v3.26.1
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net Income (Loss) $ (45,298) $ (45,525)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,294 650
Provision for expected credit losses 16  
Stock-based compensation expense 12,422 7,603
Net provision (recovery) for excess and obsolete inventory (179) 347
Change in fair value of warrant liabilities 0 12,450
Amortization of premium (discount) on short-term and long-term investments 181 (1,730)
Amortization of operating lease right-of-use asset 811 607
Changes in operating assets and liabilities:    
Accounts receivable (951) 601
Inventories (2,017) (4,350)
Prepaid expenses and other current assets 1,366 (3,605)
Other long-term assets 39 6
Accounts payable (471) 471
Accrued expenses and other current liabilities (5,439) (2,550)
Other long-term liabilities 82 1,011
Operating lease liability (791) (567)
Deferred revenue 481 1,012
Net cash used in operating activities (38,454) (33,569)
Cash flows from investing activities:    
Purchases of short-term investments   (190,768)
Purchases of long-term investments (44,812) (31,069)
Proceeds from maturities and redemptions of short-term investments 96,000 51,000
Purchases of property and equipment (2,416) (2,112)
Net cash (used in) provided by investing activities 48,772 (172,949)
Cash flows from financing activities:    
Proceeds from the issuance of common stock, net of underwriting discounts, commissions and issuance costs   195,430
Proceeds from the issuance of common stock from private placement, net of issuance costs   15,591
Proceeds from stock option exercises and employee stock purchase plan issuances 2,424 140
Net cash provided by financing activities 2,424 211,161
Net increase in cash, cash equivalents and restricted cash 12,742 4,643
Cash, cash equivalents and restricted cash at beginning of period 31,676 30,532
Cash, cash equivalents and restricted cash at end of period 44,418 35,175
Supplemental disclosure of non-cash investing and financing information:    
Reclassification of long-term investments to short-term investments 45,322 79,838
Conversion of convertible preferred stock upon initial public offering   321,373
Conversion of warrants net exercise upon initial public offering   57,348
Reclassification of deferred offering costs to equity upon initial public offering   5,051
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 44,318 35,075
Restricted cash 100 100
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 44,418 $ 35,175