Cash Flow

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flow from operating activities:    
Net loss $ (10,238) $ (1,968)
Adjustments to reconcile net loss to net cash used in operating activities    
Accretion of interest for royalty obligations 1,077 0
Change in fair value of convertible notes (5,203) 0
Depreciation of property and equipment 469 0
Amortization of intangible assets 1,031 0
Amortization of debt discount 195 94
Lease amortization expense 70 0
Stock-based compensation 1,908 486
Changes in operating assets and liabilities:    
Accounts receivable (2,842) 0
Inventory 156 0
Prepaid expenses 498 49
Operating lease right-of-use assets 104 0
Accounts payable 3,161 707
Accrued expenses (1,908) 0
Contingent consideration (1,200) 0
Operating lease liabilities (163) 0
Deferred revenue (241) 0
Net cash used in operating activities (13,126) (632)
Cash flow from investing activities:    
Purchases of property and equipment (194) 0
Net cash used in investing activities (194) 0
Cash flow from financing activities:    
Proceeds from venture loan and security agreement, net 29,337 0
Proceeds from loan payable, net of debt discount 0 250
Payment of venture loan and security agreement issuance costs (1,814) 0
Net cash provided by financing activities 27,523 250
Net increase in cash and cash equivalents 14,203 (382)
Cash, cash equivalents and restricted cash as of beginning of period 18,023 513
Cash, cash equivalents and restricted cash as of end of period 32,226 131
Cash and cash equivalents 31,976 131
Restricted cash 250 0
Total cash, cash equivalents and restricted cash shown in the statement of cash flows 32,226 131
Supplemental cash flow information:    
Cash paid for income taxes 0 0
Cash paid for interest expense 691 0
Supplemental non-cash investing and financing activities:    
Warrants issued for venture loan and security agreement 1,362 0
Payment-in-kind on convertible debt 234 0
Offering costs recorded to debt discount $ 0 $ 27

Source

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