Summary of Significant Accounting Policies (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Summary of Significant Accounting Policies |
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| Schedule of the items included within net loss regularly provided to the CODM |
| | | | | | | Three months ended March 31, | | 2026 | | 2025 | Revenue | $ | 19,059 | | $ | 18,520 | Cost of revenue (excluding amortization of intangible assets) | | 6,444 | | | 5,913 | Amortization of intangible assets | | 95 | | | 95 | Gross profit | | 12,520 | | | 12,512 | Sales and marketing: | | | | | | Sales and sales management | | 10,796 | | | 11,614 | International | | 1,959 | | | 1,357 | Other sales and marketing (a) | | 3,782 | | | 3,637 | Total sales and marketing | | 16,537 | | | 16,608 | General and Administrative: | | | | | | Finance and Legal | | 2,027 | | | 1,951 | Other general and administrative (b) | | 2,139 | | | 1,885 | Total general and administrative | | 4,166 | | | 3,836 | Research and Development: | | | | | | Clinical | | 1,059 | | | 939 | Regulatory and quality | | 540 | | | 440 | Other research and development (c) | | 744 | | | 1,161 | Total research and development | | 2,343 | | | 2,540 | Other segment items (d) | | (1,747) | | | (792) | Net loss | $ | (12,273) | | $ | (11,264) | | | | | | | (a) Other sales and marketing includes strategy, analytics and allocated facility expenses. | (b) Other general and administrative includes executive, human resources, information technology and allocated facility expenses. | (c) Other research and development includes engineering and allocated facility expenses. | (d) Other segment items include other operating income and other expenses as disclosed in the consolidated statements of operations and comprehensive loss; interest expense, loss on extinguishment of debt, other income and income tax expense. |
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| Schedule of reconciliation of all captions of cash, cash equivalents and restricted cash |
| | | | | | | | | March 31, | | | 2026 | | 2025 | Cash and cash equivalents | | $ | 39,541 | | $ | 42,833 | Restricted cash | | | 250 | | | 265 | Total cash and cash equivalents and restricted cash shown in statements of cash flows | | $ | 39,791 | | $ | 43,098 |
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| Schedule of Disaggregation of Revenue |
The following table presents revenue disaggregated by the Company’s portfolio of products (in thousands): | | | | | | | | | Three months ended March 31, | | | 2026 | | 2025 | OviTex | | $ | 12,619 | | $ | 12,109 | OviTex PRS | | | 5,881 | | | 6,044 | Other | | | 559 | | | 367 | Total revenue | | $ | 19,059 | | $ | 18,520 |
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| Schedule of fair value of assets and liabilities measured on recurring basis |
The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): | | | | | | | | | | | | Fair value measurement at reporting date using | | | Quoted prices in | | | | | | | | | active markets | | Significant other | | Significant | | | for identical | | observable | | unobservable | | | assets | | inputs | | inputs | | | (Level 1) | | (Level 2) | | (Level 3) | March 31, 2026: | | | | | | | | | | Cash equivalents – money market fund | | $ | 36,970 | | $ | — | | $ | — | | | | | | | | | | | December 31, 2025: | | | | | | | | | | Cash equivalents – money market fund | | $ | 47,068 | | $ | — | | $ | — |
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| Schedule of dilutive securities excluded |
| | | | | | | Three months ended March 31, | | | 2026 | | 2025 | Stock options | | 3,543,623 | | 2,535,298 | Unvested restricted stock units | | 2,024,383 | | 1,211,483 | Common stock warrants | | 88,556 | | 88,556 | Common stock warrants issued with credit agreement | | 2,000,000 | | — | Total | | 7,656,562 | | 3,835,337 |
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