v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES    
Net loss $ (20,761) $ (28,504)
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of derivative liability (340) 17,860
Change in fair value of convertible preferred stock warrant liability (13) 928
Change in fair value of SARs liability 72 9
Stock-based compensation 6,809 1,898
SARs issued to a customer recorded as a reduction to revenue 109 24
Inventory adjustments 1,877 441
Depreciation and amortization 1,049 554
Amortization of debt discounts and deferred financing costs 99 284
Non-cash interest 29 149
Changes in operating assets and liabilities:    
Accounts receivable (8,176) (8,414)
Inventory (6,783) (11,931)
Prepaid expenses and other assets (3,093) (1,326)
Accounts payable (689) 7,546
Accrued expenses and other liabilities 11,950 3,309
Net cash used in operating activities (17,861) (17,173)
INVESTING ACTIVITIES    
Purchase of property and equipment (2,429) (2,024)
Net cash used in investing activities (2,429) (2,024)
FINANCING ACTIVITIES    
Proceeds from issuance of common stock 155,366 0
Proceeds from term loan facility 0 14,000
Proceeds from exercise of stock options 246 231
Payment of debt issuance costs 0 (253)
Repayment of line of credit (43,000) 0
Payment of offering costs (9,641) 0
Payment of deferred offering costs 0 (1,428)
Net cash provided by financing activities 102,971 12,550
Net change in cash and cash equivalents 82,681 (6,647)
Cash and cash equivalents, beginning of period 10,860 17,306
Cash and cash equivalents, end of period 93,541 10,659
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 342 681
Cash paid for income taxes 0 3
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Reallocation of borrowings from term loan to line of credit 0 22,000
Capital expenditures included in accounts payable and accrued expenses 110 321
Debt issuance costs included in accrued expenses 0 176
Deferred offering costs included in accounts payable and accrued expenses 0 2,318
Deferred offering costs transferred to additional paid in capital 13,987 0
Conversion of convertible preferred stock to common stock 101,967 0
Conversion of convertible notes to equity 18,678 0
Reclassification of Derivative Liability to Equity 32,073 0
Issuance of common stock upon net exercise of warrants $ 1,871 $ 0