v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Cash flow from operating activities:      
Net loss $ (23,417) $ (48,490) $ (5,417)
Adjustments to reconcile net loss to net cash used in operating activities      
Accretion of interest for royalty obligations   2,040 0
Change in fair value of convertible notes 3,705 13,337 0
Depreciation of property and equipment 278 747 0
Amortization of intangible assets 1,043 2,074 0
Amortization of debt discount   432 259
Lease amortization expense   138 0
Stock-based compensation   4,668 899
Inventory write-off 925 925 0
Changes in operating assets and liabilities:      
Accounts receivable   (5,624) 0
Inventory   1,374 0
Prepaid expenses   113 53
Operating lease right-of-use assets   209 0
Accounts payable   2,823 3,103
Accrued expenses   6,398 24
Contingent consideration   (1,200) 0
Operating lease liabilities   (330) 0
Deferred revenue   (424) 0
Net cash used in operating activities   (20,790) (1,079)
Cash flow from investing activities:      
Purchases of property and equipment   (196) 0
Net cash used in investing activities   (196) 0
Cash flow from financing activities:      
Proceeds from venture loan and security agreement, net   29,337 0
Proceeds from loan payable, net of debt discount   0 625
Payment of venture loan and security agreement issuance costs   (1,814) 0
Net cash provided by financing activities   27,523 625
Net increase (decrease) in cash and cash equivalents and restricted cash   6,537 (454)
Cash, cash equivalents and restricted cash as of beginning of period   18,023 513
Cash, cash equivalents and restricted cash as of end of period 24,560 24,560 59
Cash and cash equivalents 24,192 24,192 59
Restricted cash 368 368 0
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 24,560 24,560 59
Supplemental cash flow information:      
Cash paid for income taxes   0 0
Cash paid for interest expense   1,488 19
Supplemental non-cash investing and financing activities:      
Purchases of property and equipment with accounts payable and accrued expenses   44 0
Warrants issued for venture loan and security agreement   1,362 0
Payment-in-kind on convertible debt   621 0
Offering costs recorded to debt discount   0 39
Conversion of notes to common stock   $ 0 $ 737