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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ 2,700 $ (26,386)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Stock option compensation expense 24,232 9,767
Depreciation expense 238 134
Liability fair value adjustment 0 14,071
Amortization of Right-of-Use Asset 111 95
Amortization of debt discount 0 460
Interest expense accrued related to convertible notes 0 133
Interest paid related to convertible notes 0 (847)
Amortization of premiums and discounts on marketable securities (1,696) (587)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (3,421) (1,639)
Accounts receivable (854) (10,649)
Inventory (3,319) (3,611)
Accounts payable and accrued expenses 4,766 479
Other liabilities, non-current (241) (101)
Net cash provided by (used in) operating activities 22,516 (18,681)
Cash flows from investing activities:    
Purchases of investments (93,216) (52,453)
Maturities of investments 68,173 52,031
Purchase of property, plant and equipment (1,547) (559)
Net cash used in investing activities (26,590) (981)
Cash flows from financing activities:    
Net proceeds from private placement 0 6,771
Proceeds from the issuance of common stock relating to the employee stock purchase plan 481 250
Repayment of Debt 0 (10,610)
Proceeds from the exercise of warrants 16,158 41,317
Proceeds from the exercise of stock options 4,409 1,682
Repurchase and retirement of common stock (6,000) 0
Net cash provided by financing activities 15,048 39,410
Foreign currency effects on cash 68 (32)
Net increase in total cash 11,042 19,716
Total Cash and Cash Equivalents:    
Beginning of period 32,412 12,696
End of period 43,454 32,412
Cash paid during the periods for:    
Interest paid 0 1,236
Taxes paid 1,545 0
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Right of use assets obtained in exchange for lease obligations $ 0 $ 1,029