Revenue

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

3.Revenue

The Company disaggregates net sales by product category and reimbursement channel, which the Company believes provides a meaningful depiction of how the nature, timing and uncertainty of net sales are affected by economic factors.

During the six months ended June 30, 2025 and 2024, the Company’s revenues were predominantly generated from sales of the iLet. The iLet requires the use of separately purchased single-use products which include cartridges for storing and delivering insulin, and infusion sets that connect the iLet to the user’s body. These single-use products generate recurring revenue for the Company, as these are typically replaced by the end-user every 2-3 days or as directed by a healthcare provider.

The Company’s customers are distributors and pharmacies who sell these products to insulin-requiring PWD, through the durable medical equipment (“DME”) and the pharmacy benefit plan (“PBP”) reimbursement channels, which entail differing payment outlays. For the three and six months ended June 30, 2025 and 2024, the majority of the Company’s sales were through the DME channel.

The following table summarizes the Company’s disaggregated revenues:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)				(in thousands)
DME channel
iLet(1)	$	13,414	$	11,690	$	23,042	$	22,063
Single-use products		5,230		2,588		9,429		4,320
Total DME channel		18,644		14,278		32,471		26,383
PBP channel
iLet(1)		205		229		711		520
Single-use products		4,389		539		7,695		1,076
Total PBP channel		4,594		768		8,406		1,596
Total net sales	$	23,238	$	15,046	$	40,877	$	27,979

(1)iLet includes the over-time recognition software updates and mobile app access.

The Company recognizes revenue at a point in time once control has transferred to the customer, as well as over time for performance obligation to provide ongoing services such as unspecified software updates. Revenue recognized during the six months ended June 30, 2025 that was included in the deferred revenue balance as of December 31, 2024 was approximately $0.2 million.

At June 30, 2025 and December 31, 2024 , $3.8 million and $2.8 million, respectively, was allocated to performance obligations that were not yet satisfied and is recorded in deferred revenue on the balance sheet. At June 30, 2025 and December 31, 2024, of the performance obligations not yet satisfied, $1.1 million and $0.9 million for each period, is expected to be recognized as revenue in the next 12 months, with the remainder expected to be recognized thereafter. At June 30, 2025 and December 31, 2024, the $3.8 million and $2.8 million, respectively, relate to amounts deferred associated with the unspecified software updates promised to users and the users' access to the mobile application.