v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net income (loss) $ 26,490 $ (128,185)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,412 532
Stock-based compensation 6,024 1,878
Non-cash lease expense 499 447
Accretion of discount on marketable securities (358) 0
Change in fair value of second lien loans 474 0
Change in fair value of simple agreements for future equity 0 108,375
Non-cash interest expense 109 228
Loss on disposal of property and equipment 85 130
Changes in operating assets and liabilities:    
Accounts receivable 379 1,057
Prepaid expenses and other current assets 575 133
Other assets 7 0
Accounts payable 556 1,387
Accrued expenses and other current liabilities (766) (2,149)
Operating lease liabilities (514) (444)
Other liabilities 192 (10)
Net cash used in operating activities (29,494) (16,506)
Investing activities:    
Proceeds from maturities of marketable securities 45,000 0
Purchases of property and equipment (5,531) (2,320)
Net cash (used in) provided by investing activities 39,469 (2,320)
Financing activities:    
Repayment of debt (364) (2,249)
Proceeds from issuance of simple agreements for future equity 0 21,660
Proceeds from exercise of stock options 985 383
Proceeds from exercise of common stock warrants 3,593 0
Payments for deferred offering costs 0 (10)
Net cash provided by financing activities 4,214 19,784
Net change in cash and cash equivalents and restricted cash 14,189 958
Cash and cash equivalents and restricted cash at beginning of period 52,211 18,159
Cash and cash equivalents and restricted cash at end of period 66,400 19,117
Components of cash and restricted cash at period end:    
Cash and cash equivalents 64,950 17,667
Restricted cash included in prepaid and other current assets 600 0
Restricted cash 850 1,450
Total cash and cash equivalents and restricted cash 66,400 19,117
Supplemental disclosure of cash activities:    
Cash paid for interest 798 1,039
Supplemental disclosure of non-cash activities:    
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities 585 833
Proceeds from exercise of stock options included in prepaid and other current assets 1 125
Deferred offering costs related to reverse recapitalization included in accrued liabilities 0 160
Unrealized losses on marketable securities (24) 0
Redeemable convertible preferred stock warrants    
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of redeemable convertible preferred stock warrant liabilities 0 115
Common stock warrants    
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of redeemable convertible preferred stock warrant liabilities $ (64,658) $ 0