Balance Sheet Components (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Balance Sheet Related Disclosures [Abstract] |
|
| Summary of Cash and Cash Equivalents |
The Company’s cash and cash equivalents consisted of the following (in thousands):
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|
|
|
|
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|
|
|
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June 30, |
|
|
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Cash |
|
$ |
1,783 |
|
|
$ |
2,872 |
|
Cash equivalents |
|
|
|
|
|
|
Money market funds |
|
|
10,327 |
|
|
|
7,836 |
|
Yankee CD |
|
|
500 |
|
|
|
— |
|
Total cash and cash equivalents |
|
$ |
12,610 |
|
|
$ |
10,708 |
|
|
| Summary of Available-For-Sale Marketable Securities |
The Company's available-for-sale marketable securities consisted of the following (in thousands):
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|
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|
|
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|
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|
June 30, 2026 |
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|
|
Amortized Cost |
|
|
Gross Unrealized Gains |
|
|
Gross Unrealized Losses |
|
|
Fair Value |
|
Marketable securities—short-term |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury and government agencies |
|
$ |
6,527 |
|
|
$ |
— |
|
|
$ |
(18 |
) |
|
$ |
6,509 |
|
Corporate debt |
|
|
16,387 |
|
|
|
8 |
|
|
|
(23 |
) |
|
|
16,372 |
|
Asset-backed securities |
|
|
8,747 |
|
|
|
2 |
|
|
|
(21 |
) |
|
|
8,728 |
|
Yankee CD |
|
|
1,400 |
|
|
|
— |
|
|
|
— |
|
|
|
1,400 |
|
Total marketable securities—short-term |
|
$ |
33,061 |
|
|
$ |
10 |
|
|
$ |
(62 |
) |
|
$ |
33,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Amortized Cost |
|
|
Gross Unrealized Gains |
|
|
Gross Unrealized Losses |
|
|
Fair Value |
|
Marketable securities—short-term |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury and government agencies |
|
$ |
6,709 |
|
|
$ |
9 |
|
|
$ |
— |
|
|
$ |
6,718 |
|
Corporate debt |
|
|
19,254 |
|
|
|
48 |
|
|
|
— |
|
|
|
19,302 |
|
Asset-backed securities |
|
|
10,423 |
|
|
|
16 |
|
|
|
(1 |
) |
|
|
10,438 |
|
Yankee CD |
|
|
1,201 |
|
|
|
— |
|
|
|
— |
|
|
|
1,201 |
|
Total marketable securities—short-term |
|
$ |
37,587 |
|
|
$ |
73 |
|
|
$ |
(1 |
) |
|
$ |
37,659 |
|
|
| Summary of Property and Equipment, Net |
The Company’s property and equipment, net consisted of the following (in thousands):
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|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Furniture and fixtures |
|
$ |
2,569 |
|
|
$ |
2,569 |
|
Construction in progress |
|
|
199 |
|
|
|
1,069 |
|
Machinery and equipment |
|
|
4,397 |
|
|
|
3,663 |
|
Capitalized surgical equipment1 |
|
|
36,343 |
|
|
|
33,147 |
|
Computer equipment |
|
|
1,237 |
|
|
|
1,225 |
|
Leasehold improvements |
|
|
10,719 |
|
|
|
10,591 |
|
Software and website development |
|
|
2,246 |
|
|
|
1,357 |
|
Total property and equipment |
|
|
57,710 |
|
|
|
53,621 |
|
Less: accumulated depreciation and amortization |
|
|
(25,214 |
) |
|
|
(23,869 |
) |
Property and equipment, net |
|
$ |
32,496 |
|
|
$ |
29,752 |
|
1 Capitalized surgical equipment includes $30.2 million and $28.0 million that is ready for its intended use and have started depreciating and $6.1 million and $5.1 million that is not ready for its intended use and have not started depreciating as of June 30, 2026 and December 31, 2025, respectively.
|
| Summary of Accrued Liabilities |
Accrued liabilities consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Accrued royalties expense |
|
$ |
1,617 |
|
|
$ |
1,830 |
|
Accrued interest |
|
|
515 |
|
|
|
239 |
|
Accrued professional services |
|
|
2,403 |
|
|
|
1,532 |
|
Other accrued expense |
|
|
1,746 |
|
|
|
2,183 |
|
Total accrued liabilities |
|
$ |
6,281 |
|
|
$ |
5,784 |
|
|
| Schedule of Other Liabilities |
Other liabilities consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Current portion of operating lease liabilities |
|
$ |
388 |
|
|
$ |
552 |
|
Short-term debt1 |
|
|
3,169 |
|
|
|
1,745 |
|
SLR term loan fees for tranches two and three |
|
|
360 |
|
|
|
— |
|
Other |
|
|
410 |
|
|
|
132 |
|
Total other liabilities |
|
$ |
4,327 |
|
|
$ |
2,429 |
|
l See Note 6, "Long-Term Debt," for information regarding the legal cost financing related to the lawsuit against Stryker Corporation and its subsidiary Wright Medical Technology, Inc. Short-term debt includes $2.3 million and $1.1 million in financed legal costs as of June 30, 2026 and December 31, 2025, respectively, and reflects the amount that may be called within the next twelve months. In addition, short-term debt includes $0.8 million and $0.6 million of insurance premiums payable over the next three months and six months, respectively.
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