v3.26.1
STOCKHOLDERS’ EQUITY (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Schedule of Outstanding Securities and Issuable Common Shares
The following tables present the Company’s outstanding securities and common shares issuable upon the assumed exercise, conversion, or settlement of the respective securities as of June 30, 2026:
Outstanding Convertible Notes and Common Stock Warrants
Securities OutstandingConversion Ratio / Exercise PriceCommon Shares Issuable
Convertible notes payable— (1)$29.73 626,344 
Underwriter warrants to purchase Common Stock associated with the IPO5,500 $33.31 5,500 
Initial Horizon Warrants to purchase Common Stock65,488 $27.49 65,488 
(1) Assumes conversion of the $18,621 aggregate Convertible Notes principal amount and accrued PIK interest as of June 30, 2026 at the Convertible Conversion Price of $29.73. On July 1, 2026, the Company capitalized PIK interest for the second quarter of 2026 interest payment due in the amount of $396. As discussed in Note 7 — “Notes Payable,” as required by the Convertible Notes Subordination Agreement, PIK interest is added to the outstanding principal balance of the Convertible Notes each reporting period. Assuming the Convertible Notes are held until the Convertible Maturity Date, there are 716,440 shares of Common Stock that would issuable upon the conversion of the final Convertible Notes principal and total PIK interest.
Schedule of Stock by Class
Shares OutstandingConversion RatioCommon Shares Issuable
Common Stock3,718,624 — 3,718,624 
Preferred stock series A52,128 100.00 (1)5,212,800 
Preferred stock series C2,600 — (2)34,667 
(1) Assumes conversion of outstanding Series A Convertible Preferred Stock based on the conversion formula in the Certificate of Designations equal to $1,000, divided by $10.00 per share, as adjusted for the 10-for-1 Reverse Stock Split.
(2) Assumes conversion of all outstanding Series C Convertible Redeemable Preferred Stock based on the optional conversion formula in the Certificate of Designations (stated value divided by 125% of the IPO price).
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award
Awards OutstandingExercise PriceCommon Shares Issuable
Stock options1,466,488 $16.04 (1)1,466,488 
Nonvested restricted stock units404,714 — 404,714 
(1) Represents the weighted average exercise price of outstanding stock options as of June 30, 2026.
Schedule of Stock-Based Compensation Expense
During the three and six months ended June 30, 2026 and 2025, the Company recorded stock-based compensation expense within the condensed consolidated statements of operations as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Selling, general and administrative$2,760 $394 $4,668 $850 
Total$2,760 $394 $4,668 $850 
During the three and six months ended June 30, 2026 and 2025, the Company recorded stock-based compensation expense based on the type of award as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Stock options$1,747 $342 $2,987 $746 
Restricted stock units1,013 52 1,681 104 
Total$2,760 $394 $4,668 $850 
The following provides detail regarding future stock-based compensation as of June 30, 2026:
As of June 30, 2026
Unamortized ExpenseRemaining Life
Stock options$8,933 1.95 years
Restricted stock units$4,116 1.94 years
Schedule of Share-Based Payment Arrangement, Option, Activity
The activity related to stock options during the six months ended June 30, 2026 consisted of the following:
Stock OptionsNumber of
Shares		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Life		Aggregate Intrinsic Value (thousands)
Outstanding December 31, 20251,506,551$15.96 $25,861 
Granted47,47523.01 
Expired(78,538)19.04 
Exercised(9,000)13.14 
Outstanding June 30, 20261,466,488$16.04 8.41 years$20,875 
Exercisable June 30, 2026269,837$25.06 5.66 years$3,786 
Vested and expected to vest June 30, 20261,466,488$16.04 8.41 years$20,875 
The activity related to stock options during the six months ended June 30, 2025 consisted of the following:
Stock OptionsNumber of
Shares		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Life		Aggregate Intrinsic Value (thousands)
Outstanding December 31, 202487,049 $58.48 $— 
Granted7,899 13.50 
Expired— — 
Exercised— — 
Outstanding June 30, 202594,948 $54.73 8.78 years$27 
Exercisable June 30, 202550,913 $86.50 8.50 years$18 
Vested and expected to vest June 30, 202594,948 $54.73 8.78 years$27 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The following weighted-average assumptions were used to estimate the fair value of stock options granted during the six months ended June 30, 2026 and 2025:
For The Six Months Ended
June 30,
20262025
Expected volatility88.37 %148.33 %
Risk-free interest rate3.86 %4.48 %
Expected term (in years)6.0010.00
Expected dividend yield— %— %
Weighted-average fair value per option$17.30 $12.80 
Schedule of Nonvested Restricted Stock Units Activity
The activity related to RSUs during the six months ended June 30, 2026 consisted of the following:
Non-vested RSUsRSUsWeighted-
Average
Grant Date
Fair Value
Non-vested at December 31, 2025464,921$13.98 
Granted15,57623.01 
Vested(50,495)12.97 
Forfeited(25,288)14.99 
Non-vested at June 30, 2026404,714$14.39 
The activity related to RSUs during the six months ended June 30, 2025 consisted of the following:
Non-vested RSUsRSUsWeighted-
Average
Grant Date
Fair Value
Non-vested at December 31, 202429,218$10.77 
Granted—— 
Vested(9,270)11.82 
Forfeited—— 
Non-vested at June 30, 202519,948$10.67