v3.26.3
Condensed Consolidated Statements of Cash Flows (unaudited) (Q2) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Operating activities:            
Net loss $ 3,670 $ (17,982) $ (9,862) $ (36,071) $ (60,822) $ (70,515)
Adjustments to reconcile net loss to net cash used in operating activities:            
Stock-based compensation expense     1,348 3,799 6,245 8,826
Depreciation expense     2,850 832 1,634 1,814
Loss on sale and disposal of property and equipment, net     159 0    
Non-cash interest expense     771 1,010 2,141 1,342
Non-cash lease expense     307 381 785 887
Loss on extinguishment of note payable 3,354 0 3,354 0 0 553
Change in fair value of derivative liability     (707) (190) (2,070) (1,621)
Gain on modification of lease liability (1,100)   (1,142) 0    
Changes in operating assets and liabilities:            
Prepaid expenses and other assets     636 (574) 850 669
Accounts payable, accrued expenses and other liabilities     1,702 (2,348) (7,498) 3,455
Operating lease liability     (3,384) (951) (1,557) (1,608)
Net cash used in operating activities     (3,968) (34,112) (60,292) (56,188)
Investing activities:            
Proceeds from sale of property and equipment     416 0    
Net cash used in investing activities     416 0 0 (254)
Financing activities:            
Repayment of note payable and extinguishment costs     (32,413) 0    
Proceeds from at the market offering of common stock, net of issuance costs     0 347 5,939 23,576
Proceeds from issuances under Employee Stock Purchase Plan     1 41 89 142
Net cash provided by financing activities     (32,412) 388 6,028 13,080
Net decrease in cash, cash equivalents and restricted cash and cash equivalents     (35,964) (33,724) (54,264) (43,362)
Cash, cash equivalents and restricted cash and cash equivalents—beginning of period     57,951 112,215 112,215 155,577
Cash, cash equivalents and restricted cash and cash equivalents—end of period 21,987 78,491 21,987 78,491 57,951 112,215
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the condensed consolidated balance sheets            
Cash and cash equivalents 21,987 77,596 21,987 77,596 57,050 110,995
Restricted cash and cash equivalents $ 0 $ 895 0 895 901 1,220
Supplemental disclosure of cash flow information:            
Cash paid for interest     1,338 1,562 3,133 3,358
Supplemental disclosure of non-cash investing and financing activities:            
Adjustment to right of use asset in exchange for reduction in lease liability     4,909 0    
Issuance costs in accounts payable and accrued expenses     $ 0 $ 126 $ 120 $ 84