v3.26.3
Condensed Consolidated Statements of Stockholders’ Equity (unaudited) (Q2) - USD ($)
$ in Thousands
Market Offering
Common Stock
Market Offering
Additional Paid-in Capital
Market Offering
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Total
Beginning balance (in Shares) at Dec. 31, 2023       39,107,048      
Beginning balance at Dec. 31, 2023       $ 4 $ 455,443 $ (344,073) $ 111,374
Issuance of common stock from at the market offering, net of issuance costs (in Shares) 5,272,538     430,349      
Issuance of common stock from at the market offering, net of issuance costs $ 1 $ 23,527 $ 23,528   142   142
Stock-based compensation expense         8,826   8,826
Net income (loss)           (70,515) $ (70,515)
Ending balance (in Shares) at Dec. 31, 2024       44,827,159     44,827,159
Ending balance at Dec. 31, 2024       $ 5 487,973 (414,588) $ 73,390
Stock-based compensation expense         2,006   2,006
Net income (loss)           (18,089) (18,089)
Ending balance (in Shares) at Mar. 31, 2025       44,827,159      
Ending balance at Mar. 31, 2025       $ 5 489,979 (432,677) $ 57,307
Beginning balance (in Shares) at Dec. 31, 2024       44,827,159     44,827,159
Beginning balance at Dec. 31, 2024       $ 5 487,973 (414,588) $ 73,390
Net income (loss)             (36,071)
Ending balance (in Shares) at Jun. 30, 2025       45,335,265      
Ending balance at Jun. 30, 2025       $ 5 492,118 (450,659) $ 41,464
Beginning balance (in Shares) at Dec. 31, 2024       44,827,159     44,827,159
Beginning balance at Dec. 31, 2024       $ 5 487,973 (414,588) $ 73,390
Issuance of common stock from at the market offering, net of issuance costs (in Shares) 3,626,701     142,957      
Issuance of common stock from at the market offering, net of issuance costs   5,903 5,903   89   89
Stock-based compensation expense         6,245   6,245
Net income (loss)           (60,822) $ (60,822)
Ending balance (in Shares) at Dec. 31, 2025       48,596,817     48,596,817
Ending balance at Dec. 31, 2025       $ 5 500,210 (475,410) $ 24,805
Beginning balance (in Shares) at Mar. 31, 2025       44,827,159      
Beginning balance at Mar. 31, 2025       $ 5 489,979 (432,677) 57,307
Issuance of common stock from at the market offering, net of issuance costs (in Shares) 421,766     86,340      
Issuance of common stock from at the market offering, net of issuance costs   $ 305 $ 305   41   41
Stock-based compensation expense         1,793   1,793
Net income (loss)           (17,982) (17,982)
Ending balance (in Shares) at Jun. 30, 2025       45,335,265      
Ending balance at Jun. 30, 2025       $ 5 492,118 (450,659) $ 41,464
Beginning balance (in Shares) at Dec. 31, 2025       48,596,817     48,596,817
Beginning balance at Dec. 31, 2025       $ 5 500,210 (475,410) $ 24,805
Stock-based compensation expense         929   929
Net income (loss)           (13,532) (13,532)
Ending balance (in Shares) at Mar. 31, 2026       48,596,817      
Ending balance at Mar. 31, 2026       $ 5 501,139 (488,942) $ 12,202
Beginning balance (in Shares) at Dec. 31, 2025       48,596,817     48,596,817
Beginning balance at Dec. 31, 2025       $ 5 500,210 (475,410) $ 24,805
Net income (loss)             $ (9,862)
Ending balance (in Shares) at Jun. 30, 2026       48,599,066     48,599,066
Ending balance at Jun. 30, 2026       $ 5 501,559 (485,272) $ 16,292
Beginning balance (in Shares) at Mar. 31, 2026       48,596,817      
Beginning balance at Mar. 31, 2026       $ 5 501,139 (488,942) 12,202
Issuance of common stock from at the market offering, net of issuance costs (in Shares)       2,249      
Issuance of common stock from at the market offering, net of issuance costs         1   1
Stock-based compensation expense         419   419
Net income (loss)           3,670 $ 3,670
Ending balance (in Shares) at Jun. 30, 2026       48,599,066     48,599,066
Ending balance at Jun. 30, 2026       $ 5 $ 501,559 $ (485,272) $ 16,292