v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net loss $ (585,525) $ (69,459) $ (56,945)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 3,248 4,616 4,114
Stock-based compensation 19,082 5,550 5,399
Non-cash lease expense 1,853 1,832 2,164
Accretion of discount on marketable securities (480) 0 (909)
Transaction costs allocated to common stock warrants 3,223 0 0
Change in fair value of second lien loans 24,387 0 0
Change in fair value of simple agreements for future equity 190,075 4,109 0
Loss on issuance of equity instruments 210,722 0 0
Non-cash interest expense 795 402 788
Loss on disposal of property and equipment 265 0 0
Changes in operating assets and liabilities:      
Accounts receivable 401 (1,044) 9
Prepaid expenses and other current assets (2,180) 645 (484)
Other assets (105) 276 (276)
Accounts payable (717) (811) 558
Accrued expenses and other current liabilities (407) 5,102 3,833
Operating lease liabilities (1,861) (1,796) (2,222)
Other liabilities 492 43 255
Net cash used in operating activities (94,442) (50,961) (43,842)
Investing activities:      
Proceeds from maturities of marketable securities 0 0 51,000
Purchases of marketable securities (69,406) 0 (30,452)
Purchases of property and equipment (22,026) (3,192) (3,270)
Payment of deposits 0 (20) 0
Net cash (used in) provided by investing activities (91,432) (3,212) 17,278
Financing activities:      
Proceeds from the issuance of debt, net of issuance costs 29,662 0 3,671
Repayment of debt (33,381) (2,238) (1,934)
Proceeds from issuance of second lien loans 43,865 0 0
Proceeds from issuance of simple agreements for future equity 23,660 45,192 10,000
Proceeds from issuance of Series A cumulative redeemable convertible preferred stock 145,000 0 0
Proceeds from the reverse recapitalization, net of transaction costs 26,239 0 0
Proceeds from exercise of stock options 1,422 172 292
Proceeds from exercise of common stock warrants 77 0 0
Payments for deferred offering costs (16,618) 0 0
Net cash provided by financing activities 219,926 43,126 12,029
Net change in cash and cash equivalents and restricted cash 34,052 (11,047) (14,535)
Cash and cash equivalents and restricted cash at beginning of period 18,159 29,206 43,741
Cash and cash equivalents and restricted cash at end of period 52,211 18,159 29,206
Components of cash and restricted cash at period end:      
Cash and cash equivalents 50,761 16,709 27,756
Restricted cash 1,450 1,450 1,450
Total cash and cash equivalents and restricted cash 52,211 18,159 29,206
Supplemental disclosure of cash activities:      
Cash paid for interest 3,303 4,561 4,606
Cash paid for income taxes 0 3 5
Supplemental disclosure of non-cash activities:      
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities 1,360 118 0
Operating lease right-of-use asset obtained in exchange for operating lease liability upon modification of operating lease 0 1,881 2,388
Operating lease right-of-use asset obtained in exchange for operating lease liability upon new operating lease 0 1,146 0
Proceeds from exercise of stock options included in prepaid and other current assets 12 0 14
Proceeds from exercise of common stock warrants included in prepaid and other current assets 9 0 0
Conversion of second lien loans into common stock in connection with reverse recapitalization 67,379 0 0
Settlement of transaction costs in common stock in connection with reverse recapitalization 12,500 0 0
Exchange of simple agreements for future equity for second lien loan 10,000 0 0
Net exercise of warrants in connection with reverse recapitalization 8,891 0 0
Issuance of non-redemption common stock in connection with reverse recapitalization 3,220 0 0
Liabilities assumed from reverse recapitalization 31 0 0
Issuance of common stock in connection with a debt agreement 499 0 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 7,272 (426) (126)
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 35,018 0 0
SAFE Conversion      
Supplemental disclosure of non-cash activities:      
Conversion of stock, amount converted 263,036 0 0
Redeemable Preferred Stock Conversion      
Supplemental disclosure of non-cash activities:      
Conversion of stock, amount converted $ 170,648 $ 0 $ 0