v3.26.1
Condensed Consolidated Statements of Mezzanine Equity and Stockholders’ Equity (Deficit) (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Accumulated Other Comprehensive Income (Loss)
Additional Paid in Capital
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024 [1] 62,425,315        
Beginning balance at Dec. 31, 2024 [1] $ 344,986        
Ending balance (in shares) at Mar. 31, 2025 [1] 62,425,315        
Ending balance at Mar. 31, 2025 [1] $ 344,986        
Beginning balance (in shares) at Dec. 31, 2024   3,831,787      
Beginning balance at Dec. 31, 2024 (114,067) $ 2 $ 12 $ 34,433 $ (148,514)
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation 830     830  
Exercise of stock options (in shares)   25      
Exercise of stock options 25     25  
Other comprehensive loss (6)   (6)    
Net income (loss) (1,591)       (1,591)
Ending balance (in shares) at Mar. 31, 2025   3,831,812      
Ending balance at Mar. 31, 2025 $ (114,809) $ 2 6 35,288 (150,105)
Beginning balance (in shares) at Dec. 31, 2024 [1] 62,425,315        
Beginning balance at Dec. 31, 2024 [1] $ 344,986        
Ending balance (in shares) at Jun. 30, 2025 [1] 62,425,315        
Ending balance at Jun. 30, 2025 [1] $ 344,986        
Beginning balance (in shares) at Dec. 31, 2024   3,831,787      
Beginning balance at Dec. 31, 2024 (114,067) $ 2 12 34,433 (148,514)
Increase (Decrease) in Stockholders' Equity          
Reclassification of warrant liability 0        
Net income (loss) 20        
Ending balance (in shares) at Jun. 30, 2025   3,868,312      
Ending balance at Jun. 30, 2025 $ (112,202) $ 2 0 36,290 (148,494)
Beginning balance (in shares) at Mar. 31, 2025 [1] 62,425,315        
Beginning balance at Mar. 31, 2025 [1] $ 344,986        
Ending balance (in shares) at Jun. 30, 2025 [1] 62,425,315        
Ending balance at Jun. 30, 2025 [1] $ 344,986        
Beginning balance (in shares) at Mar. 31, 2025   3,831,812      
Beginning balance at Mar. 31, 2025 (114,809) $ 2 6 35,288 (150,105)
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation 1,000     1,000  
Exercise of stock options (in shares)   36,500      
Exercise of stock options 2     2  
Other comprehensive loss (6)   (6)    
Net income (loss) 1,611       1,611
Ending balance (in shares) at Jun. 30, 2025   3,868,312      
Ending balance at Jun. 30, 2025 $ (112,202) $ 2 0 36,290 (148,494)
Beginning balance (in shares) at Dec. 31, 2025 [1] 67,992,679        
Beginning balance at Dec. 31, 2025 [1] $ 447,586        
Increase (Decrease) in Temporary Equity          
Issuance of preferred E stock (in shares) [1] 995,309        
Issuance of Series E preferred stock [1] $ 18,068        
Ending balance (in shares) at Mar. 31, 2026 [1] 68,987,988        
Ending balance at Mar. 31, 2026 [1] $ 465,654        
Beginning balance (in shares) at Dec. 31, 2025 4,168,374 4,168,374      
Beginning balance at Dec. 31, 2025 $ (106,503) $ 2 0 39,336 (145,841)
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation 2,333     2,333  
Reclassification of warrant liability 842     842  
Issuance of shares in conversion (in shares)   6,521      
Issuance of shares in conversion 73     73  
Exercise of stock options (in shares)   1,250,748      
Exercise of stock options 2,695     2,695  
Net income (loss) (8,989)       (8,989)
Ending balance (in shares) at Mar. 31, 2026   5,425,643      
Ending balance at Mar. 31, 2026 $ (109,549) $ 2 0 45,279 (154,830)
Beginning balance (in shares) at Dec. 31, 2025 [1] 67,992,679        
Beginning balance at Dec. 31, 2025 [1] $ 447,586        
Ending balance (in shares) at Jun. 30, 2026 [1] 0        
Ending balance at Jun. 30, 2026 [1] $ 0        
Beginning balance (in shares) at Dec. 31, 2025 4,168,374 4,168,374      
Beginning balance at Dec. 31, 2025 $ (106,503) $ 2 0 39,336 (145,841)
Increase (Decrease) in Stockholders' Equity          
Reclassification of warrant liability $ 8,737        
Net exercise of bank warrants (in shares) 291,042        
Net income (loss) $ (24,267)        
Ending balance (in shares) at Jun. 30, 2026 97,960,719 97,960,719      
Ending balance at Jun. 30, 2026 $ 794,818 $ 10 0 964,916 (170,108)
Beginning balance (in shares) at Mar. 31, 2026 [1] 68,987,988        
Beginning balance at Mar. 31, 2026 [1] $ 465,654        
Increase (Decrease) in Temporary Equity          
Conversion of redeemable convertible preferred stock to common stock (in shares) [1] (68,987,988)        
Conversion of redeemable convertible preferred stock to common stock [1] $ (465,654)        
Ending balance (in shares) at Jun. 30, 2026 [1] 0        
Ending balance at Jun. 30, 2026 [1] $ 0        
Beginning balance (in shares) at Mar. 31, 2026   5,425,643      
Beginning balance at Mar. 31, 2026 (109,549) $ 2 0 45,279 (154,830)
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation 7,516     7,516  
Reclassification of warrant liability 1,823     1,823  
Issuance of shares in conversion (in shares)   68,987,988      
Issuance of shares in conversion 465,653 $ 6   465,647  
Exercise of stock options (in shares)   353,112      
Exercise of stock options $ 952     952  
Net exercise of bank warrants (in shares) 291,042 291,042      
Exercise of preferred financing warrants prior to initial public offering (in shares)   783,924      
Exercise of preferred financing warrants prior to initial public offering $ 129     129  
Net settlement of preferred financing warrants in initial public offering 6,073     6,073  
Issuance of common stock in initial public offering (in shares)   18,400,000      
Issuance of common stock in initial public offering 437,499 $ 2   437,497  
Net income (loss) $ (15,278)       (15,278)
Ending balance (in shares) at Jun. 30, 2026 97,960,719 97,960,719      
Ending balance at Jun. 30, 2026 $ 794,818 $ 10 $ 0 $ 964,916 $ (170,108)
[1] Refer to Condensed Consolidated Balance Sheets and Note 8 - Mezzanine Equity and Stockholders Equity for details of the classes of historic preferred shares.