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Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows from Operating Activities    
Net loss $ (32,587) $ (11,827)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 2,228 1,577
Amortization of debt discounts 190 207
Stock-based compensation expense 615 575
Realized (loss) on marketable securities (402) (181)
Change in fair value of warrant liabilities and Series E purchase option 11,975 75
Change in fair value of convertible notes, net 2,216 0
Other 166 148
Change in Operating Assets and Liabilities    
Trade accounts receivable (2,060) 88
Inventory (5,403) (2,398)
Prepaid expenses (1,279) (121)
Accounts payable 1,789 944
Other current assets and liabilities 2,723 42
Net Cash Used in Operating Activities (19,829) (10,871)
Cash Flows from Investing Activities    
Fixed asset purchases (5,126) (2,972)
Purchases of marketable securities (95,582) (4,372)
Sales of marketable securities 22,393 17,658
Net Cash (Used in) Provided by Investing Activities (78,315) 10,314
Cash Flows from Financing Activities    
Proceeds from exercise of common stock options 688 66
Proceeds from exercise of preferred stock warrants 455 0
Proceeds from Series E convertible preferred stock, net of issuance cost 39,508 0
Proceeds from the issuance of convertible notes, net of issuance costs 39,863 0
Proceeds from IPO, net of commissions and issuance costs 66,441 0
Net Cash Provided by Financing Activities 146,955 66
Net Change in Cash for Period 48,811 (491)
Cash and Cash Equivalents, beginning of year 6,123 6,236
Cash and Cash Equivalents, end of year 54,934 5,745
Supplemental Cash Flows information    
Cash paid for interest 1,281 1,350
Non-Cash Investing and Financing Activities    
Capital expenditures included in accounts payable 754 679
Series E second tranche right equity conversion    
Non-Cash Investing and Financing Activities    
Conversion of stock, amount converted 11,937 0
Preferred stock warrant liability equity conversion    
Non-Cash Investing and Financing Activities    
Conversion of stock, amount converted 589 0
Preferred stock warrant liability equity conversion on completion of IPO    
Non-Cash Investing and Financing Activities    
Conversion of stock, amount converted 637 0
Conversion of preferred stock to common stock upon IPO    
Non-Cash Investing and Financing Activities    
Conversion of stock, amount converted 126,964 0
Conversion of convertible notes to common stock upon IPO    
Non-Cash Investing and Financing Activities    
Conversion of stock, amount converted 42,156 0
Common Stock    
Non-Cash Investing and Financing Activities    
Unpaid IPO offering costs included in accounts payable and accrued liabilities $ 2,229 $ 0