0001794546-26-000011 | 10-Q | XBRL Viewer

Common Stock (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance as of March 31, 2026, consisted of the following:


	As of March 31, 2026
Common stock options outstanding		2,525,651
RSUs outstanding		886,397
PSUs outstanding (1)		666,728
Shares available for future issuance under the 2025 Plan		2,291,352
Shares available for future issuance under the 2025 Employee Stock Purchase Plan		665,391
Total common stock reserved for future issuance		7,035,519

(1) Performance stock units ("PSUs") are presented at the maximum 200% of target. Actual shares issued for PSUs may range from 0% to 200% of target based on achievement of applicable revenue performance and share price performance (see Note 6).

Balance Sheet Account Detail - Summary of Components of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued sales agent commissions	$ 1,858	$ 1,793
Accrued clinical studies	216	291
Liability associated with stock option exercises prior to vesting	60	70
Accrued professional fees	600	560
Other accrued expenses	468	573
Total accrued liabilities	$ 3,202	$ 3,287

Balance Sheet Account Detail - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Line Items]
Depreciation	$ 100,000
Impairment loss for long-lived assets	$ 0	$ 0
Maximum
Property, Plant and Equipment [Line Items]
Depreciation		$ 100,000

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Weighted Average Lease Terms and Discount Rates

The weighted-average lease terms and discount rates are as follows:


	As of March 31, 2026			As of December 31, 2025
Weighted-average remaining lease term		2.25			2.50
Weighted-average discount rate		8.63	%		8.63	%

Schedule of Aggregate Future minimum Lease Payments

The aggregate future minimum lease payments under this lease as of March 31, 2026, are as follows:


(in thousands)
Year ending December 31,	Payments
Remainder of 2026	$	677
2027		926
2028		472
Total undiscounted lease payments	$	2,075
Less: imputed interest		(184	)
Present value of future lease payments	$	1,891
Short-term operating lease liabilities		776
Long-term operating lease liabilities		1,115
Total operating lease liabilities	$	1,891

Convertible Preferred Stock	3 Months Ended
Mar. 31, 2026
Features of Convertible Preferred Stock [Abstract]
Convertible Preferred Stock	7. Convertible Preferred Stock In January 2025, the Company issued a total of 1,117,743 shares of Series C convertible preferred stock at a price of $10.74 per share for gross cash proceeds of $12.0 million. The January 2025 issuance of Series C convertible preferred stock was completed below the fair value of the shares as of the issuance date. The Company recorded the excess of fair value over the issuance price as a “deemed dividend” within additional paid-in-capital (“APIC”) in the amount of $0.6 million. The deemed dividend reflects the distribution of value from common stockholders to preferred stockholders due to the implicit discount on these shares issued in January 2025. Since the Company remained in an accumulated deficit position at the issuance date, this deemed dividend was recorded directly to APIC rather than retained earnings. The Company closed the IPO on July 24, 2025 and all of the outstanding shares of convertible preferred stock were converted into 15,245,731 shares of common stock.

Convertible Preferred Stock

3 Months Ended

Mar. 31, 2026

Features of Convertible Preferred Stock [Abstract]

Convertible Preferred Stock

7. Convertible Preferred Stock

In January 2025, the Company issued a total of 1,117,743 shares of Series C convertible preferred stock at a price of $10.74 per share for gross cash proceeds of $12.0 million. The January 2025 issuance of Series C

convertible preferred stock was completed below the fair value of the shares as of the issuance date. The Company recorded the excess of fair value over the issuance price as a “deemed dividend” within additional paid-in-capital (“APIC”) in the amount of $0.6 million. The deemed dividend reflects the distribution of value from common stockholders to preferred stockholders due to the implicit discount on these shares issued in January 2025. Since the Company remained in an accumulated deficit position at the issuance date, this deemed dividend was recorded directly to APIC rather than retained earnings.

The Company closed the IPO on July 24, 2025 and all of the outstanding shares of convertible preferred stock were converted into 15,245,731 shares of common stock.

Stock-Based Compensation - Summary of RSU activity (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-vested Number of Shares, Beginning balance \| shares	69,332
Non-vested Number of Shares, Granted \| shares	836,105
Non-vested - Number of Shares, Forfeited \| shares	(19,040)
Non-vested - Number of Shares, Ending balance \| shares	886,397
Non-vested Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 15
Non-vested Weighted Average Grant Date Fair Value, Granted \| $ / shares	12.82
Non-vested Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	12.84
Non-vested, Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 12.99

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Mar. 31, 2026
Segment Reporting [Abstract]
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	It includes the significant expense categories regularly provided to the Company’s "chief operating decision maker", its Chief Executive Officer, computed under GAAP and reconciled to the Company’s total “net loss” as presented in the Condensed Statements of Operations and Comprehensive Loss:

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

10. Segment Reporting

The following table provides the operating financial results of the Company’s single reportable segment. It includes the significant expense categories regularly provided to the Company’s "chief operating decision maker", its Chief Executive Officer, computed under GAAP and reconciled to the Company’s total “net loss” as presented in the Condensed Statements of Operations and Comprehensive Loss:


	Three Months Ended March 31,
(in thousands)	2026			2025
Revenue	$	16,116		$	10,189

Less:
Cost of sales		3,691			2,553
Selling expenses		7,885			5,014
Marketing expenses		1,490			932
Product and software development costs		3,076			1,480
Clinical, medical, and regulatory expenses		1,347			1,021
Other segment expenses*		7,903			4,908
Interest expense		311			357
Interest income		(891	)		(380	)
Change in fair value of warrant liabilities		—			33
Net loss	$	(8,696	)	$	(5,729	)

* Other segment expenses primarily include corporate, compliance, and research and development support expenses.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

In determining quarterly provisions for income taxes, the Company uses the annual estimated effective tax rate applied to the actual year-to-date income (loss), adjusted for discrete items, if any, that are taken into account in the relevant period. The Company’s annual estimated effective tax rate differs from the statutory rate primarily as a result of state taxes and changes in the Company’s valuation allowance.

The Company did not record income tax expense for the three months ended March 31, 2026 and 2025. The Company maintains a full valuation allowance on its net deferred tax assets, as it is more likely-than-not that it will not be monetized through offsetting future taxable income.

There were no material changes to the Company’s unrecognized tax benefits in the three months ended March 31, 2026 and 2025. The Company did not have any interest or penalties related to its uncertain tax positions for the three months ended March 31, 2026 and 2025.

- Definition

The entire disclosure for income tax.

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+ Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Operating Financial Results of Reportable Segment


	Three Months Ended March 31,
(in thousands)	2026			2025
Revenue	$	16,116		$	10,189

Less:
Cost of sales		3,691			2,553
Selling expenses		7,885			5,014
Marketing expenses		1,490			932
Product and software development costs		3,076			1,480
Clinical, medical, and regulatory expenses		1,347			1,021
Other segment expenses*		7,903			4,908
Interest expense		311			357
Interest income		(891	)		(380	)
Change in fair value of warrant liabilities		—			33
Net loss	$	(8,696	)	$	(5,729	)

* Other segment expenses primarily include corporate, compliance, and research and development support expenses.

Summary of Significant Accounting Policies - Schedule of Components of Reported Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Finished goods	$ 2,003	$ 1,788
Work in process	60	57
Total	$ 2,063	$ 1,845

Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended
	Jul. 24, 2025	Jan. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Class of Stock [Line Items]
Proceeds from issuance of convertible preferred stock			$ 0	$ 11,919
Series C Convertible Preferred Stock
Class of Stock [Line Items]
Issuance of convertible preferred stock		1,117,743
Convertible preferred stock price per share		$ 10.74
Proceeds from issuance of convertible preferred stock		$ 12,000
Series C Convertible Preferred Stock \| Additional Paid-In Capital
Class of Stock [Line Items]
Issuance of stock value		$ 600
IPO
Class of Stock [Line Items]
Number of convertible preferred stock converted into common stock	15,245,731

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

6. Stock-Based Compensation

In September 2019, the Company adopted the Carlsmed, Inc. 2019 Stock Incentive Plan, which was subsequently amended, most recently in January 2025 (the “2019 Plan”). The 2019 Plan is administered by the Company’s board of directors (the “Board of Directors”). On July 10, 2025, the Board of Directors adopted, and the Company’s stockholders approved, the Carlsmed, Inc. 2025 Equity Incentive Plan (the “2025 Plan”), which became effective on July 21, 2025. The 2025 Plan replaced the 2019 Plan, as the Board of Directors determined to not make additional grants under the 2019 Plan following the closing of the IPO. However, the 2019 Plan will continue to govern outstanding equity awards granted under the 2019 Plan. The 2025 Plan allows the Company to grant incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other awards. As of March 31, 2026, there were 2,291,352 remaining shares available for issuance pursuant to the 2025 Plan.

The exercise price of a share subject to a stock option may not be less than the fair market value of a share of the Company’s common stock at the grant date. Stock options granted to employees typically vest over four years, with 25% vesting on the first anniversary of the grant date and the remainder vesting ratably on a quarterly basis thereafter, subject to continued employment, and a contractual term of 10 years; related expense is recognized in the accompanying statements of operations and comprehensive loss on a straight-line basis over each award’s vesting period.

The Company also grants stock option awards to non-employees, including members of the Board of Directors. Options granted under the 2025 Plan and the 2019 Plan may be subject to vesting acceleration in connection with a “Change in Control” or “Corporate Transaction,” as defined in the respective plans.

The 2019 Plan allows for the exercise of certain stock option grants prior to vesting (“early exercise”), with such grants approved by the Board of Directors. For these awards, in the event of employee termination, the Company has the right, but not the obligation, to repurchase the portion of unvested stock at the lower of the exercise price or the then-current fair value. A liability is recorded within “accrued liabilities” on the accompanying condensed balance sheets that is equal to the cash received for these early exercises, and this liability is reduced as

vesting occurs. Unvested shares that have been early exercised are reflected in “common shares issued” but excluded from “common shares outstanding” on the accompanying condensed financial statements. As of March 31, 2026, 50,777 shares of early exercised stock options were outstanding, representing an early exercise liability of $0.1 million. As of December 31, 2025, 59,738 shares of early exercised stock options were outstanding, representing an early exercise liability of $0.1 million.

RSUs granted typically have three-year vesting schedules and the related expense is recognized in the accompanying statements of operations and comprehensive loss on a straight-line basis over each award’s vesting period.

PSUs granted vest based on the achievement of performance or market conditions, subject to continuous service through the applicable vesting date, and the related expense is recognized in the accompanying condensed statements of operations and comprehensive loss over each award's requisite service period. For awards with performance conditions, compensation cost is recognized for the level of achievement of the performance condition that is considered probable, while awards with market conditions, compensation cost is recognized regardless of whether the market condition is ultimately achieved.

Stock Options

The following summarizes stock option activity for the Company for the three months ended March 31, 2026:


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025		3,151,787		$	6.26		8.3	$	21,526
Granted		34,645			12.46
Exercised		(537,669	)		0.81
Forfeited		(123,112	)		8.56
Outstanding at March 31, 2026		2,525,651		$	7.39		8.6	$	9,453
Vested and Exercisable at March 31, 2026		800,234		$	3.86		7.2	$	4,329

The weighted average grant date fair value of options granted during the three months ended March 31, 2026 and 2025 was $6.23 and $2.12 per share, respectively. The total fair value of options that vested during the three months ended March 31, 2026 and 2025 was $0.6 million and $0.1 million, respectively, based on the grant date fair value.

The aggregate intrinsic value in the above table is calculated as the difference between the fair value of the Company’s common stock and the exercise price of the stock options. The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2026 and 2025 was $6.5 million and $1.7 million, respectively.

The Company recorded stock-based compensation expense for stock options of $0.6 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, there was $7.6 million of unrecognized compensation for unvested stock options and the weighted-average period over which this remaining compensation cost will be recognized is 2.8 years.

The grant date fair value of the options is determined using an option pricing model. The assumptions that were used in estimating the grant date fair value of stock options under the option pricing method for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31,
	2026			2025
Expected stock price volatility (1)		50.4	%		43.7	%
Risk-free interest rate (2)		3.63	%		4.41	%
Expected annual dividend yield (3)		0.0	%		0.0	%
Expected term (years) (4)		5.50			5.99

(1)

Based on the median stock price volatility for peer public companies over a historic timeframe similar to the expected term, with adjustments for differences in size and capital structure.

(2)

Based on the U.S. Treasury yield curve in effect as of the valuation date.

(3)

The Company has not paid and does not currently anticipate paying a cash dividend on its common stock.

(4)

The expected term of stock options granted to employees represents the weighted average period the stock options are expected to be outstanding. The Company uses the simplified method for estimating the expected term, which calculates the expected term as the average time-to-vesting and the contractual life of the options for stock options issued to employees and non-employees.

Restricted Stock Units

The Company did not have any RSUs granted or outstanding during the three months ended March 31, 2025.

The following summarizes the RSU activity for the Company for the three months ended March 31, 2026:


	Number of RSUs			Weighted Average Grant Date Fair Value
Non-vested - December 31, 2025		69,332		$	15.00
Granted		836,105		$	12.82
Forfeited		(19,040	)	$	12.84
Non-vested - March 31, 2026		886,397		$	12.99

The Company recorded stock-based compensation expense for RSUs of $0.7 million for the three months ended March 31, 2026. As of March 31, 2026, there was $10.7 million of unrecognized compensation for unvested RSUs, and the weighted-average period over which this remaining compensation cost will be recognized is 2.8 years.

Performance Stock Units

During the three months ended March 31, 2025, the Company granted 112,478 PSUs to an employee that have a contractual term of four years and vest upon the satisfaction of performance, market, and service conditions. The performance conditions required either (1) the completion of an initial public offering where the Company’s stock is listed on an established stock exchange or (2) the occurrence of a corporate transaction, such as a merger, acquisition, or similar liquidity event. The market condition is based on the achievement of share price targets following the completion of an initial public offering or on the date of a corporate transaction. The service condition requires the employee to provide continued service through the achievement of both the performance and market conditions. The grant date fair value of such PSUs was determined using a Monte Carlo simulation methodology, which takes into consideration the probability of achievement of the market conditions.

Expense for the PSUs began on the grant date and is recognized over the derived requisite service period of the award. However, no compensation expense was recognized until the performance-based vesting condition was probable of being achieved. Accordingly, no compensation expense was recognized during the three months ended March 31, 2025 as the performance condition was not probable of being achieved. On July 24, 2025, the Company completed its IPO, satisfying the performance condition of the PSUs. Consequently, compensation expense has been recognized proportionally for the completed portion of the requisite service period up to the IPO. The remaining unrecognized expense will be amortized over the remaining derived requisite service period associated with the market condition, regardless of whether the market condition is ultimately satisfied.

During the three months ended March 31, 2026, the Company granted PSUs under the 2025 Plan that vest based on the achievement of performance or market conditions, subject to continued service through the applicable vesting date. The PSUs are comprised of (i) Revenue-Based PSUs, which vest based on the achievement of specified annual revenue targets and continued service through January 1, 2028, and (ii) TSR-Based PSUs, which vest based on the Company’s total shareholder return relative to the S&P Healthcare Equipment Select Industry Index over a three-year performance period ending December 31, 2028, with continued service required through January 1, 2029. Payouts for both the Revenue-Based PSUs and TSR-Based PSUs range from 0% to 200% of target depending on achievement of the applicable vesting conditions.

The grant-date fair value of the Revenue-Based PSUs is based on the underlying stock price on the grant date. The grant-date fair value of the TSR-Based PSUs was determined using a Monte Carlo simulation and was determined based on significant inputs not observable in the market, which represents a “Level 3” measurement within the fair value hierarchy. The significant inputs are listed below:


TSR-Based PSUs Granted January 2026 - Monte Carlo Simulation Model
Stock price - on grant date	$	12.84
Risk-free rate		3.65	%
Expetected term	2.9 years
Equity volatility rate		55	%

The following summarizes the PSU activity for the Company for the three months ended March 31, 2026:


	Number of PSUs (1)		Weighted Average Grant Date Fair Value
Non-vested - December 31, 2025		112,478	$	3.14
Granted		554,250	$	11.57
Non-vested - March 31, 2026		666,728	$	10.15

(1)

PSUs are presented at the maximum 200% of target. Actual shares issued for PSUs may range from 0% to 200% of target based on achievement of applicable performance and market conditions.

The Company recorded stock-based compensation expense for PSUs of $0.3 million for the three months ended March 31, 2026. As of March 31, 2026, there was $4.2 million of unrecognized compensation for unvested PSUs, and the weighted-average period over which this remaining compensation cost will be recognized is 2.3 years.

Stock-based Compensation Cost

The compensation cost that has been included in the Company’s condensed statements of operations and comprehensive loss for all stock-based compensation arrangements is detailed as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
General and administrative	$	744	$	72
Research and development		508		57
Sales and marketing		360		46
Cost of sales		17		—
Total	$	1,629	$	175

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]
Number of Options, Outstanding beginning balance	3,151,787
Number of Options, Granted	34,645
Number of Options, Exercised	(537,669)
Number of Options, Forfeited	(123,112)
Number of Options, Outstanding ending balance	2,525,651	3,151,787
Number of Options, Vested and Exercisable at March 31, 2026	800,234
Weighted Average Exercise Price, Outstanding beginning balance	$ 6.26
Weighted Average Exercise Price, Granted	12.46
Weighted Average Exercise Price, Exercised	0.81
Weighted Average Exercise Price, Forfeited	8.56
Weighted Average Exercise Price, Outstanding ending balance	7.39	$ 6.26
Weighted Average Exercise Price, Vested and Exercisable at March 31, 2026	$ 3.86
Weighted Average Remaining Contractual Term (in Years), Outstanding	8 years 7 months 6 days	8 years 3 months 18 days
Weighted Average Remaining Contractual Term (in Years), Vested and Exercisable at March 31, 2026	7 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding	$ 9,453	$ 21,526
Aggregate Intrinsic Value, Vested and Exercisable at March 31, 2026	$ 4,329

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and as required by S-X, Rule 10-1. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for a complete set of financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed financial statements and notes have been prepared on the same basis as the audited financial statements for the year ended December 31, 2025, and include all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the interim periods presented.

The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s audited annual financial statements and notes as of and for the year ended December 31, 2025 thereto included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 25, 2026. The Company’s results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other interim period.

Use of Estimates

The preparation of the unaudited condensed financial statements in conformity with GAAP requires management to make informed estimates that require assumptions that affect the reported amounts in the accompanying unaudited condensed financial statements. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ materially under different assumptions and conditions.

Cash and Cash Equivalents

“Cash and cash equivalents” in the accompanying condensed balance sheets consist of bank deposits and highly liquid investments, including money market fund accounts, and certificates of deposit, with original maturities of three months or less from the purchase date. The carrying amounts reported in the accompanying condensed balance sheets for cash and cash equivalents are valued at cost, which approximate their fair value.

Restricted Cash

“Restricted cash” in the accompanying condensed balance sheets as of March 31, 2026 and December 31, 2025 represents cash held as collateral for the Company’s facility leases.

Short-Term Investments

“Short-term investments” in the accompanying condensed balance sheets represents investments in certificates of deposits which are carried at cost and have original maturities of greater than 90 days but within one year. Accrued interest earned on short-term investments is recorded within “Prepaid expenses and other current assets” on the accompanying condensed balance sheets.

Accounts Receivable and Allowance for Credit Losses

“Accounts receivable, net of allowances” in the accompanying condensed balance sheets are presented net of allowances for credit losses. The Company maintains an allowance for expected credit losses for accounts receivable, which is recorded as an offset to accounts receivable. Changes in this allowance are recorded as “general and administrative” expense in the condensed statements of operations and comprehensive loss. Expected credit losses include losses expected based on known credit issues with certain customers as well as a general expected credit loss allowance based on relevant information, including historical loss rates, current conditions, and reasonable economic forecasts that affect collectability.

The Company maintained an allowance for credit losses accounts of $2.1 million and $1.7 million as of March 31, 2026 and December 31, 2025, respectively. The Company recorded a provision for credit losses of $0.4 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively.

Concentrations of Financial Instrument Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents in deposits at financial institutions that may exceed federally insured limits and certain accounts receivable balances. Risks associated with cash and cash equivalents are mitigated by banking with creditworthy institutions with platforms that administer deposits across multiple banks within federally insured limits. Additionally, the Company invests cash in certificates of deposit (“CDs”) through the Certificate of Deposit Account Registry Service (“CDARS”) account. Under the CDARS program, large deposits are allocated among multiple FDIC (“Federal Deposit Insurance Corporation”) insured member banks in increments of less than $250,000 per institution. As a result, substantially all such deposits are eligible for FDIC insurance coverage.

The Company mitigates potential losses from uncollectible accounts receivable through its credit approval and ongoing collection and customer monitoring activities. To date, the Company has not experienced any losses on its financial instruments and believes that it has adequately recorded allowances for uncollectible accounts receivable in each reported period.

As of March 31, 2026 and December 31, 2025, the Company did not have accounts receivable balances from any one customer exceeding 10% of total accounts receivable. The Company did not have revenue from any one customer exceeding 10% of total revenue for the three months ended March 31, 2026. There was one customer that accounted for 10% of total revenue for the three months ended March 31, 2025.

Fair Value of Financial Instruments

Assets and liabilities are recorded at fair value on a recurring basis in the accompanying condensed balance sheets. These accounts are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative accounting guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

•

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that are publicly accessible at the measurement date.

•

Level 2: Observable prices that are based on inputs not quoted on active markets, but that are corroborated by market data. These inputs may include quoted prices for similar assets or liabilities or quoted market prices in markets that are not active to the general public.

•

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The carrying amounts of the Company’s financial instruments consisting of cash, cash equivalents, short-term investments, accounts receivables, prepaid expenses, accounts payable, and accrued liabilities approximate fair value due to the short maturities for each.

Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain assets or liabilities within the fair value hierarchy. The Company did not have any transfers of assets and liabilities between the levels of the fair value hierarchy during the periods presented.


(in thousands)	Total Fair Value		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of March 31, 2026
Money market funds (1)	$	47,905	$	47,905	$	—	$	—
Certificates of deposit with original maturity of 3 months or less (1)		24,000		—		24,000		—
Certificates of deposit with original maturity greater than 3 months (2)		24,000		—		24,000		—
Total financial assets	$	95,905	$	47,905	$	48,000	$	—

As of December 31, 2025
Money market funds (1)	$	60,738	$	60,738	$	—	$	—
Certificates of deposit with original maturity of 3 months or less (1)		24,036		—		24,036		—
Certificates of deposit with original maturity greater than 3 months (2)		24,000		—		24,000		—
Total financial assets	$	108,774	$	60,738	$	48,036	$	—

(1)

Included as a component of “Cash and cash equivalents” on the accompanying Condensed Balance Sheets.

(2)

Included as a component of “Short-term investments” on the accompanying Condensed Balance Sheets.

Inventory

Production is initiated upon surgeon approval of the digital surgical plan for each patient, and implant inventory is not made-to-stock, allowing the Company to maintain minimal inventory. Work-in-process inventory consists of titanium alloy implants for spine fusion surgical procedures, pending sterilization and packaging. Finished goods inventory is ready for shipment to the customer for use in a spine fusion surgical procedure.

Inventories are valued at the lower of cost or net realizable value, determined by the specific identification method. At each balance sheet date, the Company evaluates its inventories for obsolescence, based on notification of permanently canceled surgeries and ongoing estimates of permanent cancellations. The Company records the corresponding charge for obsolete inventory through “cost of sales.”

The components of reported “inventory” are as follows:


(in thousands)	As of March 31, 2026		As of December 31, 2025
Finished goods	$	2,003	$	1,788
Work in process		60		57
Total	$	2,063	$	1,845

Warrant Liabilities

Prior to the closing of the IPO on July 24, 2025, the Company had issued warrants to purchase convertible preferred stock in conjunction with the Customers Loan Agreement (see Note 4). The Company accounted for its issued convertible preferred stock warrants as liabilities in accordance with ASC 480. The liability-classified warrants were initially measured at fair value, resulting in an implied discount on the related financing arrangement that was deferred as an asset as it relates to tranches of the Customers Loan Agreement. The deferred asset was recorded within “other assets” on the balance sheet and was amortized into interest expense using the straight-line method over the period in which the Company could draw on the remaining tranches of the credit facility. Changes in fair value of the warrant liabilities were recognized in the condensed statements of operations and comprehensive loss.

Immediately prior to the IPO, the Series B Warrant and Series C Warrants were exercisable into up to 58,420 and 20,375 of Series B convertible preferred stock and Series C convertible preferred stock, respectively. In conjunction with the IPO, all of the outstanding shares of convertible preferred stock were converted into common stock. As a result, the Series B Warrant and Series C Warrant that had previously been exercisable for convertible preferred stock became exercisable for common stock. Upon the closing of the IPO on July 24, 2025, the Series B Warrant that was exercisable into 52,776 shares of common stock and the Series C Warrant that was exercisable into 5,093 shares of common stock met the criteria for equity classification and accordingly were reclassified from liabilities to equity. The remainder of shares under each warrant were contingently exercisable on specified revenue and loan draw milestones and remained classified as liabilities because they did not meet the criteria for equity classification.

On September 30, 2025, the Company achieved a revenue milestone, causing 5,095 additional shares of common stock underlying the Series C Warrant to become exercisable and accordingly were reclassified from liabilities to equity as they met the criteria for equity classification.

On October 29, 2025, as a part of the Fifth Amendment to the Customers Loan Agreement, the Series B Warrant and Series C Warrant were amended and restated and the respective remaining 5,644 and 10,187 shares of common stock that were exercisable contingent on loan draw milestones were canceled. On the effective date of the Fifth Amendment, the Company remeasured the warrants for the final time and recognized the change in fair value within the statements of operations and comprehensive loss.

As of December 31, 2025, the Company no longer had any warrants outstanding that were classified as liabilities. During the three months ended March 31, 2026, Customers Bank exercised the Series B Warrant and Series C Warrant on a cashless basis, resulting in the issuance of 30,366 shares of common stock. As a result of the exercise, the Series B Warrant and Series C Warrant are no longer outstanding.

The fair value of the warrant liabilities was determined based on significant inputs not observable in the market, which represents a “Level 3” measurement within the fair value hierarchy. Prior to the IPO, the fair values of the warrant liabilities were measured using the “hybrid method.” The hybrid method is often used when a company is expecting a liquidity event in the near future and is a combination of the option-pricing and probability-weighted expected return methods. Estimates and assumptions impacting the fair value measurement included the fair value per share of the underlying shares of convertible preferred stock, the remaining contractual term of the warrants, and probability of number of shares the warrants will become exercisable into. The most significant assumption in the model impacting the fair value of the warrants was the fair value of the Company’s convertible preferred stock as of each remeasurement date. Subsequent to the IPO, the fair value of the warrant liabilities was measured using the Black-Scholes option pricing model.

There were no warrant liabilities outstanding as of or during the three months ended March 31, 2026. A summary of the changes in the total fair value of the warrant liabilities for the three months ended March 31, 2025, is as follows:


(in thousands)	Warrant Liabilities
Fair value as of December 31, 2024	$	457
Change in fair value of warrant liabilities		33
Fair value as of March 31, 2025	$	490

Comprehensive Loss

Comprehensive loss encompasses all changes in equity other than those arising from transactions with stockholders. For the three months ended March 31, 2026 and 2025, the Company had no other comprehensive loss items and accordingly, "net loss" equaled "comprehensive loss."

Recent Accounting Pronouncements

Recently Adopted Accounting Standards

Financial Instruments - Credit Losses - In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). This ASU provides entities with the option to elect a practical expedient that assumes that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on these assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025 and interim periods within those fiscal years. The adoption of ASU 2025-05 did not have a material impact on the Company's financial statements.

Recently Issued Accounting Standards Not Yet Effective

Expense Disaggregation Disclosures - In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). This ASU requires new financial statement disclosures disaggregating prescribed expense categories within relevant income statement expense captions. ASU 2024-03 will be effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard.

Internal-Use Software - In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). This ASU is intended to simplify the capitalization guidance by removing all references to prescriptive and sequential software development stages. This ASU also requires entities to begin capitalizing software costs when management authorizes and commits to funding the software project, and it is probable that the project will be completed and the software will be used for its intended purpose. ASU 2025-06 will be effective for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard.

Derivatives and Share-Based Consideration from a Customer - In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract ("ASU 2025-07"). This ASU provides for a new scope exception to the derivatives guidance for underlyings based on the operations or activities specific to one of the parties to the contract, and also clarifies that share-based noncash consideration received from a customer as consideration for the transfer of goods or services in a revenue contract is subject to the revenue guidance and not the financial instruments guidance unless and until the company's right to receive or retain the share-based noncash consideration is unconditional as defined in ASU 2025-07. The amendments are effective for annual reporting periods beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard.

Commitments and Contingencies - Schedule of Aggregate Future minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Remainder of 2026	$ 677
2027	926
2028	472
Total undiscounted lease payments	2,075
Less: imputed interest	(184)
Present value of future lease payments	1,891
Short-term operating lease liabilities	776	$ 752
Long-term operating lease liabilities	1,115	$ 1,316
Total operating lease liabilities	$ 1,891

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

4. Debt

Customers Bank Credit Facility

In December 2022, the Company entered into a loan and security agreement with Signature Bank, which was subsequently succeeded by Customers Bank, (the “Customers Loan Agreement”). Under various amendments to the Customers Loan Agreement, the Company issued the lender a warrant that was exercisable for up to 58,420 shares of Series B convertible preferred stock at an exercise price of $6.93 per share (the “Series B Warrant”) and a warrant that was exercisable for up to 20,375 shares of Series C convertible preferred stock at an exercise price of $10.74 per share (“Series C Warrant”). The number of shares exercisable under the Series B Warrant and Series C Warrant were subject to certain revenue and debt draw milestones. In connection with the close of the Company's IPO on July 24, 2025, all of the outstanding shares of convertible preferred stock were converted into common stock. As a result, the warrants to purchase convertible preferred stock became exercisable into shares of common stock. Refer to Note 2 for additional information regarding the reclassification of certain warrants from liability classified to equity classified during the year ended December 31, 2025 as well as the exercise of the Series B Warrant and Series C Warrant during the three months ended March 31, 2026.

On October 29, 2025, the Company amended the Customers Loan Agreement (the “Fifth Amendment”) to expand the credit facility to include (i) a term loan in the principal amount of up to $50.0 million (the “Term Loan”), $17.5 million of which is contingent upon the achievement of requisite revenue milestones, and (ii) a $10.0 million non-formula revolving line of credit (the “Non-Formula Revolving Line”), provided that the aggregate borrowings under the Term Loan and the Non-Formula Revolving Line may not exceed $50.0 million.

The maturity date of the Term Loan was extended to October 15, 2030, with an interest-only period through October 15, 2027, followed by principal repayment over 36 months thereafter. Upon achievement of a certain revenue milestone, the interest-only period and repayment terms of the Term Loan may be extended through April 15, 2028 followed by principal repayment over 30 months, and upon achievement of an additional revenue milestone, may be further extended through October 15, 2028, followed by principal repayment over 24 months thereafter. The Non-Formula Revolving Line will mature on October 15, 2028. The applicable per annum interest rate did not change as a result of the Fifth Amendment and remains as the greater of (a) WSJ Prime Rate + 0.25% or (b) 5.25%, and resulted in a 7.00% interest rate as of March 31, 2026.

On December 23, 2025, the Company amended the Customers Loan Agreement (the “Sixth Amendment”) to permit the Company to maintain certain limited deposit accounts outside of Customers Bank. No other terms of the Customers Loan Agreement were affected by the Sixth Amendment.

The Fifth and Sixth Amendments were accounted for as debt modifications with no gain or loss recognized. The carrying value of amounts outstanding under the Customers Loan Agreement approximates its fair value as of March 31, 2026. The fair value of the Term Loan is classified as a Level 2 measurement as it is based on observable market inputs, including interest rates charged for similar financial instruments with comparable terms and maturities.

As of March 31, 2026, $15.6 million of principal was outstanding under the Term Loan that will mature on October 15, 2030 and there were no borrowings outstanding under the Non-Formula Revolving Line. As of March 31, 2026, an aggregate $26.9 million remained available for borrowing under the Term Loan and the Non-Formula Revolving Line, net of amounts outstanding of $15.6 million. The Company was in compliance with all applicable Customers Loan Agreement covenants.

Interest expense on the Customers Loan Agreement was $0.3 million and $0.4 million for the three months ended March 31, 2026 and 2025, respectively. Of these amounts, less than $0.1 million and $0.1 million were related to amortization of the debt discount and issuance costs for the three months ended March 31, 2026 and 2025, respectively. The effective interest rate was 7.60% as of March 31, 2026.

The following table summarizes contractual principal payments as of March 31, 2026:


Year ending December 31,	(in thousands)
Remainder of 2026	$	—
2027		868
2028		5,208
2029		5,208
2030		4,341
Total future principal payments		15,625
Unamortized issuance costs		(261	)
Total term loan, net	$	15,364

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1B
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (8,696)	$ (5,729)
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity [Abstract]
Depreciation and amortization	99	40
Stock-based compensation	1,629	175
Non-cash interest	36	54
Loss on remeasurement of warrant liabilities	0	33
Non-cash lease expense	163	99
Provision for credit losses	402	52
Provision for excess and obsolete inventory	552	311
Changes in operating assets and liabilities:
Accounts receivable, net	(1,308)	(1,405)
Inventory	(771)	(577)
Prepaid expenses and other assets	(355)	96
Accounts payable	(1,531)	(570)
Accrued liabilities	(74)	474
Accrued compensation	(2,976)	(1,103)
Lease liabilities	(177)	(105)
Net cash used in operating activities	(13,007)	(8,155)
Cash flows from investing activities:
Purchase of property and equipment	(79)	(83)
Capitalized internal use software costs	(127)	(155)
Net cash used in investing activities	(206)	(238)
Cash flows from financing activities:
Payments for deferred initial public offering costs	0	(368)
Proceeds from issuance of Series C convertible preferred stock, net of issuance costs	0	11,919
Proceeds from exercises of stock options	436	149
Net cash provided by financing activities	436	11,700
(Decrease) increase in cash, cash equivalents, and restricted cash	(12,777)	3,307
Cash, cash equivalents, and restricted cash at beginning of the period	85,893	40,225
Cash, cash equivalents, and restricted cash at end of the period	73,116	43,532
Supplemental Disclosure of Noncash Investing and Financing Activities:
Vesting of early exercised common stock options	10	10
Unpaid deferred offering and issuance costs	0	1,124
Capitalized internal use software included in accounts payable and accrued liabilities	125	35
Cash, Cash Equivalents, and Restricted Cash Information:
Cash and cash equivalents, beginning of period	85,793	40,125
Restricted cash, beginning of period	100	100
Cash, cash equivalents, and restricted cash, beginning of period	73,116	43,532
Cash and cash equivalents, end of period	73,016	43,432
Restricted cash, end of period	100	100
Cash, cash equivalents, and restricted cash, end of period	$ 73,116	$ 43,532

Commitments and Contingencies - Schedule of Weighted Average Lease Terms and Discount Rates (Details)	Mar. 31, 2026	Dec. 31, 2025
Lease, Cost [Abstract]
Weighted-average remaining lease term	2 years 3 months	2 years 6 months
Weighted-average discount rate	8.63%	8.63%

Common Stock - Additional Information (Details) - $ / shares	Mar. 31, 2026	Dec. 31, 2025	Aug. 14, 2025	Feb. 28, 2022	Jul. 31, 2021	Apr. 30, 2021
Class of Stock [Line Items]
Common stock, shares authorized	600,000,000	600,000,000
Common stock, par value per share	$ 0.00001	$ 0.00001
SVB Common Stock Warrant
Class of Stock [Line Items]
Class of warrant or right, issued			25,184			10,338
Warrants exercisable				5,176	10,349
Warrant exercise price per share				$ 0.4	$ 0.34	$ 0.34
Convertible preferred stock (common stock equivalent)
Class of Stock [Line Items]
Convertible preferred stock, shares authorized	10,000,000
Convertible preferred stock, par value per share	$ 0.00001

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 73,016	$ 85,793
Restricted cash	100	100
Short-term investments	24,000	24,000
Accounts receivable, net of allowances of $2,055 and $1,653, as of March 31, 2026 and December 31, 2025, respectively	12,268	11,362
Inventory	2,063	1,845
Prepaid expenses and other current assets	3,959	3,573
Total current assets	115,406	126,673
Property and equipment, net	1,597	1,487
Operating lease right-of-use assets	1,663	1,826
Other assets	103	134
Total assets	118,769	130,120
Current liabilities:
Accounts payable	2,952	4,481
Accrued liabilities	3,202	3,287
Accrued compensation	2,785	5,760
Short-term operating lease liabilities	776	752
Total current liabilities	9,715	14,280
Long-term portion of term loan, net	15,364	15,346
Long-term operating lease liabilities	1,115	1,316
Other long-term liabilities	327	309
Total liabilities	26,521	31,251
Commitments and contingencies (Note 9)
Stockholders' equity
Preferred stock, $0.00001 par value; 10,000,000 shares authorized and zero shares issued and outstanding as of March 31, 2026 and December 31, 2025
Common stock, $0.00001 par value; 600,000,000 shares authorized, 27,232,278 shares issued, and 27,181,501 shares outstanding as of March 31, 2026; 600,000,000 shares authorized, 26,664,243 shares issued, and 26,604,505 shares outstanding as of December 31, 2025	0	0
Additional paid-in capital	201,749	199,674
Accumulated deficit	(109,501)	(100,805)
Total stockholders' equity	92,248	98,869
Total liabilities and stockholders' equity	$ 118,769	$ 130,120

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following summarizes stock option activity for the Company for the three months ended March 31, 2026:


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025		3,151,787		$	6.26		8.3	$	21,526
Granted		34,645			12.46
Exercised		(537,669	)		0.81
Forfeited		(123,112	)		8.56
Outstanding at March 31, 2026		2,525,651		$	7.39		8.6	$	9,453
Vested and Exercisable at March 31, 2026		800,234		$	3.86		7.2	$	4,329

Summary of Assumptions Used in Estimating Grant Date Fair Value of Stock Options under Option Pricing Method


	Three Months Ended March 31,
	2026			2025
Expected stock price volatility (1)		50.4	%		43.7	%
Risk-free interest rate (2)		3.63	%		4.41	%
Expected annual dividend yield (3)		0.0	%		0.0	%
Expected term (years) (4)		5.50			5.99

(1)

Based on the median stock price volatility for peer public companies over a historic timeframe similar to the expected term, with adjustments for differences in size and capital structure.

(2)

Based on the U.S. Treasury yield curve in effect as of the valuation date.

(3)

The Company has not paid and does not currently anticipate paying a cash dividend on its common stock.

(4)

Summary of RSU activity

The following summarizes the RSU activity for the Company for the three months ended March 31, 2026:


	Number of RSUs			Weighted Average Grant Date Fair Value
Non-vested - December 31, 2025		69,332		$	15.00
Granted		836,105		$	12.82
Forfeited		(19,040	)	$	12.84
Non-vested - March 31, 2026		886,397		$	12.99

Summary of Fair Value Assumptions


TSR-Based PSUs Granted January 2026 - Monte Carlo Simulation Model
Stock price - on grant date	$	12.84
Risk-free rate		3.65	%
Expetected term	2.9 years
Equity volatility rate		55	%

Summary of PSU activity

The following summarizes the PSU activity for the Company for the three months ended March 31, 2026:


	Number of PSUs (1)		Weighted Average Grant Date Fair Value
Non-vested - December 31, 2025		112,478	$	3.14
Granted		554,250	$	11.57
Non-vested - March 31, 2026		666,728	$	10.15

(1)

PSUs are presented at the maximum 200% of target. Actual shares issued for PSUs may range from 0% to 200% of target based on achievement of applicable performance and market conditions.

Summary of Compensation Cost Included in Condensed Statements of Operations and Comprehensive Loss

The compensation cost that has been included in the Company’s condensed statements of operations and comprehensive loss for all stock-based compensation arrangements is detailed as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
General and administrative	$	744	$	72
Research and development		508		57
Sales and marketing		360		46
Cost of sales		17		—
Total	$	1,629	$	175

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Number of Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per share

The following table presents the number of anti-dilutive shares excluded from the calculation of diluted net loss per share as of March 31, 2026 and 2025:


	As of March 31,
	2026		2025
Common stock options outstanding (1)		2,525,651		2,156,512
Convertible preferred stock (common stock equivalent) (2)		—		15,245,731
RSUs outstanding (3)		886,397
PSUs outstanding (4)		666,728		112,478
Series B Warrant (5)		—		58,420
Series C Warrant (5)		—		20,375
SVB Common Stock Warrant (6)		—		25,863
Total		4,078,776		17,619,379

(1)

800,234 stock options vested and exercisable as of March 31, 2026.

(2)

Convertible preferred stock was eligible to convert to common stock on a 1:1 basis upon the holder’s election or upon a Deemed Liquidation Event. Convertible preferred stock was converted into common stock on the IPO (see Note 7).

(3)

No RSUs are vested as of March 31, 2026.

(4)

No PSUs are vested as of March 31, 2026. PSUs are presented at the maximum 200% of target. Actual shares issued for PSUs may range from 0% to 200% of target based on achievement of applicable performance and market conditions (see Note 6).

(5)

On March 4, 2026, the Series B and Series C Warrant were exercised (see Note 2).

(6)

On August 14, 2025, the SVB Common Stock Warrant was exercised (see Note 5).

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

8. Net Loss Per Share

Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding, net of the weighted-average unvested restricted stock subject to repurchase by the Company, if any, during the period. Diluted loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding, adjusted for the effects of potentially dilutive common stock, which are comprised of stock options and stock warrants, using the “treasury-stock method,” and convertible preferred stock, using the “if-converted method.”

Because the Company reported net losses for the period presented, all potentially dilutive common stock is antidilutive for this period and therefore basic and diluted net loss per common share are the same. The convertible preferred stock are considered participating securities; however, they were excluded from the computation of basic loss per share in the periods of net loss as there is no contractual obligation for the holders to share in the losses of the Company.

The following table presents the number of anti-dilutive shares excluded from the calculation of diluted net loss per share as of March 31, 2026 and 2025:


	As of March 31,
	2026		2025
Common stock options outstanding (1)		2,525,651		2,156,512
Convertible preferred stock (common stock equivalent) (2)		—		15,245,731
RSUs outstanding (3)		886,397
PSUs outstanding (4)		666,728		112,478
Series B Warrant (5)		—		58,420
Series C Warrant (5)		—		20,375
SVB Common Stock Warrant (6)		—		25,863
Total		4,078,776		17,619,379

(1)

800,234 stock options vested and exercisable as of March 31, 2026.

(2)

(3)

No RSUs are vested as of March 31, 2026.

(4)

(5)

On March 4, 2026, the Series B and Series C Warrant were exercised (see Note 2).

(6)

On August 14, 2025, the SVB Common Stock Warrant was exercised (see Note 5).

Commitments and Contingencies - Additional Information (Details) $ in Millions			3 Months Ended
	Apr. 30, 2026 ft²	May 01, 2021 ft²	Mar. 31, 2026 USD ($) ft² Claim	Mar. 31, 2025 USD ($)	May 15, 2025 ft²	Dec. 04, 2023
Commitment and Contingencies [Line Items]
Number of claims outstanding \| Claim			0
Operating lease, lease description			In the ordinary course of business, the Company enters into lease agreements with unaffiliated third parties for its facilities and office equipment. As of March 31, 2026, the Company had two active operating leases for a combined 23,000 square feet of administrative, engineering, and research and development space located in Carlsbad, California.
Operating lease, office space \| ft²	18,000	16,000	23,000		7,000
Operating lease, commenced date		May 01, 2021
Operating lease, expiration date		Apr. 30, 2024
Operating lease, expenses			$ 0.2	$ 0.1
Operating lease, operating cash outflows			$ 0.2	$ 0.1
Lease term extended date	Jun. 30, 2031
First Amendment
Commitment and Contingencies [Line Items]
Operating lease, discount rate						9.08%
Second Amendment
Commitment and Contingencies [Line Items]
Operating lease, discount rate					7.62%

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 01, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001794546
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Entity File Number	001-42756
Registrant Name	CARLSMED, INC.
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1800 Aston Ave
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Carlsbad
Entity Address, State or Province	CA
Entity Tax Identification Number	83-1081863
Entity Address, Postal Zip Code	92008
City Area Code	760
Local Phone Number	766-1923
Title of 12(b) Security	Common Stock, $0.00001 par value per share
Trading Symbol	CARL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,184,933

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Allowance for credit loss on accounts receivable	$ 2,055	$ 1,653
Preferred stock, par value per share	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares, issued	0	0
Preferred stock, shares, outstanding	0	0
Common stock, par value per share	$ 0.00001	$ 0.00001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares, issued	27,232,278	26,664,243
Common stock, shares, outstanding	27,181,501	26,604,505

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant date fair value of options granted	$ 6.23	$ 2.12
Fair value of options vested	$ 600	$ 100
Aggregate intrinsic value of stock options exercised	6,500	1,700
Stock-based compensation expense	$ 1,629	175
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years
Contractual term	10 years
Early exercised stock options outstanding	50,777		59,738
Early exercise liability	$ 100		$ 100
Stock-based compensation expense	600	$ 200
Unrecognized compensation cost for unvested stock options	$ 7,600
Weighted-average period of unrecognized compensation cost	2 years 9 months 18 days
Stock Options \| Award Cliff Vesting on First Anniversary
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	25.00%
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
RSUs granted	836,105
Stock-based compensation expense	$ 700
Weighted average grant date fair value	$ 12.82
Unrecognized compensation cost for unvested stock options	$ 10,700
Weighted-average period of unrecognized compensation cost	2 years 9 months 18 days
Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	200.00%
Contractual term		4 years
RSUs granted	554,250	112,478
Stock-based compensation expense	$ 300
Weighted average grant date fair value	$ 11.57
Unrecognized compensation cost for unvested stock options	$ 4,200
Weighted-average period of unrecognized compensation cost	2 years 3 months 18 days
Performance Stock Units \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	200.00%
Payouts percentage	0.00%
Performance Stock Units \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	0.00%
Payouts percentage	200.00%
2025 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant	2,291,352

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (8,696)	$ (5,729)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Debt - Summary of Contractual Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Maturities of Long-Term Debt [Abstract]
Remainder of 2026	$ 0
2027	868
2028	5,208
2029	5,208
2030	4,341
Total future principal payments	15,625
Unamortized issuance costs	(261)
Total term loan, net	$ 15,364	$ 15,346

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

Stock-Based Compensation - Summary of PSU activity (Details) - Performance Stock Units - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-vested Number of Shares, Beginning balance	112,478
Non-vested Number of Shares, Granted	554,250	112,478
Non-vested - Number of Shares, Ending balance	666,728
Non-vested Weighted Average Grant Date Fair Value, Beginning balance	$ 3.14
Non-vested Weighted Average Grant Date Fair Value, Granted	11.57
Non-vested, Weighted Average Grant Date Fair Value, Ending balance	$ 10.15

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Balance Sheet Account Detail (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Components of Property and Equipment, Net

The components of “property and equipment, net” as of March 31, 2026 and December 31, 2025 are as follows:


(in thousands)	As of March 31, 2026			As of December 31, 2025
Office equipment	$	677		$	671
Furniture and fixtures		144			144
Leasehold improvements		355			355
Construction in progress		726			524
Software		319			319
Total		2,221			2,013
Less: accumulated depreciation		(624	)		(526	)
Property and equipment, net	$	1,597		$	1,487

Summary of Components of Accrued Liabilities

The components of “accrued liabilities” as of March 31, 2026 and December 31, 2025 are as follows:


(in thousands)	As of March 31, 2026		As of December 31, 2025
Accrued sales agent commissions	$	1,858	$	1,793
Accrued clinical studies		216		291
Liability associated with stock option exercises prior to vesting		60		70
Accrued professional fees		600		560
Other accrued expenses		468		573
Total accrued liabilities	$	3,202	$	3,287

Organization

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. Organization

Description of Business

Carlsmed, Inc. (the “Company”) is a medical technology company pioneering artificial intelligence ("AI")-enabled personalized spine surgery solutions with a mission to improve outcomes and decrease the cost of healthcare for spine surgery and beyond. The Company was incorporated in Delaware in June 2018 and is headquartered in Carlsbad, California. The Company designs, manufactures, and markets the aprevo® Technology Platform for spine fusion surgery procedures that are performed at hospitals and ambulatory surgical centers.

This platform (the “aprevo Technology Platform”) includes proprietary surgical planning software, using outcomes-based algorithms that are aided with artificial intelligence, and resulting patient-specific implants for spine surgery. This platform provides each patient with personalized alignment to address their unique pathology and anatomy.

The U.S. Food and Drug Administration (“FDA”) cleared the aprevo lumbar interbody implants through its 510(k) regulatory pathway for the correction of adult lumbar spinal deformity in December 2020 and several degenerative conditions of the lumbar spine in August 2022. The Company commenced its limited clinical release with its first U.S. patient implant in February 2021, and in October 2021, the Company commenced its U.S. commercial launch of aprevo.

In November 2024, the FDA 510(k) cleared the aprevo interbody implants for cervical spine fusion surgery as part of the FDA-cleared aprevo Technology Platform,and in December 2025, the Company commenced the U.S. launch of aprevo Technology Platform for cervical fusion surgeries. Also in December 2025, the Company received FDA 510(k) clearance for accompanying personalized cervical plating solutions. In February 2026, the Company completed the first personalized corra cervical plating procedure and expects to commercially launch the corra Cervical Plating System by December 2026.

Reverse Stock Split

On July 10, 2025, the Company effectuated a 1-for-5.58 reverse stock split of the Company’s issued and outstanding shares of common stock, Series A, Series B, and Series C convertible preferred stock, as well as stock option awards to purchase shares of common stock, restricted stock units (“RSUs”), and warrants to purchase shares of common stock, Series B convertible preferred stock, and Series C convertible preferred stock. Consequently, all issued and outstanding shares of stock, stock option awards, RSUs, warrants, and per share data have been retroactively adjusted in these financial statements to reflect the reverse stock split for all periods presented. The par value of the common stock and convertible preferred stock remain unchanged. As the number and issuance price of all outstanding convertible preferred stock were adjusted, the conversion ratios for each series of the Company’s convertible preferred stock were unchanged. Stockholders entitled to fractional shares as a result of the reverse stock split received cash payment in lieu of receiving fractional shares.

Initial Public Offering

On July 24, 2025, the Company completed its initial public offering of 6,700,000 shares of its common stock, at a price to the public of $15.00 per share (the “IPO”). The net proceeds received by the Company from the IPO were $93.5 million, after deducting underwriting discounts and commissions and before additional offering expenses of $5.4 million paid by the Company. The underwriters had the option for a period of 30 days from the IPO date to purchase an additional 1,005,000 shares of common stock at the IPO price, less underwriting discounts and commissions, which was not exercised. Immediately prior to the closing of the IPO on July 24, 2025, all shares of the Company’s convertible preferred stock converted into shares of the Company’s common stock. In connection with this conversion, all warrants to purchase convertible preferred stock are now exercisable into common stock.

Liquidity and Capital Resources

As of March 31, 2026, the Company had $97.1 million of cash, cash equivalents, restricted cash and short-term investments, $15.6 million debt outstanding under its loan and security agreement with Customers Bank (the “Customers Loan Agreement”), and an accumulated deficit of $109.5 million.

The Company expects to continue to generate operating losses for the foreseeable future as it continues to expand commercial operations and develop its product portfolio. The Company believes that its existing cash on hand will be sufficient to meet anticipated capital requirements for its operations for at least 12 months from the date of the issuance of the accompanying unaudited condensed financial statements.

Stock-Based Compensation - Summary PSU activity (Parenthetical) (Details) - Performance Stock Units	3 Months Ended
	Mar. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of shares issued	200.00%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of shares issued	0.00%
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of shares issued	200.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Balance Sheet Account Detail - Summary of Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total	$ 2,221	$ 2,013
Less: accumulated depreciation	(624)	(526)
Property and equipment, net	1,597	1,487
Office Equipment
Property, Plant and Equipment [Line Items]
Total	677	671
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total	144	144
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total	355	355
Construction in Progress
Property, Plant and Equipment [Line Items]
Total	726	524
Software
Property, Plant and Equipment [Line Items]
Total	$ 319	$ 319

Net Loss Per Share - Schedule of Number of Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per share (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2026 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options vested and exercisable	800,234
Performance Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Percentage of shares issued	200.00%
Performance Stock Units \| Minimum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Percentage of shares issued	0.00%
Performance Stock Units \| Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Percentage of shares issued	200.00%

Organization - Additional Information (Details) $ / shares in Units, $ in Thousands	Jul. 24, 2025 USD ($) $ / shares shares	Jul. 10, 2025	Mar. 31, 2026 USD ($) shares	Dec. 31, 2025 USD ($) shares
Organization [Line Items]
Reverse stock split conversion ratio		0.179
Common stock, shares, issued \| shares			27,232,278	26,664,243
Cash, cash equivalents, restricted cash and short-term investments			$ 97,100
Debt outstanding			15,625
Accumulated deficit			(109,501)	$ (100,805)
Customers Loan Agreement
Organization [Line Items]
Debt outstanding			$ 15,600
Initial Public Offering
Organization [Line Items]
Sale of common stock shares \| shares	6,700,000
Sale of stock, price per share \| $ / shares	$ 15
Option period	30 days
Common stock, shares, issued \| shares	1,005,000
Net proceeds from IPO	$ 93,500
Additional stock offering expenses	$ 5,400

Stock-Based Compensation - Summary of Fair Value Assumptions (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares
Stock Price - on Grant Date
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock price - on grant date	$ 12.84
Risk-free Rate
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free rate	3.65%
Expetected Term
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term	2 years 10 months 24 days
Equity Volatility Rate
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity volatility rate	55

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Significant Accounting Policies - Summary of Transfers of Assets and Liabilities Between Levels of Fair Value Hierarchy (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 95,905	$ 108,774
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	47,905	60,738
Certificates of Deposit with Original Maturity of 3 Months or Less
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	24,000	24,036
Certificates of Deposit with Original Maturity Greater Than 3 Months
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	24,000	24,000
Quoted Market Prices for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	47,905	60,738
Quoted Market Prices for Identical Assets (Level 1) \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	47,905	60,738
Quoted Market Prices for Identical Assets (Level 1) \| Certificates of Deposit with Original Maturity of 3 Months or Less
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Quoted Market Prices for Identical Assets (Level 1) \| Certificates of Deposit with Original Maturity Greater Than 3 Months
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	48,000	48,036
Significant Other Observable Inputs (Level 2) \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Significant Other Observable Inputs (Level 2) \| Certificates of Deposit with Original Maturity of 3 Months or Less
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	24,000	24,036
Significant Other Observable Inputs (Level 2) \| Certificates of Deposit with Original Maturity Greater Than 3 Months
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	24,000	24,000
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Significant Unobservable Inputs (Level 3) \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Significant Unobservable Inputs (Level 3) \| Certificates of Deposit with Original Maturity of 3 Months or Less
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Significant Unobservable Inputs (Level 3) \| Certificates of Deposit with Original Maturity Greater Than 3 Months
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 0	$ 0

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Summary of Contractual Principal Payments

The following table summarizes contractual principal payments as of March 31, 2026:


Year ending December 31,	(in thousands)
Remainder of 2026	$	—
2027		868
2028		5,208
2029		5,208
2030		4,341
Total future principal payments		15,625
Unamortized issuance costs		(261	)
Total term loan, net	$	15,364

Debt - Additional Information (Details) - USD ($)		3 Months Ended
Debt - Additional Information (Details) - USD ($)	Oct. 29, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2022
Line of Credit Facility [Line Items]
Principal outstanding		$ 15,625,000
Term Loan
Line of Credit Facility [Line Items]
Debt instrument maturity date		Oct. 15, 2030
Principal outstanding		$ 15,600,000
Term Loan Plus Non-Formula Revolving Line
Line of Credit Facility [Line Items]
Remaining borrowing capacity		26,900,000
Principal outstanding		15,600,000
Customers Loan Agreement
Line of Credit Facility [Line Items]
Principal outstanding		15,600,000
Interest expense		$ 300,000	$ 400,000
Amortization of debt discount and issuance costs			$ 100,000
Effective interest rate		7.60%
Customers Loan Agreement \| Series B Warrant
Line of Credit Facility [Line Items]
Warrant exercise price per share				$ 6.93
Customers Loan Agreement \| Series C Warrant
Line of Credit Facility [Line Items]
Warrant exercise price per share				$ 10.74
Customers Loan Agreement \| Maximum
Line of Credit Facility [Line Items]
Amortization of debt discount and issuance costs		$ 100,000
Customers Loan Agreement \| Maximum \| Series B Warrant
Line of Credit Facility [Line Items]
Warrants exercisable				58,420
Customers Loan Agreement \| Maximum \| Series C Warrant
Line of Credit Facility [Line Items]
Warrants exercisable				20,375
Customers Loan Agreement \| Fifth Amendment
Line of Credit Facility [Line Items]
Principal debt	$ 50,000,000
Coupon interest rate		7.00%
Customers Loan Agreement \| Fifth Amendment \| Minimum
Line of Credit Facility [Line Items]
Interest rate		5.25%
Customers Loan Agreement \| Fifth Amendment \| Minimum \| WSJ Prime Rate
Line of Credit Facility [Line Items]
Interest rate		0.25%
Customers Loan Agreement \| Fifth Amendment \| Term Loan
Line of Credit Facility [Line Items]
Debt instrument maturity date	Oct. 15, 2030
Principal debt	$ 50,000,000
Credit facility contingent upon achievement of requisite revenue milestone not yet drawn	$ 17,500,000
Credit facility description		The maturity date of the Term Loan was extended to October 15, 2030, with an interest-only period through October 15, 2027, followed by principal repayment over 36 months thereafter.
Customers Loan Agreement \| Fifth Amendment \| Non-Formula Revolving Line
Line of Credit Facility [Line Items]
Debt instrument maturity date	Oct. 15, 2028
Principal debt	$ 10,000,000

Common Stock

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Common Stock

5. Common Stock

In accordance with the Company’s Amended and Restated Certificate of Incorporation dated July 24, 2025, the Company is authorized to issue two classes of capital stock—common stock and preferred stock. The Company shall have authority to issue 600,000,000 shares of common stock with par value of $0.00001 per share and 10,000,000 shares of preferred stock with par value of $0.00001 per share. As of March 31, 2026, the Company does not have any issued or outstanding shares of preferred stock.

Common stock reserved for future issuance as of March 31, 2026, consisted of the following:


	As of March 31, 2026
Common stock options outstanding		2,525,651
RSUs outstanding		886,397
PSUs outstanding (1)		666,728
Shares available for future issuance under the 2025 Plan		2,291,352
Shares available for future issuance under the 2025 Employee Stock Purchase Plan		665,391
Total common stock reserved for future issuance		7,035,519

SVB Common Stock Warrant

In April 2021, in connection with its entry into a loan and security agreement (the “SVB Loan Agreement”) with Silicon Valley Bank (“SVB”), the Company issued a warrant to purchase up to an aggregate of 10,338 shares of common stock at an exercise price of $0.34 per share (the “SVB Common Stock Warrant”). In July 2021, pursuant to the terms of the SVB Common Stock Warrant, the SVB Common Stock Warrant became exercisable for an additional 10,349 shares of common stock at an exercise price of $0.34 per share in connection with a principal draw. In February 2022, the Company amended the SVB Loan Agreement to draw additional principal and the SVB Common Stock Warrant became exercisable for an additional 5,176 shares of common stock at an exercise price of $0.40 per share. In December 2022, the Company terminated and repaid in full all amounts outstanding under the SVB Loan Agreement. On August 14, 2025, the Company issued 25,184 shares of common stock in conjunction with a net cashless exercise of the SVB Common Stock Warrant. As a result of the exercise, the SVB Common Stock Warrant is no longer outstanding.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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+ Details

Balance Sheet Account Detail

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Account Detail

3. Balance Sheet Account Detail

The composition of selected captions within the accompanying Condensed Balance Sheets are summarized below:

Property and Equipment, Net

The components of “property and equipment, net” as of March 31, 2026 and December 31, 2025 are as follows:


(in thousands)	As of March 31, 2026			As of December 31, 2025
Office equipment	$	677		$	671
Furniture and fixtures		144			144
Leasehold improvements		355			355
Construction in progress		726			524
Software		319			319
Total		2,221			2,013
Less: accumulated depreciation		(624	)		(526	)
Property and equipment, net	$	1,597		$	1,487

“Depreciation expense” for the three months ended March 31, 2026 and 2025 was $0.1 million and less than $0.1 million, respectively. The Company has not recognized any impairment loss for any long-lived assets for the three months ended March 31, 2026 and 2025.

Accrued Liabilities

The components of “accrued liabilities” as of March 31, 2026 and December 31, 2025 are as follows:


(in thousands)	As of March 31, 2026		As of December 31, 2025
Accrued sales agent commissions	$	1,858	$	1,793
Accrued clinical studies		216		291
Liability associated with stock option exercises prior to vesting		60		70
Accrued professional fees		600		560
Other accrued expenses		468		573
Total accrued liabilities	$	3,202	$	3,287

Stock-Based Compensation - Summary of Compensation Cost Included in Condensed Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	$ 1,629	$ 175
General and Administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	744	72
Research and Development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	508	57
Sales and Marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	360	$ 46
Cost of Sales
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation cost	$ 17

Summary of Significant Accounting Policies - Summary of Changes in Fair Value of Warrant Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Abstract]
Fair value, beginning balance		$ 457
Change in fair value of warrant liabilities	$ 0	33
Fair value, ending balance		$ 490

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 0
Material changes to unrecognized tax benefits	0	0
Interest or penalties related to uncertain tax positions	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Legal Matters

The Company from time to time is involved in legal matters incidental to the conduct of its business. In the opinion of management, there are no claims outstanding that would have a material adverse effect on the Company’s financial position, results of operations, or cash flows.

Operating Lease

In the ordinary course of business, the Company enters into lease agreements with unaffiliated third parties for its facilities and office equipment. As of March 31, 2026, the Company had two active operating leases for a combined 23,000 square feet of administrative, engineering, and research and development space located in Carlsbad, California.

The first lease encompasses 16,000 square feet and commenced on May 1, 2021, and was originally set to expire on April 30, 2024. On December 4, 2023, the Company entered into a first amendment to the original lease agreement which resulted in the lease term extending to June 30, 2028. The Company used its incremental borrowing rate at the lease modification date of 9.08% in determining the discount rate utilized to present value the future minimum lease payments since an implicit interest rate in the lease agreement was not determinable.

On May 15, 2025, the Company entered into a second amendment to its original lease agreement, which modified the lease terms to lease an additional suite comprising an additional 7,000 square feet of space with an expiration date of June 30, 2028. The May 2025 lease modification was accounted for as a separate contract. The Company used its incremental borrowing rate at the lease modification date of 7.62% in determining the discount rate utilized to present value the future minimum lease payments since an implicit interest rate in the lease agreement was not determinable. This lease was further amended in April 2026 will provide an additional net 18,000 square feet and extended the lease term to June 30, 2031.

Total lease expenses for the three months ended March 31, 2026 and 2025 were $0.2 million and $0.1 million, respectively.

The Company’s real estate taxes, insurance costs, and common area maintenance, are included in monthly rent and not separately itemized. Rent expense is allocated to cost of sales, research and development, sales and marketing, and general and administrative expenses in the accompanying condensed statements of operations and comprehensive loss.

The weighted-average lease terms and discount rates are as follows:


	As of March 31, 2026			As of December 31, 2025
Weighted-average remaining lease term		2.25			2.50
Weighted-average discount rate		8.63	%		8.63	%

The aggregate future minimum lease payments under this lease as of March 31, 2026, are as follows:


(in thousands)
Year ending December 31,	Payments
Remainder of 2026	$	677
2027		926
2028		472
Total undiscounted lease payments	$	2,075
Less: imputed interest		(184	)
Present value of future lease payments	$	1,891
Short-term operating lease liabilities		776
Long-term operating lease liabilities		1,115
Total operating lease liabilities	$	1,891

The operating cash outflows included in the measurement of the operating lease liabilities was $0.2 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Condensed Statement of Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Total	Series A Convertible Preferred Stock	Series B Convertible Preferred Stock	Series C Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Series C Convertible Preferred Stock	Accumulated Deficit
Beginning Balance at Dec. 31, 2024		$ 13,578	$ 29,801	$ 52,847
Beginning Balance, Shares at Dec. 31, 2024		4,902,814	4,335,051	4,890,123
Beginning Balance at Dec. 31, 2024	$ (70,630)					$ 541		$ (71,171)
Beginning Balance, Shares at Dec. 31, 2024					4,139,219
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock							$ 600
Beginning Balance at Dec. 31, 2024		$ 13,578	$ 29,801	$ 52,847
Beginning Balance, Shares at Dec. 31, 2024		4,902,814	4,335,051	4,890,123
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series C convertible preferred stock				$ 12,503
Issuance of Series C convertible preferred stock, Shares				1,117,743
Ending Balance at Mar. 31, 2025		$ 13,578	$ 29,801	$ 65,350
Ending Balance, Shares at Mar. 31, 2025		4,902,814	4,335,051	6,007,866
Beginning Balance at Dec. 31, 2024	(70,630)					541		(71,171)
Beginning Balance, Shares at Dec. 31, 2024					4,139,219
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Deemed dividend related to issuance of Series C convertible preferred stock	(584)					(584)
Vesting of early exercised stock options	10					10
Vesting of early exercised stock options, Shares					8,960
Exercise of vested stock options	149					149
Exercise of vested stock options, Shares					422,364
Stock-based compensation expense	175					175
Net loss	(5,729)							(5,729)
Ending Balance at Mar. 31, 2025	(76,609)					291		(76,900)
Ending Balance, Shares at Mar. 31, 2025					4,570,543
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series C convertible preferred stock, Shares				1,117,743
Ending Balance at Mar. 31, 2026		$ 0	$ 0	$ 0
Ending Balance, Shares at Mar. 31, 2026		0	0	0
Beginning Balance at Dec. 31, 2025	$ 98,869					199,674		(100,805)
Beginning Balance, Shares at Dec. 31, 2025	26,604,505				26,604,505
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of early exercised stock options	$ 10					10
Vesting of early exercised stock options, Shares					8,961
Exercise of vested stock options	$ 436					436
Cashless exercise of warrants					30,366
Exercise of vested stock options, Shares	537,669				537,669
Stock-based compensation expense	$ 1,629					1,629
Net loss	(8,696)							(8,696)
Ending Balance at Mar. 31, 2026	$ 92,248					$ 201,749		$ (109,501)
Ending Balance, Shares at Mar. 31, 2026	27,181,501				27,181,501

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Oct. 29, 2025	Sep. 30, 2025	Jul. 24, 2025
Accounting Policies [Line Items]
Allowance for credit losses	$ 2,100,000		$ 1,700,000
Provision for credit losses	402,000	$ 52,000
Revenue	16,116,000	10,189,000
Number of additional warrants exercisable					5,095
Other comprehensive loss	$ 0	$ 0
Series B Warrant
Accounting Policies [Line Items]
Warrants exercisable to stock						52,776
Number of remaining aggregate warrants exercisable				5,644
Series B Warrant \| Maximum
Accounting Policies [Line Items]
Warrants exercisable to stock						58,420
Series C Warrant
Accounting Policies [Line Items]
Warrants exercisable to stock						5,093
Number of remaining aggregate warrants exercisable				10,187
Series C Warrant \| Maximum
Accounting Policies [Line Items]
Warrants exercisable to stock						20,375
Series B Warrant and Series C Warrant
Accounting Policies [Line Items]
Issuance of common stock, Shares	30,366
Accounts receivable
Accounting Policies [Line Items]
Allowance for credit losses	$ 0		$ 0
Revenue
Accounting Policies [Line Items]
Revenue	0
Concentration risk, customer		one
Certificates of Deposit
Accounting Policies [Line Items]
CDs issued amount	$ 250,000
Customer One \| Revenue \| Customer Concentration Risk
Accounting Policies [Line Items]
Concentration risk, percentage		10.00%

Stock-Based Compensation - Summary of Assumptions Used in Estimating Grant Date Fair Value of Stock Options under Option Pricing Method (Details) - Stock Options	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected stock price volatility	50.40%	43.70%
Risk-free interest rate	3.63%	4.41%
Expected annual dividend yield	0.00%	0.00%
Expected term (years)	5 years 6 months	5 years 11 months 26 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Net Loss Per Share - Schedule of Number of Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,078,776	17,619,379
Common Stock Options Outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,525,651	2,156,512
Convertible preferred stock (common stock equivalent)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		15,245,731
RSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	886,397
PSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	666,728	112,478
Series B Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		58,420
Series C Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		20,375
SVB Common Stock Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		25,863

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Transfers of Assets and Liabilities Between Levels of Fair Value Hierarchy

The Company did not have any transfers of assets and liabilities between the levels of the fair value hierarchy during the periods presented.


(in thousands)	Total Fair Value		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of March 31, 2026
Money market funds (1)	$	47,905	$	47,905	$	—	$	—
Certificates of deposit with original maturity of 3 months or less (1)		24,000		—		24,000		—
Certificates of deposit with original maturity greater than 3 months (2)		24,000		—		24,000		—
Total financial assets	$	95,905	$	47,905	$	48,000	$	—

As of December 31, 2025
Money market funds (1)	$	60,738	$	60,738	$	—	$	—
Certificates of deposit with original maturity of 3 months or less (1)		24,036		—		24,036		—
Certificates of deposit with original maturity greater than 3 months (2)		24,000		—		24,000		—
Total financial assets	$	108,774	$	60,738	$	48,036	$	—

(1)

Included as a component of “Cash and cash equivalents” on the accompanying Condensed Balance Sheets.

(2)

Included as a component of “Short-term investments” on the accompanying Condensed Balance Sheets.

Schedule of Components of Reported Inventory

The components of reported “inventory” are as follows:


(in thousands)	As of March 31, 2026		As of December 31, 2025
Finished goods	$	2,003	$	1,788
Work in process		60		57
Total	$	2,063	$	1,845

Summary of Changes in Fair Value of Warrant Liabilities

A summary of the changes in the total fair value of the warrant liabilities for the three months ended March 31, 2025, is as follows:


(in thousands)	Warrant Liabilities
Fair value as of December 31, 2024	$	457
Change in fair value of warrant liabilities		33
Fair value as of March 31, 2025	$	490

Common Stock - Summary of Common Stock Reserved for Future Issuance (Details)	Mar. 31, 2026 shares
Class of Stock [Line Items]
Total common stock reserved for future issuance	7,035,519
Common Stock Options Outstanding
Class of Stock [Line Items]
Total common stock reserved for future issuance	2,525,651
RSUs outstanding
Class of Stock [Line Items]
Total common stock reserved for future issuance	886,397
PSUs outstanding
Class of Stock [Line Items]
Total common stock reserved for future issuance	666,728
Shares Available for Future Issuance Under the 2025 Plan
Class of Stock [Line Items]
Total common stock reserved for future issuance	2,291,352
Shares Available for Future Issuance Under the 2025 Employee Stock Purchase Plan
Class of Stock [Line Items]
Total common stock reserved for future issuance	665,391

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Statement of Convertible Preferred Stock and Stockholders' Deficit (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Series C Convertible Preferred Stock
Net of issuance costs	$ 80

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Cash and Cash Equivalents

Restricted Cash

“Restricted cash” in the accompanying condensed balance sheets as of March 31, 2026 and December 31, 2025 represents cash held as collateral for the Company’s facility leases

Short-Term Investments

Accounts Receivable and Allowance for Credit Losses

Concentrations of Financial Instrument Credit Risk

Fair Value of Financial Instruments

•

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that are publicly accessible at the measurement date.

•

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.


(in thousands)	Total Fair Value		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of March 31, 2026
Money market funds (1)	$	47,905	$	47,905	$	—	$	—
Certificates of deposit with original maturity of 3 months or less (1)		24,000		—		24,000		—
Certificates of deposit with original maturity greater than 3 months (2)		24,000		—		24,000		—
Total financial assets	$	95,905	$	47,905	$	48,000	$	—

As of December 31, 2025
Money market funds (1)	$	60,738	$	60,738	$	—	$	—
Certificates of deposit with original maturity of 3 months or less (1)		24,036		—		24,036		—
Certificates of deposit with original maturity greater than 3 months (2)		24,000		—		24,000		—
Total financial assets	$	108,774	$	60,738	$	48,036	$	—

(1)

Included as a component of “Cash and cash equivalents” on the accompanying Condensed Balance Sheets.

(2)

Included as a component of “Short-term investments” on the accompanying Condensed Balance Sheets.

Inventory

The components of reported “inventory” are as follows:


(in thousands)	As of March 31, 2026		As of December 31, 2025
Finished goods	$	2,003	$	1,788
Work in process		60		57
Total	$	2,063	$	1,845

Warrant Liabilities


(in thousands)	Warrant Liabilities
Fair value as of December 31, 2024	$	457
Change in fair value of warrant liabilities		33
Fair value as of March 31, 2025	$	490

Comprehensive Loss

Recent Accounting Pronouncements

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Common Stock - Summary of Common Stock Reserved for Future Issuance (Parenthetical) (Details) - Performance Stock Units	3 Months Ended
	Mar. 31, 2026
Class of Stock [Line Items]
Percentage of shares issued	200.00%
Maximum
Class of Stock [Line Items]
Percentage of shares issued	200.00%
Minimum
Class of Stock [Line Items]
Percentage of shares issued	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 16,116	$ 10,189
Cost of sales	3,691	2,553
Gross profit	12,425	7,636
Operating expenses:
Research and development	5,178	3,150
Sales and marketing	10,297	6,739
General and administrative	6,226	3,466
Total operating expenses	21,701	13,355
Loss from operations	(9,276)	(5,719)
Other income (expense):
Interest expense	(311)	(357)
Interest income	891	380
Change in fair value of warrant liabilities	0	(33)
Total other income (expense), net	580	(10)
Net loss	(8,696)	(5,729)
Net loss and comprehensive loss	(8,696)	(5,729)
Deemed dividend to preferred stockholders		(584)
Net loss attributable to common stockholders	$ (8,696)	$ (6,313)
Net loss per share attributable to common stockholders, basic	$ (0.32)	$ (1.47)
Net loss per share attributable to common stockholders, diluted	$ (0.32)	$ (1.47)
Weighted-average number of common shares used to compute basic net loss per share	26,835,841	4,299,492
Weighted-average number of common shares used to compute diluted net loss per share	26,835,841	4,299,492

Segment Reporting - Schedule of Operating Financial Results of Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information, Profit (Loss) [Abstract]
Revenue	$ 16,116	$ 10,189
Less:
Cost of sales	3,691	2,553
Selling expenses	7,885	5,014
Marketing expenses	1,490	932
Product and software development costs	3,076	1,480
Clinical, medical, and regulatory expenses	1,347	1,021
Other segment expenses	7,903	4,908
Interest expense	311	357
Interest income	(891)	(380)
Change in fair value of warrant liabilities	0	33
Net loss	$ (8,696)	$ (5,729)