10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________________________

FORM 10-Q

__________________________________________________________________

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

or

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File Number: 001-40545

__________________________________________________________________

CVRx, Inc.

(Exact name of registrant as specified in its charter)

__________________________________________________________________

Delaware	41-1983744
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

9201 West Broadway Avenue

Suite 650

Minneapolis, MN 55445

(Address of Principal Executive Offices)

(763) 416-2840

(Registrant’s telephone number)

__________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	CVRX	The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   x    No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   x    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	x	Emerging growth company	x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   o    No  x

As of July 30, 2026, there were 26,641,597 shares of the registrant’s common stock, par value $0.01 per share outstanding.

TABLE OF CONTENTS

		Page
Part I	Financial Information
Item 1.	Financial Statements	5
	Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 (Unaudited)	5
	Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2026 and 2025 (Unaudited)	6
	Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2026 and 2025 (Unaudited)	7
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (Unaudited)	8
	Notes to Condensed Consolidated Financial Statements (Unaudited)	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	30
Part II	Other Information
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 3.	Defaults Upon Senior Securities	31
Item 4.	Mine Safety Disclosures	31
Item 5.	Other Information	31
Item 6.	Exhibits	32
Exhibit Index
Signatures

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CVRx, Inc.

Quarterly Report on Form 10-Q

For the quarterly period ended June 30, 2026

Cautionary Note on Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q are forward-looking statements, including statements regarding our future results of operations and financial position, business strategy, financial results and financial position, clinical trial results, prospective products, product approvals, research and development costs, timing and likelihood of success, and the plans and objectives of management for future operations.

In some cases, you can identify forward-looking statements by terms such as ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘anticipate,’’ ‘‘could,’’ ‘‘intend,’’ ‘‘target,’’ ‘‘project,’’ ‘‘contemplate,’’ ‘‘believe,’’ ‘‘estimate,’’ ‘‘predict,’’ ‘‘potential’’ or ‘‘continue’’ or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of known and unknown risks, uncertainties and assumptions, including, but not limited to, the important factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, which are summarized below. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.

You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

Summary Risk Factors

Our business is subject to numerous risks and uncertainties, including those described in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as updated in Part II, Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q. You should carefully consider these risks and uncertainties when investing in our common stock. The principal risks and uncertainties affecting our business include, but are not limited to, the following:

•we have a history of significant losses, which we expect to continue, and we may not be able to achieve or sustain profitability;

•our principal stockholders, management, and directors (one of whom is affiliated with one of our principal stockholders) own a significant percentage of our stock and will be able to exert significant control over matters subject to stockholder approval;

•we have a limited history operating as a commercial company and are highly dependent on a single product, Barostim, and the failure to increase market acceptance in the U.S. for Barostim would negatively impact our business, liquidity, and results of operations;

•we have limited commercial sales experience marketing and selling Barostim, and if we are unable to continue to maintain and grow sales and marketing capabilities, we will be unable to generate sustained and increasing product revenue;

•we must continue to demonstrate to physicians and patients the merits of Barostim;

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•if third-party payers do not provide adequate coverage and reimbursement for the use of Barostim, our revenue will be negatively impacted;

•our industry is highly competitive; if our competitors, many of which are large, well-established companies with substantially greater resources than us and have a long history of competing in the heart failure market, are better able to develop and market products that are safer, more effective, less costly, easier to use, or otherwise more attractive than Barostim, our business will be adversely impacted;

•if we fail to receive access to hospitals, our sales may decrease;

•we are dependent upon third-party manufacturers and suppliers, and in some cases a limited number of suppliers, making us vulnerable to supply shortages, loss or degradation in performance of the suppliers, price fluctuations, and ongoing supply chain disruptions, which could harm our business;

•manufacturing risks may adversely affect our ability to manufacture our product and could reduce our gross margin and profitability;

•our clinical studies may not produce results necessary to support regulatory clearance or approval, and could produce negative or inconclusive results;

•a pandemic, epidemic or outbreak of an infectious disease in the U.S. or worldwide could adversely affect our business;

•we may face product liability claims that could be costly, divert management’s attention and harm our reputation;

•we may in the future become involved in lawsuits to protect or enforce our intellectual property or defend ourselves against intellectual property disputes, which could be expensive, time consuming and ultimately unsuccessful, and could result in the diversion of significant resources, thereby hindering our ability to effectively commercialize our existing or future products;

•if we fail to retain our key executives or recruit and hire new employees, our operations and financial results may be adversely affected while we attract other highly qualified personnel; and

•we will continue to obtain long-term clinical data regarding the safety and effectiveness of our products, which could impact future adoption and regulatory approvals.

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PART I —FINANCIAL INFORMATION

Item 1. Financial Statements

CVRx, INC.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

(Unaudited)

	June 30, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	64,586	$	75,708
Accounts receivable, net of allowances of $869 and $871, respectively	9,401		10,665
Inventory	13,028		12,205
Prepaid expenses and other current assets	2,473		3,069
Total current assets	89,488		101,647
Property and equipment, net	2,061		2,243
Operating lease right-of-use asset	708		878
Other non-current assets	26		26
Total assets	$	92,283	$	104,794
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	3,874	$	3,833
Accrued expenses	7,250		9,484
Total current liabilities	11,124		13,317
Long-term debt	58,571		49,514
Operating lease liability, non-current portion	448		638
Other long-term liabilities	2,187		2,001
Total liabilities	72,330		65,470
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock, $0.01 par value, 200,000,000 authorized as of June 30, 2026 and December 31, 2025; 26,641,597 and 26,311,607 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	266		263
Additional paid-in capital	637,707		629,916
Accumulated deficit	(617,816)		(590,652)
Accumulated other comprehensive loss	(204)		(203)
Total stockholders’ equity	19,953		39,324
Total liabilities and stockholders’ equity	$	92,283	$	104,794

The accompanying notes are an integral part of these condensed consolidated financial statements.

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CVRx, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share data)

(Unaudited)

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Revenue	$	15,705	$	13,589	$	30,474	$	25,937
Cost of goods sold	1,981		2,139		3,869		4,175
Gross profit	13,724		11,450		26,605		21,762
Operating expenses:
Research and development	3,130		2,469		6,214		4,986
Selling, general and administrative	23,617		23,357		45,575		44,589
Total operating expenses	26,747		25,826		51,789		49,575
Loss from operations	(13,023)		(14,376)		(25,184)		(27,813)
Interest expense	(1,578)		(1,473)		(3,129)		(2,930)
Other income, net	560		1,110		1,153		2,233
Loss before income taxes	(14,041)		(14,739)		(27,160)		(28,510)
Benefit (provision) for income taxes	(3)		3		(4)		8
Net loss	(14,044)		(14,736)		(27,164)		(28,502)
Cumulative translation adjustment	—		3		—		3
Comprehensive loss	$	(14,044)	$	(14,733)	$	(27,164)	$	(28,499)
Net loss per share, basic and diluted	$	(0.53)	$	(0.57)	$	(1.03)	$	(1.10)
Weighted-average common shares used to compute net loss per share, basic and diluted	26,515,442		26,071,316		26,435,958		25,974,229

The accompanying notes are an integral part of these condensed consolidated financial statements.

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CVRx, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands, except share data)

(Unaudited)

	Common stock			Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive loss		Total stockholders’ equity
	Shares	Amount
Balances as of March 31, 2026	26,428,767	$	264	$	632,820	$	(603,772)	$	(203)	$	29,109
Exercise of stock options	6,381	—		35		—		—		35
Employee stock compensation	—	—		3,665		—		—		3,665
Proceeds from Employee Stock Purchase Plan	102,808	1		449		—		—		450
Vesting of restricted stock units	1,487	—		—		—		—		—
Issuance of common stock	102,154	1		738		—		—		739
Net loss for the three months ended June 30, 2026	—	—		—		(14,044)		—		(14,044)
Cumulative translation adjustment	—	—		—		—		(1)		(1)
Balances as of June 30, 2026	26,641,597	$	266	$	637,707	$	(617,816)	$	(204)	$	19,953
Balances as of March 31, 2025	26,051,992	$	261	$	620,416	$	(551,112)	$	(205)	$	69,360
Exercise of stock options	22,017	—		32		—		—		32
Proceeds from Employee Stock Purchase Plan	71,942	—		360		—		—		360
Employee stock compensation	—	—		2,916		—		—		2,916
Net loss for the three months ended June 30, 2025	—	—		—		(14,736)		—		(14,736)
Cumulative translation adjustment	—	—		—		—		2		2
Balances as of June 30, 2025	26,145,951	$	261	$	623,724	$	(565,848)	$	(203)	$	57,934

	Common stock			Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive loss		Total stockholders’ equity
	Shares	Amount
Balances as of December 31, 2025	26,311,607	$	263	$	629,916	$	(590,652)	$	(203)	$	39,324
Exercise of stock options	42,881	—		67		—		—		67
Proceeds from Employee Stock Purchase Plan	102,808	1		449		—		—		450
Employee stock compensation	—	—		6,581		—		—		6,581
Vesting of restricted stock units	82,147	1		(1)		—		—		—
Issuance of common stock	102,154	1		695		—		—		696
Net loss for the six months ended June 30, 2026	—	—		—		(27,164)		—		(27,164)
Cumulative translation adjustment	—	—		—		—		(1)		(1)
Balances as of June 30, 2026	26,641,597	$	266	$	637,707	$	(617,816)	$	(204)	$	19,953
Balances as of December 31, 2024	25,324,684	$	253	$	608,354	$	(537,346)	$	(206)	$	71,055
Exercise of stock options	205,863	2		447		—		—		449
Proceeds from Employee Stock Purchase Plan	71,942	—		360		—		—		360
Employee stock compensation	—	—		5,371		—		—		5,371
Issuance of common stock	543,462	6		9,192		—		—		9,198
Net loss for the six months ended June 30, 2025	—	—		—		(28,502)		—		(28,502)
Cumulative translation adjustment	—	—		—		—		3		3
Balances as of June 30, 2025	26,145,951	$	261	$	623,724	$	(565,848)	$	(203)	$	57,934

The accompanying notes are an integral part of these condensed consolidated financial statements.

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CVRx, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Six months ended June 30,
	2026		2025
Cash flows from operating activities:
Net loss	$	(27,164)	$	(28,502)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	6,581		5,371
Depreciation of property and equipment	414		377
Loss on disposal of equipment	1		—
Amortization of deferred financing costs and loan discount	167		119
Changes in operating assets and liabilities:
Accounts receivable	1,264		2,115
Inventory	(823)		387
Prepaid expenses and other current assets	596		271
Accounts payable	41		450
Accrued expenses	(2,067)		(1,291)
Net cash used in operating activities	(20,990)		(20,703)
Cash flows from investing activities:
Purchase of property and equipment	(234)		(217)
Net cash used in investing activities	(234)		(217)
Cash flows from financing activities:
Proceeds from the exercise of common stock options	68		449
Proceeds from Employee Stock Purchase Plan	449		360
Proceeds from the issuance of common stock	696		9,198
Proceeds from debt financing	10,000		—
Debt financing costs	(1,110)		—
Net cash provided by financing activities	10,103		10,007
Effect of currency exchange on cash and cash equivalents	(1)		5
Net change in cash and cash equivalents	(11,122)		(10,908)
Cash and cash equivalents at beginning of period	75,708		105,933
Cash and cash equivalents at end of period	$	64,586	$	95,025
Supplemental Information:
Cash paid for interest	$	2,715	$	2,537
Cash paid for income taxes	$	—	$	—

The accompanying notes are an integral part of these condensed consolidated financial statements.

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CVRx, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1.  Business organization

CVRx, Inc. (the “Company”) was incorporated in Delaware and is headquartered in Minneapolis, Minnesota. The Company has developed and is marketing a medical device, Barostim, for heart failure (“HF”) and resistant hypertension. The Company is focused on the sale of its product in the U.S. and Europe.

Management expects that operating losses and negative cash flows from operations could continue in the foreseeable future. There is no assurance that the Company will generate sufficient product sales to produce positive earnings or cash flows.

2.  Summary of significant accounting policies

Statement presentation and basis of consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) applicable to interim financial statements. In the Company’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the Company’s statements of financial position, results of operations, and cash flows for the periods presented. The results of operations for the interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole or any other future period.

The condensed consolidated financial statements include the accounts of CVRx, Inc. and its wholly owned subsidiary, CVRx Switzerland LLC. All intercompany balances and transactions have been eliminated in consolidation.

JOBS Act accounting election

We are an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, we have elected to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies.

Use of estimates

Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Cash and cash equivalents

Cash and cash equivalents include highly liquid investments with an original maturity of three months or less. As of June 30, 2026 and December 31, 2025, cash equivalents consisted of money market funds, which are stated at cost and approximate fair value. Additionally, as of June 30, 2026 and December 31, 2025, a majority of our cash and cash equivalents were maintained with two financial institutions in the U.S., and our current deposits were in excess of insured limits.

Accounts Receivable

Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Customer credit terms are established prior to shipment with the standard generally being net 30 days. We evaluate the collectability of our accounts receivable based on known collection risks and historical experience. In circumstances where we are aware of a specific customer's inability to meet its financial obligations to us, we record a specific allowance

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for bad debts against amounts due to reduce the carrying amount of accounts receivable to the amount we reasonably believe will be collected.

Inventory

Inventory is stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. We regularly review inventory quantities based on actual loss experiences, projected future demand and remaining shelf life to record a provision for excess and obsolete inventory when appropriate.

Leases

Operating leases are included in operating lease right-of-use (“ROU”) asset, accrued expenses, and operating lease liability – non-current portion in our balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We used the incremental borrowing rate based on information readily available at the time of recognition to determine the present value of the lease payments. The determination of our incremental borrowing rate requires management judgment based on information available at lease commencement.

Revenue recognition

We sell our products primarily through a direct sales force and to a lesser extent through a combination of sales agents and independent distributors. Our revenue consists primarily of the sale of our Barostim, which consists of two implantable components: a pulse generator and a stimulation lead.

Under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services it transfers to the customer. We recognize net revenue on product sales, adjusted for any applicable estimates of variable consideration, when the customer obtains control of our product, which generally occurs at a point in time upon delivery based on the contractual shipping terms of a contract. Our contracts have a single performance obligation, and our payment terms with customers are generally between 30 and 90 days. Variable consideration related to certain customer rebates is estimated based on the amounts expected to be paid under the agreement with the customer.

Stock-Based Compensation

We recognize equity-based compensation expense for awards of equity instruments to employees and non-employees based on the grant date fair value of those awards in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 718, Compensation—Stock Compensation (“ASC 718”). ASC 718 requires all equity-based compensation awards to employees and non-employee directors, including grants of restricted shares and stock options, to be recognized as expense in the statements of operations and comprehensive loss based on their grant date fair values. We estimate the grant date fair value of stock options using the Black-Scholes option pricing model, and the fair value of restricted stock units (“RSUs”) and performance stock units (“PSUs”) are equal to the closing price of our common stock on the grant date. We account for forfeitures as they occur. We expense the fair value of our equity-based compensation awards granted to employees on a straight-line basis over the associated service period, which is generally the period in which the related services are received for stock options and RSUs, and the performance period and any additional service period based on the probability of achieving the performance objectives for PSUs.

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Recent accounting pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments require public business entities to provide enhanced disclosures related to the disaggregation of income statement expenses, including additional quantitative and qualitative information about the nature of expenses presented within relevant expense captions. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. We have not yet adopted ASU 2024-03 and are in the process of evaluating the impact of the guidance on our consolidated financial statements. While the amendments will require additional disclosures and may require changes to internal data aggregation and reporting processes, we do not expect adoption to have a material impact on its results of operations, financial position, or cash flows.

3.  Selected balance sheet information

Inventory consists of the following at:

(in thousands)	June 30, 2026		December 31, 2025
Raw material	$	9,366	$	8,628
Work-in-process	356		473
Finished goods	3,306		3,104
	$	13,028	$	12,205

Property and equipment, net consists of the following at:

(in thousands)	June 30, 2026		December 31, 2025
Office furniture and equipment	$	399	$	512
Lab equipment	2,679		3,533
Computer equipment and software	1,021		1,194
Leasehold improvements	827		827
Capital equipment in process	428		325
	5,354		6,391
Less: Accumulated depreciation and amortization	3,293		4,148
	$	2,061	$	2,243

Depreciation is determined using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the lease. Depreciation expense was $0.2 million for each of the three months ended June 30, 2026 and 2025, and $0.4 million for each of the six months ended June 30, 2026 and 2025, respectively.

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Accrued expenses consist of the following at:

(in thousands)	June 30, 2026		December 31, 2025
Bonuses	$	3,806	$	5,200
401(k) match	756		1,136
Accrued interest payable	463		403
Customer rebates	398		801
Operating lease liability, current portion	371		352
Paid time off	346		630
Clinical trial and other professional fees	188		116
Taxes	53		93
Other	869		753
	$	7,250	$	9,484

4. Debt

Innovatus Loan Agreement

On October 31, 2022, we entered into a Loan and Security Agreement (the “Loan Agreement”) with Innovatus Life Sciences Fund I, LP, as the collateral agent and a lender, allowing us to borrow, subject to our achievement of certain milestones, up to a total of $50.0 million in a series of term loans (collectively, the “Term Loans”). On January 9, 2026, we entered into an Amendment to our existing Loan Agreement. Pursuant to the Amendment, the term loans available were increased by $50.0 million, to an aggregate principal amount of up to $100.0 million, subject to our achievement of certain milestones, and the maturity date was extended to 2031. In connection with the Amendment, we borrowed an additional $10.0 million under the Loan Agreement. We had $60.0 million in outstanding Term Loans under the Loan Agreement as of June 30, 2026. The Term Loans require interest only payments through December 2029, followed by monthly principal and interest payments. A final payment of $2.7 million, equal to 4.5% of the original borrowed principal amount, is due in May 2031. The Term Loans bear interest at a floating rate per annum equal to the sum of (a) the greater of (i) the prime rate and (ii) 6.75%; plus (b) 2.65%, which margin will decrease to 2% after we achieve a positive adjusted EBITDA for two consecutive quarters. The Term Loans are secured by substantially all of our personal property. A performance covenant took effect upon the third tranche funding, requiring that we achieve 50% of the trailing twelve months revenue target set in the Board-approved revenue plan in effect for such period. The Loan Agreement requires the payment of certain penalties if the Term Loans are paid off prior to maturity for any reason, including pursuant to an acceleration clause, and includes various restrictive covenants, including a restriction on the payment of dividends or making other distributions or payments on our capital stock, subject to limited exceptions. We were in compliance with these covenants as of June 30, 2026.

In connection with the Loan Agreement, we recorded $2.2 million of debt issuance costs and discounts as a reduction of long-term debt.

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The annual principal maturities of debt under the Loan Agreement are as follows:

(in thousands)	June 30, 2026
2026	$	—
2027	—
2028	—
2029	—
2030	41,250
Thereafter	18,750
	60,000
Less: Unamortized debt costs and discounts	(1,429)
Long-term debt	$	58,571

5.  Leases

We lease 35,183 square feet of office space in Minneapolis, Minnesota, which houses our principal executive offices and our manufacturing facility. We lease this space under an operating lease agreement that commenced December 1, 2008 and was scheduled to expire August 31, 2024. On April 21, 2023, we extended the operating lease for our office space in Minneapolis, Minnesota for an additional 49 consecutive months through August 31, 2028. On November 7, 2023, we expanded our existing office space with the addition of 7,615 square feet of property adjacent to our principal executive offices and our manufacturing facility. On May 20, 2025, we further increased our office space by leasing an additional 3,678 square feet of the contiguous property. The term on this expanded property is for 40 consecutive months, which will run concurrently with the term on the existing lease. We intend to add new facilities as we grow, and we believe that suitable additional or substitute space will be available as needed to accommodate any such expansion of our operations. Our operating lease agreement includes an option to renew for one additional period of three years. The exercise of the lease renewal option is at our sole discretion and was not included in the lease term for the calculation of the ROU asset and lease liability, as it is not reasonably certain of exercise.

In addition to base rent, we also pay our proportionate share of operating expenses, as defined in the lease. These payments are made monthly and are adjusted annually to reflect actual charges incurred for operating expenses, such as common area maintenance, taxes, and insurance.

The following table presents the lease balances within the condensed consolidated balance sheets:

(in thousands)	June 30, 2026		December 31, 2025
Right-of-use assets:
Operating lease right-of-use asset	$	708	$	878
Operating lease liabilities:
Accrued expenses	371		352
Operating lease liability, non-current portion	448		638
Total operating lease liabilities	$	819	$	990

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Maturities of our lease liability for our operating lease are as follows as of June 30, 2026:

(in thousands)	June 30, 2026
2026	$	207
2027	424
2028	253
Total undiscounted lease payments	884
Less: imputed interest	(65)
Present value of lease liability	$	819

As of June 30, 2026, the remaining lease term was 2.2 years, and the weighted average discount rate was 7.1%. The operating cash outflows from our operating lease were $0.3 million for each of the six months ended June 30, 2026 and 2025.

6.  Stockholders’ equity

Common Stock Warrants

We had common stock warrants exercisable for 47,408 shares of common stock upon conversion at a weighted average exercise price of $12.66 per share outstanding and 102,718 shares of common stock upon conversion at a weighted average exercise price of $12.66 per share outstanding at June 30, 2026 and December 31, 2025, respectively.

At-the-Market (“ATM”) Offering

We issued 543,462 shares of common stock for gross proceeds of $9.5 million under the ATM offering during the year ended December 31, 2025. On November 4, 2025, we and the agent mutually agreed to terminate the Equity Distribution Agreement for the ATM, effective on November 6, 2025.

On January 12, 2026, we entered into an Open Market Sale AgreementSM (the “Sale Agreement”) with Jefferies LLC, as agent. Pursuant to the terms of the Sale Agreement, we may offer and sell, from time to time at our sole discretion, shares of common stock having an aggregate offering price up to $50.0 million in an ATM offering, to or through the agent. We issued 102,154 shares of common stock for gross proceeds of $0.8 million under the ATM offering during the six months ended June 30, 2026. We have remaining capacity to issue and sell up to approximately $49.2 million of additional shares of common stock under this ATM offering.

7.  Stock-based compensation

Summary of plans and activity

In June 2001, our Board of Directors and stockholders established the 2001 Stock Incentive Award Plan (“2001 Plan”). Under the 2001 Plan, as amended, 2,674,749 shares of common stock had been reserved for the issuance of incentive stock options granted to employees, non-employee directors, consultants, or independent contractors. Options granted under the 2001 Plan have vesting terms that range from the date of grant to four years and expire within a maximum term of 10 years from the grant date.

In 2021, our Board of Directors and stockholders established the 2021 Equity Incentive Plan (“2021 Plan”). The number of shares of common stock initially reserved for issuance under the 2021 Plan was 1,854,490 newly reserved shares in addition to the 600,737 shares that remained available for issuance under the 2001 Plan. The shares available for issuance under the 2021 Plan automatically increase on the first day of each year, commencing January 1, 2022, and ending on (and including) January 1, 2031, in an amount equal to 5% of the total number of shares of our common stock outstanding on the last day of the calendar month before the date of each automatic increase, or such lesser number of shares as determined by the Board of Directors. The annual increase resulted in an additional 1,315,580 shares being reserved for issuance under the 2021 Plan as of January 1, 2026. The 2021 Plan provides for the issuance of stock options, stock appreciation rights,

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restricted stock awards, stock unit awards and other stock-based awards and cash incentive awards to employees, consultants and non-employee directors of the Company and its subsidiaries. Awards granted under the 2021 Plan will have such vesting schedules and other terms as determined by the Compensation Committee and stock options and stock appreciation rights have a maximum term of 10 years from the grant date. No further awards can be granted under the 2001 Plan following the adoption of the 2021 Plan.

As of June 30, 2026, there were 463,119 shares available for future issuance under the 2021 Plan, based on awards outstanding and reserved at target levels for PSUs. In connection with the PSUs granted during 2026, we evaluated the number of shares that could be issued assuming maximum achievement of the applicable performance conditions. If PSUs are reserved at the maximum payout level, the number of shares subject to outstanding awards could exceed the shares available under the plan as of June 30, 2026. We expect that we will have sufficient shares available for issuance under the 2021 Plan to satisfy these awards as a result of future automatic annual increases pursuant to the terms of the plan prior to the end of the performance period.

Stock Options

Options are granted at exercise prices not less than the fair market value of our common stock on the date of grant. Prior to our initial public offering (the “IPO”), the fair market value of our common stock was determined by our Board of Directors, and following our IPO, the fair market value of our common stock is based on the closing price of our common stock on the date of grant.

During the years 2008 through the IPO, the Board of Directors authorized the grant of stock options for the purchase of shares of common stock to the employers of certain non-employee directors. The options were not granted under the 2001 Plan or the 2021 Plan, but terms are substantially the same as our standard form of option agreement for non-employee directors as they have an exercise price not less than the fair market value on the grant date and vest over 48 months from the date of grant.

The following is a summary of stock option activity:

	Number of Options	Weighted Average Exercise Price		Aggregate Intrinsic Value
				(in thousands)
Balance as of December 31, 2025	5,834,448	$	11.96	$	2,459
Granted	1,217,444	7.83
Cancelled / Forfeited	(241,342)	13.63
Exercised	(42,881)	1.58
Balance as of June 30, 2026	6,767,669	$	11.23	$	620
Options exercisable as of June 30, 2026	4,181,115	$	11.48	$	620

As of June 30, 2026, stock options outstanding included 4,363 options that were not granted under the 2001 Plan or the 2021 Plan. For options outstanding as of June 30, 2026, the weighted average remaining contractual life was 6.8 years. For options exercisable as of June 30, 2026, the weighted average remaining contractual life was 5.5 years. As of June 30, 2026, unrecognized compensation expense related to unvested stock-based compensation arrangements for stock options was $20.1 million. As of June 30, 2026, the related weighted average period over which the expense is expected to be recognized is approximately 2.7 years.

Restricted Stock Units

RSUs are share awards that entitle the holder to receive freely tradable shares of our common stock upon vesting. The RSUs cannot be transferred and the awards are subject to forfeiture if the holder’s service terminates prior to vesting other than for death, disability, or other qualifying terminations.

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The following is a summary of RSU activity:

	Number of RSUs	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
				(in thousands)
Unvested Balance as of December 31, 2025	383,268	$	12.11	$	2,721
Granted	743,430	7.76
Vested	(82,147)	12.84
Cancelled / Forfeited	(22,020)	10.28
Unvested Balance as of June 30, 2026	1,022,531	$	8.92	$	5,256

The aggregate intrinsic value of unvested RSUs is based on our closing stock price on the last trading day of the period. 82,147 RSUs were vested as of June 30, 2026. As of June 30, 2026, the unrecognized compensation expense related to unvested stock-based compensation arrangements for RSUs was $8.3 million. As of June 30, 2026, the related weighted average period over which the expense is expected to be recognized is approximately 3.3 years.

Performance Stock Units

We grant PSUs to officers and key employees. The number of PSUs that will ultimately be earned is based on our performance relative to pre-established performance goals for the respective performance period. The expense is recorded on a straight-line basis over the requisite performance and service periods based on an estimate of the number of PSUs expected to vest. Management expectations related to the achievement of the performance goals associated with PSU grants are assessed each reporting period. The number of PSUs earned at the end of the performance period ranges from 0% to 200% of the number of PSU’s granted. The PSUs cannot be transferred and the awards are subject to forfeiture if the holder’s service terminates prior to vesting other than for death, disability, or other qualifying terminations.

If the performance conditions are not met or not expected to be met, any compensation expense recognized associated with the grant will be reversed.

The following is a summary of PSU activity:

	Number of PSUs	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
				(in thousands)
Unvested Balance as of December 31, 2025	—	$	—	$	—
Granted	602,000	8.16
Vested	—	—
Cancelled / Forfeited	—	—
Unvested Balance as of June 30, 2026	602,000	$	8.16	$	3,094

The aggregate intrinsic value of unvested PSUs is based on our closing stock price on the last trading day of the period. As of June 30, 2026, there was $4.2 million of unrecognized stock-based compensation expense related to outstanding PSUs that is expected to be recognized over a weighted-average period of 2.0 years.

Employee Stock Purchase Plan

Our Board of Directors and stockholders also established an Employee Stock Purchase Plan (the “ESPP”). The number of shares of common stock initially reserved for issuance under the ESPP was 278,170. The shares available for issuance under the ESPP automatically increase on the first day of each year, commencing January 1, 2022, and ending on (and including) January 1, 2031, in an amount equal to 1% of the total number of shares of our common stock outstanding on the last day of the calendar month before the date of each automatic increase, or such lesser number of shares as determined by the Board of Directors. No annual

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increase was made to the shares reserved for issuance under the ESPP as of January 1, 2026. The ESPP permits certain of our U.S. employees to purchase shares of our common stock at a price per share not less than 85% of the lower of (i) the closing market price per share of our common stock on the first day of the applicable purchase period or (ii) the closing market price per share of our common stock on the purchase date at the end of the applicable six-month purchase period. For the six months ended June 30, 2026, 102,808 shares of common stock were purchased under the ESPP for $0.5 million of employee contributions. As of June 30, 2026, there were 634,588 shares available for issuance under the ESPP.

Stock-based compensation expense

We use the Black-Scholes option pricing model to determine the fair value of stock options and ESPP purchase rights on the grant date. The fair values of RSUs and PSUs are determined based on the closing stock price of our common stock on the grant date. We measure stock-based compensation expense based on the grant date fair value of the award and recognize compensation expense over the requisite service period, which is generally the vesting period for stock options, RSUs, and PSUs, and the offering period for ESPP purchase rights. The amount of stock-based compensation expense recognized for stock option, RSU, and PSU awards during a period is based on the portion of the awards that are ultimately expected to vest. The amount of stock-based compensation expense recognized for ESPP purchase rights during a period is based on the estimated purchase rights as of the grant date. We account for forfeitures as they occur.

The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes option pricing model for the six months ended June 30, 2026 and 2025:

	June 30,
	2026			2025
Weighted average fair value of options granted	$	6.28		$	9.52
Expected term (in years) — non-officer employees	5.5 to 6.1			5.5 to 6.1
Expected term (in years) — officer employees	6.1			6.1
Expected volatility	98.2% to 99.1%			95.0% to 103.1%
Expected dividend yield	—		%	—		%
Risk-free interest rate	3.72% to 4.32%			3.93% to 4.47%

The following table provides the weighted average fair value of ESPP purchase rights and the related assumptions used in the Black-Scholes option pricing model for the six months ended June 30, 2026 and 2025:

	June 30,
	2026			2025
Weighted average fair value per ESPP purchase right	$	1.63		$	2.83
Expected term (in years)	0.5			0.5
Expected volatility	61.1%			112.3%
Expected dividend yield	—		%	—		%
Risk-free interest rate	3.58%			4.25%

We review these assumptions on a periodic basis and adjust them, as necessary. We utilize the simplified method to develop the estimate of the expected term for stock option awards and ESPP purchase rights. The expected volatility is based upon our historical stock price. The expected dividend yield is assumed to be zero, as we have never paid dividends and have no current plans to do so. The risk-free interest rate is based on the yield on U.S. Treasury securities for a period approximating the expected term of the options being valued.

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The following table presents the components and classification of stock-based compensation expense for the periods indicated:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2026		2025		2026		2025
Options	$	2,430	$	2,596	$	4,662	$	4,810
RSUs	617		265		1,011		357
PSUs	548		—		740		—
Employee Stock Purchase Plan	68		55		168		204
Total stock-based compensation expense	$	3,663	$	2,916	$	6,581	$	5,371
Selling, general & administrative	$	3,273	$	2,610	$	5,849	$	4,865
Research & development	353		270		662		435
Cost of goods sold	37		36		70		71
	$	3,663	$	2,916	$	6,581	$	5,371

8.  Income taxes

As of June 30, 2026 and December 31, 2025, a valuation allowance was recorded against all deferred tax assets due to our cumulative net loss position. Provision for income taxes for the three months ended June 30, 2026 was $3,000 and benefit for income taxes for the three months ended June 30, 2025 was $3,000. Provision for income taxes for the six months ended June 30, 2026 was $4,000 and benefit for income taxes for the six months ended June 30, 2025 was $8,000.

As of December 31, 2025, we had federal and state net operating loss carryforwards (“NOLs”) of approximately $483.7 million and $9.7 million, respectively. The federal NOLs began expiring in 2021 and the state NOLs began expiring in 2020. As of December 31, 2025, we had federal and state tax credit carryforwards of approximately $10.3 million and $1.9 million, respectively. The federal tax credit carryforwards began expiring in 2021 and the state tax credits will begin expiring in 2028.

Utilization of NOLs may be subject to an annual limitation due to the ownership change limitations provided by Section 382 of the Internal Revenue Code of 1986, as amended, and similar state provisions. We have not performed a detailed analysis to determine whether an ownership change has occurred. Such a change of ownership would limit our utilization of the NOLs and could be triggered by subsequent sales of securities by us or our stockholders.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant tax-related provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions, including the capitalization of certain R&D costs. The legislation has multiple effective dates, with certain provisions effective in 2026 and others implemented through 2028. The impacts of the OBBBA were taken into account in our provision for income taxes for fiscal year 2025. Because a valuation allowance has been recorded against all deferred tax assets, the impacts of the OBBBA were not material to our consolidated financial statements or related disclosures.

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9. Loss Per Share

Basic and diluted net loss per share attributable to common stockholders was calculated for the periods indicated (in thousands, except share and per share data):

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss	$	(14,044)	$	(14,736)	$	(27,164)	$	(28,502)
Denominator:
Weighted average common shares outstanding — basic and diluted	26,515,442		26,071,316		26,435,958		25,974,229
Net loss per share attributable to common stockholders — basic and diluted	$	(0.53)	$	(0.57)	$	(1.03)	$	(1.10)

Our potentially dilutive securities, which include stock options, RSUs, PSUs, and warrants to purchase shares of common stock, have been excluded from the computation of diluted net loss per share attributable to common stockholders, as the effect would be to reduce the net loss per share attributable to common stockholders. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. We excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:

	Six months ended June 30,
	2026	2025
Options	6,767,669	6,025,124
RSUs	1,022,531	335,658
PSUs	602,000	—
Warrants	47,408	103,349
	8,439,608	6,464,131

10. Commitments and contingencies

From time to time, we may have certain contingent liabilities that arise in the ordinary course of business. We accrue a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. There have been no contingent liabilities requiring accrual or disclosure as of June 30, 2026 or December 31, 2025.

On May 14, 2026, we received a civil investigative demand (“CID”) from the U.S. Department of Justice in connection with an investigation under the False Claims Act. The CID requested information and documents regarding an investigation into whether we caused the submission of false claims to government health insurance programs by improperly marketing our device, offering or paying kickbacks to healthcare providers or providing false information to government health insurance programs. We are cooperating with the investigation and are in the process of responding to the CID. We cannot predict the eventual scope, duration or outcome of this matter at this time and are unable to estimate the possibility of, or amount or range of, any possible financial loss related to this matter.

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11. Employee benefit plans

We sponsor a voluntary defined-contribution employee retirement plan (the “401(k) plan”) for our U.S. employees. The 401(k) plan provides that each participant may contribute pre-tax or post-tax compensation up to the statutory limit allowable. Under the 401(k) plan, each participant is fully vested in his or her deferred salary contributions when contributed. Beginning January 1, 2024, we adopted a policy to match a portion of employee contributions for all qualified employees participating in the 401(k) plan. We recorded an expense for matching contributions of $0.4 million for the three months ended June 30, 2026 and $0.3 million for the three months ended 2025. We recorded an expense for matching contributions of $0.8 million and $0.6 million for the six months ended June 30, 2026 and 2025.

12. Segment, geographic information, and revenue disaggregation

We have determined that we have a single reportable and operating segment structure. We have one business activity and there are no segment managers who are held accountable for operations, operating results, or plans for levels or components below the consolidated unit level. Our chief operating decision maker is our Chief Executive Officer. Our Chief Executive Officer evaluates performance based primarily on revenue in the geographic locations in which we operate and consolidated net loss. The Chief Executive Officer reviews financial information presented on a consolidated basis, including consolidated net loss, accompanied by information about revenue by geographic region, for purposes of allocating resources and evaluating financial performance. Further, the financial information on expenses provided to the Chief Executive Officer is presented on a consolidated basis, as reported in the condensed consolidated statements of operations and comprehensive loss in this Quarterly Report on Form 10-Q.

We derive all our revenues from sales to customers in Europe and the U.S. The following table provides revenue by country for each location accounting for more than 10% of the total revenue for the periods indicated (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
U.S.	$	14,775	$	12,243	$	28,425	$	23,444
Other countries	930		1,346		2,049		2,493
	$	15,705	$	13,589	$	30,474	$	25,937

As of June 30, 2026 and December 31, 2025, substantially all our long-lived assets were located in the U.S.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

We are a commercial-stage medical device company focused on developing, manufacturing, and commercializing innovative and minimally invasive neuromodulation solutions for patients with cardiovascular disease. Our proprietary platform technology, Barostim, is designed to leverage the power of the brain and nervous system to address the imbalance of the Autonomic Nervous System, which causes HF with reduced Ejection Fraction (“HFrEF”) and other cardiovascular diseases. Our second-generation product, Barostim, is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with HFrEF. Barostim provides Baroreflex Activation Therapy by sending imperceptible and persistent electrical pulses to baroreceptors located in the wall of the carotid artery to signal the brain to modulate cardiovascular function. Barostim is currently indicated by the U.S. Food and Drug Administration (“FDA”) for patients who are NYHA Class III or II (who had a recent history of Class III) despite treatment with guideline-directed medical therapies (medications and devices), have a LVEF ≤ 35% and a NT-proBNP < 1,600 pg/ml and is CE Marked for HFrEF and resistant hypertension.

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Since our inception, our activities have consisted primarily of developing Barostim Therapy, conducting our BeAT-HF pre-market and post-market pivotal studies in the U.S., and filing for regulatory approvals. Our ability to generate significant revenue from product sales and become profitable will depend on our ability to continue to successfully commercialize Barostim and any product enhancements we may advance in the future. We expect to derive future revenue by continuing to both expand our own dedicated salesforce and increase awareness of Barostim among payers, physicians, and patients.

Our sales and marketing efforts are directed at electrophysiologists, HF specialists, interventional and general cardiologists, and vascular surgeons because they are the primary users of our technology. However, we consider hospitals, where the procedures are performed primarily in an outpatient setting, to be our customers, as they are the purchasing entities of Barostim in the U.S. We intend to continue making significant investments building our U.S. commercial infrastructure by expanding and training our U.S. sales force. We have dedicated significant resources to educate physicians and advanced practice providers who treat HFrEF about the advantages of Barostim and train them on the implant procedure.

The costs for the device and implantation procedure are reimbursed through various third-party payers, such as government agencies and commercial payers. In the U.S., we estimate that 67% of our target patient population is Medicare-eligible based on the age demographic of the HFrEF patient population indicated for Barostim. As a result, we have prioritized coverage by the Centers for Medicare and Medicaid Services while simultaneously developing processes to engage commercial payers. All Medicare Administrative Contractors have retired their official automatic coverage denial policies for our Current Procedural Terminology ("CPT") codes, thereby allowing hospitals to submit payment requests for the Barostim procedure to be adjudicated on a claim-by-claim basis. Our reimbursement strategy involves continuing to broaden our current coverage and build our in-house market access team to obtain appropriate prior authorization approvals in advance of treatment on a case-by-case basis where positive coverage policies currently do not exist. Outside the U.S., reimbursement levels vary by country and within some countries by region. Barostim is eligible for reimbursement in certain countries in the European Economic Area, such as Germany, where annual healthcare budgets for the hospital generally determine the number of patients to be treated and the prices to be paid for the related devices that may be purchased.

We manage all aspects of manufacturing operations and product supply of Barostim, which include final assembly, testing and packaging of our implantable pulse generator (“IPG”) and stimulation lead, at our headquarters in Minneapolis, Minnesota. We utilize components or various subassemblies manufactured by third-party suppliers, some of which have significant lead times. Many of these components are from a limited number of suppliers. We believe that our component manufacturers are recognized in their field for their competency to manufacture the respective portions of Barostim and have quality systems established that meet FDA requirements. We seek to maintain higher levels of inventory to protect ourselves from supply interruptions and continue to seek to broaden and strengthen our supply chain through additional sourcing channels.

On October 31, 2022, we entered into the Loan Agreement allowing borrowing, subject to our achievement of certain milestones, up to a total of $50.0 million in a series of Term Loans described in Note 4 to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. On January 9, 2026, we entered into an Amendment to our existing Loan Agreement. Pursuant to the Amendment, the term loans available were increased by $50.0 million, to an aggregate principal amount of up to $100.0 million, subject to our achievement of certain milestones, and the maturity date was extended to 2031. In connection with the Amendment, we borrowed an additional $10.0 million under the Loan Agreement. We had $60.0 million in outstanding Term Loans under the Loan Agreement as of June 30, 2026.

As a result of the planned investments to fund our commercialization efforts, we expect to continue to incur net losses for the next several years, which may require additional funding and could include future equity and debt financing.

Recent Developments

Humana, a national health insurance company with the second largest Medicare Advantage program in the U.S., announced that it issued a Medicare Advantage coverage policy for Barostim therapy, effective May 1, 2026. The new policy covers Barostim for patients meeting its current FDA-approved indication as well as

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patients enrolled in the BENEFIT-HF trial, the landmark heart failure study evaluating Barostim in a significantly expanded patient population initiated earlier this year.

In July 2026, the Centers for Medicare & Medicaid Services, as part of the proposed rule for the 2027 Outpatient Prospective Payment System, proposed to retain the Barostim implant procedure under New Technology Ambulatory Payment Classification 1580, with an associated outpatient payment rate of approximately $45,000. The final rule is expected to be issued in November and take effect January 1, 2027.

We expect a lower rate of year-over-year revenue growth in the second half of fiscal 2026 than we experienced in the first half of fiscal 2026. This outlook is driven by fewer sales territories than anticipated, lower sales force productivity and a prolonged challenge with one of the largest payers. We are taking direct action to address these headwinds, including continuing to improve our hiring process, investing in onboarding and training and creating multiple field-based reimbursement and business management roles, funded through a reallocation of resources. We also continue to appeal prior authorization denials to advocate on behalf of patients. We continue to see strong growth in our most stable regions, while at the same time we continue to advance our BENEFIT-HF trial and our broader clinical and reimbursement strategies.

Factors affecting our performance

We believe there are several important factors that have impacted and that we expect will continue to impact our business and results of operations. These factors include:

•Growing and supporting our U.S. commercial organization;

•Promoting awareness among physicians, hospitals, and patients to accelerate adoption of Barostim;

•Continuing to develop and disseminate clinical evidence supporting the benefits of Barostim;

•Raising awareness among payers to build upon reimbursement for Barostim;

•Investing in research and development to foster innovation; and

•Leveraging our manufacturing capacity to further improve our gross margins.

Components of results of operations

Revenue

Our U.S. sales have steadily increased since the pre-market approval of Barostim by the FDA in August 2019, and the subsequent reimbursement changes. We expect to continue to drive increases in revenue through our efforts to increase awareness of Barostim among physicians, patients and payers, and by the expansion of our U.S. sales force, as well as by seeking expanded labeling for Barostim. As a result, we expect that U.S. sales will continue to account for the majority of our revenue going forward.

We derive a portion of our revenue from the sale of Barostim to hospitals in Germany and other select countries in Europe. Revenue from sales of Barostim in Europe fluctuates based on the average selling price of Barostim as determined by location of sale and channel mix, each of which may vary significantly from country to country. Our revenue from international sales can also be significantly impacted by fluctuations in foreign currency exchange rates.

Cost of goods sold and gross margin

Cost of goods sold consists primarily of acquisition costs of the components and subassemblies of Barostim, allocated manufacturing overhead and scrap and inventory obsolescence, as well as distribution-related expenses such as logistics and shipping costs. We expect cost of goods sold to increase in absolute dollars primarily as, and to the extent, our revenue grows. Gross margin may also vary based on regional differences in rebates and incentives negotiated with certain customers.

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We calculate gross margin as revenue less cost of goods sold divided by revenue. Our gross margin has been and will continue to be affected by a variety of factors, but is primarily driven by the average sale price of our product, the percentage of products sold that include a full system (i.e., an IPG and a stimulation lead), as compared to individual IPG sales, and the allocated manufacturing overhead. Although we sell the majority of our devices directly to hospitals, the impact of the average selling price on gross margin is driven by the percentage of products we sold to distributors as compared to those sold directly to hospitals, as our average selling price is typically higher on products we sell directly. The full system sales typically have a lower gross margin as they include the cost of an IPG and a stimulation lead whereas individual IPG sales only include the cost of an IPG. The manufacturing overhead costs of Barostim are directly aligned to our production volume and therefore the cost per product is reduced if production levels increase. While we expect our gross margin to be positively affected over time to the extent we are successful in selling more product through our direct sales force and by increasing our production volumes, it will likely fluctuate from period to period as we continue to introduce new or modified products and adopt new manufacturing processes and technologies.

Research and development expenses

Research and development (“R&D”) expenses consist primarily of personnel costs, including salaries, bonuses, employee benefits and stock-based compensation expenses for our R&D employees. R&D expenses also include costs associated with product design efforts, development prototypes, testing, clinical trial programs and regulatory activities, contractors, consultants, equipment and software to support our development, facilities, and information technology. We expense R&D costs as they are incurred. We expect R&D expenses to increase in absolute dollars as we continue to develop enhancements to Barostim. Our R&D expenses may fluctuate from period to period due to the timing and extent of our product development and clinical trial expenses.

Selling, general and administrative expenses

Selling, general and administrative (“SG&A”) expenses consist primarily of personnel costs, including base salaries, bonuses, employee benefits and stock-based compensation expense for our sales and marketing personnel, including sales commissions, and for administrative personnel that support our general operations such as executive management, financial accounting, information technology and human resources personnel. SG&A expenses also include costs attributable to marketing, as well as travel, legal fees, financial audit fees, insurance, fees for other consulting services, depreciation, and facilities. We expense commissions at the time of the sale.

We expect SG&A expenses to increase in absolute dollars as we continue to expand our direct sales force and commercial organization in the U.S. In addition, we will continue to increase our international presence and to develop and assist our channel partners. However, we expect our SG&A expenses to decrease as a percentage of revenue as our revenue grows.

Interest expense

Interest expense consists of interest on our debt and amortization of associated financing costs.

Other income, net

Other income, net consists primarily of interest income on our interest-bearing accounts, partially offset by the effect of exchange rates on our foreign currency-denominated asset and liability balances.

Benefit (provision) for income taxes

Benefit (provision) for income taxes consists primarily of income taxes in foreign jurisdictions in which we conduct business. We maintain a full valuation allowance for deferred tax assets including NOL carryforwards, R&D credits, and other tax credits.

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Results of operations

Consolidated results of operations for the three months ended June 30, 2026, compared to the three months ended June 30, 2025

	Three months ended June 30,						Change
(unaudited and in thousands)	2026			2025			$		%
Revenue	$	15,705		$	13,589		$	2,116	16	%
Cost of goods sold	1,981			2,139			(158)		(7)	%
Gross profit	13,724			11,450			2,274		20	%
Gross margin	87		%	84		%
Operating expenses:
Research and development	3,130			2,469			661		27	%
Selling, general and administrative	23,617			23,357			260		1	%
Total operating expenses	26,747			25,826			921		4	%
Loss from operations	(13,023)			(14,376)			1,353		(9)	%
Interest expense	(1,578)			(1,473)			(105)		7	%
Other income, net	560			1,110			(550)		(50)	%
Loss before income taxes	(14,041)			(14,739)			698		(5)	%
Benefit (provision) for income taxes	(3)			3			(6)		(200)	%
Net loss	$	(14,044)		$	(14,736)		$	692	(5)	%

The following table provides revenue by geography:

	Three months ended June 30,				Change
(unaudited and in thousands)	2026		2025		$		%
United States	$	14,775	$	12,243	$	2,532	21	%
Europe	930		1,346		(416)		(31)	%
Total Revenue	$	15,705	$	13,589	$	2,116	16	%

Revenue was $15.7 million for the three months ended June 30, 2026, an increase of $2.1 million, or 16%, over the three months ended June 30, 2025.

Revenue generated in the U.S. was $14.8 million for the three months ended June 30, 2026, an increase of $2.5 million, or 21%, compared to the three months ended June 30, 2025. Revenue units in the U.S. totaled 466 and 391 for the three months ended June 30, 2026 and 2025, respectively. The increases were primarily driven by continued growth in the U.S. HF business as a result of the expansion into new sales territories, new accounts, and increased physician and patient awareness of Barostim.

As of June 30, 2026, we had a total of 258 active implanting centers in the U.S., as compared to 240 as of June 30, 2025. Active implanting centers are customers that have completed at least one commercial HF implant in the last 12 months. As of June 30, 2026, we had a total of 56 sales territories in the U.S. as compared to 47 sales territories as of June 30, 2025.

Revenue generated in Europe was $0.9 million for the three months ended June 30, 2026, a $0.4 million decrease, or 31%, compared to the three months ended June 30, 2025. Total revenue units in Europe decreased to 40 for the three months ended June 30, 2026, as compared to 61 in the prior year period. We had five sales territories in Europe as of June 30, 2026 and June 30, 2025.

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Cost of goods sold and gross margin

Cost of goods sold decreased $0.2 million, or 7%, to $2.0 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This decrease was driven by a lower cost per unit, primarily due to an increase in manufacturing efficiencies.

Gross profit was $13.7 million for the three months ended June 30, 2026, an increase of $2.3 million, or 20%, over the three months ended June 30, 2025. Gross margin increased to 87% for the three months ended June 30, 2026, compared to 84% for the three months ended June 30, 2025. Gross margin for the three months ended June 30, 2026 was higher due to an increase in the average selling price and a decrease in the cost per unit, primarily due to an increase in manufacturing efficiencies.

Research and development expenses

R&D expenses increased $0.7 million, or 27%, to $3.1 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This change was driven by a $0.6 million increase in headcount expenses and a $0.1 million increase in clinical trial expenses.

Selling, general and administrative expenses

SG&A expenses increased $0.3 million, or 1%, to $23.6 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This change was primarily driven by a $0.7 million increase in non-cash stock-based compensation expenses and a $0.5 million increase in legal expenses, partially offset by a $0.6 million decrease in advertising expenses and a $0.3 million decrease in travel expenses.

Interest expense

Interest expense increased $0.1 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This increase was driven by the interest expense on higher levels of borrowings under the Loan Agreement.

Other income, net

Other income, net decreased $0.6 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This decrease was driven by the interest income on lower balances of our interest-bearing accounts.

Benefit (provision) for income taxes

Benefit (provision) for income taxes was nominal for each of the three months ended June 30, 2026 and 2025.

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Consolidated results of operations for the six months ended June 30, 2026, compared to the six months ended June 30, 2025

	Six months ended June 30,						Change
(unaudited and in thousands)	2026			2025			$		%
Revenue	$	30,474		$	25,937		$	4,537	17	%
Cost of goods sold	3,869			4,175			(306)		(7)	%
Gross profit	26,605			21,762			4,843		22	%
Gross margin	87		%	84		%
Operating expenses:
Research and development	6,214			4,986			1,228		25	%
Selling, general and administrative	45,575			44,589			986		2	%
Total operating expenses	51,789			49,575			2,214		4	%
Loss from operations	(25,184)			(27,813)			2,629		(9)	%
Interest expense	(3,129)			(2,930)			(199)		7	%
Other income, net	1,153			2,233			(1,080)		(48)	%
Loss before income taxes	(27,160)			(28,510)			1,350		(5)	%
Benefit (provision) for income taxes	(4)			8			(12)		(150)	%
Net loss	$	(27,164)		$	(28,502)		$	1,338	(5)	%

The following table provides revenue by geography:

	Six months ended June 30,				Change
(unaudited and in thousands)	2026		2025		$		%
United States	$	28,425	$	23,444	$	4,981	21	%
Europe	2,049		2,493		(444)		(18)	%
Total Revenue	$	30,474	$	25,937	$	4,537	17	%

Revenue was $30.5 million for the six months ended June 30, 2026, an increase of $4.5 million, or 17%, over the six months ended June 30, 2025.

Revenue generated in the U.S. was $28.4 million for the six months ended June 30, 2026, an increase of $5.0 million, or 21%, compared to the six months ended June 30, 2025. Revenue units in the U.S. totaled 895 and 750 for the six months ended June 30, 2026 and 2025, respectively. The increases were primarily driven by continued growth in the U.S. HF business as a result of the expansion into new sales territories, new accounts, and increased physician and patient awareness of Barostim.

Revenue generated in Europe was $2.0 million for the six months ended June 30, 2026, a $0.4 million decrease, or 18%, compared to the six months ended June 30, 2025. Total revenue units in Europe decreased to 96 for the six months ended June 30, 2026, as compared to 120 in the prior year period.

Cost of goods sold and gross margin

Cost of goods sold decreased $0.3 million, or 7%, to $3.9 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. This decrease was driven by a lower cost per unit, primarily due to an increase in manufacturing efficiencies.

Gross profit was $26.6 million for the six months ended June 30, 2026, an increase of $4.8 million, or 22%, over the six months ended June 30, 2025. Gross margin increased to 87% for the six months ended June 30, 2026, compared to 84% for the six months ended June 30, 2025. Gross margin for the six months ended June 30,

26

2026 was higher due to an increase in the average selling price and a decrease in the cost per unit, primarily due to an increase in manufacturing efficiencies.

Research and development expenses

R&D expenses increased $1.2 million, or 25%, to $6.2 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. This change was driven by a $0.9 million increase in headcount expenses and a $0.4 million increase in consulting expense.

Selling, general and administrative expenses

SG&A expenses increased $1.0 million, or 2%, to $45.6 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. This change was primarily driven by a $1.0 million increase in non-cash stock-based compensation expense, a $0.9 million increase in headcount expense, and a $0.6 million increase in legal expenses, partially offset by a $0.9 million decrease in advertising expenses, a $0.3 million decrease in consulting expense, and a $0.3 million decrease in travel expenses.

Interest expense

Interest expense increased $0.2 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. This increase was driven by the interest expense on higher levels of borrowings under the Loan Agreement.

Other income, net

Other income, net decreased $1.1 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. This decrease was primarily driven by decreased interest income on our interest-bearing accounts.

Benefit (provision) for income taxes

Benefit (provision) for income taxes was nominal for each of the six months ended June 30, 2026 and 2025.

Liquidity, capital resources and plan of operations

We have incurred significant operating losses and negative cash flows from operations since our inception, and we anticipate that we will incur significant losses for at least the next several years. As of June 30, 2026 and December 31, 2025, we had cash and cash equivalents of $64.6 million and $75.7 million, respectively. For the three months ended June 30, 2026 and 2025, our net losses were $14.0 million and $14.7 million, respectively. For the six months ended June 30, 2026 and 2025, our net losses were $27.2 million and $28.5 million, respectively. Our net cash used in operating activities for the six months ended June 30, 2026 and 2025 was $21.0 million and $20.7 million, respectively.

On October 31, 2022, we entered into the Loan Agreement under which we were allowed to borrow, subject to our achievement of certain milestones, up to a total of $50.0 million in a series of Term Loans described in Note 4 to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. On January 9, 2026, we entered into an Amendment to our existing Loan Agreement. Pursuant to the Amendment, the term loans available were increased by $50.0 million, to an aggregate principal amount of up to $100.0 million, subject to our achievement of certain milestones. In connection with the Amendment, we borrowed an additional $10.0 million under the Loan Agreement. We had $60.0 million in outstanding Term Loans under the Loan Agreement as of June 30, 2026.

On November 4, 2022, we entered into an Equity Distribution Agreement with Piper Sandler & Co., as agent, under which we may offer and sell, from time to time at our sole discretion, shares of our common stock having an aggregate offering price of up to $50.0 million in an ATM offering, to or through the agent. We issued 543,462 shares of common stock for gross proceeds of $9.5 million during the year ended December 31, 2025. On November 4, 2025, we and the agent mutually agreed to terminate the Equity Distribution Agreement for the ATM, effective on November 6, 2025. On January 12, 2026, we entered into a Sale Agreement with Jefferies

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LLC, as agent. Pursuant to the terms of the Sale Agreement, we may offer and sell, from time to time at our sole discretion, shares of common stock having an aggregate offering price up to $50.0 million in an ATM offering, to or through the agent. We issued 102,154 shares of common stock for gross proceeds of $0.8 million during the six months ended June 30, 2026. We have remaining capacity to issue and sell up to approximately $49.2 million of additional shares of common stock under this ATM offering.

Our future liquidity and capital funding requirements will depend on numerous factors, including:

•our investment in our U.S. commercial infrastructure and sales forces;

•the degree and rate of market acceptance of Barostim and the ability for our customers to obtain appropriate levels of reimbursement;

•the costs of commercialization activities, including product sales, marketing, manufacturing, and distribution;

•our R&D activities for product enhancements and to expand our indications;

•the costs of filing, prosecuting, defending, and enforcing any patent claims and other intellectual property rights;

•our need to implement additional infrastructure and internal systems;

•our ability to hire additional personnel to support our operations as a public company; and

•the emergence of competing technologies or other adverse market developments.

We believe that our existing cash resources together with cash from operations will be sufficient to meet our forecasted requirements for operating liquidity, capital expenditures and debt services for more than eighteen months. If these sources are insufficient to meet our liquidity requirements, or to fund the execution or acceleration of our growth strategies, we may seek additional equity financing or enter into an additional loan agreement. If we raise additional funds by issuing equity securities, our stockholders would experience dilution. Additional debt financing, if available, may involve covenants further restricting our operations or our ability to incur additional debt. Any such debt financing or additional equity that we raise may contain terms that are not favorable to us or our stockholders.

Additional financing may not be available at all or may only be available in amounts or on terms that we do not deem to be favorable. If we are unable to obtain additional financing when needed to satisfy our liquidity requirements, we may be required to delay the commercialization and marketing of Barostim.

Cash flows

The following table sets forth the primary sources and uses of cash for each of the periods presented below:

	Six months ended June 30,
	(unaudited)
(in thousands)	2026		2025
Net cash (used in) provided by:
Operating activities	$	(20,990)	$	(20,703)
Investing activities	(234)		(217)
Financing activities	10,103		10,007
Effect of currency exchange on cash and cash equivalents	(1)		5
Net change in cash and cash equivalents	$	(11,122)	$	(10,908)

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Cash used in operating activities

Net cash used in operating activities for the six months ended June 30, 2026 was $21.0 million and consisted primarily of a net loss of $27.2 million, partially offset by a non-cash charge of $6.6 million related to stock-based compensation expense, and a change in net operating assets of $1.0 million. Net operating assets consisted primarily of accrued expenses, accounts receivable, inventory, prepaid expenses and other current assets, and accounts payable to support the growth of our operations.

Net cash used in operating activities for the six months ended June 30, 2025 was $20.7 million and consisted primarily of a net loss of $28.5 million, partially offset by a non-cash charge of $5.4 million related to stock-based compensation expense and a change in net operating assets of $1.9 million. Net operating assets consisted primarily of accounts receivable, accrued expenses, accounts payable, inventory, and prepaid expenses and other current assets to support the growth of our operations.

Cash used in investing activities:

Cash used in investing activities was $0.2 million for each of the six months ended June 30, 2026 and 2025, respectively, and consisted of purchases of property and equipment.

Cash provided by financing activities:

Net cash provided by financing activities for the six months ended June 30, 2026 was $10.1 million and consisted of $8.9 million related to net proceeds from the debt financing, $0.7 million related to proceeds from the issuance of common stock, $0.4 million related to proceeds from the ESPP, and $0.1 million related to proceeds from the exercise of common stock options.

Net cash provided by financing activities for the six months ended June 30, 2025 was $10.0 million and consisted of $9.2 million related to net proceeds from the issuance of common stock through the ATM offering, $0.4 million related to proceeds from the exercise of common stock options and $0.4 million related to proceeds from the ESPP.

Contractual obligations and commitments

There have been no material changes to our contractual obligations as of June 30, 2026, as compared to those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

Critical accounting policies and estimates

For a discussion of our potential risks and uncertainties, see the information in Part II, Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical accounting policies and estimates" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. We have reviewed and determined that those critical accounting policies and estimates remain our critical accounting policies and estimates as of and for the six months ended June 30, 2026.

JOBS Act accounting election

The JOBS Act permits an “emerging growth company” such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies. We have elected to use this extended transition period under the JOBS Act until the earlier of the date we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective dates for new or revised accounting standards that are applicable to public companies, which may make comparison of our financials to those of other public companies more difficult.

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Recent accounting pronouncements

A discussion of recent accounting pronouncements is included in Note 2 to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest rate risk

The risk associated with fluctuating interest rates is primarily limited to our cash equivalents and debt issued under the Loan Agreement, which are carried at quoted market prices and the prime rate, respectively. We do not currently use or plan to use financial derivatives in our investment portfolio.

Foreign currency exchange rate risk

Portions of our revenue and operating expenses that are incurred outside the U.S. are denominated in foreign currencies and subject to fluctuations due to changes in foreign currency exchange rates, particularly changes in the Euro. Additionally, fluctuations in foreign currency exchange rates may cause us to recognize transaction gains and losses in our condensed consolidated statements of operations and comprehensive loss. To date, realized gains and losses from foreign currency transactions have not been material to our condensed consolidated financial statements, and we have not engaged in any foreign currency hedging transactions. As our international operations grow, we will continue to reassess our approach to managing the risks relating to fluctuations in currency rates.

Inflation risk

Inflationary factors, such as increases in our cost of goods sold and operating expenses, may adversely affect our operating results. Although we do not believe that inflation has had a material impact on our financial position or results of operations to date, a high rate of inflation in the future may have an adverse effect on our ability to maintain and increase our gross margin and selling and marketing and operating expenses as a percentage of our revenue if the selling prices of our products do not increase as much as or more than these increased costs.

Credit risk

As of June 30, 2026 and December 31, 2025, our cash and cash equivalents were maintained with financial institutions which we believe have sufficient assets and liquidity to conduct their operations in the ordinary course of business with little or no credit risk to us; however, our cash balances were in excess of insured limits.

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures

The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, refers to controls and other procedures that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and our management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our management, with the participation of our chief executive officer and our chief financial officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, our chief executive officer and our chief financial officer concluded that our disclosure

30

controls and procedures were effective, at the reasonable assurance level, as of the end of the period covered by this Quarterly Report on Form 10-Q.

Changes in internal control over financial reporting

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended June 30, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. The information included in Note 10 to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q is incorporated by reference into this Item 1.

Item 1A. Risk Factors

For a discussion of our potential risks and uncertainties, see the information in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Adoption, Modification or Termination of Rule 10b5-1 Plans and Certain Other Trading Arrangements

During the three months ended June 30, 2026, none of our directors or officers adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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Item 6. Exhibits

EXHIBIT INDEX

Exhibit No.	Description
3.1	Restated Certificate of Incorporation of CVRx, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on June 7, 2024)
3.2	Amended and Restated By-Laws of CVRx, Inc. (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on July 7, 2021)
10.1†	Form of Stock Option Agreement (Non-Employee Directors) pursuant to 2021 Equity Incentive Plan commencing 2026
10.2†	Form of Restricted Stock Unit Agreement (Non-Employee Directors) pursuant to 2021 Equity Incentive Plan
10.3	Employment Transition Agreement between the Company and Jared Oasheim dated June 8, 2026 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 9, 2026)
31.1†	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2†	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1†	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2†	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS†	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH†	Inline XBRL Taxonomy Extension Schema Document
101.CAL†	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF†	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB†	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE†	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104†	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

________________________________________________

†Filed herewith.

32

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto, duly authorized.

Date: August 6, 2026

CVRX, INC.
By:	/s/ Kevin Hykes
Name:	Kevin Hykes
Title:	President and Chief Executive Officer
	(Principal Executive Officer)
By:	/s/ Jared Oasheim
Name:	Jared Oasheim
Title:	Chief Financial Officer
	(Principal Financial and Accounting Officer)

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EX-10.1

Exhibit 10.1

CVRx, Inc.

Non-Qualified Stock Option Agreement

Under the 2021 Equity Incentive Plan

    CVRx, Inc. (the “Company”), pursuant to its 2021 Equity Incentive Plan (the “Plan”), hereby grants an Option to purchase shares of the Company’s common stock to you, the Participant named below. The terms and conditions of the Option Award are set forth in this Agreement, consisting of this cover page and the Option Terms and Conditions on the following pages, and in the Plan document, a copy of which has been provided to you. Any capitalized term that is not defined in this Agreement shall have the meaning set forth in the Plan as it currently exists or as it is amended in the future.

Name of Participant:    [_______________________]
No. of Shares Covered:    [_______]		Grant Date:        __________, 20__
Exercise Price Per Share:    $[______]		Expiration Date:    __________, 20__
Vesting and Exercise Schedule:
Dates	Portion of Shares as to Which Option Becomes Vested and Exercisable

By evidencing your acceptance of this Agreement in a manner approved by the Company, you agree to all of the terms and conditions contained in this Agreement and in the Plan document. You acknowledge that you have received and reviewed these documents and that they set forth the entire agreement between you and the Company regarding your right to purchase shares of the Company’s common stock pursuant to this Option.

CVRx, Inc.:

By: Kevin Hykes

Title: President & Chief Executive Officer

CVRx, Inc.

2021 Equity Incentive Plan

Non-Qualified Stock Option Agreement

Option Terms and Conditions

1.Non-Qualified Stock Option. This Option is not intended to be an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code and will be interpreted accordingly.

2.Vesting and Exercisability of Option.

(a)    Scheduled Vesting. This Option will vest and become exercisable as to the number of Shares and on the dates specified in the Vesting and Exercise Schedule on the cover page to this Agreement, so long as your Service to the Company does not end.

(b)    Accelerated Vesting. Notwithstanding Section 2(a), (i) this Option will vest and become exercisable in full upon a termination of your Service as a result of your death or Disability and shall remain exercisable for the period specified in Section 6(e) of the Plan, and (ii) if and to the extent this Option is continued, assumed or replaced in connection with a Change in Control, and if your Service terminates as a result of such Change in Control, then this Option (or any replacement award) shall immediately vest and become exercisable in full and shall remain exercisable for one year following your termination of Service. In addition, vesting and exercisability of this Option may be accelerated during the term of the Option under the circumstances described in Sections 12(b) and 12(c) of the Plan, and at the discretion of the Committee in accordance with Section 3(b)(2) of the Plan.

3.Expiration. Notwithstanding Section 6(e) of the Plan, this Option will expire and will no longer be exercisable at 5:00 p.m. Central Time on the earliest of:

(a)The expiration date specified on the cover page of this Agreement;

(b)Your removal as a director ‘for cause’ pursuant to the Company’s Certificate of Incorporation, as the same may be amended from time to time;

(c)The three (3)-year anniversary of your termination of Service for any reason other than as set forth in subsection (b); or

(d)    The date (if any) fixed for termination or cancellation of this Option pursuant to Section 12 of the Plan.

4.    Service Requirement. Except as otherwise provided in Sections 2 or 3 of this Agreement, this Option may be exercised only while you continue to provide Service to the Company or any Affiliate, and only if you have continuously provided such Service since the Grant Date of this Option.

5.Exercise of Option. Subject to Section 4, the vested and exercisable portion of this Option may be exercised in whole or in part at any time during the Option term by giving notice to Company via E*Trade using the method designated by the Company, and by providing for payment of the exercise price of the Shares being acquired and any related withholding taxes (if applicable). The election to exercise must include the number of Shares to be purchased, the method of payment of the aggregate exercise price and the directions for the delivery of

the Shares to be acquired. If you are not the person exercising the Option, the person submitting the notice also must submit appropriate proof of his/her right to exercise the Option.

6.    Payment of Exercise Price. When you submit your notice of exercise, you must include payment of the exercise price of the Shares being purchased through one or a combination of the following methods:

(a)Cash (including personal check, cashier’s check or money order);

(b)By means of a broker-assisted cashless exercise in which you irrevocably instruct your broker to deliver proceeds of a sale of all or a portion of the Shares to be issued pursuant to the exercise to the Company in payment of the exercise price of such Shares; or

(c)By delivery to the Company of Shares (by actual delivery or attestation of ownership in a form approved by the Company) already owned by you that are not subject to any security interest and that have an aggregate Fair Market Value on the date of exercise equal to the exercise price of the Shares being purchased; or

(d)By authorizing the Company to retain, from the total number of Shares as to which the Option is being exercised, that number of Shares having a Fair Market Value on the date of exercise equal to the exercise price for the total number of Shares as to which the Option is being exercised.

    However, if the Committee determines, in any given circumstance, that payment of the exercise price with Shares or by authorizing the Company to retain Shares is undesirable for any reason, you will not be permitted to pay any portion of the exercise price in that manner.

7.    Taxes. In the event that the Company is required to withhold for federal, state or local taxes in connection with the exercise of the Option, you hereby authorize the Company (or any Affiliate) to withhold from any amounts otherwise payable to you any sums required to satisfy such withholding tax obligations, and otherwise agree to satisfy such obligations in accordance with the provisions of the Plan. Unless otherwise determined by the Committee, you may satisfy such withholding tax obligations by delivering Shares you already own, or by having the Company retain a portion of the Shares being acquired upon exercise of the Option, provided you notify the Company in advance of any exercise of your desire to pay withholding taxes in this manner. Delivery of Shares upon exercise of the Option is subject to the satisfaction of applicable withholding obligations, if any.

8.Delivery of Shares. As soon as practicable after the Company receives the notice of exercise and payment of the exercise price as provided above, and has determined that all other conditions to exercise, including satisfaction of withholding tax obligations and compliance with applicable laws as provided in Section 16(c) of the Plan, have been satisfied, it shall deliver to the person exercising the Option, in the name of such person, the Shares being purchased, as evidenced by issuance of a stock certificate or certificates, electronic delivery of such Shares to a brokerage account designated by such person, or book-entry registration of such Shares with the Company’s transfer agent. The Company shall pay any original issue or transfer taxes with respect to the issue or transfer of the Shares and all fees and expenses incurred by it in connection therewith. All Shares so issued shall be fully paid and nonassessable.

9.    Transfer of Option. During your lifetime, only you (or your guardian or legal representative in the event of legal incapacity) may exercise this Option except in the case of a transfer described below. You may not assign or transfer this Option except (i) for a transfer upon your death in accordance with your will, by the laws of descent and distribution or pursuant to a beneficiary designation submitted in accordance with Section 6(d) of the Plan, (ii) pursuant to a domestic relations order, or (iii) with the prior written approval of the Company, by gift to a ”family member” as the term is defined under General Instruction A(5) to Form S-8 under the Securities Act. The Option held by any such transferee will continue to be subject to the same terms and conditions that were applicable to the Option immediately prior to its transfer and may be exercised by such transferee as and to the extent that the Option has become exercisable and has not terminated in accordance with the provisions of the Plan and this Agreement.

10.    No Stockholder Rights Before Exercise. Neither you nor any permitted transferee of this Option will have any of the rights of a stockholder of the Company with respect to any Shares subject to this Option until a certificate evidencing such Shares has been issued, electronic delivery of such Shares has been made to your designated brokerage account, or an appropriate book entry in the Company's stock register has been made. No adjustments shall be made for dividends or other rights if the applicable record date occurs before your stock certificate has been issued, electronic delivery of your Shares has been made to your designated brokerage account, or an appropriate book entry in the Company's stock register has been made, except as otherwise described in the Plan.

11.    Governing Plan Document. This Agreement and Option are subject to all the provisions of the Plan, and to all interpretations, rules and regulations which may, from time to time, be adopted and promulgated by the Committee pursuant to the Plan. If there is any conflict between the provisions of this Agreement and the Plan, the provisions of the Plan will govern.

12.    Choice of Law. This Agreement will be interpreted and enforced under the laws of the state of Delaware (without regard to its conflicts or choice of law principles).

13.    Binding Effect. This Agreement will be binding in all respects on your heirs, representatives, successors and assigns, and on the successors and assigns of the Company.

14.    Other Agreements. You agree that in connection with the exercise of this Option, you will execute such documents as may be necessary to become a party to any stockholder, voting or similar agreements as the Company may require.

15.    Restrictive Legends. The Company may place a legend or legends on any certificate representing Shares issued upon the exercise of this Option summarizing transfer and other restrictions to which the Shares may be subject under applicable securities laws, other provisions of this Agreement, or other agreements contemplated by Section 14 of this Agreement. You agree that in order to ensure compliance with the restrictions referred to in this Agreement, the Company may issue appropriate “stop transfer” instructions to its transfer agent.

16.    Electronic Delivery and Acceptance. The Company may deliver any documents related to this Option Award by electronic means and request your acceptance of this Agreement by electronic means. You hereby consent to receive all applicable documentation by electronic delivery and to participate in the Plan through an on-line (and/or voice activated) system

established and maintained by the Company or the Company’s third-party stock plan administrator.

By accepting this Agreement in a manner approved by the Company, you agree to all the terms and conditions described above and in the Plan document.

EX-10.2

Exhibit 10.2

CVRx, Inc.

Restricted Stock Unit Agreement

2021 EQUITY INCENTIVE PLAN

    CVRx, Inc. (the “Company”), pursuant to its 2021 Equity Incentive Plan (the “Plan”), hereby grants an Award of Restricted Stock Units (“RSUs”) to you, the Participant named below. The terms and conditions of this Award are set forth in this Restricted Stock Unit Agreement (the “Agreement”), consisting of this cover page and the Terms and Conditions on the following pages, and in the Plan document, a copy of which has been provided to you. Any capitalized term that is used but not defined in this Agreement shall have the meaning assigned to it in the Plan as it currently exists or as it is amended in the future.

Name of Participant:    [_______________________]
Number of Restricted Stock Units: [_______]		Grant Date:        __________, 202_
Vesting Schedule:
Scheduled Vesting Date The earlier of the next annual stockholders’ meeting following the Grant Date or the one (1) year anniversary of the Grant Date	Restricted Stock Units that Vest 100%

By evidencing your acceptance of this Agreement in a manner approved by the Company, you agree to all of the terms and conditions contained in this Agreement and in the Plan document. You acknowledge that you have received and reviewed these documents and that they set forth the entire agreement between you and the Company regarding this Award of Restricted Stock Units.

CVRx, Inc.:

By: Kevin Hykes

Title: President & Chief Executive Officer

CVRx, Inc.

2021 Equity Incentive Plan

Restricted Stock Unit Agreement

Terms and Conditions

1.Grant of Restricted Stock Units. Each RSU represents the right to receive one Share of the Company’s common stock.

2.    Restrictions Applicable to RSUs. Neither this Award nor the RSUs subject to this Award may be sold, assigned, transferred, exchanged or encumbered, voluntarily or involuntarily, other than (i) a transfer upon your death in accordance with your will, by the laws of descent and distribution or pursuant to a beneficiary designation submitted in accordance with Section 6(d) of the Plan, (ii) pursuant to a domestic relations order, or (iii) with the prior written approval of the Company, by gift to a ”family member” as the term is defined under General Instruction A(5) to Form S-8 under the Securities Act of 1933, as amended. Following any such transfer, this Award shall continue to be subject to the same terms and conditions that were applicable to this Award immediately prior to its transfer. Any attempted transfer in violation of this Section 2 shall be void and without effect. The RSUs and your right to receive Shares in settlement of the RSUs under this Agreement shall be subject to forfeiture as provided in Section 5 until satisfaction of the vesting conditions set forth in Section 4.

3.    No Stockholder Rights. The RSUs subject to this Award do not entitle you to any rights of a holder of the Company’s common stock. You will not have any of the rights of a stockholder of the Company in connection with the grant of RSUs subject to this Agreement unless and until Shares are issued to you upon settlement of the RSUs as provided in Section 6.

4.    Vesting of RSUs. For purposes of this Agreement, “Vesting Date” means any date, including the Scheduled Vesting Date specified in the Vesting Schedule on the cover page of this Agreement, on which RSUs subject to this Agreement vest as provided in this Section 4.

(a)Scheduled Vesting. If you remain a Service Provider continuously from the Grant Date specified on the cover page of this Agreement, then the RSUs will vest in the amounts and on the Scheduled Vesting Date specified in the Vesting Schedule.

(b)Accelerated Vesting. Notwithstanding Section 4(a), the vesting of outstanding RSUs will be accelerated or continued under the circumstances provided below:

(1)Death or Disability. If your Service terminates prior to the Scheduled Vesting Date due to your death or Disability, then all of your unvested RSUs shall vest in full as of such termination date.

(2)Change in Control. All unvested RSUs shall vest in full upon the occurrence of a Change in Control that occurs while you continue to be a Service Provider.

(3)Other. Vesting of the RSUs may be accelerated at the discretion of the Committee in accordance with Section 3(b)(2) of the Plan.

5.    Effect of Termination of Service. Except as otherwise provided in accordance with Section 4(b) above, if you cease to be a Service Provider prior to the Scheduled Vesting Date, you will forfeit all unvested RSUs.

6.    Settlement of RSUs. Provided that the Company has determined that all other conditions to your receipt of Shares, including compliance with applicable laws as provided in Section 16(c) of the Plan, have been satisfied, the Company shall cause to be issued and delivered to you (or to your personal representative or your designated beneficiary or estate in the event of your death, as applicable) one Share in payment and settlement of each RSU which has vested pursuant to Section 4, as soon as practicable after the earlier of (i) the date of your termination of Service, or (ii) the consummation of a Change in Control, but no later than the 15th day of the third calendar month following the date of the earlier of the termination of Service or Change in Control. Delivery of the Shares shall be evidenced by issuance of a stock certificate or certificates, electronic delivery of such Shares to a brokerage account designated by you, or book-entry registration of such Shares with the Company’s transfer agent, and shall be in complete satisfaction and settlement of such vested RSUs. The Company will pay any original issue or transfer taxes with respect to the issue and transfer of Shares to you pursuant to this Agreement, and all fees and expenses incurred by it in connection therewith. If the RSUs that vest include a fractional RSU, the Company shall round the number of vested RSUs to the nearest whole RSU prior to issuance of Shares as provided herein.

7.    Dividends and Dividend Equivalents. The RSUs do not provide any dividends or dividend equivalents.

8.    No Right to Continued Service. This Agreement does not give you a right to continued Service with the Company or any Affiliate, and the Company or any such Affiliate may terminate your Service at any time and otherwise deal with you without regard to the effect it may have upon you under this Agreement.

9.    Governing Plan Document. This Agreement and the RSUs are subject to all the provisions of the Plan, and to all interpretations, rules and regulations which may, from time to time, be adopted and promulgated by the Committee pursuant to the Plan. If there is any conflict between the provisions of this Agreement and the Plan, the provisions of the Plan will govern.

10.    Choice of Law.  This Agreement will be interpreted and enforced under the laws of the state of Delaware (without regard to its conflicts or choice of law principles).

11.    Severability. The provisions of this Agreement shall be severable and if any provision of this Agreement is found by any court to be unenforceable, in whole or in part, the remainder of this Agreement shall nevertheless be enforceable and binding on the parties. You also agree that any trier of fact may modify any invalid, overbroad or unenforceable provision of this Agreement so that such provision, as modified, is valid and enforceable under applicable law.

12.    Binding Effect. This Agreement will be binding in all respects on your heirs, representatives, successors and assigns, and on the successors and assigns of the Company.

13.    Section 409A of the Code. The Award of RSUs as provided in this Agreement and any issuance of Shares or payment pursuant to this Agreement are intended to comply with Code Section 409A, and this Award shall be administered and interpreted in accordance with this intent. For purposes of this Agreement, (i) a “termination of Service” shall mean your “separation from service” as such term is

defined for purposes of Code Section 409A, and (ii) no Change in Control shall occur upon an event described in Section 2(f) of the Plan unless the event would also constitute a change in ownership or effective control of, or a change in the ownership of a substantial portion of the assets of, the Company under Code Section 409A.

14.    Electronic Delivery and Acceptance. The Company may deliver any documents related to this Award by electronic means and request your acceptance of this Agreement by electronic means. You hereby consent to receive all applicable documentation by electronic delivery and to participate in the Plan through an on-line (and/or voice activated) system established and maintained by the Company or the Company’s third-party stock plan administrator.

By accepting this Agreement in a manner approved by the Company, you agree to all the terms and conditions described above and in the Plan document.

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Kevin Hykes, certify that:

1.I have reviewed this quarterly report on Form 10-Q of CVRx, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2026

By:	/s/ Kevin Hykes
Name:	Kevin Hykes
Title:	President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Jared Oasheim, certify that:

1.I have reviewed this quarterly report on Form 10-Q of CVRx, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2026

By:	/s/ Jared Oasheim
Name:	Jared Oasheim
Title:	Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification of CEO Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of CVRx, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2026 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, I, the undersigned, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

(1)The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 6, 2026

By:	/s/ Kevin Hykes
Name:	Kevin Hykes
Title:	President and Chief Executive Officer

EX-32.2

Exhibit 32.2

Certification of CFO Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of CVRx, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2026 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, I, the undersigned, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

(1)The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 6, 2026

By:	/s/ Jared Oasheim
Name:	Jared Oasheim
Title:	Chief Financial Officer

XML

Cover Page - shares	6 Months Ended
	Jun. 30, 2026	Jul. 30, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-40545
Entity Registrant Name	CVRx, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-1983744
Entity Address, Address Line One	9201 West Broadway Avenue
Entity Address, Address Line Two	Suite 650
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55445
City Area Code	763
Local Phone Number	416-2840
Title of 12(b) Security	Common stock,
Trading Symbol	CVRX
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	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,641,597
Entity Central Index Key	0001235912
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 64,586	$ 75,708
Accounts receivable, net of allowances of $869 and $871, respectively	9,401	10,665
Inventory	13,028	12,205
Prepaid expenses and other current assets	2,473	3,069
Total current assets	89,488	101,647
Property and equipment, net	2,061	2,243
Operating lease right-of-use asset	708	878
Other non-current assets	26	26
Total assets	92,283	104,794
Current liabilities:
Accounts payable	3,874	3,833
Accrued expenses	7,250	9,484
Total current liabilities	11,124	13,317
Long-term debt	58,571	49,514
Operating lease liability, non-current portion	448	638
Other long-term liabilities	2,187	2,001
Total liabilities	72,330	65,470
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock value	266	263
Additional paid-in capital	637,707	629,916
Accumulated deficit	(617,816)	(590,652)
Accumulated other comprehensive loss	(204)	(203)
Total stockholders’ equity	19,953	39,324
Total liabilities and stockholders’ equity	$ 92,283	$ 104,794

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Allowance for accounts receivable, net	$ 869	$ 871
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	26,641,597	26,311,607
Common stock, shares outstanding (in shares)	26,641,597	26,311,607

XML

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Revenue	$ 15,705,000	$ 13,589,000	$ 30,474,000	$ 25,937,000
Cost of goods sold	1,981,000	2,139,000	3,869,000	4,175,000
Gross profit	13,724,000	11,450,000	26,605,000	21,762,000
Operating expenses:
Research and development	3,130,000	2,469,000	6,214,000	4,986,000
Selling, general and administrative	23,617,000	23,357,000	45,575,000	44,589,000
Total operating expenses	26,747,000	25,826,000	51,789,000	49,575,000
Loss from operations	(13,023,000)	(14,376,000)	(25,184,000)	(27,813,000)
Interest expense	(1,578,000)	(1,473,000)	(3,129,000)	(2,930,000)
Other income, net	560,000	1,110,000	1,153,000	2,233,000
Loss before income taxes	(14,041,000)	(14,739,000)	(27,160,000)	(28,510,000)
Benefit (provision) for income taxes	(3,000)	3,000	(4,000)	8,000
Net loss	(14,044,000)	(14,736,000)	(27,164,000)	(28,502,000)
Cumulative translation adjustment	0	3,000	0	3,000
Comprehensive loss	$ (14,044,000)	$ (14,733,000)	$ (27,164,000)	$ (28,499,000)
Net loss per share, basic (in dollars per share)	$ (0.53)	$ (0.57)	$ (1.03)	$ (1.10)
Net loss per share, diluted (in dollars per share)	$ (0.53)	$ (0.57)	$ (1.03)	$ (1.10)
Weighted-average common shares used to compute net loss per share, basic (in shares)	26,515,442	26,071,316	26,435,958	25,974,229
Weighted-average common shares used to compute net loss per share, diluted (in shares)	26,515,442	26,071,316	26,435,958	25,974,229

XML

Condensed Consolidated Statements of Stockholders' Equity - USD ($)	Total	Common stock	Additional paid-in capital	Accumulated deficit	Accumulated and other comprehensive loss
Balances, beginning of period (in shares) at Dec. 31, 2024		25,324,684
Balance at beginning of period at Dec. 31, 2024	$ 71,055,000	$ 253,000	$ 608,354,000	$ (537,346,000)	$ (206,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		205,863
Exercise of stock options	449,000	$ 2,000	447,000
Proceeds from Employee Stock Purchase Plan (shares)		71,942
Proceeds from Employee Stock Purchase Plan	360,000		360,000
Employee stock compensation	5,371,000		5,371,000
Issuance of common stock (in shares)		543,462
Issuance of common stock	9,198,000	$ 6,000	9,192,000
Net loss	(28,502,000)			(28,502,000)
Cumulative translation adjustment	3,000				3,000
Balance at end of period (in shares) at Jun. 30, 2025		26,145,951
Balance at end of period at Jun. 30, 2025	57,934,000	$ 261,000	623,724,000	(565,848,000)	(203,000)
Balances, beginning of period (in shares) at Mar. 31, 2025		26,051,992
Balance at beginning of period at Mar. 31, 2025	69,360,000	$ 261,000	620,416,000	(551,112,000)	(205,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		22,017
Exercise of stock options	32,000		32,000
Proceeds from Employee Stock Purchase Plan (shares)		71,942
Proceeds from Employee Stock Purchase Plan	360,000		360,000
Employee stock compensation	2,916,000		2,916,000
Net loss	(14,736,000)			(14,736,000)
Cumulative translation adjustment	2,000				2,000
Balance at end of period (in shares) at Jun. 30, 2025		26,145,951
Balance at end of period at Jun. 30, 2025	57,934,000	$ 261,000	623,724,000	(565,848,000)	(203,000)
Balances, beginning of period (in shares) at Dec. 31, 2025		26,311,607
Balance at beginning of period at Dec. 31, 2025	$ 39,324,000	$ 263,000	629,916,000	(590,652,000)	(203,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	42,881	42,881
Exercise of stock options	$ 67,000		67,000
Proceeds from Employee Stock Purchase Plan (shares)		102,808
Proceeds from Employee Stock Purchase Plan	450,000	$ 1,000	449,000
Employee stock compensation	6,581,000		6,581,000
Vesting of restricted stock units (in shares)		82,147
Vesting of restricted stock units	0	$ 1,000	(1,000)
Issuance of common stock (in shares)		102,154
Issuance of common stock	696,000	$ 1,000	695,000
Net loss	(27,164,000)			(27,164,000)
Cumulative translation adjustment	(1,000)				(1,000)
Balance at end of period (in shares) at Jun. 30, 2026		26,641,597
Balance at end of period at Jun. 30, 2026	19,953,000	$ 266,000	637,707,000	(617,816,000)	(204,000)
Balances, beginning of period (in shares) at Mar. 31, 2026		26,428,767
Balance at beginning of period at Mar. 31, 2026	29,109,000	$ 264,000	632,820,000	(603,772,000)	(203,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		6,381
Exercise of stock options	35,000		35,000
Proceeds from Employee Stock Purchase Plan (shares)		102,808
Proceeds from Employee Stock Purchase Plan	450,000	$ 1,000	449,000
Employee stock compensation	3,665,000		3,665,000
Vesting of restricted stock units (in shares)		1,487
Issuance of common stock (in shares)		102,154
Issuance of common stock	739,000	$ 1,000	738,000
Net loss	(14,044,000)			(14,044,000)
Cumulative translation adjustment	(1,000)				(1,000)
Balance at end of period (in shares) at Jun. 30, 2026		26,641,597
Balance at end of period at Jun. 30, 2026	$ 19,953,000	$ 266,000	$ 637,707,000	$ (617,816,000)	$ (204,000)

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (27,164)	$ (28,502)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	6,581	5,371
Depreciation of property and equipment	414	377
Loss on disposal of equipment	1	0
Amortization of deferred financing costs and loan discount	167	119
Changes in operating assets and liabilities:
Accounts receivable	1,264	2,115
Inventory	(823)	387
Prepaid expenses and other current assets	596	271
Accounts payable	41	450
Accrued expenses	(2,067)	(1,291)
Net cash used in operating activities	(20,990)	(20,703)
Cash flows from investing activities:
Purchase of property and equipment	(234)	(217)
Net cash used in investing activities	(234)	(217)
Cash flows from financing activities:
Proceeds from the exercise of common stock options	68	449
Proceeds from Employee Stock Purchase Plan	449	360
Proceeds from the issuance of common stock	696	9,198
Proceeds from debt financing	10,000	0
Debt financing costs	(1,110)	0
Net cash provided by financing activities	10,103	10,007
Effect of currency exchange on cash and cash equivalents	(1)	5
Net change in cash and cash equivalents	(11,122)	(10,908)
Cash and cash equivalents at beginning of period	75,708	105,933
Cash and cash equivalents at end of period	64,586	95,025
Supplemental Information:
Cash paid for interest	2,715	2,537
Cash paid for income taxes	$ 0	$ 0

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Business organization

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business organization

Business organization

CVRx, Inc. (the “Company”) was incorporated in Delaware and is headquartered in Minneapolis, Minnesota. The Company has developed and is marketing a medical device, Barostim, for heart failure (“HF”) and resistant hypertension. The Company is focused on the sale of its product in the U.S. and Europe.

Management expects that operating losses and negative cash flows from operations could continue in the foreseeable future. There is no assurance that the Company will generate sufficient product sales to produce positive earnings or cash flows.

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Summary of significant accounting policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of significant accounting policies

Summary of significant accounting policies

Statement presentation and basis of consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) applicable to interim financial statements. In the Company’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the Company’s statements of financial position, results of operations, and cash flows for the periods presented. The results of operations for the interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole or any other future period.

The condensed consolidated financial statements include the accounts of CVRx, Inc. and its wholly owned subsidiary, CVRx Switzerland LLC. All intercompany balances and transactions have been eliminated in consolidation.

JOBS Act accounting election

We are an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, we have elected to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies.

Use of estimates

Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Cash and cash equivalents

Cash and cash equivalents include highly liquid investments with an original maturity of three months or less. As of June 30, 2026 and December 31, 2025, cash equivalents consisted of money market funds, which are stated at cost and approximate fair value. Additionally, as of June 30, 2026 and December 31, 2025, a majority of our cash and cash equivalents were maintained with two financial institutions in the U.S., and our current deposits were in excess of insured limits.

Accounts Receivable

Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Customer credit terms are established prior to shipment with the standard generally being net 30 days. We evaluate the collectability of our accounts receivable based on known collection risks and historical experience. In circumstances where we are aware of a specific customer's inability to meet its financial obligations to us, we record a specific allowance

for bad debts against amounts due to reduce the carrying amount of accounts receivable to the amount we reasonably believe will be collected.

Inventory

Inventory is stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. We regularly review inventory quantities based on actual loss experiences, projected future demand and remaining shelf life to record a provision for excess and obsolete inventory when appropriate.

Leases

Operating leases are included in operating lease right-of-use (“ROU”) asset, accrued expenses, and operating lease liability – non-current portion in our balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We used the incremental borrowing rate based on information readily available at the time of recognition to determine the present value of the lease payments. The determination of our incremental borrowing rate requires management judgment based on information available at lease commencement.

Revenue recognition

We sell our products primarily through a direct sales force and to a lesser extent through a combination of sales agents and independent distributors. Our revenue consists primarily of the sale of our Barostim, which consists of two implantable components: a pulse generator and a stimulation lead.

Under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services it transfers to the customer. We recognize net revenue on product sales, adjusted for any applicable estimates of variable consideration, when the customer obtains control of our product, which generally occurs at a point in time upon delivery based on the contractual shipping terms of a contract. Our contracts have a single performance obligation, and our payment terms with customers are generally between 30 and 90 days. Variable consideration related to certain customer rebates is estimated based on the amounts expected to be paid under the agreement with the customer.

Stock-Based Compensation

We recognize equity-based compensation expense for awards of equity instruments to employees and non-employees based on the grant date fair value of those awards in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 718, Compensation—Stock Compensation (“ASC 718”). ASC 718 requires all equity-based compensation awards to employees and non-employee directors, including grants of restricted shares and stock options, to be recognized as expense in the statements of operations and comprehensive loss based on their grant date fair values. We estimate the grant date fair value of stock options using the Black-Scholes option pricing model, and the fair value of restricted stock units (“RSUs”) and performance stock units (“PSUs”) are equal to the closing price of our common stock on the grant date. We account for forfeitures as they occur. We expense the fair value of our equity-based compensation awards granted to employees on a straight-line basis over the associated service period, which is generally the period in which the related services are received for stock options and RSUs, and the performance period and any additional service period based on the probability of achieving the performance objectives for PSUs.

Recent accounting pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments require public business entities to provide enhanced disclosures related to the disaggregation of income statement expenses, including additional quantitative and qualitative information about the nature of expenses presented within relevant expense captions. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. We have not yet adopted ASU 2024-03 and are in the process of evaluating the impact of the guidance on our consolidated financial statements. While the amendments will require additional disclosures and may require changes to internal data aggregation and reporting processes, we do not expect adoption to have a material impact on its results of operations, financial position, or cash flows.

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Selected balance sheet information

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Selected balance sheet information

Selected balance sheet information

Inventory consists of the following at:

(in thousands)	June 30, 2026		December 31, 2025
Raw material	$	9,366	$	8,628
Work-in-process	356		473
Finished goods	3,306		3,104
	$	13,028	$	12,205

Property and equipment, net consists of the following at:

(in thousands)	June 30, 2026		December 31, 2025
Office furniture and equipment	$	399	$	512
Lab equipment	2,679		3,533
Computer equipment and software	1,021		1,194
Leasehold improvements	827		827
Capital equipment in process	428		325
	5,354		6,391
Less: Accumulated depreciation and amortization	3,293		4,148
	$	2,061	$	2,243

Depreciation is determined using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the lease. Depreciation expense was $0.2 million for each of the three months ended June 30, 2026 and 2025, and $0.4 million for each of the six months ended June 30, 2026 and 2025, respectively.

Accrued expenses consist of the following at:

(in thousands)	June 30, 2026		December 31, 2025
Bonuses	$	3,806	$	5,200
401(k) match	756		1,136
Accrued interest payable	463		403
Customer rebates	398		801
Operating lease liability, current portion	371		352
Paid time off	346		630
Clinical trial and other professional fees	188		116
Taxes	53		93
Other	869		753
	$	7,250	$	9,484

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Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt

Debt

Innovatus Loan Agreement

On October 31, 2022, we entered into a Loan and Security Agreement (the “Loan Agreement”) with Innovatus Life Sciences Fund I, LP, as the collateral agent and a lender, allowing us to borrow, subject to our achievement of certain milestones, up to a total of $50.0 million in a series of term loans (collectively, the “Term Loans”). On January 9, 2026, we entered into an Amendment to our existing Loan Agreement. Pursuant to the Amendment, the term loans available were increased by $50.0 million, to an aggregate principal amount of up to $100.0 million, subject to our achievement of certain milestones, and the maturity date was extended to 2031. In connection with the Amendment, we borrowed an additional $10.0 million under the Loan Agreement. We had $60.0 million in outstanding Term Loans under the Loan Agreement as of June 30, 2026. The Term Loans require interest only payments through December 2029, followed by monthly principal and interest payments. A final payment of $2.7 million, equal to 4.5% of the original borrowed principal amount, is due in May 2031. The Term Loans bear interest at a floating rate per annum equal to the sum of (a) the greater of (i) the prime rate and (ii) 6.75%; plus (b) 2.65%, which margin will decrease to 2% after we achieve a positive adjusted EBITDA for two consecutive quarters. The Term Loans are secured by substantially all of our personal property. A performance covenant took effect upon the third tranche funding, requiring that we achieve 50% of the trailing twelve months revenue target set in the Board-approved revenue plan in effect for such period. The Loan Agreement requires the payment of certain penalties if the Term Loans are paid off prior to maturity for any reason, including pursuant to an acceleration clause, and includes various restrictive covenants, including a restriction on the payment of dividends or making other distributions or payments on our capital stock, subject to limited exceptions. We were in compliance with these covenants as of June 30, 2026.

In connection with the Loan Agreement, we recorded $2.2 million of debt issuance costs and discounts as a reduction of long-term debt.

The annual principal maturities of debt under the Loan Agreement are as follows:

(in thousands)	June 30, 2026
2026	$	—
2027	—
2028	—
2029	—
2030	41,250
Thereafter	18,750
	60,000
Less: Unamortized debt costs and discounts	(1,429)
Long-term debt	$	58,571

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Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

Leases

We lease 35,183 square feet of office space in Minneapolis, Minnesota, which houses our principal executive offices and our manufacturing facility. We lease this space under an operating lease agreement that commenced December 1, 2008 and was scheduled to expire August 31, 2024. On April 21, 2023, we extended the operating lease for our office space in Minneapolis, Minnesota for an additional 49 consecutive months through August 31, 2028. On November 7, 2023, we expanded our existing office space with the addition of 7,615 square feet of property adjacent to our principal executive offices and our manufacturing facility. On May 20, 2025, we further increased our office space by leasing an additional 3,678 square feet of the contiguous property. The term on this expanded property is for 40 consecutive months, which will run concurrently with the term on the existing lease. We intend to add new facilities as we grow, and we believe that suitable additional or substitute space will be available as needed to accommodate any such expansion of our operations. Our operating lease agreement includes an option to renew for one additional period of three years. The exercise of the lease renewal option is at our sole discretion and was not included in the lease term for the calculation of the ROU asset and lease liability, as it is not reasonably certain of exercise.

In addition to base rent, we also pay our proportionate share of operating expenses, as defined in the lease. These payments are made monthly and are adjusted annually to reflect actual charges incurred for operating expenses, such as common area maintenance, taxes, and insurance.

The following table presents the lease balances within the condensed consolidated balance sheets:

(in thousands)	June 30, 2026		December 31, 2025
Right-of-use assets:
Operating lease right-of-use asset	$	708	$	878
Operating lease liabilities:
Accrued expenses	371		352
Operating lease liability, non-current portion	448		638
Total operating lease liabilities	$	819	$	990

Maturities of our lease liability for our operating lease are as follows as of June 30, 2026:

(in thousands)	June 30, 2026
2026	$	207
2027	424
2028	253
Total undiscounted lease payments	884
Less: imputed interest	(65)
Present value of lease liability	$	819

As of June 30, 2026, the remaining lease term was 2.2 years, and the weighted average discount rate was 7.1%. The operating cash outflows from our operating lease were $0.3 million for each of the six months ended June 30, 2026 and 2025.

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Stockholders’ equity

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Stockholders' equity

Stockholders’ equity

Common Stock Warrants

We had common stock warrants exercisable for 47,408 shares of common stock upon conversion at a weighted average exercise price of $12.66 per share outstanding and 102,718 shares of common stock upon conversion at a weighted average exercise price of $12.66 per share outstanding at June 30, 2026 and December 31, 2025, respectively.

At-the-Market (“ATM”) Offering

We issued 543,462 shares of common stock for gross proceeds of $9.5 million under the ATM offering during the year ended December 31, 2025. On November 4, 2025, we and the agent mutually agreed to terminate the Equity Distribution Agreement for the ATM, effective on November 6, 2025.

On January 12, 2026, we entered into an Open Market Sale AgreementSM (the “Sale Agreement”) with Jefferies LLC, as agent. Pursuant to the terms of the Sale Agreement, we may offer and sell, from time to time at our sole discretion, shares of common stock having an aggregate offering price up to $50.0 million in an ATM offering, to or through the agent. We issued 102,154 shares of common stock for gross proceeds of $0.8 million under the ATM offering during the six months ended June 30, 2026. We have remaining capacity to issue and sell up to approximately $49.2 million of additional shares of common stock under this ATM offering.

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Stock-based compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

Stock-based compensation

Summary of plans and activity

In June 2001, our Board of Directors and stockholders established the 2001 Stock Incentive Award Plan (“2001 Plan”). Under the 2001 Plan, as amended, 2,674,749 shares of common stock had been reserved for the issuance of incentive stock options granted to employees, non-employee directors, consultants, or independent contractors. Options granted under the 2001 Plan have vesting terms that range from the date of grant to four years and expire within a maximum term of 10 years from the grant date.

In 2021, our Board of Directors and stockholders established the 2021 Equity Incentive Plan (“2021 Plan”). The number of shares of common stock initially reserved for issuance under the 2021 Plan was 1,854,490 newly reserved shares in addition to the 600,737 shares that remained available for issuance under the 2001 Plan. The shares available for issuance under the 2021 Plan automatically increase on the first day of each year, commencing January 1, 2022, and ending on (and including) January 1, 2031, in an amount equal to 5% of the total number of shares of our common stock outstanding on the last day of the calendar month before the date of each automatic increase, or such lesser number of shares as determined by the Board of Directors. The annual increase resulted in an additional 1,315,580 shares being reserved for issuance under the 2021 Plan as of January 1, 2026. The 2021 Plan provides for the issuance of stock options, stock appreciation rights,

restricted stock awards, stock unit awards and other stock-based awards and cash incentive awards to employees, consultants and non-employee directors of the Company and its subsidiaries. Awards granted under the 2021 Plan will have such vesting schedules and other terms as determined by the Compensation Committee and stock options and stock appreciation rights have a maximum term of 10 years from the grant date. No further awards can be granted under the 2001 Plan following the adoption of the 2021 Plan.

As of June 30, 2026, there were 463,119 shares available for future issuance under the 2021 Plan, based on awards outstanding and reserved at target levels for PSUs. In connection with the PSUs granted during 2026, we evaluated the number of shares that could be issued assuming maximum achievement of the applicable performance conditions. If PSUs are reserved at the maximum payout level, the number of shares subject to outstanding awards could exceed the shares available under the plan as of June 30, 2026. We expect that we will have sufficient shares available for issuance under the 2021 Plan to satisfy these awards as a result of future automatic annual increases pursuant to the terms of the plan prior to the end of the performance period.

Stock Options

Options are granted at exercise prices not less than the fair market value of our common stock on the date of grant. Prior to our initial public offering (the “IPO”), the fair market value of our common stock was determined by our Board of Directors, and following our IPO, the fair market value of our common stock is based on the closing price of our common stock on the date of grant.

During the years 2008 through the IPO, the Board of Directors authorized the grant of stock options for the purchase of shares of common stock to the employers of certain non-employee directors. The options were not granted under the 2001 Plan or the 2021 Plan, but terms are substantially the same as our standard form of option agreement for non-employee directors as they have an exercise price not less than the fair market value on the grant date and vest over 48 months from the date of grant.

The following is a summary of stock option activity:

	Number of Options	Weighted Average Exercise Price		Aggregate Intrinsic Value
				(in thousands)
Balance as of December 31, 2025	5,834,448	$	11.96	$	2,459
Granted	1,217,444	7.83
Cancelled / Forfeited	(241,342)	13.63
Exercised	(42,881)	1.58
Balance as of June 30, 2026	6,767,669	$	11.23	$	620
Options exercisable as of June 30, 2026	4,181,115	$	11.48	$	620

As of June 30, 2026, stock options outstanding included 4,363 options that were not granted under the 2001 Plan or the 2021 Plan. For options outstanding as of June 30, 2026, the weighted average remaining contractual life was 6.8 years. For options exercisable as of June 30, 2026, the weighted average remaining contractual life was 5.5 years. As of June 30, 2026, unrecognized compensation expense related to unvested stock-based compensation arrangements for stock options was $20.1 million. As of June 30, 2026, the related weighted average period over which the expense is expected to be recognized is approximately 2.7 years.

Restricted Stock Units

RSUs are share awards that entitle the holder to receive freely tradable shares of our common stock upon vesting. The RSUs cannot be transferred and the awards are subject to forfeiture if the holder’s service terminates prior to vesting other than for death, disability, or other qualifying terminations.

The following is a summary of RSU activity:

	Number of RSUs	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
				(in thousands)
Unvested Balance as of December 31, 2025	383,268	$	12.11	$	2,721
Granted	743,430	7.76
Vested	(82,147)	12.84
Cancelled / Forfeited	(22,020)	10.28
Unvested Balance as of June 30, 2026	1,022,531	$	8.92	$	5,256

The aggregate intrinsic value of unvested RSUs is based on our closing stock price on the last trading day of the period. 82,147 RSUs were vested as of June 30, 2026. As of June 30, 2026, the unrecognized compensation expense related to unvested stock-based compensation arrangements for RSUs was $8.3 million. As of June 30, 2026, the related weighted average period over which the expense is expected to be recognized is approximately 3.3 years.

Performance Stock Units

We grant PSUs to officers and key employees. The number of PSUs that will ultimately be earned is based on our performance relative to pre-established performance goals for the respective performance period. The expense is recorded on a straight-line basis over the requisite performance and service periods based on an estimate of the number of PSUs expected to vest. Management expectations related to the achievement of the performance goals associated with PSU grants are assessed each reporting period. The number of PSUs earned at the end of the performance period ranges from 0% to 200% of the number of PSU’s granted. The PSUs cannot be transferred and the awards are subject to forfeiture if the holder’s service terminates prior to vesting other than for death, disability, or other qualifying terminations.

If the performance conditions are not met or not expected to be met, any compensation expense recognized associated with the grant will be reversed.

The following is a summary of PSU activity:

	Number of PSUs	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
				(in thousands)
Unvested Balance as of December 31, 2025	—	$	—	$	—
Granted	602,000	8.16
Vested	—	—
Cancelled / Forfeited	—	—
Unvested Balance as of June 30, 2026	602,000	$	8.16	$	3,094

The aggregate intrinsic value of unvested PSUs is based on our closing stock price on the last trading day of the period. As of June 30, 2026, there was $4.2 million of unrecognized stock-based compensation expense related to outstanding PSUs that is expected to be recognized over a weighted-average period of 2.0 years.

Employee Stock Purchase Plan

Our Board of Directors and stockholders also established an Employee Stock Purchase Plan (the “ESPP”). The number of shares of common stock initially reserved for issuance under the ESPP was 278,170. The shares available for issuance under the ESPP automatically increase on the first day of each year, commencing January 1, 2022, and ending on (and including) January 1, 2031, in an amount equal to 1% of the total number of shares of our common stock outstanding on the last day of the calendar month before the date of each automatic increase, or such lesser number of shares as determined by the Board of Directors. No annual

increase was made to the shares reserved for issuance under the ESPP as of January 1, 2026. The ESPP permits certain of our U.S. employees to purchase shares of our common stock at a price per share not less than 85% of the lower of (i) the closing market price per share of our common stock on the first day of the applicable purchase period or (ii) the closing market price per share of our common stock on the purchase date at the end of the applicable six-month purchase period. For the six months ended June 30, 2026, 102,808 shares of common stock were purchased under the ESPP for $0.5 million of employee contributions. As of June 30, 2026, there were 634,588 shares available for issuance under the ESPP.

Stock-based compensation expense

We use the Black-Scholes option pricing model to determine the fair value of stock options and ESPP purchase rights on the grant date. The fair values of RSUs and PSUs are determined based on the closing stock price of our common stock on the grant date. We measure stock-based compensation expense based on the grant date fair value of the award and recognize compensation expense over the requisite service period, which is generally the vesting period for stock options, RSUs, and PSUs, and the offering period for ESPP purchase rights. The amount of stock-based compensation expense recognized for stock option, RSU, and PSU awards during a period is based on the portion of the awards that are ultimately expected to vest. The amount of stock-based compensation expense recognized for ESPP purchase rights during a period is based on the estimated purchase rights as of the grant date. We account for forfeitures as they occur.

The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes option pricing model for the six months ended June 30, 2026 and 2025:

	June 30,
	2026			2025
Weighted average fair value of options granted	$	6.28		$	9.52
Expected term (in years) — non-officer employees	5.5 to 6.1			5.5 to 6.1
Expected term (in years) — officer employees	6.1			6.1
Expected volatility	98.2% to 99.1%			95.0% to 103.1%
Expected dividend yield	—		%	—		%
Risk-free interest rate	3.72% to 4.32%			3.93% to 4.47%

The following table provides the weighted average fair value of ESPP purchase rights and the related assumptions used in the Black-Scholes option pricing model for the six months ended June 30, 2026 and 2025:

	June 30,
	2026			2025
Weighted average fair value per ESPP purchase right	$	1.63		$	2.83
Expected term (in years)	0.5			0.5
Expected volatility	61.1%			112.3%
Expected dividend yield	—		%	—		%
Risk-free interest rate	3.58%			4.25%

We review these assumptions on a periodic basis and adjust them, as necessary. We utilize the simplified method to develop the estimate of the expected term for stock option awards and ESPP purchase rights. The expected volatility is based upon our historical stock price. The expected dividend yield is assumed to be zero, as we have never paid dividends and have no current plans to do so. The risk-free interest rate is based on the yield on U.S. Treasury securities for a period approximating the expected term of the options being valued.

The following table presents the components and classification of stock-based compensation expense for the periods indicated:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2026		2025		2026		2025
Options	$	2,430	$	2,596	$	4,662	$	4,810
RSUs	617		265		1,011		357
PSUs	548		—		740		—
Employee Stock Purchase Plan	68		55		168		204
Total stock-based compensation expense	$	3,663	$	2,916	$	6,581	$	5,371
Selling, general & administrative	$	3,273	$	2,610	$	5,849	$	4,865
Research & development	353		270		662		435
Cost of goods sold	37		36		70		71
	$	3,663	$	2,916	$	6,581	$	5,371

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Income taxes

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income taxes

Income taxes

As of June 30, 2026 and December 31, 2025, a valuation allowance was recorded against all deferred tax assets due to our cumulative net loss position. Provision for income taxes for the three months ended June 30, 2026 was $3,000 and benefit for income taxes for the three months ended June 30, 2025 was $3,000. Provision for income taxes for the six months ended June 30, 2026 was $4,000 and benefit for income taxes for the six months ended June 30, 2025 was $8,000.

As of December 31, 2025, we had federal and state net operating loss carryforwards (“NOLs”) of approximately $483.7 million and $9.7 million, respectively. The federal NOLs began expiring in 2021 and the state NOLs began expiring in 2020. As of December 31, 2025, we had federal and state tax credit carryforwards of approximately $10.3 million and $1.9 million, respectively. The federal tax credit carryforwards began expiring in 2021 and the state tax credits will begin expiring in 2028.

Utilization of NOLs may be subject to an annual limitation due to the ownership change limitations provided by Section 382 of the Internal Revenue Code of 1986, as amended, and similar state provisions. We have not performed a detailed analysis to determine whether an ownership change has occurred. Such a change of ownership would limit our utilization of the NOLs and could be triggered by subsequent sales of securities by us or our stockholders.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant tax-related provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions, including the capitalization of certain R&D costs. The legislation has multiple effective dates, with certain provisions effective in 2026 and others implemented through 2028. The impacts of the OBBBA were taken into account in our provision for income taxes for fiscal year 2025. Because a valuation allowance has been recorded against all deferred tax assets, the impacts of the OBBBA were not material to our consolidated financial statements or related disclosures.

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Loss Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Loss Per Share

Loss Per Share

Basic and diluted net loss per share attributable to common stockholders was calculated for the periods indicated (in thousands, except share and per share data):

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss	$	(14,044)	$	(14,736)	$	(27,164)	$	(28,502)
Denominator:
Weighted average common shares outstanding — basic and diluted	26,515,442		26,071,316		26,435,958		25,974,229
Net loss per share attributable to common stockholders — basic and diluted	$	(0.53)	$	(0.57)	$	(1.03)	$	(1.10)

Our potentially dilutive securities, which include stock options, RSUs, PSUs, and warrants to purchase shares of common stock, have been excluded from the computation of diluted net loss per share attributable to common stockholders, as the effect would be to reduce the net loss per share attributable to common stockholders. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. We excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:

	Six months ended June 30,
	2026	2025
Options	6,767,669	6,025,124
RSUs	1,022,531	335,658
PSUs	602,000	—
Warrants	47,408	103,349
	8,439,608	6,464,131

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Commitments and contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

Commitments and contingencies

From time to time, we may have certain contingent liabilities that arise in the ordinary course of business. We accrue a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. There have been no contingent liabilities requiring accrual or disclosure as of June 30, 2026 or December 31, 2025.

On May 14, 2026, we received a civil investigative demand (“CID”) from the U.S. Department of Justice in connection with an investigation under the False Claims Act. The CID requested information and documents regarding an investigation into whether we caused the submission of false claims to government health insurance programs by improperly marketing our device, offering or paying kickbacks to healthcare providers or providing false information to government health insurance programs. We are cooperating with the investigation and are in the process of responding to the CID. We cannot predict the eventual scope, duration or outcome of this matter at this time and are unable to estimate the possibility of, or amount or range of, any possible financial loss related to this matter.

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Employee benefit plans

6 Months Ended

Jun. 30, 2026

Retirement Benefits [Abstract]

Employee benefit plans

Employee benefit plans

We sponsor a voluntary defined-contribution employee retirement plan (the “401(k) plan”) for our U.S. employees. The 401(k) plan provides that each participant may contribute pre-tax or post-tax compensation up to the statutory limit allowable. Under the 401(k) plan, each participant is fully vested in his or her deferred salary contributions when contributed. Beginning January 1, 2024, we adopted a policy to match a portion of employee contributions for all qualified employees participating in the 401(k) plan. We recorded an expense for matching contributions of $0.4 million for the three months ended June 30, 2026 and $0.3 million for the three months ended 2025. We recorded an expense for matching contributions of $0.8 million and $0.6 million for the six months ended June 30, 2026 and 2025.

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Segment, geographic information, and revenue disaggregation

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment, geographic information, and revenue disaggregation

Segment, geographic information, and revenue disaggregation

We have determined that we have a single reportable and operating segment structure. We have one business activity and there are no segment managers who are held accountable for operations, operating results, or plans for levels or components below the consolidated unit level. Our chief operating decision maker is our Chief Executive Officer. Our Chief Executive Officer evaluates performance based primarily on revenue in the geographic locations in which we operate and consolidated net loss. The Chief Executive Officer reviews financial information presented on a consolidated basis, including consolidated net loss, accompanied by information about revenue by geographic region, for purposes of allocating resources and evaluating financial performance. Further, the financial information on expenses provided to the Chief Executive Officer is presented on a consolidated basis, as reported in the condensed consolidated statements of operations and comprehensive loss in this Quarterly Report on Form 10-Q.

We derive all our revenues from sales to customers in Europe and the U.S. The following table provides revenue by country for each location accounting for more than 10% of the total revenue for the periods indicated (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
U.S.	$	14,775	$	12,243	$	28,425	$	23,444
Other countries	930		1,346		2,049		2,493
	$	15,705	$	13,589	$	30,474	$	25,937

As of June 30, 2026 and December 31, 2025, substantially all our long-lived assets were located in the U.S.

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 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

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Summary of significant accounting policies (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Statement presentation

Statement presentation and basis of consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) applicable to interim financial statements. In the Company’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the Company’s statements of financial position, results of operations, and cash flows for the periods presented. The results of operations for the interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole or any other future period.

The condensed consolidated financial statements include the accounts of CVRx, Inc. and its wholly owned subsidiary, CVRx Switzerland LLC. All intercompany balances and transactions have been eliminated in consolidation.

Basis of consolidation

Statement presentation and basis of consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) applicable to interim financial statements. In the Company’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the Company’s statements of financial position, results of operations, and cash flows for the periods presented. The results of operations for the interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole or any other future period.

The condensed consolidated financial statements include the accounts of CVRx, Inc. and its wholly owned subsidiary, CVRx Switzerland LLC. All intercompany balances and transactions have been eliminated in consolidation.

JOBS Act accounting election

JOBS Act accounting election

We are an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, we have elected to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies.

Use of estimates

Use of estimates

Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Cash and cash equivalents

Cash and cash equivalents

Cash and cash equivalents include highly liquid investments with an original maturity of three months or less. As of June 30, 2026 and December 31, 2025, cash equivalents consisted of money market funds, which are stated at cost and approximate fair value. Additionally, as of June 30, 2026 and December 31, 2025, a majority of our cash and cash equivalents were maintained with two financial institutions in the U.S., and our current deposits were in excess of insured limits.

Accounts Receivable

Accounts Receivable

Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Customer credit terms are established prior to shipment with the standard generally being net 30 days. We evaluate the collectability of our accounts receivable based on known collection risks and historical experience. In circumstances where we are aware of a specific customer's inability to meet its financial obligations to us, we record a specific allowance

for bad debts against amounts due to reduce the carrying amount of accounts receivable to the amount we reasonably believe will be collected.

Inventory

Inventory

Inventory is stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. We regularly review inventory quantities based on actual loss experiences, projected future demand and remaining shelf life to record a provision for excess and obsolete inventory when appropriate.

Leases

Leases

Operating leases are included in operating lease right-of-use (“ROU”) asset, accrued expenses, and operating lease liability – non-current portion in our balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We used the incremental borrowing rate based on information readily available at the time of recognition to determine the present value of the lease payments. The determination of our incremental borrowing rate requires management judgment based on information available at lease commencement.

Revenue recognition

Revenue recognition

We sell our products primarily through a direct sales force and to a lesser extent through a combination of sales agents and independent distributors. Our revenue consists primarily of the sale of our Barostim, which consists of two implantable components: a pulse generator and a stimulation lead.

Under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services it transfers to the customer. We recognize net revenue on product sales, adjusted for any applicable estimates of variable consideration, when the customer obtains control of our product, which generally occurs at a point in time upon delivery based on the contractual shipping terms of a contract. Our contracts have a single performance obligation, and our payment terms with customers are generally between 30 and 90 days. Variable consideration related to certain customer rebates is estimated based on the amounts expected to be paid under the agreement with the customer.

Stock-Based Compensation

Stock-Based Compensation

We recognize equity-based compensation expense for awards of equity instruments to employees and non-employees based on the grant date fair value of those awards in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 718, Compensation—Stock Compensation (“ASC 718”). ASC 718 requires all equity-based compensation awards to employees and non-employee directors, including grants of restricted shares and stock options, to be recognized as expense in the statements of operations and comprehensive loss based on their grant date fair values. We estimate the grant date fair value of stock options using the Black-Scholes option pricing model, and the fair value of restricted stock units (“RSUs”) and performance stock units (“PSUs”) are equal to the closing price of our common stock on the grant date. We account for forfeitures as they occur. We expense the fair value of our equity-based compensation awards granted to employees on a straight-line basis over the associated service period, which is generally the period in which the related services are received for stock options and RSUs, and the performance period and any additional service period based on the probability of achieving the performance objectives for PSUs.

Recent accounting pronouncements

Recent accounting pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments require public business entities to provide enhanced disclosures related to the disaggregation of income statement expenses, including additional quantitative and qualitative information about the nature of expenses presented within relevant expense captions. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. We have not yet adopted ASU 2024-03 and are in the process of evaluating the impact of the guidance on our consolidated financial statements. While the amendments will require additional disclosures and may require changes to internal data aggregation and reporting processes, we do not expect adoption to have a material impact on its results of operations, financial position, or cash flows.

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Selected balance sheet information (Tables)

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Inventory

Inventory consists of the following at:

(in thousands)	June 30, 2026		December 31, 2025
Raw material	$	9,366	$	8,628
Work-in-process	356		473
Finished goods	3,306		3,104
	$	13,028	$	12,205

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following at:

(in thousands)	June 30, 2026		December 31, 2025
Office furniture and equipment	$	399	$	512
Lab equipment	2,679		3,533
Computer equipment and software	1,021		1,194
Leasehold improvements	827		827
Capital equipment in process	428		325
	5,354		6,391
Less: Accumulated depreciation and amortization	3,293		4,148
	$	2,061	$	2,243

Schedule of Accrued Expenses

Accrued expenses consist of the following at:

(in thousands)	June 30, 2026		December 31, 2025
Bonuses	$	3,806	$	5,200
401(k) match	756		1,136
Accrued interest payable	463		403
Customer rebates	398		801
Operating lease liability, current portion	371		352
Paid time off	346		630
Clinical trial and other professional fees	188		116
Taxes	53		93
Other	869		753
	$	7,250	$	9,484

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Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Annual Principal Maturities of Debt

The annual principal maturities of debt under the Loan Agreement are as follows:

(in thousands)	June 30, 2026
2026	$	—
2027	—
2028	—
2029	—
2030	41,250
Thereafter	18,750
	60,000
Less: Unamortized debt costs and discounts	(1,429)
Long-term debt	$	58,571

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Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of lease balances within the balance sheets

The following table presents the lease balances within the condensed consolidated balance sheets:

(in thousands)	June 30, 2026		December 31, 2025
Right-of-use assets:
Operating lease right-of-use asset	$	708	$	878
Operating lease liabilities:
Accrued expenses	371		352
Operating lease liability, non-current portion	448		638
Total operating lease liabilities	$	819	$	990

Schedule of Maturities of lease liability

Maturities of our lease liability for our operating lease are as follows as of June 30, 2026:

(in thousands)	June 30, 2026
2026	$	207
2027	424
2028	253
Total undiscounted lease payments	884
Less: imputed interest	(65)
Present value of lease liability	$	819

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Stock-based compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following is a summary of stock option activity:

	Number of Options	Weighted Average Exercise Price		Aggregate Intrinsic Value
				(in thousands)
Balance as of December 31, 2025	5,834,448	$	11.96	$	2,459
Granted	1,217,444	7.83
Cancelled / Forfeited	(241,342)	13.63
Exercised	(42,881)	1.58
Balance as of June 30, 2026	6,767,669	$	11.23	$	620
Options exercisable as of June 30, 2026	4,181,115	$	11.48	$	620

Schedule of RSU Activity

The following is a summary of RSU activity:

	Number of RSUs	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
				(in thousands)
Unvested Balance as of December 31, 2025	383,268	$	12.11	$	2,721
Granted	743,430	7.76
Vested	(82,147)	12.84
Cancelled / Forfeited	(22,020)	10.28
Unvested Balance as of June 30, 2026	1,022,531	$	8.92	$	5,256

Schedule of Nonvested Performance-Based Units Activity

The following is a summary of PSU activity:

	Number of PSUs	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
				(in thousands)
Unvested Balance as of December 31, 2025	—	$	—	$	—
Granted	602,000	8.16
Vested	—	—
Cancelled / Forfeited	—	—
Unvested Balance as of June 30, 2026	602,000	$	8.16	$	3,094

Schedule of Assumptions Used to Determine the Grant-Date Fair Value

The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes option pricing model for the six months ended June 30, 2026 and 2025:

	June 30,
	2026			2025
Weighted average fair value of options granted	$	6.28		$	9.52
Expected term (in years) — non-officer employees	5.5 to 6.1			5.5 to 6.1
Expected term (in years) — officer employees	6.1			6.1
Expected volatility	98.2% to 99.1%			95.0% to 103.1%
Expected dividend yield	—		%	—		%
Risk-free interest rate	3.72% to 4.32%			3.93% to 4.47%

The following table provides the weighted average fair value of ESPP purchase rights and the related assumptions used in the Black-Scholes option pricing model for the six months ended June 30, 2026 and 2025:

	June 30,
	2026			2025
Weighted average fair value per ESPP purchase right	$	1.63		$	2.83
Expected term (in years)	0.5			0.5
Expected volatility	61.1%			112.3%
Expected dividend yield	—		%	—		%
Risk-free interest rate	3.58%			4.25%

Recognized Stock-Based Compensation Expense

The following table presents the components and classification of stock-based compensation expense for the periods indicated:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2026		2025		2026		2025
Options	$	2,430	$	2,596	$	4,662	$	4,810
RSUs	617		265		1,011		357
PSUs	548		—		740		—
Employee Stock Purchase Plan	68		55		168		204
Total stock-based compensation expense	$	3,663	$	2,916	$	6,581	$	5,371
Selling, general & administrative	$	3,273	$	2,610	$	5,849	$	4,865
Research & development	353		270		662		435
Cost of goods sold	37		36		70		71
	$	3,663	$	2,916	$	6,581	$	5,371

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Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss per Share

Basic and diluted net loss per share attributable to common stockholders was calculated for the periods indicated (in thousands, except share and per share data):

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss	$	(14,044)	$	(14,736)	$	(27,164)	$	(28,502)
Denominator:
Weighted average common shares outstanding — basic and diluted	26,515,442		26,071,316		26,435,958		25,974,229
Net loss per share attributable to common stockholders — basic and diluted	$	(0.53)	$	(0.57)	$	(1.03)	$	(1.10)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Our potentially dilutive securities, which include stock options, RSUs, PSUs, and warrants to purchase shares of common stock, have been excluded from the computation of diluted net loss per share attributable to common stockholders, as the effect would be to reduce the net loss per share attributable to common stockholders. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. We excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:

	Six months ended June 30,
	2026	2025
Options	6,767,669	6,025,124
RSUs	1,022,531	335,658
PSUs	602,000	—
Warrants	47,408	103,349
	8,439,608	6,464,131

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Segment, geographic information, and revenue disaggregation (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting

We derive all our revenues from sales to customers in Europe and the U.S. The following table provides revenue by country for each location accounting for more than 10% of the total revenue for the periods indicated (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
U.S.	$	14,775	$	12,243	$	28,425	$	23,444
Other countries	930		1,346		2,049		2,493
	$	15,705	$	13,589	$	30,474	$	25,937

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Selected balance sheet information - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Raw material	$ 9,366	$ 8,628
Work-in-process	356	473
Finished goods	3,306	3,104
Total inventory	$ 13,028	$ 12,205

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Selected balance sheet information - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 5,354	$ 6,391
Less: Accumulated depreciation and amortization	3,293	4,148
Property and equipment, net	2,061	2,243
Office furniture and equipment
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	399	512
Lab equipment
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	2,679	3,533
Computer equipment and software
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	1,021	1,194
Leasehold improvements
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	827	827
Capital equipment in process
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 428	$ 325

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Selected balance sheet information - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Property, Plant, and Equipment [Line Items]
Depreciation	$ 200	$ 200	$ 414	$ 377
Minimum
Property, Plant, and Equipment [Line Items]
Estimated useful lives	3 years		3 years
Maximum
Property, Plant, and Equipment [Line Items]
Estimated useful lives	5 years		5 years

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Selected balance sheet information - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Bonuses	$ 3,806	$ 5,200
401(k) match	756	1,136
Accrued interest payable	463	403
Customer rebates	398	801
Operating lease liability, current portion	$ 371	$ 352
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses	Total accrued expenses
Paid time off	$ 346	$ 630
Clinical trial and other professional fees	188	116
Taxes	53	93
Other	869	753
Total accrued expenses	$ 7,250	$ 9,484

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Debt - Narrative (Details) - USD ($) $ in Thousands		6 Months Ended
	Jan. 09, 2026	Jun. 30, 2026	Jun. 30, 2025	Oct. 31, 2022
Debt Instrument [Line Items]
Additional amount borrowed		$ 10,000	$ 0
Amount outstanding		60,000
Unamortized debt costs and discounts		1,429
Line of Credit | Loan and Security Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000			$ 50,000
Line of credit facility, increase (decrease), net	50,000
Additional amount borrowed	10,000
Amount outstanding		$ 60,000
Principal payment	$ 2,700
Percentage of final payment of the funded amount (as a percent)	4.50%
Variable interest rate (as a percent)	6.75%
Interest rate (as a percent)	2.65%
Debt instrument, interest rate, increase (decrease) upon milestone (as a percent)	(2.00%)
Percentage of trailing twelve months revenue goal (as a percent)	50.00%
Unamortized debt costs and discounts	$ 2,200

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Debt - Maturities of debt (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Long-Term Debt, Fiscal Year Maturity [Abstract]
2026	$ 0
2027	0
2028	0
2029	0
2030	41,250
Thereafter	18,750
Total	60,000
Less: Unamortized debt costs and discounts	(1,429)
Long-term debt	$ 58,571	$ 49,514

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Leases - Narrative (Details) $ in Thousands			6 Months Ended
	May 20, 2025 ft²	Nov. 07, 2023 ft²	Jun. 30, 2026 USD ($) ft² renewalOption	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Apr. 21, 2023
Right-of-use assets:
Operating lease right-of-use asset			$ 708		$ 878
Operating lease liabilities:
Accrued expenses			$ 371		$ 352
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]			Accrued expenses		Accrued expenses
Operating lease liability, non-current portion			$ 448		$ 638
Present value of lease liability			$ 819		$ 990
Remaining lease term			2 years 2 months 12 days
Discount rate			7.10%
Operating cash outflows			$ 300	$ 300
Office space in Minneapolis, Minnesota
Lessee, Lease, Description [Line Items]
Area of land leased (in sq ft) | ft²			35,183
Lessee, operating lease, renewal term	40 months		3 years			49 months
Additional area of land leased (in sq ft) | ft²	3,678	7,615
Lessee, operating lease, number of renewal | renewalOption			1

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Leases - Maturities of lease liability (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2026	$ 207
2027	424
2028	253
Total undiscounted lease payments	884
Less: imputed interest	(65)
Present value of lease liability	$ 819	$ 990

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Stockholders’ equity (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended	12 Months Ended
	Jan. 12, 2026	Jun. 30, 2026	Dec. 31, 2025
Temporary Equity [Line Items]
Warrants exercisable (in shares)		47,408	102,718
Warrant exercise price (in dollars per share)		$ 12.66	$ 12.66
ATM Agreement
Temporary Equity [Line Items]
Shares issued (in shares)			543,462
Gross proceeds from shares issued			$ 9.5
Open Market Sale Agreement
Temporary Equity [Line Items]
Shares issued (in shares)		102,154
Gross proceeds from shares issued		$ 0.8
Maximum aggregate offering price	$ 50.0
Share repurchase program, remaining authorized, amount		$ 49.2

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Stock-based compensation - Summary of Plan and Stock Options Narrative (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2001	Jun. 30, 2026	Dec. 31, 2021	Jan. 01, 2026	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding options (in shares)		6,767,669			5,834,448
Weighted average remaining contractual life, outstanding		6 years 9 months 18 days
Weighted average remaining contractual life, exercisable		5 years 6 months
Unrecognized compensation expense for options		$ 20.1
Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average period over which expense is expected to be recognized		2 years 8 months 12 days
Options | Employers of certain non-employee directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		48 months
Options not granted under the 2001 or 2021 Plans
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding options (in shares)		4,363
2001 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved for future issuance (in shares)	2,674,749
Vesting period	4 years
Expiration period	10 years
Number of shares available for grant (in shares)			600,737
2021 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved for future issuance (in shares)		463,119	1,854,490	1,315,580
Expiration period			10 years
Annual incremental percentage (as a percent)			5.00%

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Stock-based compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2026
Number of Options
Balance at the beginning of period (in shares)	5,834,448
Granted (in shares)	1,217,444
Cancelled / Forfeited (in shares)	(241,342)
Exercised (in shares)	(42,881)
Balance at the of end of period (in shares)	6,767,669
Options exercisable (in shares)	4,181,115
Weighted Average Exercise Price
Balance at the beginning of period (in dollars per share)	$ 11.96
Granted (in dollars per share)	7.83
Cancelled / Forfeited (in dollars per share)	13.63
Exercised (in dollars per share)	1.58
Balance at the end of period (in dollars per share)	11.23
Options exercisable (in dollars per share)	$ 11.48
Aggregate Intrinsic Value
Aggregate intrinsic value at the beginning of the period	$ 2,459
Aggregate intrinsic value at the end of the period	620
Options exercisable	$ 620

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Stock-based compensation - Schedule of RSU and PSU Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares
RSUs
Number of RSUs
Unvested Balance at the beginning of the period (in shares) | shares	383,268
Granted (in shares) | shares	743,430
Vested (in shares) | shares	(82,147)
Canceled / Forfeited (in shares) | shares	(22,020)
Unvested Balance at the end of the period (in shares) | shares	1,022,531
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share) | $ / shares	$ 12.11
Granted (in dollars per share) | $ / shares	7.76
Vested (in dollars per share) | $ / shares	12.84
Cancelled / Forfeited (in dollars per share) | $ / shares	10.28
Unvested at the end of the period (in dollars per share) | $ / shares	$ 8.92
Aggregate Intrinsic Value
Balance at the beginning of the period | $	$ 2,721
Balance at the end of the period | $	$ 5,256
PSUs
Number of RSUs
Unvested Balance at the beginning of the period (in shares) | shares	0
Granted (in shares) | shares	602,000
Vested (in shares) | shares	0
Canceled / Forfeited (in shares) | shares	0
Unvested Balance at the end of the period (in shares) | shares	602,000
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	8.16
Vested (in dollars per share) | $ / shares	0
Cancelled / Forfeited (in dollars per share) | $ / shares	0
Unvested at the end of the period (in dollars per share) | $ / shares	$ 8.16
Aggregate Intrinsic Value
Balance at the beginning of the period | $	$ 0
Balance at the end of the period | $	$ 3,094

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Stock-based compensation - Restricted Stock Units and Performance Stock Units Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($) shares
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested (in shares) | shares	82,147
Unrecognized compensation expense for RSUs | $	$ 8.3
Weighted average period over which expense is expected to be recognized	3 years 3 months 18 days
PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested (in shares) | shares	0
Unrecognized compensation expense for RSUs | $	$ 4.2
Weighted average period over which expense is expected to be recognized	2 years
PSUs | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award, target award (as percent)	0.00%
PSUs | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award, target award (as percent)	200.00%

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Stock-based compensation - Employee Stock Purchase Plan Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jan. 01, 2026	Jan. 01, 2022	Jul. 02, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Proceeds from Employee Stock Purchase Plan	$ 449	$ 360
Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved for future issuance (in shares)	634,588		0		278,170
Annual incremental percentage (as a percent)				1.00%
Minimum percentage (as a percent)	85.00%
Shares issued/purchased under ESPP (in shares)	102,808
Proceeds from Employee Stock Purchase Plan	$ 500

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Stock-based compensation - Assumptions Used in Determine the Grant Date Fair Value of Stock Options (Details) - $ / shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	0.00%
Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value (in dollars per share)	$ 6.28	$ 9.52
Expected volatility, minimum	98.20%	95.00%
Expected volatility, maximum	99.10%	103.10%
Expected dividend yield	0.00%	0.00%
Risk-free interest rate, minimum	3.72%	3.93%
Risk-free interest rate, maximum	4.32%	4.47%
Options | Non officer employees | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	5 years 6 months
Options | Non officer employees | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days
Options | Officer employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days
Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value (in dollars per share)	$ 1.63	$ 2.83
Expected term (in years)	6 months	6 months
Expected volatility	61.10%	112.30%
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	3.58%	4.25%

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Stock-based compensation - Recognized Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3,663	$ 2,916	$ 6,581	$ 5,371
Options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2,430	2,596	4,662	4,810
RSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	617	265	1,011	357
PSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	548	0	740	0
Employee Stock Purchase Plan
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	68	55	168	204
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	37	36	70	71
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	353	270	662	435
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3,273	$ 2,610	$ 5,849	$ 4,865

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Income taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Operating Loss Carryforwards [Line Items]
Provision (benefit) for income taxes	$ 3,000	$ (3,000)	$ 4,000	$ (8,000)
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards					$ 483,700,000
Tax credit carryforwards					10,300,000
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards					9,700,000
Tax credit carryforwards					$ 1,900,000

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Loss Per Share - Schedule of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net loss	$ (14,044)	$ (14,736)	$ (27,164)	$ (28,502)
Denominator:
Weighted average common shares outstanding - basic (in shares)	26,515,442	26,071,316	26,435,958	25,974,229
Weighted average common shares outstanding - diluted (in shares)	26,515,442	26,071,316	26,435,958	25,974,229
Net loss per share attributable to common stockholders - basic (in dollars per share)	$ (0.53)	$ (0.57)	$ (1.03)	$ (1.10)
Net loss per share attributable to common stockholders - diluted (in dollars per share)	$ (0.53)	$ (0.57)	$ (1.03)	$ (1.10)

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Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded potential common shares from the computation of diluted net loss per share (in shares)	8,439,608	6,464,131
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded potential common shares from the computation of diluted net loss per share (in shares)	6,767,669	6,025,124
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded potential common shares from the computation of diluted net loss per share (in shares)	1,022,531	335,658
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded potential common shares from the computation of diluted net loss per share (in shares)	602,000	0
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded potential common shares from the computation of diluted net loss per share (in shares)	47,408	103,349

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Commitments and contingencies (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Contingent liability accrual	$ 0	$ 0

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Employee benefit plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Retirement Benefits [Abstract]
Matching contributions expense	$ 0.4	$ 0.3	$ 0.8	$ 0.6

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Segment, geographic information, and revenue disaggregation - Narrative (Details)	6 Months Ended
	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

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Segment, geographic information, and revenue disaggregation - Schedule of Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Total revenues	$ 15,705	$ 13,589	$ 30,474	$ 25,937
Reportable Segment
Segment Reporting [Line Items]
Total revenues	15,705	13,589	30,474	25,937
Reportable Segment | U.S.
Segment Reporting [Line Items]
Total revenues	14,775	12,243	28,425	23,444
Reportable Segment | Other countries
Segment Reporting [Line Items]
Total revenues	$ 930	$ 1,346	$ 2,049	$ 2,493