v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net loss $ (27,177) $ (17,073)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 2,612 2,461
Amortization of operating right-of-use assets 334 358
Stock-based compensation 455 389
Amortization and write-off of debt discount and issuance costs 862 366
Provision for credit losses 251
Provision for inventory reserve 107
Change in fair value of SAFE liability 134 2,932
Change in fair value of derivative liabilities 21 (19)
Gain on extinguishment of make-whole derivative liabilities (132)
Change in fair value of warrant liability (72) 10
Loss on non-cash investor agreement settlement expense 10,525
Non-cash loss on issuance of SAFEs and common stock warrants 2,217
Loss on abandoned financing transaction 345
Other (14) (24)
Changes in operating assets and liabilities:    
Accounts receivable, net (920) (678)
Loan receivable, net (63)
Inventory, net (108) 624
Prepaid expenses and other assets (1,082) (82)
Accounts payable (1,674) 1,074
Accrued expenses and other liabilities (67) 1,332
Operating lease liabilities (328) (353)
Net cash used in operating activities (13,711) (8,746)
Cash flows from investing activities:    
Purchases of property and equipment (5,551) (2,910)
Net cash used in investing activities (5,551) (2,910)
Cash flows from financing activities:    
Proceeds from issuance of common stock in connection with the Merger and private placement offering, net of paid transaction cost 28,250
Proceeds from issuance of common stock in connection with the subsequent private placement offering, net of paid transaction cost 447
Proceeds from issuance of SAFEs 2,448 5,356
Proceeds from promissory notes, net of issuance costs 725 440
Proceeds from related party advances 710 1,814
Proceeds from an investor advance 175
Proceeds from financing agreements, net of issuance costs 106
Proceeds from exercise of stock options 145 24
Proceeds from exercise of common stock warrants 41 8
Repayment on 2023 Term Loan (5,665)
Repayment on promissory notes (1,568) (26)
Repayment of related party advances (380) (760)
Repayment of an investor advance (175)
Repayment of financing agreements (106)
Payment for deferred transaction costs related to pending financing (60)
Proceeds from exercise of preferred stock warrant 154
Net cash provided by financing activities 25,093 7,010
Net increase (decrease) in cash and restricted cash 5,831 (4,646)
Cash and restricted cash, beginning of period 432 5,338
Cash and restricted cash, end of period 6,263 692
Components of cash and restricted cash    
Cash 5,574 526
Restricted cash in prepaid expenses and other current assets 12 12
Restricted cash, non-current in other non-current assets 677 154
Total cash and restricted cash 6,263 692
Supplemental cash flow disclosure:    
Cash paid for income taxes 4 41
Cash paid for interest 715 615
Non-cash investing and financing activities:    
Conversion of Legacy Ionetix redeemable convertible preferred stock into common stock upon the Merger 197,867
Issuance of common stock warrants in settlement of a contingent equity arrangement 9,692
Issuance of preferred stock upon conversion of SAFEs 6,668
Issuance of common stock warrants in connection with issuance of SAFEs and promissory notes 2,822 242
Issuance of placement agent warrants in connection with the private placement offering 1,520
Issuance of common stock in connection with the Termination Agreement 833
Conversion of related party advance into promissory note 330
Property and equipment included in accounts payable 234 4,558
Conversion of Legacy Ionetix Preferred Stock Warrants into the Company’s Common Stock Warrants upon the Merger 99
Transfer of inventory to property and equipment 36 30
Deferred transaction costs included in accrued expenses 20
Issuance of common stock to JDEV shareholders in connection with the Merger 20
Asset retirement obligations incurred and capitalized 15 63
Transfer of prepaid deposit to property and equipment $ 1,242