v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock [Member]
Preferred stock
Conversion of Series A
Preferred stock
Conversion of Series B
Preferred stock
Series C-1 Preferred Stock
Preferred stock
Series C-2 Preferred Stock
Preferred stock
Conversion of Series D
Additional Paid-in Capital [Member]
AOCI Attributable to Parent [Member]
Retained Earnings [Member]
Shares, Outstanding, Beginning Balance at Dec. 31, 2024   276,792 65,213,004 25,210,789 239,016,017 24,207,788 0      
Equity, Attributable to Parent, Beginning Balance at Dec. 31, 2024 $ (174,522) $ 5 $ 64,738 $ 35,379 $ 174,494 $ 15,686 $ 0 $ 5,429 $ 202 $ (180,158)
Stock-based compensation 543             543    
Other comprehensive loss (88)               (88)  
Net Income (Loss) (17,503)                 (17,503)
Shares, Outstanding, Ending Balance at Mar. 31, 2025   276,792 65,213,004 25,210,789 239,016,017 24,207,788 0      
Equity, Attributable to Parent, Ending Balance at Mar. 31, 2025 (191,570) $ 5 $ 64,738 $ 35,379 $ 174,494 $ 15,686 $ 0 5,972 114 (197,661)
Shares, Outstanding, Beginning Balance at Dec. 31, 2024   276,792 65,213,004 25,210,789 239,016,017 24,207,788 0      
Equity, Attributable to Parent, Beginning Balance at Dec. 31, 2024 (174,522) $ 5 $ 64,738 $ 35,379 $ 174,494 $ 15,686 $ 0 5,429 202 (180,158)
Issuance of warrants in connection with Term Loan 0                  
Net Income (Loss) (37,694)                  
Shares, Outstanding, Ending Balance at Jun. 30, 2025   1,206,616 51,213,004 25,210,789 239,016,017 20,316,359 113,468,242      
Equity, Attributable to Parent, Ending Balance at Jun. 30, 2025 (194,387) $ 23 $ 50,738 $ 35,379 $ 174,494 $ 13,406 $ 89,884 23,362 80 (217,852)
Shares, Outstanding, Beginning Balance at Mar. 31, 2025   276,792 65,213,004 25,210,789 239,016,017 24,207,788 0      
Equity, Attributable to Parent, Beginning Balance at Mar. 31, 2025 (191,570) $ 5 $ 64,738 $ 35,379 $ 174,494 $ 15,686 $ 0 5,972 114 (197,661)
Issuance of preferred stock for cash             $ 89,884      
Issuance of preferred stock for cash, Shares             113,468,242      
Preferred stock conversions 16,280 $ 18 $ (14,000)     $ (2,280)   16,262    
Preferred stock conversions, Shares   929,824 (14,000,000)     (3,891,429)        
Stock-based compensation 1,128             1,128    
Other comprehensive loss (34)               (34)  
Net Income (Loss) (20,191)                 (20,191)
Shares, Outstanding, Ending Balance at Jun. 30, 2025   1,206,616 51,213,004 25,210,789 239,016,017 20,316,359 113,468,242      
Equity, Attributable to Parent, Ending Balance at Jun. 30, 2025 (194,387) $ 23 $ 50,738 $ 35,379 $ 174,494 $ 13,406 $ 89,884 23,362 80 (217,852)
Shares, Outstanding, Beginning Balance at Dec. 31, 2025   1,227,186 49,651,129 25,208,502 239,016,017 20,316,359 126,036,334      
Equity, Attributable to Parent, Beginning Balance at Dec. 31, 2025 (238,656) $ 24 $ 49,176 $ 35,376 $ 174,494 $ 13,406 $ 99,769 26,548 134 (265,362)
Issuance of warrants in connection with Term Loan 184             184    
Stock options exercised, Shares   5,256                
Stock options exercised 25             25    
Stock-based compensation 1,193             1,193    
Other comprehensive loss (122)               (122)  
Net Income (Loss) (26,869)                 (26,869)
Shares, Outstanding, Ending Balance at Mar. 31, 2026   1,232,442 49,651,129 25,208,502 239,016,017 20,316,359 126,036,334      
Equity, Attributable to Parent, Ending Balance at Mar. 31, 2026 (264,245) $ 24 $ 49,176 $ 35,376 $ 174,494 $ 13,406 $ 99,769 27,950 12 (292,231)
Shares, Outstanding, Beginning Balance at Dec. 31, 2025   1,227,186 49,651,129 25,208,502 239,016,017 20,316,359 126,036,334      
Equity, Attributable to Parent, Beginning Balance at Dec. 31, 2025 (238,656) $ 24 $ 49,176 $ 35,376 $ 174,494 $ 13,406 $ 99,769 26,548 134 (265,362)
Issuance of warrants in connection with Term Loan $ 184                  
Stock options exercised, Shares 6,035                  
Net Income (Loss) $ (55,804)                  
Shares, Outstanding, Ending Balance at Jun. 30, 2026   44,333,095 0 0 0 0 0      
Equity, Attributable to Parent, Ending Balance at Jun. 30, 2026 398,346 $ 67 $ 0 $ 0 $ 0 $ 0 $ 0 719,541 (95) (321,167)
Shares, Outstanding, Beginning Balance at Mar. 31, 2026   1,232,442 49,651,129 25,208,502 239,016,017 20,316,359 126,036,334      
Equity, Attributable to Parent, Beginning Balance at Mar. 31, 2026 (264,245) $ 24 $ 49,176 $ 35,376 $ 174,494 $ 13,406 $ 99,769 27,950 12 (292,231)
Conversion of preferred stock into common stock upon initial public offering 372,222 $ 24 $ (49,176) $ (35,376) $ (174,494) $ (13,406) $ (99,769) 372,198 0 0
Conversion of preferred stock into common stock upon initial public offering, Shares   23,918,194 (49,651,129) (25,208,502) (239,016,017) (20,316,359) (126,036,334)      
Issuance of common stock from initial public offering 316,618 $ 19           316,599    
Issuance of common stock from initial public offering, Shares   19,166,667                
Issuance of common shares upon exercise of warrants, Shares   15,012                
Stock options exercised, Shares   780                
Stock options exercised 4             4    
Stock-based compensation 2,790             2,790    
Other comprehensive loss (107)               (107)  
Net Income (Loss) (28,935)                 (28,935)
Shares, Outstanding, Ending Balance at Jun. 30, 2026   44,333,095 0 0 0 0 0      
Equity, Attributable to Parent, Ending Balance at Jun. 30, 2026 $ 398,346 $ 67 $ 0 $ 0 $ 0 $ 0 $ 0 $ 719,541 $ (95) $ (321,167)