company and Space Infrastructure Ventures (“SIV”) entered into a secured convertible promissory note (the “Convertible Note”) pursuant to which the Company borrowed $2.3 million as of September 26, 2024. The Convertible Note bears an annual interest rate of 15%. Principal on the Convertible Note is to be re-paid in four equal payments on a quarterly basis, commencing on December 1, 2024, and maturing on September 1, 2025, at which time all accrued interest is due. Amounts borrowed under the Convertible Note are secured by a lien on substantially all of the assets of the Company. In lieu of cash payments of accrued interest, SIV, in its sole discretion, may elect to receive shares of Class A common stock at a conversion price of $0.53 per share (the “Conversion Price”). On the maturity date, subject to the satisfaction of applicable legal and regulatory conditions, all outstanding obligations under the Convertible Note automatically convert into Class A common stock at the Conversion Price. The Convertible Note requires SIV’s consent to take certain actions, such as increasing compensation, purchasing assets, extending financing, making capital expenditures, repaying debts outside the ordinary course of business or investing in any entity or enterprise. The Convertible Note can be prepaid in full at any time, subject to a prepayment penalty fee of 10%. The Convertible Note will accelerate and become immediately due upon the occurrence of certain customary events of default, including failure to pay amounts owing when due and/or certain events involving a discontinuation of our business or certain types of proceedings involving insolvency, bankruptcy, receivership and the like, or a change of control of Momentus. Indemnification Claims On July 31, 2024, certain former employees of the Company obtained a legal judgment in the amount of $526 thousand inclusive of interest and expenses related to claims for the advancement and reimbursement of certain legal expenses of the former employees. The Company paid the former employees $526 thousand inclusive of interest and expenses related to claims for the advancement and reimbursement of certain legal expenses of the former employees in September 2024. Venture-Class Acquisition of Dedicated Rideshare Contract On August 22, 2024, NASA selected the Company to participate as a launch provider in the Venture-Class Acquisition of Dedicated Rideshare (“VADR”) contract. The VADR program is anticipated to allow NASA to deliver Class D, CubeSats, and higher risk-tolerant payloads to a variety of orbits. The Company executed the VADR contract with NASA on August 19, 2024. Settlement of Derivative Litigation On August 26, 2024, an unopposed motion for the preliminary approval of settlement was filed after the Company reached an agreement in principle for a proposed settlement of certain shareholder derivative litigation. The proposed settlement, as set forth more fully in the Stipulation and Agreement of Settlement filed with the court, requires the Company to adopt certain corporate governance reforms. The reforms must be maintained for a minimum period of four years. On September 16, 2024, the U.S. District Court for the Northern District of California issued an order primarily approving the settlement and providing for notice of the settlement to stockholders of the Company in the matters captioned Hanna v. Kabot, et al., Case No. 5:23-cv-00374 (N.D. Cal.); Rivlen v. Kabot, et al., Case No. 2:23-cv-03120 (C.D. Cal.); Lindsey v. Quiroga, et al., Case No. 20230674 (Del. Ch.); and the litigation demand made by Momentus stockholder, Kamal Qureshi (collectively, the “Derivative Matters”). The proposed settlement calls for the Company to adopt certain corporate governance reforms and pay lead plaintiffs’ attorney’s fees, litigation expenses, and lead plaintiff service awards. The order set a final approval hearing for November 21, 2024. September 2024 Securities Purchase Agreement On September 15, 2024, the Company entered into a Securities Purchase Agreement with an investor, pursuant to which the Company issued and sold to an investor in a private placement transaction (the “September Offering”), (i) pre-funded warrants to purchase 5,000,000 shares of the Company’s Class A common stock at a purchase price of $0.55 per share (the “September Pre-Funded Warrants”), (ii) Class A warrants to purchase 10,000,000 shares of Class A common stock (the “Class A Warrants”), and (iii) Class B warrants to purchase 5,000,000 shares of Class A common stock (the “Class B Warrants” and, collectively with the Class A Warrants, the “September Warrants”). The Company received aggregate gross proceeds of approximately $2.75 million, before deducting estimated placement agent commissions and expenses. The offering closed on September 17, 2024. The September Pre-Funded Warrants have an exercise price of $0.00001 per share and are exercisable any time after issuance and will not expire until exercised. The September Warrants have an exercise price per share of Class A common stock equal to $0.575 per share. The Class A Warrants will expire on March 17, 2030, and the Class B Warrants will expire on March 17, 2026. The exercise price and the number of shares of Class A common stock issuable upon exercise of the September Warrants is subject to appropriate adjustments in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the Class A common stock. The investor may not exercise the September Warrants until 6 months after the original issuance date of the September Warrants. In connection with the September Offering, the Company entered into a Placement Agency Agreement on September 15, 2024, with the agency which assisted with the transaction. The Company paid a cash placement agent commission equal to 7.0% of gross proceeds from the September Offering and issued warrants (the “Placement Agent Warrants”) to purchase 500,000 shares of Class A common stock at an exercise price of $0.6325, exercisable immediately, as compensation for services. One half of the Placement Agent Warrants have a term of 18 months from the date of issuance and the other half have a term of five years from the date of issuance.

Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Options Activity

The following table sets forth the summary of options activity, under the 2018 Plan and the 2021 Plans, for the six months ended June 30, 2024:


(in thousands, except share-based data)	Total Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2023	23,912	$	68.39



Forfeitures	(3,912)	11.62
Outstanding as of June 30, 2024	20,000	$	79.49	6.9	$	—
Exercisable as of June 30, 2024	17,103	$	71.44	6.7	$	—
Vested and expected to vest as of June 30, 2024	20,000	$	79.49	6.9	$	—

Schedule of Restricted Stock Unit and Restricted Stock Award Activity

The following table sets forth the summary of RSU and RSA activity, under the Initial Plan, the 2018 Plan, the 2021 Plan, and the 2022 Plan, for the six months ended June 30, 2024. RSAs were an immaterial portion of activity for the period:


	Shares	Weighted Average Grant Date Fair Value (i.e. Share Price)
Outstanding as of December 31, 2023	219,720	$	86.78

Vested	(36,570)	67.15
Forfeited	(67,371)	49.65
Outstanding as of June 30, 2024	115,779	$	114.59

Schedule of Stock-Based Compensation Expense

The following table sets forth the stock-based compensation under the Initial Plan, the 2018 Plan, the 2021 Plan, and the 2022 Plan by expense type:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Research and development expenses	$	297	$	681	$	224	$	1,157
Selling, general and administrative expenses	1,438		1,896		2,954		3,140
Total	$	1,735	$	2,577	$	3,178	$	4,297

The following table sets forth the stock-based compensation under the Initial Plan, the 2018 Plan, the 2021 Plan, and the 2022 Plan by award type:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Options	$	70	$	92	$	145	$	188
RSUs & RSAs	1,665		2,499		3,033		4,099
ESPP	—		(14)		—		10

Total	$	1,735	$	2,577	$	3,178	$	4,297

Subsequent Events (Details)	Sep. 15, 2024 USD ($) $ / shares shares	Jul. 31, 2024 USD ($)	Mar. 04, 2024 USD ($) $ / shares	Jan. 12, 2024 USD ($) $ / shares	Feb. 27, 2023 USD ($)	Aug. 26, 2024	Jul. 12, 2024 USD ($) payment $ / shares	Jun. 30, 2024 $ / shares
Subsequent Event [Line Items]
Aggregate cost \| $			$ 4,000,000	$ 4,000,000.0	$ 10,000,000
Exercise price (in dollars per share)				$ 0.96
Warrants and rights outstanding, term			5 years	5 years				5 years
Common Class A
Subsequent Event [Line Items]
Purchase price (in dollars per share)			$ 0.87	$ 1.09
Exercise price (in dollars per share)								$ 575.00
Subsequent Event
Subsequent Event [Line Items]
Litigation settlement, amount awarded to other party \| $		$ 526,000
Payments for legal settlements \| $		$ 526,000
Litigation settlement, reforms maintained for a minimum period (in years)						4 years
Aggregate cost \| $	$ 2,750,000
Subsequent Event \| Convertible Promissory Notes \| Convertible Debt
Subsequent Event [Line Items]
Initial borrowing capacity \| $							$ 2,300,000
Interest rate (as percent)							15.00%
Number of periodic payments \| payment							4
Debt instrument, convertible, conversion price (in dollars per share)							$ 0.53
Debt instrument, prepayment penalty fee (as percent)							10.00%
Subsequent Event \| September Prefunded Warrants
Subsequent Event [Line Items]
Exercise price (in dollars per share)	$ 0.00001
Warrants and rights outstanding, term	6 months
Subsequent Event \| Placement Agent Warrants
Subsequent Event [Line Items]
Class of warrant or right, gross proceeds and issued warrants percentage (as percent)	7.00%
First term	18 months
Second term	5 years
Subsequent Event \| Common Class A
Subsequent Event [Line Items]
Purchase price (in dollars per share)	$ 0.55
Number of warrants exercised on net basis (in shares) \| shares	10,000,000
Subsequent Event \| Common Class A \| September Prefunded Warrants
Subsequent Event [Line Items]
Number of warrants exercised on net basis (in shares) \| shares	5,000,000
Exercise price (in dollars per share)	$ 0.575
Subsequent Event \| Common Class A \| Placement Agent Warrants
Subsequent Event [Line Items]
Number of warrants exercised on net basis (in shares) \| shares	500,000
Exercise price (in dollars per share)	$ 0.6325
Subsequent Event \| Common Class B
Subsequent Event [Line Items]
Number of warrants exercised on net basis (in shares) \| shares	5,000,000

Summary of Significant Accounting Policies - Schedule of Property, Machinery and Equipment, net (Details)	Jun. 30, 2024
Computer equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	1 year
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Components of Operating Lease Expense

The components of operating lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Operating lease cost	$	368	$	368	$	735	$	735
Variable lease expense	150		136		300		259

Total lease expense	$	518	$	504	$	1,035	$	994

Schedule of Maturities of Operating Lease Liabilities

As of June 30, 2024, the maturities of the Company’s operating lease liabilities were as follows:


(in thousands)
Remainder of 2024	$	790
2025	1,627
2026	1,674
2027	1,729
2028	297

Total lease payments	6,117
Less: Imputed interest	(611)
Present value of lease liabilities	$	5,506

Stockholders’ Equity - Common Stock and Preferred Stock (Details)	Aug. 22, 2023 $ / shares shares	Jun. 30, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Shares of stock authorized (in shares)	274,312,500
Preferred stock, number of shares authorized (in shares)		20,000,000	20,000,000
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.00001	$ 0.00001
Common Class A
Class of Stock [Line Items]
Stock split ratio	0.2
Common stock, number of shares authorized (in shares)	250,000,000	250,000,000	250,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001	$ 0.00001
Common Class B
Class of Stock [Line Items]
Common stock, number of shares authorized (in shares)	4,312,500	4,312,500	4,312,500
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001	$ 0.00001
Preferred Stock
Class of Stock [Line Items]
Preferred stock, number of shares authorized (in shares)	20,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.00001

Accrued Liabilities

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

Note 7. Accrued Liabilities

Accrued expenses consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Legal and other professional services	$	3,898	$	3,811
Compensation expense	609		392
Research and development projects	247		323


Other accrued liabilities	432		228
Total	$	5,186	$	4,754

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Property, Machinery and Equipment, Net

The estimated useful lives of fixed assets by asset category are described below:


Fixed Assets						Estimated Useful Life
Computer equipment						Three years
Furniture and fixtures						Five years
Leasehold improvements						Lesser of estimated useful life or remaining lease term (one year to seven years)
Machinery and equipment						Seven years

Property, machinery and equipment, net consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Computer equipment	$	10	$	10

Leasehold improvements	2,394		2,394
Machinery and equipment	3,411		3,411

Property, machinery and equipment, gross	5,815		5,815
Less: accumulated depreciation	(2,978)		(2,563)
Property, machinery and equipment, net	$	2,837	$	3,252

Schedule of Disaggregation of Revenue

The disaggregation of revenue by type is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Transportation services	$	—	$	1,305	$	—	$	1,305
Hosted payload services	—		142		—		142
Forfeited customer deposits	—		258		35		280
Engineering project services	1,209		—		1,687		—
Total revenue	$	1,209	$	1,705	$	1,722	$	1,727

Schedule of Changes in Fair Value of Liabilities

The change in fair values of liabilities subject to recurring remeasurement were as follows:


(in thousands)	Warrant Liability (Level 3)
Balance, December 31, 2023	$	3


Change in Fair Value	—

Balance, June 30, 2024	$	3

Schedule of Fair Value Inputs

Key assumptions for the Black-Scholes model used to determine the fair value of warrants outstanding as of each period end were as follows:


	June 30, 2024		December 31, 2023
Warrant term (years)	2.12		2.61
Volatility	156.93	%	113.50	%
Risk-free rate	4.57	%	4.05	%
Dividend yield	0.00	%	0.00	%

The significant inputs into the Black-Scholes valuation model at the initial recognition date are as follows:


Warrant term (years)	5.00
Volatility	95.00	%
Risk-free rate	4.33	%
Dividend yield	—	%

The significant inputs into the Black-Scholes valuation model before and after the modification date are as follows:


	Pre Modification		Post Modification
Warrant term (years)	4.87		5.00
Volatility	95.00	%	95.00	%
Risk-free rate	4.22	%	4.21	%
Dividend yield	—	%	—	%

The significant inputs into the Black-Scholes valuation model at the initial recognition date are as follows:


Warrant term (years)	5.00
Volatility	97.50	%
Risk-free rate	4.02	%
Dividend yield	—	%

The significant inputs into the Black-Scholes valuation model before and after the modification date are as follows:


	Pre Modification		Post Modification
Warrant term (years)	4.83		5.00
Volatility	97.50	%	97.50	%
Risk-free rate	3.85	%	3.84	%
Dividend yield	—	%	—	%

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Consolidated Interim Financial Information

Principles of Consolidation

The consolidated interim financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation.

Use of Estimates

Emerging Growth Company Status

Cash and Cash Equivalents

Restricted Cash

Deferred Fulfillment and Prepaid Launch Costs

As of June 30, 2024, and December 31, 2023, the Company had deferred fulfillment and prepaid launch costs of $0.4 million and $1.7 million, respectively, with $0 and $1.3 million recorded within prepaids and other current assets, respectively, and $0.4 million and $0.4 million recorded within other non-current asset, respectively, in our condensed consolidated balance sheets.

Property, Machinery and Equipment


Fixed Assets						Estimated Useful Life
Computer equipment						Three years
Furniture and fixtures						Five years
Leasehold improvements						Lesser of estimated useful life or remaining lease term (one year to seven years)
Machinery and equipment						Seven years

Costs of maintenance or repairs that do not extend the lives of the respective assets are charged to expenses as incurred.

Intangible Assets

Loss Contingencies

Revenue Recognition

The Company accounts for customer contracts in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”), which includes the following five-step model:

•Identification of the contract, or contracts, with a customer.

•Identification of the performance obligations in the contract.

•Determination of the transaction price.

•Allocation of the transaction price to the performance obligations in the contract.

•Recognition of revenue when, or as, the Company satisfies a performance obligation.

As part of its contracts with customers, the Company collects up-front non-refundable deposits prior to launch. As of June 30, 2024 and December 31, 2023, the Company had customer deposit balances of $1.1 million and $1.0 million, respectively, related to signed contracts with customers, including firm orders and options (some of which have already been exercised by customers). These deposits are recorded as contract liabilities in the Company’s condensed consolidated balance sheets. Included in the collected amount as of June 30, 2024 and December 31, 2023, are $0.6 million and $1.0 million, respectively, of non-current deposits.

During the six months ended June 30, 2024, the Company recognized $1.7 million of revenue, due to engineering services performed on Space Development Agency agreement, and forfeited customer deposits primarily related to expired options. Of the $1.7 million of revenue recognized, $35 thousand was derived from December 31, 2023 contract liability balance. During the six months ended June 30, 2023, the Company recognized $1.7 million of revenue, due to transportation services performed in Vigoride 5 and Vigoride 6 spaceship launches, on-going hosting services in Vigoride 5, and forfeited customer deposits primarily related to expired options.

The disaggregation of revenue by type is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Transportation services	$	—	$	1,305	$	—	$	1,305
Hosted payload services	—		142		—		142
Forfeited customer deposits	—		258		35		280
Engineering project services	1,209		—		1,687		—
Total revenue	$	1,209	$	1,705	$	1,722	$	1,727

Fair Value Measurement

•Level 1, observable inputs such as quoted prices in active markets;

•Level 2, inputs other than the quoted prices in active markets that are observable either directly or indirectly; and

•Level 3, unobservable inputs in which there is little or no market data, which requires that the Company develop its own assumptions.

The Company’s stock repurchase agreements with the Co-Founders (see Note 12 for additional information) are recorded as contingent liabilities pursuant to ASC Topic 480, measured at fair value. The stock repurchase agreements are classified within Level 3 of the hierarchy as the fair value is dependent on management assumptions about the likelihood of non-market outcomes. The Company paid $10.0 million to satisfy the stock repurchase agreement contingent liabilities during the three months ended March 31, 2023 (see Note 9 for additional information). There were no transfers between levels of input during the three and six months ended June 30, 2024 and 2023.

The change in fair values of liabilities subject to recurring remeasurement were as follows:


(in thousands)	Warrant Liability (Level 3)
Balance, December 31, 2023	$	3


Change in Fair Value	—

Balance, June 30, 2024	$	3

Key assumptions for the Black-Scholes model used to determine the fair value of warrants outstanding as of each period end were as follows:


	June 30, 2024		December 31, 2023
Warrant term (years)	2.12		2.61
Volatility	156.93	%	113.50	%
Risk-free rate	4.57	%	4.05	%
Dividend yield	0.00	%	0.00	%

Warrant Liability

Public and Private Warrants

Equity Classified Warrants

Modification of Equity Classified Warrants

Basic and Diluted Loss Per Share

Impairment of Long-lived Assets

cash flows are not expected to be sufficient to recover the recorded value of the assets, the assets are written down to their estimated fair value. During the six months ended June 30, 2024, there were no impairments of long-lived assets. See Note 4 and Note 5 for additional information. There were no impairments of long-lived assets in 2023.

Stock-based Compensation

401(k) Plan

The Company has a 401(k) plan that it offers to its full-time employees. The Company did not contribute to the plan during the six months ended June 30, 2024.

Research and Development Costs

Leases

Income Taxes

Concentrations of Risk

Segment Reporting

Recently Issued Accounting Standards

Related Party Transactions (Details) - Directors and Officers	Sep. 12, 2024 note	Jun. 21, 2024 USD ($) note
Related Party Transaction [Line Items]
Number of promissory notes		6
Initial borrowing capacity \| $		$ 500,000
Interest rate (as percent)		5.12%
Subsequent Event
Related Party Transaction [Line Items]
Number of promissory notes	6

Nature of Operations (Details) $ in Thousands				3 Months Ended				6 Months Ended
Nature of Operations (Details) $ in Thousands	Aug. 22, 2023	Feb. 27, 2023 USD ($)	Aug. 12, 2021 USD ($)	Jun. 30, 2024 USD ($) mission satellite	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) mission satellite	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Reverse Recapitalization [Line Items]
Number of spacecraft missions \| mission				4				4
Number of customer satellites deployed in orbit \| satellite				17				17
Number of spacecraft missions in orbit \| mission				3				3
Additional funding received in connection with business combination		$ 247,300	$ 247,300
Net loss				$ 7,016	$ 8,313	$ 18,835	$ 20,825	$ 15,329	$ 39,660
Accumulated deficit				388,376				388,376		$ 373,047
Net cash used in operating activities								6,374	$ 33,228
Cash and cash equivalents				$ 897				$ 897		$ 2,118
Common Class A
Schedule of Reverse Recapitalization [Line Items]
Stock split ratio	0.2

Prepaids and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid launch costs, current	$ 0	$ 1,260
Prepaid research and development	1,973	2,415
Prepaid insurance and other assets	2,866	4,838
Prepaids and other current assets	4,839	8,513
Non-current portion of prepaid launch costs	$ 400	$ 400

Property, Machinery and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, machinery and equipment, gross	$ 5,815		$ 5,815		$ 5,815
Less: accumulated depreciation	(2,978)		(2,978)		(2,563)
Property, machinery and equipment, net	2,837		2,837		3,252
Depreciation expense	200	$ 200	400	$ 400
Computer equipment
Property, Plant and Equipment [Line Items]
Property, machinery and equipment, gross	10		10		10
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, machinery and equipment, gross	2,394		2,394		2,394
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, machinery and equipment, gross	$ 3,411		$ 3,411		$ 3,411

Commitment and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 12. Commitments and Contingencies

Purchase Obligations

Momentus enters into purchase obligations in the normal course of business. These obligations include purchase orders and agreements to purchase goods or services that are enforceable, legally binding, and have significant terms and minimum purchases stipulated. As of June 30, 2024, the Company’s future unconditional purchase obligations are as follows:


(in thousands)

Remainder of 2024	$	2,816
2025	2,975


Total	$	5,791

Legal Proceedings

Securities Class Actions

On July 15, 2021, a purported stockholder of SRAC filed a putative class action complaint against SRAC, SRC-NI Holdings, LLC ("Sponsor"), Brian Kabot (SRAC CEO), James Norris (SRAC CFO), Momentus, and the Company's co-founder and former CEO, Mikhail Kokorich, in the United States District Court for the Central District of California, in a case captioned Jensen v. Stable Road Acquisition Corp., et al., No. 2:21-cv-05744 (the "Jensen class action"). The complaint alleges that the defendants omitted certain material information in their public statements and disclosures regarding the Business Combination, in violation of the securities laws, and seeks damages on behalf of a putative class of stockholders who purchased SRAC stock between October 7, 2020 and July 13, 2021. Subsequent complaints captioned Hall v. Stable Road Acquisition Corp., et al., No. 2:21-cv-05943 and Depoy v. Stable Road Acquisition Corp., et al., No. 2:21-cv-06287 were consolidated in the first filed matter (collectively, referred to as the "Securities Class Actions"). An amended complaint was filed on November 12, 2021. The Company disputes the allegations in the Securities Class Actions.

On February 10, 2023, the lead plaintiff in the Securities Class Actions and the Company reached an agreement in principle to settle the Securities Class Actions. Under the terms of the agreement in principle, the lead plaintiff, on behalf of a class of all persons that purchased or otherwise acquired Company stock between October 7, 2020 and July 13, 2021, inclusive, would release the Company from all claims asserted or that could have been asserted in the Securities Class Actions and dismiss such claims with prejudice, in exchange for payment of $8.5 million by the Company (at least $4.0 million of which was funded by insurance proceeds).

On April 10, 2023, the parties filed a Notice of Settlement with the Court, and on August 18, 2023, the parties executed a Settlement Agreement. On August 30, 2023 the lead plaintiff filed a Motion for Preliminary Approval of Class Action Settlement, and the Court entered an Order Preliminarily Approving Settlement and Providing for Notice on September 21, 2023. Pursuant to that Order, on October 5, 2023, the Company paid $1.0 million into the settlement escrow account. On November 16, 2023, following the Court’s order granting lead plaintiff’s motion to enforce the settlement agreement and despite the Company’s attempts to negotiate an extension of time to satisfy its payment obligations, the Company paid an additional $3.5 million into the settlement escrow account. Insurance carriers made additional payments totaling $4.0 million into the settlement escrow account.

On April 23, 2024, the Court entered an order and judgment finally approving the settlement of the Securities Class Actions. A group of plaintiffs asserting the Delaware Class Actions (see below) objected to the scope of the release in the settlement, and the Court overruled the objection. Those objectors may or may not appeal the Court’s decision to overrule their objections and approve the settlement. The Company does not know the timing of when such an appeal, if filed, would be heard. If the objectors do not appeal the approval of the settlement, or if their appeal is ultimately rejected by the Court of Appeal, then the settlement will resolve all claims in the Securities Class Actions against the Company (except as to any shareholders that may elect to opt-out of the class). The Company and the other defendants have denied and continue to deny each and all of the claims alleged in the Securities Class Actions, and the proposed settlement contains no admission of liability, wrongdoing or responsibility by any of the defendants. In the event that a court, on appeal or otherwise, overturns the approval of the settlement, the Company will continue to vigorously defend against the claims asserted in the Securities Class Actions.

As a result of the agreement to settle the Securities Class Action, the Company recorded a litigation settlement contingency of $8.5 million. The Company additionally recorded an insurance receivable of $4.0 million for the insurance proceeds expected from its insurers related to the settlement. The net amount of $4.5 million was recognized in litigation settlement, net during the year ended December 31, 2022. As of March 31, 2024, the contingent liability in relation to Securities Class Action has been paid in full.

CFIUS Review

In February 2021, the Company and Mikhail Kokorich submitted a joint notice to the Committee on Foreign Investment in the United States (“CFIUS”) for review of the historical acquisition of interests in the Company by

Mr. Kokorich, his wife, and entities that they control in response to concerns of the U.S. Department of Defense regarding the Company’s foreign ownership and control. On June 8, 2021, the U.S. Departments of Defense and the Treasury, on behalf of CFIUS, Mr. Kokorich, on behalf of himself and Nortrone Finance S.A. (an entity controlled by Mr. Kokorich), Lev Khasis and Olga Khasis, each in their respective individual capacities and on behalf of Brainyspace LLC (an entity controlled by Olga Khasis) entered into the NSA.

In accordance with the NSA and pursuant to stock repurchase agreements entered into with the Company, effective as of June 8, 2021, each of Mr. Kokorich, Nortrone Finance S.A. and Brainyspace LLC (collectively “the Co-Founders”) agreed to sell 100% of their respective equity interests in the Company on June 30, 2021. The Company paid an aggregate of $40 million to the Co-Founders following the Business Combination, and an additional payment of an aggregate of $10 million was payable within 10 business days after cumulative business combination or capital raising transactions (whether in the form of debt or equity) resulted in cash proceeds to the Company of no less than $250 million.

On February 27, 2023 the Company raised aggregate gross proceeds of $10.0 million through the sale of securities (see Note 9 for additional information), which together with the Business Combination and other capital raising activities triggered the $10.0 million liability to the Co-Founders in accordance with the terms of the stock repurchase agreements. The amount had previously been recorded as an estimated liability with a corresponding offset to additional paid-in capital within the consolidated statements of stockholders’ equity as of December 31, 2022. CFIUS terminated the NSA in January 2024 at the request of the Company, and the Company is no longer subject to the provisions of the NSA.

The Company incurred legal expenses related to these matters of approximately $0.1 million and $0.1 million for the three and six months ended June 30, 2024, respectively.

Shareholder Section 220 Litigation

On June 16, 2022, Plaintiff and the Company’s shareholder James Burk filed a verified complaint against the Company in the Delaware Court of Chancery, Case. No. 2022-0519, to inspect the books and records of the Company pursuant to Section 220 of the Delaware General Corporation Law. Plaintiff seeks production of books and records relating to the management of the Company and its disclosures to potential investors in connection with the Business Combination. On March 14, 2023, the Court granted the parties stipulation of dismissal with prejudice, and the matter was closed. The Company from time to time responds to books and records requests properly submitted pursuant to applicable Delaware law.

Shareholder Derivative Litigation

On June 20, 2022, a shareholder derivative action was filed by Brian Lindsey, on behalf of the Company, in the U.S. District Court for the Central District of California, Case No. 2:22-cv-04212, against the Company (as a nominal defendant), SRAC, Brian Kabot, Juan Manuel Quiroga, James Norris, James Hofmockel, Mikhail Kokorich, Dawn Harms, Fred Kennedy, Chris Hadfield, Mitchel B. Kugler, Victorino Mercado, Kimberly A. Reed, Linda J. Reiners, and John C. Rood. This derivative action alleges the same core allegations as stated in the securities class action litigation. Defendants dispute the allegations as stated in this derivative action. On September 27, 2022, Plaintiff filed his Notice of Voluntary Dismissal without Prejudice seeking to dismiss the case. Because Plaintiff’s dismissal of this derivative action was voluntary and without prejudice, this plaintiff and/or other shareholders may seek to re-file the claims asserted in this matter at a later date. As noted below, Brian Lindsey re-filed a shareholder derivative action in Delaware Chancery Court on June 30, 2023.

On January 25, 2023, a shareholder derivative action was filed by Melissa Hanna, on behalf of the Company, in the U.S. District Court for the Northern District of California, Case No. 5:23-cv-00374, against the Company (as a nominal defendant), SRAC, Brian Kabot, Juan Manuel Quiroga, James Norris, James Hofmockel, Mikhail Kokorich, Dawn Harms, Fred Kennedy, Chris Hadfield, Mitchel B. Kugler, Victorino Mercado, Kimberly A. Reed, Linda J. Reiners, and John C. Rood (the “Derivative Action II”). The Derivative Action II alleges the same core allegations as stated in the Securities Class Actions, and also claims that the Company ignored and/or refused a prior demand made by Ms. Hanna on the Company’s Board of Directors. The Company intends to vigorously defend the litigation.

On April 25, 2023, a shareholder derivative action was filed by Justin Rivlin, purportedly on behalf of the Company, in the U.S. District Court for the District of California, Case No. 2:23-cv-03120, against the Company (as a nominal

defendant), Brian Kabot, James Norris, Marc Lehmann, James Hofmockel, and Ann Kono. The Rivlin derivative action alleges the same core allegations as stated in the Securities Class Actions. The Company has filed a motion to dismiss the complaint on the grounds that the claims are time-barred and that the plaintiff was not excused from making a demand on the Company before filing the lawsuit. The Company intends to vigorously defend the litigation. On August 4, 2023, the plaintiff in the Rivlin action responded to the Company’s motion to dismiss by filing an amended complaint adding new claims and new defendants, including existing Board members Chris Hadfield, Mitchel B. Kugler, Kimberly A. Reed, Linda J. Reiners and John C. Rood.

On June 30, 2023, a shareholder derivative action was filed by Brian Lindsey, purportedly on behalf of the Company in the Court of Chancery for the State of Delaware (Case No. 2023-0674), against the Company (as a nominal defendant), Juan Manuel Quiroga, James Norris, James Hofmockel, Stable Road Acquisition Corp., SRC-NI Holdings, LLC, Mikhail Kokorich, Brian Kabot, Dawn Harms, Fred Kennedy, Chris Hadfield, Mitchel B. Kugler, Victorino Mercado, Kimberly A. Reed, Linda J. Reiners and John C. Rood. The Lindsey derivative action alleges the same core allegations as stated in the Securities Class Actions. The Company intends to vigorously defend the litigation.

As described in greater detail in Note 15, on August 26, 2024, an unopposed motion for the preliminary approval of settlement was filed after the Company reached an agreement in principle for a proposed settlement of the above described shareholder derivative litigation. On September 16, 2026, an order preliminarily approving the proposed settlement, subject to further consideration at a November 21, 2024, settlement hearing, was entered in the U.S. District Court for the Northern District of California.

SAFE Note Litigation

On July 20, 2022, The Larian Living Trust ("TLLT") filed an action against the Company in New Castle County Superior Court, Delaware, in the Complex Commercial Litigation Division, Case No. N22C-07-133 EMD CCLD. TLLT pleads claims for fraudulent inducement and breach of contract arising from two investment contracts pursuant to which TLLT alleges it invested $4.0 million in the Company. TLLT alleges that a "liquidity event" occurred when the Company closed the Business Combination, such that it was entitled to the greater of its $4.0 million investment or its “Conversion Amount” of the Company’s shares, which was a total of 14,500 shares of the Company’s stock. TLLT further alleges that the Company refused to provide it the conversion amount of shares until April 2022, at which point the value of its shares had dropped significantly from their peak value in August of 2021, in excess of $7.6 million. TLLT seeks damages in excess of $7.6 million, in addition to interests and its attorney's fees and costs. On March 16, 2023, the Company’s motion to dismiss TLLT’s claims was denied and the parties will move forward with discovery. On July 13, 2023, the Company filed a motion for partial summary judgment. The hearing on the Company’s motion for partial summary judgment was set for November 8, 2023, TLLT filed an Answering Brief on September 15, 2023, and the Company filed a Reply Brief on October 16, 2023. On January 31, 2024, the Superior Court denied the Company’s motion for partial summary judgment. The Company disputes the allegations in the complaint and intends to vigorously defend the litigation.

Founder Litigation

On June 8, 2021, former co-founders and shareholders of the Company, Mikhail Kokorich and Lev Khasis signed the NSA alongside stock repurchase agreements, whereby they agreed to divest their interests in the Company in exchange for a cash payments and other considerations. As part of the NSA and stock repurchase agreements, Messrs. Kokorich and Khasis agreed to a broad waiver and release of all claims (broadly defined) against the Company. The Company has maintained that this release is effective as to various advancement and indemnification claims either individual may have against the Company.

Both Messrs. Kokorich and Khasis have, through counsel, disagreed with the Company’s position. For example, Mr. Kokorich is named as a defendant in the securities class action pending against the Company and other defendants, although he has not been served nor appeared in those matters. In addition, Mr. Kokorich is the sole defendant in a civil litigation action filed against him by the Securities and Exchange Commission, which remains pending in the US District Court for the District of Columbia, Case No. 1:21-cv-01869. Mr. Kokorich has demanded indemnification and advancement from the Company for his fees and costs incurred in these actions, which claims are disputed by the Company.

The Company continues to maintain that Mr. Kokorich’s release in the NSA and stock repurchase agreements is effective as to his claims for advancement and indemnification in these litigation matters. On August 16, 2022, Mr. Kokorich filed a verified complaint against the Company in the Delaware Court of Chancery (Case. No. 2022-0722)

seeking indemnification and advancement from the Company. Following the Company filing a motion to dismiss this action, on November 14, 2022, Mr. Kokorich filed an amended complaint. Additional motions to dismiss and replies were filed and considered at a hearing on February 2, 2023. The Delaware Court of Chancery granted the Company’s motion to dismiss the Kokorich indemnification claim action on May 15, 2023.On June 13, 2023, Kokorich filed a notice of appeal. On July 28, 2023, Kokorich filed Appellant’s Brief. The Company filed Appellee’s Answering Brief on August 28, 2023, and Kokorich filed a Reply Brief on September 15, 2023. The oral argument on Kokorich’s appeal was scheduled for November 15, 2023. On November 30, 2023, the Delaware Supreme Court affirmed the judgement of the Delaware Court of Chancery.

On March 24, 2023, Mr. Khasis filed a verified complaint against the Company in the Delaware Court of Chancery (Case. No. 2023-0361) seeking indemnification and advancement of expenses from the Company. On April 17, 2023, the Company filed a motion to dismiss. On May 16, 2023. Mr. Khasis filed an amended complaint. On May 23, 2023, Momentus filed a motion to dismiss the amended complaint. Separately, Khasis has requested an expedited trial in his claim for advancement of fees. On June 23, 2023, the Court of Chancery ordered that Khasis indemnification litigation will not be stayed pending the appeal of the Kokorich claim. Moreover, the Court of Chancery further ordered the parties to prepare a scheduling order to the Court which includes all relevant deadlines to argue the Company’s motion to dismiss and Khasis’ expedited motion for advancement concurrently. The parties are currently negotiating concerning an acceptable schedule. On October 17, 2023, the parties reached an agreement to stay the proceeding until January 1, 2024. On October 18, 2023, the Company paid Mr. Khasis $0.1 million related to Mr. Khasis’ legal expenses. The Company disputes the allegations in the complaint and intends to vigorously defend the litigation.

Delaware Class Actions

On November 10, 2022, purported stockholders filed a putative class action complaint against Brian Kabot, James Hofmockel, Ann Kono, Marc Lehmann, James Norris, Juan Manuel Quiroga, SRC-NI Holdings, LLC, Edward K. Freedman, Mikhail Kokorich, Dawn Harms, Fred Kennedy, and John C. Rood in the Court of Chancery of the State of Delaware, in a case captioned Shirley, et al. v. Kabot et al., 2022-1023-PAF (the “Shirley Action”). The complaint alleges that the defendants made certain material misrepresentations, and omitted certain material information, in their public statements and disclosures regarding the Proposed Transaction, in violation of the securities laws, and seeks damages on behalf of a putative class of stockholders who purchased SRAC stock on or before August 9, 2021.

On March 16, 2023, purported stockholders of the Company filed a putative class action complaint against certain current and former directors and officers of the Company in the Delaware Court of Chancery, in a case captioned Lora v. Kabot, et al., Case No. 2023-0322 (the “Lora Action”). Like the Shirley complaint, the complaint alleges that the defendants made certain material misrepresentations, and omitted certain material information, in their public statements and disclosures regarding the Business Combination in violation of the securities laws, and seeks damages on behalf of a putative class of stockholders who purchased SRAC stock on or before August 9, 2021.

On March 17, 2023, purported stockholders of the Company filed a putative class action complaint against certain current and former directors and officers of the Company in the Delaware Court of Chancery, in a case captioned Burk v. Kabot, et al., Case No. 2023-0334 (the “Burk Action”). Like the Lora and Shirley complaints, the Burk complaint alleges that the defendants made certain material misrepresentations, and omitted certain material information, in their public statements and disclosures regarding the Business Combination in violation of the securities laws, and seeks damages on behalf of a putative class of stockholders who purchased SRAC stock on or before August 9, 2021.

On May 26, 2023, plaintiffs filed a stipulation and proposed order for consolidation and appointment of co-lead plaintiffs and co-lead plaintiffs’ counsel designating the complaint filed in the Lora Action as the operative complaint. On June 30, 2023, the defendants each filed a motion to dismiss the complaint. On October 26, 2023, plaintiffs filed their answering briefs in opposition to the motions to dismiss, and the defendants’ reply briefs are due to be filed on or before December 14, 2023, and a hearing on the motions to dismiss was held for February 1, 2024.

The Shirley Action, the Lora Action, and the Burk Action have been consolidated under the caption, In re Momentus, Inc. Stockholders Litigation, C.A. No. 2022-1023-PAF (Del Ch. Nov. 10, 2022). These putative class actions do not name the Company as a defendant. Regardless, the SRAC directors and officers, together with current and former directors and officers of the Company, have demanded indemnification and advancement from the

Company, under the terms of the merger agreement and the exhibits thereto, the Delaware corporate code, the Company’s bylaws, and their individual indemnification agreements. The Company may be liable for the fees and costs incurred by the defendants and has an obligation to advance such fees during the pendency of the litigation. The Company understands that the defendants dispute the allegations in the complaint and intend to vigorously defend against any such litigation.

Threatened Claims

On October 23, 2023, Stephen J. Purcell, on behalf of the law firm Purcell & Lefkowitz LLP, threatened to file a legal proceeding to receive attorney’s fees in the amount of $80,000 related to a stockholder litigation demand letter submitted to Momentus, dated July 20, 2021 on behalf of Joel Zalvin, a purported stockholder of Momentus. The stockholder litigation demand letter asserted that the vote to increase the number of shares of Class A common stock of Momentus at the special meeting of stockholders on August 11, 2021 was conducted in violation of Delaware law. On March 14, 2023, the Delaware Court of Chancery granted the Company’s request pursuant to 8 Del. C. §205, or Section 205 of the Delaware General Corporation Law (the “Petition”) in order to validate and declare effective the Second Amended and Restated Certificate of Incorporation of the Company and validate and declare effective the shares of the Company’s Class A common stock issued in reliance on such provisions of the Second Amended and Restated Certificate of Incorporation of the Company as of the date of the original issuance of such shares. Further on March 14, 2023, the Court of Chancery entered an order under 8 Del. C. §205 (i) declaring the Second Amended and Restated Certificate of Incorporation of the Company, including the filing and effectiveness thereof, as validated and effective retroactive to the date of its filing with the Office of the Secretary of State of the State of Delaware on August 12, 2021, and (ii) ordering that the Company’s Class A common stock (and the issuance of the Class A common stock) described in the Petition and any other securities issued in reliance of the validity of the Second Amended and Restated Certificate of Incorporation of the Company are validated and declared effective, each as of the original issuance dates. Momentus did not take action in response to the July 20, 2021 demand letter, but rather filed the Petition over one year later, following a decision by the Delaware Chancery Court that created uncertainty as to the validity of the Company’s Second Amended and Restated Certificate of Incorporation. Accordingly, Momentus believes that the threatened claim is without merit and intends to vigorously defend any such claim if brought.

Prior to the close of the Business Combination, Alex Ciccotelli, represented by Rigrodsky Law, sent SRAC a disclosure demand letter dated November 9, 2020, and Jeffrey Justice II, represented by Grabar Law Office, sent SRAC a disclosure demand letter dated August 3, 2021. Mr. Ciccotelli then filed a civil action against SRAC. After receiving various shareholder disclosure demands, SRAC voluntarily issued certain pre-closing supplemental disclosures, without admission, as stated in its August 5, 2021 Form 8-K filing. The Ciccotelli action was thereafter dismissed as moot. On March 20, 2023, Rigrodsky Law threatened to file a fee petition seeking an award of fees and expenses if the Company does not agree to pay a mootness fee, and more recently, in October 2023, reiterated the demand on behalf of Messrs. Ciccotelli and Justice for payment of mootness fees. The Company maintains that, while certain amendments were made by SRAC to pre-closing disclosures, none of the disclosures made was material and the Company disputes that the claims for fees have merit.

Other Litigation and Related Matters

These and other litigation matters may be time-consuming, divert management’s attention and resources, cause the Company to incur significant defense and settlement costs or liability, even if we believe the claims asserted against us are without merit. We intend to vigorously defend against all such claims. Because of the potential risks, expenses and uncertainties of litigation, as well as claims for indemnity from various of the parties concerned, we may from time to time settle disputes, even where we believe that we have meritorious claims or defenses. Because litigation is inherently unpredictable, further compounded by various claims for indemnity which may or may not be fully insured, we cannot assure that the results of these actions, either individually or in the aggregate, will not have a material adverse effect on our operating results and financial condition.

From time to time, the Company may be a party to litigation and subject to claims incident to the ordinary course of business or in connection with the matters discussed above. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these matters will not have a material adverse effect on its business. Regardless of the outcome, litigation can have an adverse impact on the Company because of judgment, defense and settlement costs, diversion of management resources and other factors.

At each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under ASC Sub-Topic 450-20. Legal fees are expensed as incurred.

Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,209	$ 1,705	$ 1,722	$ 1,727
Transportation services
Disaggregation of Revenue [Line Items]
Total revenue	0	1,305	0	1,305
Hosted payload services
Disaggregation of Revenue [Line Items]
Total revenue	0	142	0	142
Forfeited customer deposits
Disaggregation of Revenue [Line Items]
Total revenue	0	258	35	280
Engineering project services
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,209	$ 0	$ 1,687	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 13. Income Taxes The Company’s effective tax rate for the three and six months ended June 30, 2024 respectively, was zero percent. The effective tax rate may vary significantly from period to period and can be influenced by many factors. These factors include, but are not limited to, changes to the statutory rates in the jurisdictions where the Company has operations and changes in the valuation of deferred tax assets and liabilities. The difference between the effective tax rate and the federal statutory rate of 21% primarily relates to certain nondeductible items, state and local income taxes, the absence of current income tax, and a full valuation allowance for deferred tax assets.

- Definition

The entire disclosure for income tax.

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+ Details

Loan Payable	6 Months Ended
Loan Payable	Jun. 30, 2024
Debt Disclosure [Abstract]
Loan Payable	Note 8. Loan Payable Term Loan On February 22, 2021, the Company entered into a Term Loan and Security Agreement (the “Term Loan”) which provided the Company with up to $40.0 million in borrowing capacity at an annual interest rate of 12%. The company borrowed $25.0 million of the Term Loan at inception of the agreement on March 1, 2021. The remaining $15.0 million of borrowing capacity is no longer available as the Company did not achieve certain milestones by the June 30, 2021 deadline. The repayment terms of the Term Loan provide for interest-only payments from March 1, 2021 through February 28, 2022. Under the original terms, the principal amount was due and payable on March 1, 2022. However, during January 2022 the Company exercised its option to pay back the principal amount of the Term Loan over two years beginning on March 1, 2022 and ending on February 28, 2024. The Company allocated the proceeds from the Term Loan agreement to the note and warrants issued in conjunction with the Term Loan comprising the financing agreement based on the relative fair value of the individual securities on the February 22, 2021 closing date of the agreements. The discount attributable to the note, an aggregate of $15.8 million, primarily related to the value of the warrant liability with immaterial issuance costs, is amortized using the effective interest method over the term of the note, originally maturing on March 1, 2022, but now being repaid over two years, recorded as interest expense. Because the discount on the note exceeds 63% of its initial face value, and because the discount is amortized over the period from issuance to maturity, the calculated effective interest rate up until January 2022 was 126.0%. As a result of the exercised extended repayment schedule, the unamortized discount and issuance costs were recast over the updated term of the loan and resulted in a recalculated effective interest rate of 28.2%. Interest expense amortization was zero and $45.7 thousand for the three and six months ended June 30, 2024, respectively, and $0.4 million and $0.9 million for the three and six months ended June 30, 2023, respectively. In February, 2024, the Company repaid the remaining principal balance of the Term Loan. Related Party Promissory Notes On June 21, 2024, the Company issued six promissory notes for an aggregate amount of $500,000 to participating directors and an officer of the Company. The proceeds from the notes were used to pay for employee retention payments, working capital, and general corporate expenses. Each note issued bore an annual interest rate of 5.12% equal to the minimum applicable federal rate published by Internal Revenue Service for June 2024, the minimum rate to avoid imputed federal income liability. Each note held a maturity date of September 30, 2024 and was secured by the Company’s assets. Principal and interest payments were due by the maturity date and the notes would have become immediately due upon the occurrence of certain customary event of default, including failure to pay amounts owing when due and/or certain events involving a discontinuation of our business or certain types of proceedings involving insolvency, bankruptcy, receivership and the like. As of June 30, 2024, the Company borrowed $350 thousand against the notes. See note 14 for more on Related Party Promissory Notes.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 897	$ 2,118
Accounts receivable	15	0
Insurance receivable	408	100
Prepaids and other current assets	4,839	8,513
Total current assets	6,159	10,731
Property, machinery and equipment, net	2,837	3,252
Intangible assets, net	279	341
Operating right-of-use asset	4,780	5,350
Restricted cash, non-current	380	373
Other non-current assets	571	602
Total assets	15,006	20,649
Current liabilities:
Accounts payable	3,610	2,805
Accrued liabilities	5,186	4,754
Loan payable, current	350	2,273
Contract liabilities, current	495	0
Operating lease liability, current	1,328	1,268
Litigation settlement contingency	526	0
Other current liabilities	6	9
Total current liabilities	11,501	11,109
Contract liabilities, non-current	618	998
Warrant liability	3	3
Operating lease liability, non-current	4,178	4,863
Other non-current liabilities	502	489
Total non-current liabilities	5,301	6,353
Total liabilities	16,802	17,462
Commitments and Contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.00001 par value; 20,000,000 shares authorized and 0 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	386,580	376,234
Accumulated deficit	(388,376)	(373,047)
Total stockholders’ equity (deficit)	(1,796)	3,187
Total liabilities and stockholders’ equity	15,006	20,649
Common Class A
Stockholders’ equity:
Common stock, value	0	0
Common Class B
Stockholders’ equity:
Common stock, value	$ 0	$ 0

Stock-based Compensation - Schedule of Restricted Stock Units Activity (Details) - RSUs & RSAs	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Shares
Balance at the beginning of the period (in shares) \| shares	219,720
Vested (in shares) \| shares	(36,570)
Forfeited (in shares) \| shares	(67,371)
Balance at the end of the period (in shares) \| shares	115,779
Weighted Average Grant Date Fair Value (i.e. Share Price)
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 86.78
Vested (in dollars per share) \| $ / shares	67.15
Forfeited (in dollars per share) \| $ / shares	49.65
Balance at the end of the period (in dollars per share) \| $ / shares	$ 114.59

Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 11. Earnings Per Share

Net Loss Per Share

Net loss per share is provided in accordance with ASC Sub-Topic 260-10, Earnings Per Share. Basic earnings per share is computed by dividing net loss for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings per share gives effect to all dilutive potential common shares outstanding during the period. It is computed by dividing undistributed earnings allocated to common stockholders for the period by the weighted average number of common shares outstanding during the period, plus the dilutive effect of outstanding preferred shares, options and unvested stock units, and warrants outstanding pursuant to the treasury stock method.

As the Company incurred a net loss for the three and six months ended June 30, 2024 and 2023, the inclusion of certain options, unvested stock units, warrants, and contingent Sponsor Earnout Shares in the calculation of diluted earnings per share would be anti-dilutive and, accordingly, were excluded from the diluted loss per share calculation.

The following table summarizes potential common shares that were excluded as their effect is anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023

Options and unvested stock units outstanding	276,544	291,045	276,544	147,951
Warrants outstanding	14,517,768	629,271	14,517,768	629,271

Contingent Sponsor Earnout Shares	28,750	28,750	28,750	28,750
Total	14,823,062	949,066	14,823,062	805,972

Stockholders’ Equity - January 2024 Securities Purchase Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands				6 Months Ended
	Mar. 04, 2024	Jan. 12, 2024	Feb. 27, 2023	Jun. 30, 2024	Jun. 30, 2023	Jan. 11, 2024
Class of Stock [Line Items]
Exercise price (in dollars per share)		$ 0.96
Warrants and rights outstanding, term (in years)	5 years	5 years		5 years
Aggregate cost	$ 4,000	$ 4,000	$ 10,000
Agent fees and other offering costs	500	400		$ 829	$ 700
Proceeds from issuance of warrants	$ 3,500	$ 3,600
January Pre-Funded Warrants
Class of Stock [Line Items]
Number of warrants exercised on net basis (in shares)		2,787,000
Exercise price (in dollars per share)		$ 0.00001
January Warrants
Class of Stock [Line Items]
Number of warrants exercised on net basis (in shares)		3,687,000
Warrants and rights outstanding, term (in years)		5 years
November Modified Warrants
Class of Stock [Line Items]
Number of warrants exercised on net basis (in shares)		5,808,538
Exercise price (in dollars per share)		$ 3.86		$ 0.54
Warrants and rights outstanding, term (in years)		5 years				4 years 9 months 29 days
Equity related to warrants		$ 1,200
Common Class A
Class of Stock [Line Items]
Number of shares sold (in shares)	1,320,000	900,000
Purchase price (in dollars per share)	$ 0.87	$ 1.09
Exercise price (in dollars per share)				$ 575.00

Prepaids and Other Current Assets

6 Months Ended

Jun. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaids and Other Current Assets

Note 3. Prepaids and Other Current Assets

Prepaids and other current assets consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Prepaid launch costs, current	$	—	$	1,260
Prepaid research and development	1,973		2,415
Prepaid insurance and other assets	2,866		4,838
Total	$	4,839	$	8,513

As of June 30, 2024 and December 31, 2023, the non-current portion of prepaid launch costs recorded in other non-current assets was approximately $0.4 million and $0.4 million, respectively.

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 14. Related Party Transactions Related Party Promissory Notes On June 21, 2024, the Company issued six promissory notes for an aggregate amount of $500,000 to participating directors and an officer of the Company. The proceeds from the notes were used to pay for employee retention payments, working capital, and general corporate expenses. Each note issued bore an annual interest rate of 5.12% equal to the minimum applicable federal rate published by the Internal Revenue Service for June 2024. Each note held a maturity date of September 30, 2024 and was secured by the Company’s assets. Principal and interest payments were due by the maturity date and the notes would have become immediately due upon the occurrence of certain customary event of default, including failure to pay amounts owing when due and/or certain events involving a discontinuation of our business or certain types of proceedings involving insolvency, bankruptcy, receivership and the like. On September 12, 2024, the six promissory notes were repaid in full to the participating directors and officer of the Company.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Stock-based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Note 10. Stock-based Compensation

Legacy Stock Plans

In May 2018, the Board of Directors of Momentus Inc. approved the 2018 Stock Plan (the “Initial Plan”) that allowed for granting of incentive and non-qualified stock options and restricted stock awards to employees, directors, and consultants. The Initial Plan was terminated in November 2018. Awards outstanding under the Initial Plan continue to be governed by the terms of the Initial Plan.

In February and March 2020, the Board of Directors of Momentus Inc. approved the Amended and Restated 2018 Stock Plan (the “2018 Plan”). No additional grants have been made since 2020 and no new grants will be made from the 2018 Plan, however, the options issued and outstanding under the plan continue to be governed by the terms of the 2018 Plan. Forfeitures from the legacy plans become available under the 2021 Equity Incentive Plan, described below.

2021 Equity Incentive Plan

In 2021, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”), under which 119,658 shares of Class A common stock were initially reserved for issuance. The 2021 Plan allows for the issuance of incentive stock options, non-qualified stock options (“NSOs”), restricted stock awards (“RSAs”), stock appreciation rights (“SARs”), restricted stock units (“RSUs”), and performance awards. The Board of Directors determines the period over which grants become exercisable. The 2021 Plan became effective immediately following the Closing. The 2021 Plan has an evergreen provision which allows for shares available for issuance under the plan to be increased on the first day of each fiscal year beginning with the 2022 fiscal year and ending on (and including) the first day of the 2031 fiscal year, in each case, in an amount equal to the lesser of (i) three percent (3.0%) of the outstanding shares on the last day of the immediately preceding fiscal year and (ii) such number of Shares determined by the Board of Directors. During the six months ended June 30, 2024, the shares available for grant under the 2021 Plan increased by 248,508 and 3,912 due to the evergreen provision and forfeitures from both the Initial Plan and the 2018 Plan, respectively. As of June 30, 2024, there were 323,564 shares remaining available for grant. Grant activity under the 2021 Plan is described below.

2021 Employee Stock Purchase Plan

In connection with the Closing, the Company adopted the Employee Stock Purchase Plan (the “2021 ESPP Plan”), under which 31,909 shares of Class A common stock were initially reserved for issuance. The Plan provides a means by which eligible employees of the Company may be given an opportunity to purchase shares of Class A common stock at a discount as permitted under the Internal Revenue Code of 1986, as amended. The 2021 ESPP Plan has an evergreen provision which allows for shares available for issuance under the plan to be increased on the first day of each fiscal year beginning with the 2022 fiscal year and ending on (and including) the first day of the 2031 fiscal year, in each case, in an amount equal to the lesser of (i) half a percent (0.5%) of the outstanding shares on the last day of the calendar month prior to the date of such automatic increase and (ii) 31,909 shares. The 2021 ESPP Plan became effective immediately following the Closing. During the six months ended June 30, 2024, the shares available for issuance under the 2021 ESPP Plan increased by 41,418 due to the evergreen provision. During the six months ended June 30, 2024, there were 0 shares issued under the 2021 ESPP Plan. The Company has an outstanding liability pertaining to the ESPP of $28.3 thousand as of June 30, 2024, included in accrued expenses, for employee contributions to the 2021 ESPP Plan, pending issuance at the end of the offering period. As of June 30, 2024, there were 83,373 shares remaining available for issuance.

2022 Inducement Equity Plan

In February 2022, the Company adopted the 2022 Inducement Equity Plan (the “2022 Plan”), under which 80,000 shares of Class A common stock were initially reserved for issuance. The 2022 Plan allows for the issuance of NSOs, RSAs, SARs, RSUs, and stock bonus awards, subject to certain eligibility requirements. The Board of Directors determines the period over which grants become exercisable and grants generally vest over a four-year period.

On March 22, 2023, the Company adopted the first amendment to the 2022 Plan to increase the number of shares of Class A common stock available for issuance under the 2022 Plan from 80,000 shares of Class A common stock to 140,000 shares of Class A common stock. All other terms of the 2022 Plan remained the same.

On May 8, 2023, the Company adopted the second amendment to the 2022 Plan to increase the number of shares of Class A common stock available for issuance under the 2022 Plan from 140,000 shares of Class A common stock to 160,000 shares of Class A common stock. All other terms of the 2022 Plan remained the same.

As of June 30, 2024, only RSU grants have been made under the 2022 Plan and there were 108,837 shares remaining available for issuance. Grant activity under the 2022 Plan is described below.

Options Activity

The following table sets forth the summary of options activity, under the 2018 Plan and the 2021 Plans, for the six months ended June 30, 2024:


(in thousands, except share-based data)	Total Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2023	23,912	$	68.39



Forfeitures	(3,912)	11.62
Outstanding as of June 30, 2024	20,000	$	79.49	6.9	$	—
Exercisable as of June 30, 2024	17,103	$	71.44	6.7	$	—
Vested and expected to vest as of June 30, 2024	20,000	$	79.49	6.9	$	—

As of June 30, 2024, there was a total of $0.2 million in unrecognized compensation cost related to unvested options, which is expected to be recognized over a weighted-average period of 0.6 years.

The total intrinsic value of options exercised was $0 during the three and six months ended June 30, 2024, respectively.

Restricted Stock Unit and Restricted Stock Award Activity


	Shares	Weighted Average Grant Date Fair Value (i.e. Share Price)
Outstanding as of December 31, 2023	219,720	$	86.78

Vested	(36,570)	67.15
Forfeited	(67,371)	49.65
Outstanding as of June 30, 2024	115,779	$	114.59

As of June 30, 2024, there was a total of $7.7 million in unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted-average period of 1.1 years. Outstanding unvested and expected to vest RSUs had an intrinsic value of $52.8 thousand.

Stock-based Compensation

The following table sets forth the stock-based compensation under the Initial Plan, the 2018 Plan, the 2021 Plan, and the 2022 Plan by expense type:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Research and development expenses	$	297	$	681	$	224	$	1,157
Selling, general and administrative expenses	1,438		1,896		2,954		3,140
Total	$	1,735	$	2,577	$	3,178	$	4,297

The following table sets forth the stock-based compensation under the Initial Plan, the 2018 Plan, the 2021 Plan, and the 2022 Plan by award type:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Options	$	70	$	92	$	145	$	188
RSUs & RSAs	1,665		2,499		3,033		4,099
ESPP	—		(14)		—		10

Total	$	1,735	$	2,577	$	3,178	$	4,297

Issuance of Common Stock to Non-employees

During the Six Months Ended June 30, 2023, the Company issued 2,700 shares of the Company’s Class A common stock to a third party consulting firm in exchange for public relations services. The shares were not issued under the equity incentive plans described above. Under the agreement, the shares are contingently forfeitable in the event of early termination by the Company. The shares had an issuance date fair value of $0.1 million to be recorded as consulting expense over the six-month term of the agreement. Related consulting expense of $0.1 million was recognized over the six month term of the agreement. The Company issued no shares to non-employees in the current year.

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Legal and other professional services	$ 3,898	$ 3,811
Compensation expense	609	392
Research and development projects	247	323
Other accrued liabilities	432	228
Total	$ 5,186	$ 4,754

Property, Machinery and Equipment (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Machinery and Equipment, Net

The estimated useful lives of fixed assets by asset category are described below:


Fixed Assets						Estimated Useful Life
Computer equipment						Three years
Furniture and fixtures						Five years
Leasehold improvements						Lesser of estimated useful life or remaining lease term (one year to seven years)
Machinery and equipment						Seven years

Property, machinery and equipment, net consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Computer equipment	$	10	$	10

Leasehold improvements	2,394		2,394
Machinery and equipment	3,411		3,411

Property, machinery and equipment, gross	5,815		5,815
Less: accumulated depreciation	(2,978)		(2,563)
Property, machinery and equipment, net	$	2,837	$	3,252

Loan Payable (Details)		3 Months Ended		6 Months Ended
Loan Payable (Details)	Feb. 22, 2021 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 21, 2024 USD ($) note
Short-term Debt [Line Items]
Amount borrowed				$ 350,000	$ 0
Directors and Officers
Short-term Debt [Line Items]
Initial borrowing capacity						$ 500,000
Interest rate (as percent)						5.12%
Number of promissory notes \| note						6
Amount borrowed				$ 350,000
Term Loan
Short-term Debt [Line Items]
Initial borrowing capacity	$ 40,000,000.0
Interest rate (as percent)	12.00%
Proceeds from issuance of loan payable	$ 25,000,000.0
Amount no longer available for borrowing	$ 15,000,000.0
Debt term	2 years
Unamortized debt discount	$ 15,800,000
Percentage of debt discount in excess of initial face value	63.00%
Calculated effective interest rate	126.00%	28.20%		28.20%
Interest expense amortization		$ 0	$ 400,000	$ 45,700	$ 900,000

Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Value	$ 463	$ 519
Accumulated Amortization	(184)	(177)
Net Value	279	341
Patents/Intellectual Property
Finite-Lived Intangible Assets [Line Items]
Gross Value	463	519
Accumulated Amortization	(184)	(177)
Net Value	$ 279	$ 341
Weighted Average Remaining Amortization Period (In Years)	5 years 8 months 12 days	6 years 3 months 18 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (15,329)	$ (39,660)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	443	452
Amortization of debt discount and issuance costs	46	890
Amortization of right-of-use asset	570	537
Change in fair value of warrant liability	0	(338)
Loss on disposal of fixed and intangible assets	55	17
Stock-based compensation expense	3,178	4,297
Issuance of common stock for consulting services	0	112
Changes in operating assets and liabilities:
Accounts receivable	(15)	(434)
Prepaids and other current assets	3,674	3,401
Insurance receivable	(308)	0
Other non-current assets	31	(337)
Accounts payable	805	258
Accrued liabilities	451	(1,298)
Accrued interest	0	79
Other current liabilities	(4)	1
Contract liabilities	115	(648)
Operating lease liability	(625)	(569)
Litigation settlement contingency	526	0
Other non-current liabilities	13	12
Net cash used in operating activities	(6,374)	(33,228)
Cash flows from investing activities:
Purchases of property, machinery and equipment	0	(53)
Proceeds from sale of property, machinery and equipment	0	63
Purchases of intangible assets	(40)	(25)
Net cash used in investing activities	(40)	(15)
Cash flows from financing activities:
Proceeds from issuance of loan payable	350	0
Proceeds from exercise of stock options	0	130
Proceeds from employee stock purchase plan	0	31
Repurchase of Section 16 Officer shares for tax coverage exchange	(3)	(60)
Principal payments on loan payable	(2,319)	(6,298)
Payment of deferred offering costs	0	(121)
Payment for repurchase of common shares	0	(10,000)
Proceeds from issuance of common stock and related warrants	8,000	10,000
Payments for issuance costs related to common stock and related warrants	(829)	(700)
Net cash provided by (used in) financing activities	5,199	(7,018)
Decrease in cash, cash equivalents and restricted cash	(1,215)	(40,261)
Cash, cash equivalents and restricted cash, beginning of period	2,492	62,413
Cash, cash equivalents and restricted cash, end of period	1,277	22,152
Supplemental disclosure of non-cash investing and financing activities
Purchases of property, machinery and equipment in accounts payable and accrued expenses at period end	0	41
Purchases of intangible assets in accounts payable and accrued expenses at period end	18	0
Deferred offering costs in accounts payable and accrued expenses at period end	0	16
Supplemental disclosure of cash flow information
Cash paid for interest	$ 12	$ 684

Summary of Significant Accounting Policies - Schedule of Fair Value Inputs (Details)	Jun. 30, 2024	Mar. 04, 2024	Jan. 12, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, term (in years)	5 years	5 years	5 years
Warrant term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, term (in years)	2 years 1 month 13 days			2 years 7 months 9 days
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	1.5693			1.1350
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.0457	0.0433	0.0402	0.0405
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.0000	0	0	0.0000

Commitment and Contingencies - Schedule of Unconditional Purchase Obligations (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 2,816
2025	2,975
Total	$ 5,791

Stockholders’ Equity - Public and Private Warrants (Details) - $ / shares	Jun. 30, 2024	Jan. 12, 2024
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share)		$ 0.96
Common Class A
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share)	$ 575.00
Public Warrant
Class of Warrant or Right [Line Items]
Number of warrants outstanding (in shares)	172,500
Private Placement Warrant
Class of Warrant or Right [Line Items]
Number of warrants outstanding (in shares)	225,450

Stock-based Compensation - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended			6 Months Ended
	Aug. 12, 2021	Feb. 28, 2022	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	May 08, 2023	Mar. 22, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vested exercised, aggregate intrinsic value			$ 0			$ 0
Issuance of common stock for consulting services					$ 112,000
Consulting expense			1,735,000	$ 2,577,000		$ 3,178,000	$ 4,297,000
Share-Based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock for consulting services (in shares)						0
Issuance of common stock for consulting services							$ 100,000
Expiration period							6 months
Consulting expense							$ 100,000
Share-Based Payment Arrangement, Nonemployee \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock for consulting services (in shares)							2,700
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, period of recognition						1 year 1 month 6 days
Unrecognized compensation cost			7,700,000			$ 7,700,000
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost for unvested options			200,000			$ 200,000
Unrecognized compensation cost, period of recognition						7 months 6 days
Consulting expense			70,000	$ 92,000		$ 145,000	$ 188,000
Outstanding Vested and Expected to Vest RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost			$ 52,800			$ 52,800
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Evergreen provision, percentage of outstanding shares	3.00%
2021 Equity Incentive Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares)	119,658
2021 Equity Incentive Plan \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining shares available for grant (in shares)			323,564			323,564
Evergreen Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares available for grant (in shares)						248,508
Legacy Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares available for grant (in shares)						3,912
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Evergreen provision, percentage of outstanding shares	0.50%
Number of additional shares available for grant (in shares)						41,418
Remaining shares available for grant (in shares)			83,373			83,373
Issuance of common stock upon purchase of ESPP (in shares)						0
Outstanding liability			$ 28,300			$ 28,300
2021 Employee Stock Purchase Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares)	31,909
2022 Inducement Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining shares available for grant (in shares)			108,837			108,837
Vesting period		4 years
2022 Inducement Equity Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares)		80,000						160,000	140,000

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

Note 6. Leases

The Company leases office space under non-cancellable operating leases. In January 2021, the Company commenced a lease in San Jose, California. The lease expires in February 2028. The Company is obligated to pay approximately $10.5 million over the term of the lease.

The components of operating lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Operating lease cost	$	368	$	368	$	735	$	735
Variable lease expense	150		136		300		259

Total lease expense	$	518	$	504	$	1,035	$	994

Variable lease expense consists of the Company’s proportionate share of operating expenses, property taxes, and insurance.

As of June 30, 2024, the weighted-average remaining lease term was 3.7 years and the weighted-average discount rate was 5.6%.

As of June 30, 2024, the maturities of the Company’s operating lease liabilities were as follows:


(in thousands)
Remainder of 2024	$	790
2025	1,627
2026	1,674
2027	1,729
2028	297

Total lease payments	6,117
Less: Imputed interest	(611)
Present value of lease liabilities	$	5,506

Prepaids and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaids and Other Current Assets

Prepaids and other current assets consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Prepaid launch costs, current	$	—	$	1,260
Prepaid research and development	1,973		2,415
Prepaid insurance and other assets	2,866		4,838
Total	$	4,839	$	8,513

Leases - Schedule of Components of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 368	$ 368	$ 735	$ 735
Variable lease expense	150	136	300	259
Total lease expense	$ 518	$ 504	$ 1,035	$ 994

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Sep. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-39128
Entity Registrant Name	Momentus Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1905538
Entity Address, Address Line One	3901 N. First Street
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
City Area Code	650
Local Phone Number	564-7820
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Smaller Reporting Company	true
Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,540,419
Entity Central Index Key	0001781162
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class A common stock
Document Information [Line Items]
Title of 12(b) Security	Class A common stock
Trading Symbol	MNTS
Security Exchange Name	NASDAQ
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants
Trading Symbol	MNTSW
Security Exchange Name	NASDAQ

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jan. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2024	$ 790
2025	1,627
2026	1,674
2027	1,729
2028	297
Total lease payments	6,117	$ 10,500
Less: Imputed interest	(611)
Present value of lease liabilities	$ 5,506

Summary of Significant Accounting Policies - Schedule of Changes in Fair Value of Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value recurring, basis unobservable input reconciliation, liability gain (loss), statement of other comprehensive income, extensible list, not disclosed flag	Change in Fair Value
Fair Value, Inputs, Level 3 \| Warrant Liability (Level 3) \| Fair Value, Recurring
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 3
Change in Fair Value	0
Fair value at end of period	$ 3

Commitment and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Unconditional Purchase Obligations

As of June 30, 2024, the Company’s future unconditional purchase obligations are as follows:


(in thousands)

Remainder of 2024	$	2,816
2025	2,975


Total	$	5,791

Stock-based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Consulting expense	$ 1,735	$ 2,577	$ 3,178	$ 4,297
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Consulting expense	70	92	145	188
RSUs & RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Consulting expense	1,665	2,499	3,033	4,099
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Consulting expense	0	(14)	0	10
Research and development expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Consulting expense	297	681	224	1,157
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Consulting expense	$ 1,438	$ 1,896	$ 2,954	$ 3,140

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Stockholders’ Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders’ Equity

Note 9. Stockholders' Equity

Common Stock and Preferred Stock

Effective August 22, 2023, the Company’s stockholders approved a 1-for-50 reverse stock split of the Company’s Class A common stock. As a result of the reverse stock split, every 50 shares of Class A common stock issued and outstanding on August 22, 2023, were automatically combined into one share of Class A common stock. Any fractional shares resulting from the reverse stock split were rounded up to the next nearest whole share of Class A common stock.

To effectuate the reverse stock split, the Company filed a certificate of amendment to the Second Amended and Restated Certificate of Incorporation. As a result of the reverse stock split, there was no change to par value and the total number of authorized shares of Class A common stock.

Pursuant to the terms of the Second Amended and Restated Certificate of Incorporation, as amended, the Company is authorized and has available a total of 274,312,500 shares of stock, consisting of (i) 250,000,000 shares of Class A common stock, par value $0.00001 per share, (ii) 4,312,500 shares of Class B common stock, par value $0.00001 per share, and (iii) 20,000,000 shares of preferred stock, par value $0.00001 per share.

March 2024 Securities Purchase Agreement

On March 4, 2024, the Company entered into a Securities Purchase Agreement, with an investor, pursuant to which the Company issued and sold to the investor in a registered direct offering (the “March Offering”), (i) an aggregate of 1,320,000 shares of the Company’s Class A common stock at a purchase price of $0.87 per share, and (ii) pre-funded warrants (the “March Pre-Funded Warrants”) to purchase an aggregate of 3,304,280 shares of the Company’s Class A common stock and (iii) warrants to purchase 4,624,280 shares of Class A Stock (“March Warrants”).

The purchase price of each March Pre-Funded Warrant was equal to the price per share of Class A common stock being sold in the March Offering minus $0.00001. The March Pre-Funded Warrants have an exercise price of $0.00001 per share and are exercisable any time after the issuance, and will not expire until exercised. The March Warrants have an exercise price per share of Class A common stock equal to $0.74 per share and will expire five years from the date of issuance. The offering closed on March 7, 2024.

The Company received aggregate gross proceeds from the March Offering of approximately $4.0 million, before deducting estimated issuance costs of $0.5 million. Net proceeds of $3.5 million from the March Offering was recorded to additional paid-in-capital. Both the March Pre-Funded Warrants and the March Warrants meet the requirements for equity classification.

The Company estimated the fair value of the March Pre-Funded Warrants based on the fair value of the Company’s Class A common stock from the issuance date, less the $0.00001 exercise price. The Company estimated the fair value of the March Warrants using the Black-Scholes valuation model. The significant inputs into the Black-Scholes valuation model at the initial recognition date are as follows:


Warrant term (years)	5.00
Volatility	95.00	%
Risk-free rate	4.33	%
Dividend yield	—	%

In connection with the March Offering, the Company also agreed to amend the January Warrants to purchase up to an aggregate of 3,687,000 shares of Class A common stock at an exercise price of $0.96 per share (the “January Modified Warrants”). Prior to amendment, the January Modified Warrants had a termination date of January 17, 2029. Upon shareholder approved amendment, the January Modified Warrants will have a reduced exercise price of $0.74 per share and a termination date of June 28, 2029.

The Company estimated the fair value of the January Modified Warrants immediately before and after modification using the Black-Scholes valuation model and determined an incremental increase in fair value of approximately $0.1 million. In accordance with ASC Topic 815 guidance on equity classified warrant modifications, the incremental change in fair value of the January Modified Warrants was accounted for as an additional equity

issuance cost for the January Offering, which was recorded to additional paid-in-capital. The significant inputs into the Black-Scholes valuation model before and after the modification date are as follows:


	Pre Modification		Post Modification
Warrant term (years)	4.87		5.00
Volatility	95.00	%	95.00	%
Risk-free rate	4.22	%	4.21	%
Dividend yield	—	%	—	%

Subsequent to the March Offering, during the Six Months Ended June 30, 2024, the Company issued 3,304,280 shares of Class A common stock as a result of all of the March Pre-Funded Warrants being exercised and the Company received an immaterial amount of cash proceeds.

January 2024 Securities Purchase Agreement

On January 12, 2024, the Company entered into a Securities Purchase Agreement, with an investor, pursuant to which the Company issued and sold to the investor in a registered direct offering (the “January Offering”), (i) an aggregate of 900,000 shares of the Company’s Class A common stock at a purchase price of $1.09 per share, (ii) pre-funded warrants (the “January Pre-Funded Warrants”) to purchase an aggregate of 2,787,000 shares of the Company’s Class A common stock and (iii) warrants to purchase 3,687,000 shares of Class A common stock (the “January Warrants”).

The purchase price of each January Pre-Funded Warrant was equal to the price per share of Class A common stock being sold in the January Offering minus $0.00001. The January Pre-Funded Warrants have an exercise price of $0.00001 per share and are exercisable any time after the issuance, and will not expire until exercised. The January Warrants have an exercise price per share of Class A common stock equal to $0.96 per share and will expire five years from the date of issuance. The offering closed on January 17, 2024.

The Company received aggregate gross proceeds from the January Offering of approximately $4.0 million, before deducting estimated issuance costs of $0.4 million. Net proceeds of $3.6 million from the January Offering was recorded to additional paid-in-capital. Both the January Pre-Funded Warrants and the January Warrants meet the requirements for equity classification.

The Company estimated the fair value of the January Pre-Funded Warrants based on the fair value of the Company’s Class A common stock on the issuance date, less the $0.00001 exercise price. The Company estimated the fair value of the January Warrants using the Black-Scholes valuation model. The significant inputs into the Black-Scholes valuation model at the initial recognition date are as follows:


Warrant term (years)	5.00
Volatility	97.50	%
Risk-free rate	4.02	%
Dividend yield	—	%

In connection with the January Offering, the Company also agreed, subject to certain conditions and procedures, to amend each of the warrants issued in November 2023 to purchase up to an aggregate of 5,808,538 shares of Class A common stock at an exercise price of $3.86 per share (the “November Modified Warrants”). Prior to amendment, the November Modified Warrants had a termination date of November 9, 2028. The shareholder approval for the amendment of November Modified Warrants was not received triggering the Minimum Price as defined by the Nasdaq Rule 5635 (d). Based on the rule, November Modified Warrants will have a reduced exercise price of $0.54 per share and a termination date of May 9, 2029.

The Company estimated the fair value of the November Modified Warrants immediately before and after modification using the Black-Scholes valuation model and determined an incremental increase in fair value of approximately $1.2 million. In accordance with ASC Topic 815 guidance on equity classified warrant modifications, the incremental change in fair value of the November Modified Warrants was accounted for as an additional equity


	Pre Modification		Post Modification
Warrant term (years)	4.83		5.00
Volatility	97.50	%	97.50	%
Risk-free rate	3.85	%	3.84	%
Dividend yield	—	%	—	%

Subsequent to the January Offering, during the six months ended June 30, 2024, the Company issued 2,787,000 shares of Class A common stock as a result of all of the January Pre-Funded Warrants being exercised and the Company received an immaterial amount of cash proceeds.

Co-Founder Divestment and Stock Repurchase Agreements

In accordance with the NSA and pursuant to stock repurchase agreements entered into with the Company, the Co-Founders sold 100% of their respective equity interests in the Company on June 30, 2021. The Company paid an aggregate of $40.0 million to the Co-Founders following the Business Combination, and an additional payment of an aggregate of $10.0 million was payable after cumulative business combination or capital raising transactions resulted in cash proceeds to the Company of no less than $250.0 million.

As a result of the February Offering on February 27, 2023, the Company raised $10.0 million of gross cash proceeds through the sale of securities which, together with the $247.3 million raised in the Business Combination and other capital raising activities, triggered the $10.0 million obligation under the stock repurchase agreements. In March 2023, the Company paid the Co-Founders $10.0 million to pay off the liability.

Public and Private Warrants

As of June 30, 2024, the Company had Public and Private Warrants outstanding to purchase 172,500 shares and 225,450 shares of Class A common stock, respectively, related to the Business Combination. The warrants entitle the registered holder to purchase stock at a price of $575.00 per share, subject to adjustment, at any time commencing on August 12, 2021. The Public and Private Warrants expire on the fifth anniversary of the Business Combination, or earlier upon redemption or liquidation.

The Private Warrants assumed in connection with the Business Combination are accounted for as a derivative liability. The Public Warrants and the legacy outstanding Private Warrants were recorded as equity within the condensed consolidated statements of stockholders’ equity.

Contingent Sponsor Earnout Shares

As a result of the Business Combination, the Company modified the terms of 28,750 shares of Class A common stock held by SRAC’s sponsor (the “Sponsor Earnout Shares”), such that all such shares will be forfeited if the share price of Class A common stock does not reach a volume-weighted average closing sale price of $625.00, two thirds of such shares will be forfeited if the share price of Class A common stock does not reach a volume-weighted average closing sale price of $750.00, and one third of such shares will be forfeited if the share price of Class A common stock does not reach a volume-weighted average closing sale price of $875.00, in each case, prior to the fifth anniversary of the Business Combination. Certain events which change the number of outstanding shares of Class A common stock, such as a split, combination, or recapitalization, among other potential events, will equitably adjust the target vesting prices above. The Sponsor Earnout Shares may not be transferred without the Company’s consent until the shares vest.

The Sponsor Earnout Shares are recorded within equity. Due to the contingently forfeitable nature of the shares, the Sponsor Earnout Shares are excluded from basic EPS calculations but are considered potentially dilutive shares for the purposes of diluted EPS (refer to Note 11).

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
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+ Details

Stockholders’ Equity - March 2024 Securities Purchase Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands				6 Months Ended
	Mar. 04, 2024	Jan. 12, 2024	Feb. 27, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share)		$ 0.96
Warrants and rights outstanding, term (in years)	5 years	5 years		5 years
Aggregate cost	$ 4,000	$ 4,000	$ 10,000
Agent fees and other offering costs	500	400		$ 829	$ 700
Proceeds from issuance of warrants	$ 3,500	$ 3,600
March Pre-Funded Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of warrants exercised on net basis (in shares)	3,304,280
Exercise price (in dollars per share)	$ 0.00001
Equity related to warrants	$ 100
March Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of warrants exercised on net basis (in shares)	4,624,280
Exercise price (in dollars per share)	$ 0.74
Warrants and rights outstanding, term (in years)	5 years
January Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of warrants exercised on net basis (in shares)		3,687,000
Warrants and rights outstanding, term (in years)		5 years
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares sold (in shares)	1,320,000	900,000
Purchase price (in dollars per share)	$ 0.87	$ 1.09
Exercise price (in dollars per share)				$ 575.00

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consisted of the following as of June 30, 2024:


(in thousands)	Gross Value		Accumulated Amortization		Net Value		Weighted Average Remaining Amortization Period (In Years)
Patents/Intellectual Property	$	463	$	(184)	$	279	5.7

Total	$	463	$	(184)	$	279

Intangible assets, net consisted of the following as of December 31, 2023:


(in thousands)	Gross Value		Accumulated Amortization		Net Value		Weighted Average Remaining Amortization Period (In Years)
Patents/Intellectual Property	$	519	$	(177)	$	341	6.3

Total	$	519	$	(177)	$	341

Schedule of Future Estimated Amortization Expense

As of June 30, 2024, the future estimated amortization expense related to intangible assets is as follows:


(in thousands)
Remainder of 2024	$	26
2025	52
2026	52
2027	52
2028	43
Thereafter	54
Total	$	279

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Class A	Common Stock	Common Stock Common Class A	Additional paid-in capital	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2022				1,688,824
Beginning balance at Dec. 31, 2022	$ 38,607			$ 0	$ 342,734	$ (304,127)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)				7,406
Issuance of common stock upon exercise of stock options	92				92
Issuance of common stock upon vesting of RSUs (in shares)				15,336
Share repurchase related to Section 16 Officer tax coverage exchange (in shares)				(2,498)
Share repurchase related to Section 16 Officer tax coverage exchange	(60)				(60)
Stock-based compensation - stock options, RSAs, RSUs	1,720				1,720
Issuance of common stock and related warrants in registered offering, net of issuance costs (in shares)				187,920
Issuance of common stock and related warrants in registered offering, net of issuance costs	9,300				9,300
Issuance of common stock for consulting services (in shares)				2,700
Issuance of common stock for consulting services	112				112
Net loss	(20,825)					(20,825)
Ending balance (in shares) at Mar. 31, 2023				1,899,688
Ending balance at Mar. 31, 2023	28,946			$ 0	353,898	(324,952)
Beginning balance (in shares) at Dec. 31, 2022				1,688,824
Beginning balance at Dec. 31, 2022	38,607			$ 0	342,734	(304,127)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(39,660)
Ending balance (in shares) at Jun. 30, 2023				1,957,308
Ending balance at Jun. 30, 2023	12,757			$ 0	356,544	(343,787)
Beginning balance (in shares) at Mar. 31, 2023				1,899,688
Beginning balance at Mar. 31, 2023	28,946			$ 0	353,898	(324,952)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)				2,648
Issuance of common stock upon exercise of stock options	38				38
Issuance of common stock upon vesting of RSUs (in shares)				9,440
Issuance of common stock upon purchase of ESPP (in shares)			2,131
Issuance of common stock upon purchase of ESPP	31				31
Stock-based compensation - stock options, RSAs, RSUs	2,577				2,577
Issuance of common stock upon exercise of pre-funded warrants (in shares)				43,401
Net loss	(18,835)					(18,835)
Ending balance (in shares) at Jun. 30, 2023				1,957,308
Ending balance at Jun. 30, 2023	12,757			$ 0	356,544	(343,787)
Beginning balance (in shares) at Dec. 31, 2023		8,283,865		8,283,865
Beginning balance at Dec. 31, 2023	3,187			$ 0	376,234	(373,047)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon vesting of RSUs (in shares)				36,570
Share repurchase related to Section 16 Officer tax coverage exchange (in shares)				(5,937)
Share repurchase related to Section 16 Officer tax coverage exchange	(3)				(3)
Stock-based compensation - stock options, RSAs, RSUs	1,443				1,443
Issuance of common stock and related warrants in registered offering, net of issuance costs (in shares)				2,220,000
Issuance of common stock and related warrants in registered offering, net of issuance costs	7,171				7,171
Issuance of common stock upon exercise of pre-funded warrants (in shares)				6,091,280
Net loss	(8,313)					(8,313)
Ending balance (in shares) at Mar. 31, 2024				16,625,778
Ending balance at Mar. 31, 2024	3,485			$ 0	384,845	(381,360)
Beginning balance (in shares) at Dec. 31, 2023		8,283,865		8,283,865
Beginning balance at Dec. 31, 2023	3,187			$ 0	376,234	(373,047)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(15,329)
Ending balance (in shares) at Jun. 30, 2024		16,625,778		16,625,778
Ending balance at Jun. 30, 2024	(1,796)			$ 0	386,580	(388,376)
Beginning balance (in shares) at Mar. 31, 2024				16,625,778
Beginning balance at Mar. 31, 2024	3,485			$ 0	384,845	(381,360)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation - stock options, RSAs, RSUs	1,735				1,735
Net loss	(7,016)					(7,016)
Ending balance (in shares) at Jun. 30, 2024		16,625,778		16,625,778
Ending balance at Jun. 30, 2024	$ (1,796)			$ 0	$ 386,580	$ (388,376)

Intangible Assets - Schedule of Future Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 26
2025	52
2026	52
2027	52
2028	43
Thereafter	54
Net Value	$ 279	$ 341

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 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