v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (22,240) $ (10,381)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 1,771 1,628
Amortization of operating right-of-use assets 236 241
Stock-based compensation 276 289
Amortization of debt discount and issuance costs 862 180
Provision for credit losses 118
Provision for inventory reserve 107
Change in fair value of SAFE liability 134 1,050
Change in fair value of make-whole derivative liabilities 21 8
Gain on extinguishment of make-whole derivative liabilities (132)
Change in fair value of warrant liability (72) (7)
Loss on non-cash investor agreement settlement expense 10,525
Non-cash loss on issuance of SAFEs and common stock warrants 2,217
Loss on abandoned financing transaction 345
Other (10) (69)
Changes in operating assets and liabilities:    
Accounts receivable, net (391) (453)
Loan receivable, net (68)
Inventory, net (81) 656
Prepaid expenses and other assets (1,263) (1,047)
Accounts payable (1,539) 727
Accrued expenses and other liabilities (189) (509)
Operating lease liabilities (224) (236)
Net cash used in operating activities (9,529) (7,991)
Cash flows from investing activities:    
Purchases of property and equipment (4,968) (1,184)
Net cash used in investing activities (4,968) (1,184)
Cash flows from financing activities:    
Proceeds from issuance of common stock in connection with the Merger and private placement offering, net of paid transaction cost 28,089
Proceeds from issuance of common stock in connection with the subsequent private placement offering, net of paid transaction cost 447
Proceeds from issuance of SAFEs 2,448 3,888
Proceeds from promissory notes, net of issuance costs 725 440
Proceeds from related party advances 710 725
Proceeds from an investor advance 175
Proceeds from financing agreements, net of issuance costs 106
Proceeds from exercise of stock options 133 24
Proceeds from exercise of common stock warrants 40
Repayment on 2023 Term Loan (5,665)
Repayment on promissory notes (1,568) (26)
Repayment of related party advances (380) (725)
Repayment of an investor advance (175)
Repayment of financing agreements (106)
Net cash provided by financing activities 24,979 4,326
Net increase (decrease) in cash and restricted cash 10,482 (4,849)
Cash and restricted cash, beginning of period 432 5,338
Cash and restricted cash, end of period 10,914 489
Components of cash and restricted cash    
Cash 10,757 324
Restricted cash in prepaid expenses and other current assets 12 12
Restricted cash, non-current in other non-current assets 145 153
Total cash and restricted cash 10,914 489
Supplemental cash flow disclosure:    
Cash paid for income taxes 4 34
Cash paid for interest 715 438
Non-cash investing and financing activities:    
Conversion of Legacy Ionetix redeemable convertible preferred stock into common stock upon the Merger 197,867
Issuance of common stock warrants in settlement of a contingent equity arrangement 9,692
Issuance of preferred stock upon conversion of SAFEs 6,668
Issuance of common stock warrants in connection with issuance of SAFEs and promissory notes 2,822 121
Issuance of placement agent warrants in connection with the private placement offering 1,520
Issuance of common stock in connection with the Termination Agreement 833
Conversion of related party advance into promissory note 330
Transaction costs incurred but unpaid at period-end 191
Conversion of Legacy Ionetix Preferred Stock Warrants into the Company’s Common Stock Warrants upon the Merger 99
Property and equipment included in accounts payable 75 2,216
Transfer of inventory to property and equipment 35
Issuance of common stock to JDEV shareholders in connection with the Merger 20
Asset retirement obligations incurred and capitalized $ 11 $ 58