0001193125-26-257552 | 10-Q | XBRL Viewer

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Leases - Schedule of Operating Lease Balance Within Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Operating Leases:
Right-of-use asset	$ 1,001	$ 1,068
Operating lease liabilities, current	358	358
Operating lease liabilities, non-current	870	948
Total operating lease liabilities	$ 1,228	$ 1,306

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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (17,740)	$ (10,653)

- Definition

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

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+ Details

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2026 Segment Customer	Mar. 31, 2025 Customer
Segment Reporting Information [Line Items]
Segment Reporting, Measurement Differences Between Segment and Consolidated Profit (Loss)	The Company’s measure of segment profit or loss is net loss, which is used by the CODM to measure actual results versus expectations, set performance metrics, and during the Company’s budgeting and forecasting process to assess profitability and enable decision making. Significant segment expenses within net loss include cost of goods sold, research and development, and selling, general and administrative expenses.
Number of Operating Segments	1
Number of Reportable Segments	1
Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Segment Reporting Information [Line Items]
Number Of Individual Customers \| Customer	0	0
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Maximum [Member]
Segment Reporting Information [Line Items]
Percentage Of Sales To Individual Customer	10.00%	10.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Leases - Summary of Undiscounted Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
2026, remaining months	$ 341
2027	467
2028	387
2029	206
2030	70
Total undiscounted future minimum lease payments	1,471
Less: Amounts representing interest	(243)
Total lease liabilities	$ 1,228	$ 1,306

Product Warranties

3 Months Ended

Mar. 31, 2026

Product Warranties Disclosures [Abstract]

Product Warranties

Note 5 – Product Warranties

The Company provides an assurance-type warranty that its products will conform to agreed-upon technical and quality specifications. The warranty provides for repair or replacement of products that fail to meet specifications or become unusable during this period, which generally ranges from one to two years, depending on the product.

The Company maintains a warranty reserve for implanted pulse generators (“IPGs”) and leads and began recording a warranty liability in 2024 based on historical product replacement experience. A warranty liability is recorded at the time revenue is recognized for all periods presented and is separately presented as product warranty liability on the face of the balance sheets. The warranty reserve is estimated based on historical product replacement experience. The Company establishes product replacement rates separately for IPGs and leads using historical replacement data beginning with the first full period of commercial shipments. The replacement rate represents the average historical rate of product replacement and is applied to units sold during each reporting period to estimate expected warranty obligations.

In developing its replacement rate assumptions, the Company evaluates historical replacement patterns over the expected product life cycle. The warranty accrual is calculated quarterly. The Company evaluates and updates its replacement rate assumptions annually, or more frequently if actual experience or product performance trends indicate that revisions are necessary. A reconciliation of the changes in the product warranty liability is as follows (in thousands):


	Three Months Ended
	March 31,
	2026			2025
Beginning balance	$	844		$	437
Accruals for warranties issued		328			133
Claims settled		(143	)		(78	)
Ending balance	$	1,029		$	492

Summary of Significant Accounting and Reporting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation – The condensed unaudited interim financial statements do not include all disclosures, including certain notes required by accounting principles generally accepted in the United States of America (“GAAP”) on an annual reporting basis. The condensed unaudited interim financial statements have been prepared on the same basis as the annual financial statements. In management’s opinion, the condensed unaudited interim financial statements reflect all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the condensed balance sheets, condensed statements of operations, condensed statements of redeemable convertible preferred stock and stockholders’ deficit, and condensed statements of cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. The condensed unaudited interim financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2025 included in the Company’s prospectus dated May 7, 2026 filed pursuant to Rule 424(b)(4) with the U.S. Securities and Exchange Commission (the “SEC”) on May 8, 2026.

The financial statements are presented in thousands, except for share and per share amounts. Certain prior period amounts presented in the Company’s Registration Statement on Form S-1 have been rounded to the nearest thousand to conform to the current period’s presentation. Accordingly, certain prior period figures may differ slightly from previously filed reports presented in whole dollars.

Significant Accounting Policies – There have been no material changes to the Company’s significant accounting policies as described in the Company’s audited financial statements for the year ended December 31, 2025.

Reverse Stock Split

Reverse Stock Split – In connection with the IPO, on May 1, 2026 the Company effected a 1-for-3.483 reverse stock split of its issued and outstanding common stock. All references to common stock issued and outstanding, stock options, loss per share and per share amounts presented in the accompanying financial statements and notes thereto have been retroactively adjusted for all periods presented to reflect the reverse stock split. The per share par value, authorized numbers of shares of the Company’s common stock and redeemable convertible preferred stock, issued and outstanding number of shares of redeemable convertible preferred stock, and redeemable convertible preferred stock warrants were not adjusted as a result of the reverse stock split. Instead, the conversion ratio was updated whereby each share of each series of Preferred Stock was convertible into shares of common stock on a 1-for-3.483 basis.

Use of Estimates

Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions include, but are not limited to, stock compensation, valuation of common and preferred stock, valuation of warrant liability, product warranty liability, and redeemable convertible preferred stock tranche liability. Actual results could differ from those estimates.

Emerging Growth Company Status

Emerging Growth Company Status – The Company is an emerging growth company (“EGC”), as defined in the Jumpstart Our Business Startups Act (the “JOBS Act”), enacted in 2012. Under the JOBS Act, EGCs can delay adopting new or revised accounting standards issued after the enactment of the JOBS Act until those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an EGC or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act.

Segment Reporting

Segment Reporting – The Company operates and manages its business as a single reportable and operating segment. Operating segments are defined as components of an enterprise where separate financial information is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and assess performance. The Company’s CODM is the Chief Executive Officer, who reviews financial information on a company-wide basis for purposes of allocating resources and assessing financial performance and does not regularly review expenses or financial results on a more granular level. For additional segment reporting information, refer to Note 14.

Deferred Offering Costs

Deferred Offering Costs – Deferred offering costs consisted of legal and accounting fees incurred directly related to the Company's IPO. Upon completion of the IPO, these costs were recorded as a reduction of the offering proceeds included within additional paid-in capital. Unpaid offering costs during the three months ended March 31, 2026 were $2.2 million.

Inventory

Inventory – Inventory costs are comprised primarily of finished goods and raw materials and include the acquisition costs of raw materials and components, in addition to direct labor and overhead. All inventory is stated at the lower of cost or net realizable value and is accounted for on a first in, first out (FIFO) basis.

The balance of inventory is as follows (in thousands):


	March 31,		December 31,
	2026		2025
Raw materials	$	1,188	$	1,192
Finished goods		4,861		4,265
Total inventories	$	6,049	$	5,457

The Company performs an assessment of the recoverability of inventory during each reporting period, and, if applicable, writes down any excess and obsolete inventories to their estimated net realizable value in the period in which the impairment is first

identified. The determination of whether inventory costs will be realizable requires estimates by management. If actual market conditions are less favorable than projected by management, additional write-downs of inventory may be required. There were no expenses recorded for excess inventory or other impairments for each of the three months ended March 31, 2026 and March 31, 2025.

Related Party Transactions

Related Party Transactions – The Company’s Chief Financial Officer held an indirect ownership interest in Exceller Hunt MicroTransponder 2017, LP (“Exceller Hunt”) and the Curnes Fund 2001 (“Curnes Fund”), both of which are stockholders of the Company. Jordan Curnes, the Company’s Co-founder and a former member of the Board of Directors, also held an indirect ownership interest in the Curnes Fund. Entities affiliated with U.S. Venture Partners, GPG Healthcare Opportunities Fund, LLC, and Osage University Partners are principal stockholders of the Company. Casey Tansey is a member of the Board of Directors.

During the three months ended March 31, 2026, Exceller Hunt and the Curnes Fund participated in the Company’s issuance of convertible promissory notes discussed in Note 6 and purchased approximately $4.0 million and $2.1 million of such notes, respectively. Entities affiliated with U.S. Venture Partners, GPG Healthcare Opportunities Fund, LLC, Osage University Partners, and Casey Tansey also participated in the Company's issuance of convertible promissory notes discussed in Note 6 and purchased approximately $3.8 million, $7.4 million, $6.6 million and $2.0 million of such notes, respectively. The convertible promissory notes were issued on the same terms and conditions as those offered to other investors in the financing. Other transactions with related parties in the three months ended March 31, 2026 were immaterial.

During the three months ended March 31, 2025, Exceller Hunt and the Curnes Fund acquired 569,973 and 427,480 shares of the Company's Series F redeemable convertible preferred stock, respectively, at a price of $2.6317 per share. Entities affiliated with U.S. Venture Partners, GPG Healthcare Opportunities Fund, LLC, and Osage University Partners also participated in the Company's Series E and Series F redeemable convertible preferred stock financings on the same terms and conditions as other investors.

Recently Issued Accounting Standards

Recently Issued Accounting Standards – On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhanced income tax disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual periods beginning after December 15, 2024; however, as an EGC, the Company has elected to use the extended transition period for adopting new or revised accounting standards, and therefore the guidance will be effective for the Company for the year ended December 31, 2026. The adoption of ASU 2023-09 is expected to have a disclosure-only impact on the Company’s financial statements for the year ended December 31, 2026. The Company is currently evaluating the impact of this pronouncement on the disclosures in its financial statements.

On November 4, 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed disclosures about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments may be applied either (i) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (ii) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this pronouncement on the disclosures in its financial statements.

On November 26, 2024, the FASB issued ASU 2024-04, Debt – Debt with Conversion and Other Options (Subtopic 470-20), which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion rather than as extinguishment of debt. The amendments may be applied on either a prospective or a retrospective basis. This ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods. The Company adopted ASU 2024-04 as of January 1, 2026, on a prospective basis and it did not have a material impact on its financial statements.

On December 8, 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements, which is intended to improve the navigability of interim disclosures, clarifies when Topic 270 applies, and provides additional interim disclosure guidance, including a principle to disclose material events since the most recent annual reporting period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. This ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027; however, as an EGC, the Company has elected to use the extended transition period for adopting new or revised accounting standards, and therefore the guidance will be effective for the Company for interim periods within annual periods beginning after December 15, 2028. The Company is currently evaluating the impact of this pronouncement on its financial statements.

Redeemable Convertible Preferred Stock (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Summary of Preferred Stock

Preferred Stock consists of the following (in thousands, except for share and per share amounts):


	March 31, 2026
	Number of Shares Authorized		Number of Shares Issued and Outstanding		Original Issue Price		Carrying Value		Liquidation Value
Series A		1,401,000		1,401,000	$	1.91259	$	2,694	$	3,215
Series B		4,229,000		3,321,000		3.73744		10,849		14,894
Series C		1,362,000		1,362,000		4.20700		5,744		5,730
Series D		5,127,000		4,865,000		4.20700		19,989		20,467
Series E-1		6,361,753		6,361,753		2.03540		15,841		12,949
Series E-2		23,994,804		23,582,102		2.54430		59,709		60,000
Series F		24,698,846		24,698,846		2.63170		64,947		65,000
Total		67,174,403		65,591,701			$	179,773	$	182,255


	December 31, 2025
	Number of Shares Authorized		Number of Shares Issued and Outstanding		Original Issue Price		Carrying Value		Liquidation Value
Series A		1,401,000		1,401,000	$	1.91259	$	2,694	$	3,215
Series B		4,229,000		3,321,000		3.73744		10,849		14,894
Series C		1,362,000		1,362,000		4.20700		5,744		5,730
Series D		5,127,000		4,865,000		4.20700		19,989		20,467
Series E-1		6,361,753		6,361,753		2.03540		15,841		12,949
Series E-2		23,994,804		23,582,102		2.54430		59,709		60,000
Series F		24,698,846		24,698,846		2.63170		64,947		65,000
Total		67,174,403		65,591,701			$	179,773	$	182,255

Product Warranties - Schedule of Reconciliation of Changes in Product Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Product Warranties Disclosures [Abstract]
Beginning balance	$ 844	$ 437
Accruals for warranties issued	328	133
Claims settled	(143)	(78)
Ending balance	$ 1,029	$ 492

Liquidity and Going Concern - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 31, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Liquidity And Going Concern [Line Items]
Net loss		$ (17,740)	$ (10,653)
Accumulated deficit		$ (175,529)		$ (157,789)
Subsequent Event
Liquidity And Going Concern [Line Items]
Net proceeds received from IPO	$ (134,500)

- Definition

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

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Fair Value Measurements - Additional Information (Details) $ in Thousands	2 Months Ended	3 Months Ended
	Feb. 28, 2026 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants term		1 year 6 months		1 year 6 months
Fair value of warrant liability		$ 41,610		$ 865
Proceeds from convertible notes		14,102	$ 0
Aggregate principal amount of Convertible Notes outstanding		40,000
Estimated fair value of Convertible Notes		40,700
Convertible Promissory Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Proceeds from convertible notes	$ 40,000
Aggregate principal amount of Convertible Notes outstanding		40,000
Estimated fair value of Convertible Notes		40,700
Warrant liabilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of warrant liability		$ 882		$ 865
Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input		0
Dividend Payment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input		0
Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input	0.212	0.215
Equity volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input	0.85	0.80
Expected term (years) \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input	1	0.8
Expected term (years) \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input	2	1.5
Offering
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input		0.40
Change of Control
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input		0.20

Summary of Significant Accounting and Reporting Policies - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Raw materials	$ 1,188	$ 1,192
Finished goods	4,861	4,265
Total inventories	$ 6,049	$ 5,457

Summary of Significant Accounting and Reporting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	May 01, 2026	Jan. 01, 2026	Mar. 31, 2026 USD ($) Segment	Mar. 31, 2025 USD ($) $ / shares shares
Related Party Transaction [Line Items]
Reverse stock split			0.287
Number of operating segments \| Segment			1
Number of reportable segments \| Segment			1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]			srt:ChiefExecutiveOfficerMember
Unpaid offering costs			$ 2,200
Proceeds from issuance of convertible promissory notes			25,898	$ 0
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date		Jan. 01, 2026
Accounting Standards Update [Extensible Enumeration]		us-gaap:AccountingStandardsUpdate202404Member
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]		true
Exceller Hunt [Member]
Related Party Transaction [Line Items]
Proceeds from issuance of convertible promissory notes			4,000
Exceller Hunt [Member] \| Series F Redeemable Convertible Preferred Stock [Member]
Related Party Transaction [Line Items]
Temporary equity, shares issued \| shares				569,973
Price per share \| $ / shares				$ 2.6317
Curnes Fund [Member]
Related Party Transaction [Line Items]
Proceeds from issuance of convertible promissory notes			2,100
Curnes Fund [Member] \| Series F Redeemable Convertible Preferred Stock [Member]
Related Party Transaction [Line Items]
Temporary equity, shares issued \| shares				427,480
Price per share \| $ / shares				$ 2.6317
Entities Affiliated with U.S. Venture Partners [Member]
Related Party Transaction [Line Items]
Proceeds from issuance of convertible promissory notes			3,800
GPG Healthcare Opportunities Fund, LLC [Member]
Related Party Transaction [Line Items]
Proceeds from issuance of convertible promissory notes			7,400
Osage University Partners [Member]
Related Party Transaction [Line Items]
Proceeds from issuance of convertible promissory notes			6,600
Casey Tansey [Member]
Related Party Transaction [Line Items]
Proceeds from issuance of convertible promissory notes			$ 2,000
Subsequent Event [Member]
Related Party Transaction [Line Items]
Reverse stock split	0.287

Description of Business

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

Note 1 – Description of Business

Mobia Medical, Inc. (the “Company”) was incorporated in Delaware in March 2007. Effective February 23, 2026, the Company amended its articles of incorporation to change its name from MicroTransponder, Inc. to Mobia Medical, Inc. The change was solely a corporate name change and had no impact on the Company’s financial statements.

The Company develops, markets, and sells devices for the treatment of medical conditions. The first device brought to market, the Vivistim Paired VNS System (“Vivistim System”), received U.S. Food and Drug Administration premarket approval in 2021 and is intended to be used by chronic ischemic stroke survivors with moderate to severe upper extremity impairments to reduce upper extremity motor deficits and improve motor function. The Vivistim System was first brought to market in 2022, with the first commercial implant in May 2022, and commenced full commercial launch in 2023.

Initial Public Offering – In May 2026, the Company completed its initial public offering (“IPO”) in which it sold 10,000,000 shares of its common stock at a public offering price of $15.00 per share, for net proceeds of approximately $134.5 million, after deducting the underwriters’ discounts and commissions, and estimated offering costs paid by the Company. In addition, immediately prior to the completion of the IPO, all the outstanding shares of the Company’s redeemable convertible preferred stock were converted into an aggregate of 18,831,868 shares of common stock, and the Company's convertible promissory notes issued during the three months ended March 31, 2026 were converted into an aggregate of 3,333,324 shares of common stock.

Risks and Uncertainties – The Company’s activities are subject to significant risks and uncertainties, including, but not limited to, failure to manage growth effectively, reliance on the success of the Vivistim System, new technological innovations, dependence upon third-party payers to provide adequate coverage and reimbursement to our customers, the absence of a national coverage determination or local coverage determinations applicable to its device administered by the Centers for Medicare and Medicaid Services (CMS), dependence on key personnel, dependence on key suppliers, protection of proprietary technology, product liability, and compliance with government regulations. The Company is also subject to risks relating to cybersecurity and the protection of confidential information and personal information, as well as risks relating to evolving regulatory requirements (including potential additional clinical evidence requirements) that could affect commercialization of existing or future products. These risks and uncertainties, as well as failure to secure additional funding, if needed, can adversely affect the Company’s future financial results, financial position, and cash flow.

In addition, economic conditions in the United States, including any economic disruptions, inflationary, or supply chain pressures, may adversely impact the Company’s future financial results. The Company uses contract manufacturers in Uruguay to supply key products. Political instability or the deterioration of trade relations, including implementation of new tariffs and trade restrictions, could adversely impact the Company’s business.

Concentration of credit risk – The Company maintains its cash deposits with high credit quality financial institutions. At times, such deposits may be in excess of the Federal Deposit Insurance Corporation insured limits; however, management does not believe it is exposed to any significant credit risk. All such accounts are monitored by management to mitigate risk and cash equivalents are invested in highly rated money market funds.

Supplier concentration risk – The Company depends on a small number of third-party contract manufacturers and suppliers, some of which are single source, to produce and package all elements comprising our Vivistim System as well as certain implantation tools, and if these suppliers and manufacturers fail to supply the Vivistim System or its components or subcomponents in sufficient quantities or at all, it will have a material adverse effect on our business, financial condition, and results of operations.

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Reconciliation of Numerators and Denominators of Basic and Diluted Net Loss per Share

The following is a reconciliation of the numerators and denominators of the basic and diluted net loss per share computations for the periods presented (in thousands, except for share and per share amounts):


	Three Months Ended
	March 31,
	2026			2025
Net loss attributable to common stockholders	$	(17,740	)	$	(10,653	)

Share (denominator):
Weighted average number of common shares outstanding used in basic computation		918,935			821,160
Common shares issuable upon the exercise of stock options		—			—
Common shares issuable upon conversion of redeemable convertible preferred stock and warrants on redeemable convertible preferred stock		—			—
Weighted average number of common shares outstanding used in diluted computation		918,935			821,160

Net loss attributable to common stockholders, per common share
Basic	$	(19.30	)	$	(12.97	)
Diluted	$	(19.30	)	$	(12.97	)

Summary of Converted Securities Excluded from Diluted Per Share

The following table summarizes the as converted securities that were excluded from the diluted per share calculation because the effect of including these potential shares was anti-dilutive:


	Three Months Ended
	March 31,
	2026		2025
Series A redeemable convertible preferred stock		402,239		402,239
Series B redeemable convertible preferred stock		953,488		953,488
Series C redeemable convertible preferred stock		391,042		391,042
Series D redeemable convertible preferred stock		1,396,784		1,396,784
Series E redeemable convertible preferred stock		8,597,145		8,597,145
Series F redeemable convertible preferred stock		7,091,256		3,545,628
Warrants on redeemable convertible preferred stock		364,390		364,390
Convertible notes payable		3,333,324		—
Common shares issuable upon the exercise of stock options		4,382,879		3,196,660
Potentially dilutive securities		26,912,547		18,847,376

Fair Value Measurements - Schedule of Change in Fair Market Value of Convertible Notes (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Issuance of convertible notes payable	$ 40,000
Change in fair value	728
Ending balance	$ 40,728

Leases - Schedule of Operating Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating lease cost	$ 102	$ 25
Short-term lease cost	6	10
Variable lease cost	16	11
Total lease cost	$ 124	$ 46

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Operating Lease Cost

Supplemental lease cost information are as follows (in thousands):


	Three Months Ended
	March 31,
	2026		2025
Operating lease cost	$	102	$	25
Short-term lease cost	$	6	$	10
Variable lease cost	$	16	$	11
Total lease cost	$	124	$	46

Schedule of Operating Lease Balance Within Balance Sheet

The following table presents the lease balances within the balance sheet (in thousands):


	March 31, 2026		December 31, 2025
Operating Leases:
Right-of-use asset	$	1,001	$	1,068

Operating lease liabilities, current	$	358	$	358
Operating lease liabilities, non-current		870		948
Total operating lease liabilities	$	1,228	$	1,306

Summary of Undiscounted Future Minimum Lease Payments

The following table presents undiscounted future minimum lease payments as of March 31, 2026, which reconcile to the total lease liability as follows (in thousands):


Years Ending December 31
2026, remaining months	$	341
2027		467
2028		387
2029		206
2030		70
Total undiscounted future minimum lease payments		1,471
Less: Amounts representing interest		(243	)
Total lease liabilities	$	1,228

Schedule of Weighted Average Lease Terms and Discounts Rates

The weighted average lease terms and discounts rates are as follows:


Operating Lease Term and Discount Rate	March 31, 2026	December 31, 2025
Weighted-average remaining lease term	3.28 years	3.54 years
Weighted-average discount rate	10.82%	10.82%

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows (in thousands):


	Three Months Ended
	March 31,
Cash paid for amounts included in the measurement of lease liabilities:	2026		2025
Operating cash flow from operating leases	$	112	$	25

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Outstanding non-cancelable purchase orders	$ 11.6	$ 7.1
Aggregate minimum purchase obligation commitment period	5 years
Aggregate minimum purchase obligation	$ 5.8

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended
	May 11, 2026	May 31, 2026	Mar. 31, 2026
IPO [Member] \| Common Stock [Member]
Subsequent Event [Line Items]
Converted into aggregate of shares			3,333,324
2026 Plan
Subsequent Event [Line Items]
Awards granted			0
2026 ESPP
Subsequent Event [Line Items]
Awards granted			0
Subsequent Event [Member] \| IPO [Member] \| Common Stock [Member]
Subsequent Event [Line Items]
Stock issued and sold	10,000,000	10,000,000
Price per share	$ 15	$ 15
Net proceeds from issuance of shares	$ 134.5	$ 134.5
Redeemable convertible preferred stock converted	18,831,868	18,831,868

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

Note 15 – Subsequent Events

In April 2026, the Board of Directors approved the Company’s 2026 Incentive Award Plan (the “2026 Plan”) and 2026 Employee Stock Purchase Plan (the “2026 ESPP”). The stockholders of the Company approved the 2026 Plan and the 2026 ESPP in May 2026. Both plans became effective in connection with the IPO. The 2026 Plan provides for the grant of equity-based awards and authorizes an initial share reserve based on a percentage of the Company’s fully diluted capitalization at the pricing date, as well as annual increases in the number of shares available for issuance thereunder. The 2026 ESPP provides eligible employees with the opportunity to purchase shares of the Company’s common stock and includes an initial share reserve and annual increases based on a percentage of outstanding shares. No awards have been granted under the 2026 Plan or the 2026 ESPP as of March 31, 2026.

On May 11, 2026, the Company completed its IPO, in which it sold 10,000,000 shares of its common stock at a public offering price of $15.00 per share, for net proceeds of approximately $134.5 million, after deducting underwriters’ discounts and commissions and estimated offering costs paid by the Company. In addition, immediately prior to the completion of the IPO, all the outstanding shares of the Company’s redeemable convertible preferred stock were converted into an aggregate of 18,831,868 shares of common stock and the Company’s convertible promissory notes issued during the three months ended March 31, 2026 were converted into an aggregate of 3,333,324 shares of common stock.

Fair Value Measurements - Schedule of Fair Value of the Warrant Liability (Details)	Mar. 31, 2026	Dec. 31, 2025
Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input	0
Black-Scholes-Merton Model \| Strike price \| Series B Preferred Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input	3.73744	3.73744
Black-Scholes-Merton Model \| Strike price \| Series D Preferred Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input	4.207	4.207
Black-Scholes-Merton Model \| Strike price \| Series E2 and F Preferred Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input	2.5443	2.5443
Black-Scholes-Merton Model \| Expected term (years) \| Series B Preferred Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input	6.8	7
Black-Scholes-Merton Model \| Expected term (years) \| Series D Preferred Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input	7.2	7.4
Black-Scholes-Merton Model \| Expected term (years) \| Series E2 and F Preferred Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input	7.8	8
Black-Scholes-Merton Model \| Volatility \| Series B Preferred Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input	0.75	0.80
Black-Scholes-Merton Model \| Volatility \| Series D Preferred Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input	0.75	0.80
Black-Scholes-Merton Model \| Volatility \| Series E2 and F Preferred Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input	0.75	0.80
Black-Scholes-Merton Model \| Risk-free interest rate \| Series B Preferred Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input	0.03465	0.03445
Black-Scholes-Merton Model \| Risk-free interest rate \| Series D Preferred Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input	0.03465	0.03445
Black-Scholes-Merton Model \| Risk-free interest rate \| Series E2 and F Preferred Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input	0.03465	0.03445

Segment Information - Schedule of Segment Revenue and Net Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Revenue	$ 12,074	$ 5,661
Cost of goods sold	2,133	1,015
Research and development costs	1,692	1,354
Selling, general and administrative expenses	25,186	13,596
Other segment items	803	349
Net loss	$ (17,740)	$ (10,653)

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

- Definition

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

+ References

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating cash flow from operating leases	$ 112	$ 25

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

Note 8 – Income Taxes

The Company accounts for income taxes in accordance with ASC 740, Income Taxes. The income tax provision for interim periods is determined using an estimate of the Company’s annual effective tax rate, adjusted for discrete items recognized in the period. The Company had an effective tax rate of 0% for each of the three months ended March 31, 2026 and March 31, 2025. The Company continues to incur operating losses.

For periods ended March 31, 2026 and 2025, the Company continued to maintain a full valuation allowance against its deferred tax assets as management believes it is more likely than not that these assets will not be realized based on the Company’s history of operating losses. The Company’s tax provision for interim periods primarily reflects state income taxes and other minimum taxes.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted, introducing various federal tax changes, including extensions of certain 2017 Tax Cuts and Jobs Act (“TCJA”) provisions and updates to individual and business tax rules. Management evaluated the provisions applicable to the Company and determined that OBBBA did not have a significant impact on the Company’s condensed unaudited interim financial statements for the as of and for the three months ended March 31, 2026.

- Definition

The entire disclosure for income tax.

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+ Details

Convertible Notes and Notes Payable - Additional Information (Details) - USD ($)	2 Months Ended	3 Months Ended
	Feb. 28, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 29, 2023
Debt Instrument [Line Items]
Proceeds from convertible notes		$ 14,102,000	$ 0
Aggregate principal amount of Convertible Notes outstanding		40,000,000
Estimated fair value of notes payable		$ 40,700,000
Warrants term		1 year 6 months		1 year 6 months
Common Stock \| IPO
Debt Instrument [Line Items]
Convertible notes issued, shares		3,333,324
Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate		12.25%
Convertible Promissory Notes
Debt Instrument [Line Items]
Proceeds from convertible notes	$ 40,000,000
Payment-in-kind interest rate per annum	7.00%
Debt instrument, maturity period	2 years
Aggregate principal amount of Convertible Notes outstanding		$ 40,000,000
Estimated fair value of notes payable		$ 40,700,000
Loan and Security Agreement
Debt Instrument [Line Items]
Aggregate principal amount					$ 30,000,000
Debt instrument, principal outstanding				$ 7,500,000
Debt instrument, payment terms		The Company is required to make monthly payment of interest through January 1, 2028, followed by amortizing principal and interest payments through the maturity date of January 1, 2029.
Debt instrument, maturity date		Jan. 01, 2029
Warrants issued to purchase number of securities value		$ 262,500
Warrants term		10 years
Warrants outstanding		$ 262,500
Carrying value of notes payable, net of discount and deferred financing costs		7,300,000		$ 7,100,000
Amortization of deferred financing costs		100,000
Interest expense on debt		$ 200,000
Loan and Security Agreement \| IPO
Debt Instrument [Line Items]
Exercise price of warrants		$ 8.8618
Loan and Security Agreement \| Four Equal Tranches
Debt Instrument [Line Items]
Aggregate principal amount					7,500,000
Loan and Security Agreement \| Two Equal Tranches
Debt Instrument [Line Items]
Aggregate principal amount					$ 3,750,000
Loan and Security Agreement \| Series E-2 Redeemable Convertible Preferred Stock
Debt Instrument [Line Items]
Exercise price of warrants		2.5443
Loan and Security Agreement \| Series F Redeemable Convertible Preferred Stock
Debt Instrument [Line Items]
Exercise price of warrants		$ 2.6317
Loan and Security Agreement \| Common Stock \| IPO
Debt Instrument [Line Items]
Warrants converted into number of shares of common stock		29,622
Loan and Security Agreement \| Maximum
Debt Instrument [Line Items]
Exercise price of warrants		$ 2.5443
Loan and Security Agreement \| Floor Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable interest rate		8.50%
Loan and Security Agreement \| Prime Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable interest rate		3.75%

Net Loss Per Share - Schedule of Reconciliation of Numerators and Denominators of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net Income (Loss)	$ (17,740)	$ (10,653)
Share (denominator):
Weighted average number of common shares outstanding used in basic computation	918,935	821,160
Weighted average number of common shares outstanding used in diluted computation	918,935	821,160
Net loss attributable to common stockholders, per common share
Basic (in dollars per share)	$ (19.3)	$ (12.97)
Diluted (in dollars per share)	$ (19.3)	$ (12.97)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
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-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

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

+ References

+ Details

Common Stock - Additional Information (Details) - $ / shares	May 31, 2026	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Class of Stock [Line Items]
Common stock, par value		$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized		86,600,000	86,600,000	86,600,000
Subsequent Event
Class of Stock [Line Items]
Common stock, par value	$ 0.01
Common stock, shares authorized	950,000,000

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Share-Based Compensation - Summary of Stock Options Outstanding Exercise Price Range (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price Range Lower Limit	$ 1.39
Exercise Price Range Upper Limit	$ 7.91
Options Outstanding, Number of Shares \| shares	4,382,879
Options Outstanding, Weighted Average Remaining Weighted Average Exercise Price	$ 4.08
Options Outstanding, Weighted Average Remaining Contractual Term (in years)	7 years 11 months 4 days
Options Vested, Number of Shares \| shares	1,915,208
Options Vested, Weighted Average Exercise Price	$ 3.37
Exercise Price Range One
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 1.39
Options Outstanding, Number of Shares \| shares	22,968
Options Outstanding, Weighted Average Remaining Weighted Average Exercise Price	$ 1.39
Options Outstanding, Weighted Average Remaining Contractual Term (in years)	3 years 7 months 9 days
Options Vested, Number of Shares \| shares	22,968
Options Vested, Weighted Average Exercise Price	$ 1.39
Exercise Price Range Two
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 1.45
Options Outstanding, Number of Shares \| shares	2,871
Options Outstanding, Weighted Average Remaining Weighted Average Exercise Price	$ 1.45
Options Outstanding, Weighted Average Remaining Contractual Term (in years)	10 days
Options Vested, Number of Shares \| shares	2,871
Options Vested, Weighted Average Exercise Price	$ 1.45
Exercise Price Range Three
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 2.66
Options Outstanding, Number of Shares \| shares	61,728
Options Outstanding, Weighted Average Remaining Weighted Average Exercise Price	$ 2.66
Options Outstanding, Weighted Average Remaining Contractual Term (in years)	4 years 5 months 8 days
Options Vested, Number of Shares \| shares	61,728
Options Vested, Weighted Average Exercise Price	$ 2.66
Exercise Price Range Four
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 2.79
Options Outstanding, Number of Shares \| shares	84,409
Options Outstanding, Weighted Average Remaining Weighted Average Exercise Price	$ 2.79
Options Outstanding, Weighted Average Remaining Contractual Term (in years)	2 years 9 months 7 days
Options Vested, Number of Shares \| shares	84,409
Options Vested, Weighted Average Exercise Price	$ 2.79
Exercise Price Range Five
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 2.88
Options Outstanding, Number of Shares \| shares	43,066
Options Outstanding, Weighted Average Remaining Weighted Average Exercise Price	$ 2.88
Options Outstanding, Weighted Average Remaining Contractual Term (in years)	5 years 1 month 6 days
Options Vested, Number of Shares \| shares	43,066
Options Vested, Weighted Average Exercise Price	$ 2.88
Exercise Price Range Six
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 3.24
Options Outstanding, Number of Shares \| shares	264,009
Options Outstanding, Weighted Average Remaining Weighted Average Exercise Price	$ 3.24
Options Outstanding, Weighted Average Remaining Contractual Term (in years)	7 years 11 months 4 days
Options Vested, Number of Shares \| shares	123,154
Options Vested, Weighted Average Exercise Price	$ 3.24
Exercise Price Range Seven
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 3.38
Options Outstanding, Number of Shares \| shares	1,207,080
Options Outstanding, Weighted Average Remaining Weighted Average Exercise Price	$ 3.38
Options Outstanding, Weighted Average Remaining Contractual Term (in years)	6 years 9 months 10 days
Options Vested, Number of Shares \| shares	1,094,091
Options Vested, Weighted Average Exercise Price	$ 3.38
Exercise Price Range Eight
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 3.41
Options Outstanding, Number of Shares \| shares	36,891
Options Outstanding, Weighted Average Remaining Weighted Average Exercise Price	$ 3.41
Options Outstanding, Weighted Average Remaining Contractual Term (in years)	6 years 10 months 13 days
Options Vested, Number of Shares \| shares	22,798
Options Vested, Weighted Average Exercise Price	$ 3.41
Exercise Price Range Nine
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 3.73
Options Outstanding, Number of Shares \| shares	1,510,824
Options Outstanding, Weighted Average Remaining Weighted Average Exercise Price	$ 3.73
Options Outstanding, Weighted Average Remaining Contractual Term (in years)	8 years 5 months 15 days
Options Vested, Number of Shares \| shares	426,872
Options Vested, Weighted Average Exercise Price	$ 3.73
Exercise Price Range Ten
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 3.94
Options Outstanding, Number of Shares \| shares	525,228
Options Outstanding, Weighted Average Remaining Weighted Average Exercise Price	$ 3.94
Options Outstanding, Weighted Average Remaining Contractual Term (in years)	9 years 6 months 21 days
Options Vested, Number of Shares \| shares	2,512
Options Vested, Weighted Average Exercise Price	$ 3.94
Exercise Price Range Eleven
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 4.11
Options Outstanding, Number of Shares \| shares	99,606
Options Outstanding, Weighted Average Remaining Weighted Average Exercise Price	$ 4.11
Options Outstanding, Weighted Average Remaining Contractual Term (in years)	3 years 11 months 26 days
Options Vested, Number of Shares \| shares	30,739
Options Vested, Weighted Average Exercise Price	$ 4.11
Exercise Price Range Twelve
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 7.91
Options Outstanding, Number of Shares \| shares	524,199
Options Outstanding, Weighted Average Remaining Weighted Average Exercise Price	$ 7.91
Options Outstanding, Weighted Average Remaining Contractual Term (in years)	9 years 11 months 19 days
Options Vested, Weighted Average Exercise Price	$ 7.91

Redeemable Convertible Preferred Stock - Additional Information (Details)			1 Months Ended		3 Months Ended
	May 08, 2026	May 01, 2026	Oct. 31, 2025 USD ($)	Mar. 31, 2025 USD ($) $ / shares shares	Mar. 31, 2026 USD ($) shares	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	May 31, 2026 shares	May 11, 2026 shares	Dec. 31, 2025 USD ($) shares	Oct. 15, 2025 shares
Class of Stock [Line Items]
Number of Shares Issued \| shares					65,591,701					65,591,701
Dividend declared or paid					$ 0					$ 0
Reverse stock split					0.287
Preferred stock liquidation multiple					120.00%
Minimum
Class of Stock [Line Items]
Gross proceeds before deductions of underwriting discounts commissions and expenses					$ 75,000,000
Subsequent Event
Class of Stock [Line Items]
Reverse stock split		0.287
Voting right	one vote for each share of common stock
IPO \| Subsequent Event
Class of Stock [Line Items]
Reverse stock split		0.287
Common Stock \| IPO \| Subsequent Event
Class of Stock [Line Items]
Outstanding shares of Preferred Stock converted \| shares								18,831,868	18,831,868
Series F Preferred Stock
Class of Stock [Line Items]
Number of Shares Issued \| shares				12,349,423	24,698,846					24,698,846	12,349,423
Convertible preferred stock price per share \| $ / shares				$ 2.6317
Gross cash proceeds from convertible preferred stock			$ 32,499,977	$ 32,499,977
Preferred stock tranche obligation initial fair value				680,600
Stock issuance costs				287,267
Preferred stock fair value			33,415,193	$ 31,532,110
Preferred stock tranche obligation subsequently remeasured fair value						$ 915,216	$ 797,908
Changes in fair value recognized as other income						$ 117,308	$ 117,308
Fair value of preferred stock tranche obligation settlement			$ 915,216
Series B Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Warrants outstanding \| shares					908,000					908,000
Series D Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Warrants outstanding \| shares					258,000					258,000

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

Note 7 – Leases

On March 7, 2023, the Company entered into a noncancellable operating lease for office space and warehouse space. The commencement date of this lease was July 1, 2023, with an end date of July 31, 2028. Leases for all prior years were month to month. The lease contains a renewal option to extend the term for a period of five years. Because the Company is reasonably certain to exercise its renewal option, the optional period is included in determining the lease term, and associated payments under these renewal options are included in lease payments. The Company’s lease does not include termination options for either party to the lease or restrictive financial or other covenants. Payments due under the lease contract include fixed payments plus variable payments. The Company’s office space lease requires it to make variable payments for the Company’s proportionate share of the building’s property taxes, and common area operating expenses. These variable lease payments are not included in lease payments used to determine lease liability and are recognized as variable costs when incurred.

On March 20, 2025 the Company entered into a modification of its existing operating lease. The modification extended the lease term to April 30, 2030, expanded the office space and revised the future lease payments. Although the modification grants the Company an additional right of use at a stand-alone price, the modification also changes the scope of the original lease by extending it two additional years while also removing the renewal option. As such, the modification has been accounted for as a single contract.

On August 8, 2025, the Company entered into an additional non-cancellable operating lease for office space. The commencement date of the lease was September 1, 2025, with an end date of August 31, 2028. Payments due under the lease contract include fixed payments plus variable payments. The Company’s office space lease requires it to make variable payments for the Company’s proportionate share of the building’s property taxes, and common area operating expenses. These variable lease payments are not included in lease payments used to determine lease liability and are recognized as variable costs when incurred in accordance with ASC 842.

Supplemental lease cost information are as follows (in thousands):


	Three Months Ended
	March 31,
	2026		2025
Operating lease cost	$	102	$	25
Short-term lease cost	$	6	$	10
Variable lease cost	$	16	$	11
Total lease cost	$	124	$	46

The following table presents the lease balances within the balance sheet (in thousands):


	March 31, 2026		December 31, 2025
Operating Leases:
Right-of-use asset	$	1,001	$	1,068

Operating lease liabilities, current	$	358	$	358
Operating lease liabilities, non-current		870		948
Total operating lease liabilities	$	1,228	$	1,306

The following table presents undiscounted future minimum lease payments as of March 31, 2026, which reconcile to the total lease liability as follows (in thousands):


Years Ending December 31
2026, remaining months	$	341
2027		467
2028		387
2029		206
2030		70
Total undiscounted future minimum lease payments		1,471
Less: Amounts representing interest		(243	)
Total lease liabilities	$	1,228

The weighted average lease terms and discounts rates are as follows:


Operating Lease Term and Discount Rate	March 31, 2026	December 31, 2025
Weighted-average remaining lease term	3.28 years	3.54 years
Weighted-average discount rate	10.82%	10.82%

Supplemental cash flow information related to leases was as follows (in thousands):


	Three Months Ended
	March 31,
Cash paid for amounts included in the measurement of lease liabilities:	2026		2025
Operating cash flow from operating leases	$	112	$	25

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Jun. 01, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Trading Symbol	MOBI
Entity Registrant Name	MOBIA MEDICAL, INC.
Entity Central Index Key	0001489993
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		33,249,006
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.01 par value per share
Security Exchange Name	NASDAQ
Entity File Number	001-43275
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8573833
Entity Address, Address Line One	2802 Flintrock Trace
Entity Address, Address Line Two	Suite 226
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78738
City Area Code	855
Local Phone Number	628-9375
Document Quarterly Report	true
Document Transition Report	false

Leases - Schedule of Weighted Average Lease Terms and Discounts Rates (Details)	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
Weighted-average remaining lease term	3 years 3 months 10 days	3 years 6 months 14 days
Weighted-average discount rate	10.82%	10.82%

Common Stock

3 Months Ended

Mar. 31, 2026

Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]

Common Stock

Note 10 – Common Stock

In March 2025, the Company’s Board of Directors amended and restated the Company’s Certificate of Incorporation to increase the number of authorized shares of common stock to 86,600,000 shares at $0.01 per share. In May 2026, the Company’s Board of Directors amended the Company’s Certificate of Incorporation to increase the number of authorized shares of common stock to 950,000,000 shares at $0.01 per share.

Income Taxes - Additional Information (Details)	3 Months Ended
Income Taxes - Additional Information (Details)	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Effective tax rate	0.00%

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

Note 14 – Segment Information

The Company’s measure of segment profit or loss is net loss, which is used by the CODM to measure actual results versus expectations, set performance metrics, and during the Company’s budgeting and forecasting process to assess profitability and enable decision making. Significant segment expenses within net loss include cost of goods sold, research and development, and selling, general and administrative expenses. The only segment asset regularly reviewed by the CODM is cash and cash equivalents, which is reported on the balance sheets. No sales to an individual customer accounted for more than 10% of the Company’s total revenue for the three months ended March 31, 2026 and March 31, 2025, respectively.

The following table is representative of revenue and significant segment expense categories regularly provided to the CODM for purposes of managing the Company’s single operating and reportable segment. Segment revenue and net loss are consistent with the statements of operations (in thousands).


	Three Months Ended
	March 31,
	2026			2025
Revenue	$	12,074		$	5,661
Less:
Cost of goods sold		2,133			1,015
Research and development costs		1,692			1,354
Selling, general and administrative expenses (1)		25,186			13,596
Other segment items (2)		803			349
Net loss	$	(17,740	)	$	(10,653	)

(1)

Selling, general and administrative expenses include depreciation and amortization expense of $0.1 million and $31,000 for the three months ended March 31, 2026 and 2025, respectively.

(2)

Other segment items are comprised of change in fair value of convertible notes payable, interest expense, other income, net, and provision for income taxes, as shown on the statements of operations.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Product Warranties - Additional Information (Details)	Mar. 31, 2026
Minimum
Product Warranty Liability [Line Items]
Warranty term period provided for repair or replacement of products	1 year
Maximum
Product Warranty Liability [Line Items]
Warranty term period provided for repair or replacement of products	2 years

Leases - Additional Information (Details)				3 Months Ended
Leases - Additional Information (Details)	Aug. 08, 2025	Mar. 20, 2025	Mar. 07, 2023	Mar. 31, 2026
Leases [Abstract]
Lease description				On March 7, 2023, the Company entered into a noncancellable operating lease for office space and warehouse space. The commencement date of this lease was July 1, 2023, with an end date of July 31, 2028. Leases for all prior years were month to month. The lease contains a renewal option to extend the term for a period of five years. Because the Company is reasonably certain to exercise its renewal option, the optional period is included in determining the lease term, and associated payments under these renewal options are included in lease payments
Lease commencement date	Sep. 01, 2025		Jul. 01, 2023
Lease end date	Aug. 31, 2028	Apr. 30, 2030	Jul. 31, 2028
Lessee, Operating Lease, Existence of Option to Extend [true false]			true
Lessee, operating lease, option to extend				The lease contains a renewal option to extend the term for a period of five years.
Renewal term		2 years	5 years
Lessee, Operating Lease, Existence of Option to Terminate [true false]			false
Lessee, operating lease, option to terminate				The Company’s lease does not include termination options for either party to the lease or restrictive financial or other covenants.

Share-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Note 11 – Share-Based Compensation

On December 15, 2022, the Board of Directors approved the Corporation’s 2022 Equity Incentive Plan (the “2022 Plan”) providing for the grants of non-qualified stock options, incentive stock options and other stock-based awards up to an aggregate of 7,575,181 shares of common stock, $0.01 par value per share. This consisted of the available reserve from the 2007 Equity Incentive Plan (the “2007 Plan”) plus all returned shares. The 2022 Plan serves as the successor to and continuation of the 2007 Plan, and all options that were granted under the 2007 Plan (unless forfeited, exercised or expired) remained outstanding as of December 31, 2022. Awards issued under the 2007 Plan remain subject to the terms of the 2007 Plan, and unissued authorized 2007 shares became available under the 2022 Plan. No issued 2007 Plan awards were converted. The 2007 Plan contained an antidilution provision. Following a 1,000-for-1 common stock split in June 2022, the number of option shares for prior periods was retrospectively adjusted to reflect the split. No other terms of these existing awards were changed except for the number of option shares and the exercise price

to reflect the stock split. Because the modification did not result in incremental fair value under ASC 718, no additional compensation expense was recognized in 2022.

Under the 2022 Plan, stock options generally vest and become exercisable in respect of 25% of the total number of Shares initially subject to the Options on the first anniversary of the Vesting Commencement Date, and in respect of 1/48th of the total number of Shares initially subject to the Option on each monthly anniversary of the Vesting Commencement Date thereafter, so that 100% of the Shares subject to the Option shall be vested on the fourth anniversary of the Vesting Commencement Date, in each case, subject to the Optionee remaining as a Service Provider (as defined in the Plan) through the applicable vesting date. Certain awards may vest immediately upon grant or may be subject to performance-based vesting conditions, as determined by the Board of Directors. During the year ended 2025, the Company granted two executive awards that include performance-based vesting conditions which are immaterial. The Board of Directors administers the 2022 Plan and determines the exercise prices of options based on the fair value of the Company’s common stock as determined by an independent valuation, in certain instances, options have been granted with an exercise price in excess of fair market value at the date of grant.

The fair market value of stock options was estimated using the Black-Scholes valuation model. Since the Company does not have sufficient trading history of its common stock, it estimates the expected volatility of its stock options at their grant date by taking the weighted average historical volatility of a group of comparable publicly traded companies over a period of time equal to the expected life of the options. The Company uses the simplified method to calculate the expected term and contractual terms. Under the simplified method, the expected life is equal to the average of the share-based award’s weighted average vesting period and its contractual term. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. There were no expected dividends. The following assumptions were used in estimating the fair value of option grants issued:


	Three Months Ended
	March 31,
	2026	2025
Expected term (years)	6.0 - 6.1	3.3 - 6.1
Volatility	81.6% — 81.9%	51.5% — 52.9%
Risk-free interest rate	4.0% — 4.1%	4.0% — 4.2%
Dividend yield	—	—

Stock options - A summary of officer, employee, and non-employee options granted and outstanding, under the 2007 and 2022 Plans are presented below (in thousands, except for share and per share amounts):


	Options Outstanding
	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2025		4,046,266		$	3.51	7.90	$	1,611
Options Granted		524,180		$	7.91
Options Exercised		(119,226	)	$	3.01
Options Forfeited, Cancelled, or Expired		(68,341	)	$	3.62
Outstanding as of March 31, 2026		4,382,879		$	4.08	7.93	$	16,783
Vested and exercisable at March 31, 2026		1,915,208		$	3.38	6.46	$	8,683

The following table summarizes information about stock options outstanding as of March 31, 2026:


	Options Outstanding			Options Vested
		Weighted Average	Weighted Average
		Remaining	Remaining
	Number of	Weighted Average	Contractual Term	Number of	Weighted Average
Exercise Price	Shares	Exercise Price	(in years)	Shares	Exercise Price
$1.39	22,968	$1.39	3.61	22,968	$1.39
$1.45	2,871	$1.45	0.03	2,871	$1.45
$2.66	61,728	$2.66	4.44	61,728	$2.66
$2.79	84,409	$2.79	2.77	84,409	$2.79
$2.88	43,066	$2.88	5.10	43,066	$2.88
$3.24	264,009	$3.24	7.93	123,154	$3.24
$3.38	1,207,080	$3.38	6.78	1,094,091	$3.38
$3.41	36,891	$3.41	6.87	22,798	$3.41
$3.73	1,510,824	$3.73	8.46	426,872	$3.73
$3.94	525,228	$3.94	9.56	2,512	$3.94
$4.11	99,606	$4.11	3.99	30,739	$4.11
$7.91	524,199	$7.91	9.97	—	$7.91
$1.39 — $7.91	4,382,879	$4.08	7.93	1,915,208	$3.37

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the fair value of the Company’s common stock for stock options that were in-the-money at period end. The aggregate intrinsic value of all options exercised for the three months ended March 31, 2026 and 2025 was $0.5 million and $34,000, respectively. The total fair value of options vested for the three months ended March 31, 2026 and 2025 was $0.5 million and $0.2 million, respectively. The options granted for the three months ended March 31, 2026 and 2025 had a weighted average grant date fair value of $5.71 per share and $1.95 per share, respectively. The options forfeited during the three months ended March 31, 2026 and 2025 had a weighted average grant date fair value of $1.95 per share and $1.74 per share, respectively. The total compensation cost related to non-vested stock options to be recognized in the future as of March 31, 2026, was $6.5 million over a weighted-average period of approximately 3.1 years.

A summary of share-based compensation expense by line items in the statements of operations is as follows (in thousands):


	Three Months Ended
	March 31,
	2026		2025
Research and development costs	$	68	$	—
Sales, general and administrative expenses		339		201
Total share based compensation expense	$	407	$	201

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions Used in Estimating the Fair Value of Option Grants Issued

The following assumptions were used in estimating the fair value of option grants issued:


	Three Months Ended
	March 31,
	2026	2025
Expected term (years)	6.0 - 6.1	3.3 - 6.1
Volatility	81.6% — 81.9%	51.5% — 52.9%
Risk-free interest rate	4.0% — 4.1%	4.0% — 4.2%
Dividend yield	—	—

Schedule of Stock Options Activity


	Options Outstanding
	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2025		4,046,266		$	3.51	7.90	$	1,611
Options Granted		524,180		$	7.91
Options Exercised		(119,226	)	$	3.01
Options Forfeited, Cancelled, or Expired		(68,341	)	$	3.62
Outstanding as of March 31, 2026		4,382,879		$	4.08	7.93	$	16,783
Vested and exercisable at March 31, 2026		1,915,208		$	3.38	6.46	$	8,683

Summary of Stock Options Outstanding Exercise Price Range

The following table summarizes information about stock options outstanding as of March 31, 2026:


	Options Outstanding			Options Vested
		Weighted Average	Weighted Average
		Remaining	Remaining
	Number of	Weighted Average	Contractual Term	Number of	Weighted Average
Exercise Price	Shares	Exercise Price	(in years)	Shares	Exercise Price
$1.39	22,968	$1.39	3.61	22,968	$1.39
$1.45	2,871	$1.45	0.03	2,871	$1.45
$2.66	61,728	$2.66	4.44	61,728	$2.66
$2.79	84,409	$2.79	2.77	84,409	$2.79
$2.88	43,066	$2.88	5.10	43,066	$2.88
$3.24	264,009	$3.24	7.93	123,154	$3.24
$3.38	1,207,080	$3.38	6.78	1,094,091	$3.38
$3.41	36,891	$3.41	6.87	22,798	$3.41
$3.73	1,510,824	$3.73	8.46	426,872	$3.73
$3.94	525,228	$3.94	9.56	2,512	$3.94
$4.11	99,606	$4.11	3.99	30,739	$4.11
$7.91	524,199	$7.91	9.97	—	$7.91
$1.39 — $7.91	4,382,879	$4.08	7.93	1,915,208	$3.37

Summary of Share-Based Compensation Expense

A summary of share-based compensation expense by line items in the statements of operations is as follows (in thousands):


	Three Months Ended
	March 31,
	2026		2025
Research and development costs	$	68	$	—
Sales, general and administrative expenses		339		201
Total share based compensation expense	$	407	$	201

Summary of Significant Accounting and Reporting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting and Reporting Policies

Note 3 – Summary of Significant Accounting and Reporting Policies

The balance of inventory is as follows (in thousands):


	March 31,		December 31,
	2026		2025
Raw materials	$	1,188	$	1,192
Finished goods		4,861		4,265
Total inventories	$	6,049	$	5,457

Segment Information - Schedule Of Revenue Of Single Operating And Reportable Segment - Parenthetical (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Depreciation and amortization expense	$ 56,000	$ 31,000

Redeemable Convertible Preferred Stock - Summary of Preferred Stock (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025	Oct. 31, 2025	Oct. 15, 2025	Mar. 31, 2025
Class of Stock [Line Items]
Number of Shares Authorized	67,174,403	67,174,403
Number of Shares Issued	65,591,701	65,591,701
Number of Shares Outstanding	65,591,701	65,591,701
Carrying Value	$ 179,773,000	$ 179,773,000
Liquidation Value	$ 182,255,000	$ 182,255,000
Series A
Class of Stock [Line Items]
Number of Shares Authorized	1,401,000	1,401,000
Number of Shares Issued	1,401,000	1,401,000
Number of Shares Outstanding	1,401,000	1,401,000
Original Issue Price	$ 1.91259	$ 1.91259
Carrying Value	$ 2,694,000	$ 2,694,000
Liquidation Value	$ 3,215,000	$ 3,215,000
Series B
Class of Stock [Line Items]
Number of Shares Authorized	4,229,000	4,229,000
Number of Shares Issued	3,321,000	3,321,000
Number of Shares Outstanding	3,321,000	3,321,000
Original Issue Price	$ 3.73744	$ 3.73744
Carrying Value	$ 10,849,000	$ 10,849,000
Liquidation Value	$ 14,894,000	$ 14,894,000
Series C
Class of Stock [Line Items]
Number of Shares Authorized	1,362,000	1,362,000
Number of Shares Issued	1,362,000	1,362,000
Number of Shares Outstanding	1,362,000	1,362,000
Original Issue Price	$ 4.207	$ 4.207
Carrying Value	$ 5,744,000	$ 5,744,000
Liquidation Value	$ 5,730,000	$ 5,730,000
Series D
Class of Stock [Line Items]
Number of Shares Authorized	5,127,000	5,127,000
Number of Shares Issued	4,865,000	4,865,000
Number of Shares Outstanding	4,865,000	4,865,000
Original Issue Price	$ 4.207	$ 4.207
Carrying Value	$ 19,989,000	$ 19,989,000
Liquidation Value	$ 20,467,000	$ 20,467,000
Series E-1
Class of Stock [Line Items]
Number of Shares Authorized	6,361,753	6,361,753
Number of Shares Issued	6,361,753	6,361,753
Number of Shares Outstanding	6,361,753	6,361,753
Original Issue Price	$ 2.0354	$ 2.0354
Carrying Value	$ 15,841,000	$ 15,841,000
Liquidation Value	$ 12,949,000	$ 12,949,000
Series E-2
Class of Stock [Line Items]
Number of Shares Authorized	23,994,804	23,994,804
Number of Shares Issued	23,582,102	23,582,102
Number of Shares Outstanding	23,582,102	23,582,102
Original Issue Price	$ 2.5443	$ 2.5443
Carrying Value	$ 59,709,000	$ 59,709,000
Liquidation Value	$ 60,000,000	$ 60,000,000
Series F
Class of Stock [Line Items]
Number of Shares Authorized	24,698,846	24,698,846
Number of Shares Issued	24,698,846	24,698,846		12,349,423	12,349,423
Number of Shares Outstanding	24,698,846	24,698,846
Original Issue Price			$ 33,415,193		$ 31,532,110
Original Issue Price	$ 2.6317	$ 2.6317
Carrying Value	$ 64,947,000	$ 64,947,000
Liquidation Value	$ 65,000,000	$ 65,000,000

Share-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
	Dec. 15, 2022 USD ($) $ / shares shares	Mar. 31, 2026 USD ($) $ / shares	Mar. 31, 2025 USD ($) $ / shares	Dec. 31, 2025 Award $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, par value \| $ / shares		$ 0.01	$ 0.01	$ 0.01
Reverse stock split		0.287
Number of executive awards \| Award				2
Expected dividends		$ 0
Aggregate intrinsic value of options exercised		500	$ 34,000
Fair value of options vested		$ 500	$ 200
Options granted, weighted average grant date fair value \| $ / shares		$ 5.71	$ 1.95
Options forfeited, weighted average grant date fair value \| $ / shares		$ 1.95	$ 1.74
Total compensation cost related to non-vested stock options not yet recognized		$ 6,500
Weighted-average period		3 years 1 month 6 days
2022 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, par value \| $ / shares	$ 0.01
Stock split, description		1,000-for-1
Reverse stock split	1,000
Additional compensation expense	$ 0
Number of shares vest and exercisable percentage	25.00%
Number of shares vested percentage	100.00%
2022 Equity Incentive Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate value of shares authorized \| shares	7,575,181
2007 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversion of shares \| shares	0

Share-Based Compensation - Schedule of Assumptions Used in Estimating the Fair Value of Option Grants Issued (Details)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Volatility, minimum	81.60%	51.50%
Volatility, maximum	81.90%	52.90%
Risk-free interest rate, minimum	4.00%	4.00%
Risk-free interest rate, maximum	4.10%	4.20%
Dividend yield	0.00%	0.00%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)	6 years	3 years 3 months 18 days
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
-Paragraph 1D
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets, Current [Abstract]
Cash and cash equivalents	$ 55,725	$ 33,587
Accounts receivable	4,854	4,435
Inventory	6,049	5,457
Deferred offering costs	3,496	935
Other current assets	1,590	1,943
Total current assets	71,714	46,357
Property and equipment, net	738	669
Right-of-use assets - operating leases	1,001	1,068
Other assets	143	55
Total assets	73,596	48,149
Current liabilities
Accounts payable	3,033	2,223
Operating lease liabilities, current	358	358
Product warranty liability	1,029	844
Accrued payroll, commissions, and bonuses	3,113	4,854
Accrued offering costs	2,641	935
Accrued and other current liabilities	1,660	992
Total current liabilities	11,834	10,206
Warrant liabilities	882	865
Notes payable, net of discount and deferred financing costs	7,257	7,130
Operating lease liabilities, non-current	870	948
Total liabilities	61,571	19,149
Commitments and contingencies (Note 13)
Redeemable convertible preferred issuable in series, stock, $0.01 par value, 67,174,403 shares authorized as of March 31, 2026 and December 31, 2025, respectively; 65,591,701 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively; aggregate liquidation value of $182,255 as of March 31, 2026 and December 31, 2025, respectively	179,773	179,773
Stockholders' deficit
Common stock, $0.01 par value, 86,600,000 shares authorized as of March 31, 2026 and December 31, 2025; 1,003,256 and 884,030 shares outstanding as of March 31, 2026 and December 31, 2025, respectively	10	9
Additional paid-in capital	7,771	7,007
Accumulated deficit	(175,529)	(157,789)
Total stockholders' deficit	(167,748)	(150,773)
Total liabilities, redeemable convertible preferred stock, and stockholders' deficit	73,596	$ 48,149
Related Party
Current liabilities
Convertible notes payable	26,369
Nonrelated Party
Current liabilities
Convertible notes payable	$ 14,359

Share-Based Compensation - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share based compensation expense	$ 407	$ 201
Research and Development Costs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share based compensation expense	68
Sales, General and Administrative Expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share based compensation expense	$ 339	$ 201

Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended
Condensed Statements of Operations - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenues	$ 12,074	$ 5,661
Cost of goods sold	2,133	1,015
Gross Profit	9,941	4,646
Operating expenses
Research and Development Expense	1,692	1,354
Selling, General and Administrative Expense	25,186	13,596
Total operating expenses	26,878	14,950
Loss from operations	(16,937)	(10,304)
Other income (expense)
Change in fair value of convertible notes payable	(728)	(0)
Interest expense	(357)	(239)
Other income (expense), net	282	(109)
Total other expense, net	(803)	(348)
Loss before provision for income tax	(17,740)	(10,652)
Provision for income tax	0	(1)
Net loss attributable to common stockholders	$ (17,740)	$ (10,653)
Net loss per share attributable to common stockholders
Basic (in dollars per share)	$ (19.3)	$ (12.97)
Diluted (in dollars per share)	$ (19.3)	$ (12.97)
Share (denominator):
Weighted average number of common shares outstanding used in basic computation	918,935	821,160
Shares used in diluted computation	918,935	821,160

Convertible Notes and Notes Payable

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Convertible Notes and Notes Payable

Note 6 – Convertible Notes and Notes Payable

Convertible Notes

In January and February 2026, the Company issued Convertible Notes in an aggregate principal amount of $40.0 million. The Convertible Notes bear payment-in-kind (“PIK”) interest at a rate of 7.0% per annum and mature two years from issuance unless earlier converted or repaid. The Convertible Notes are convertible into equity upon the occurrence of specified events, including a qualified financing, non-qualified financing, change of control, or initial public offering. The Convertible Notes bear no interest for the first six months following the date of issuance (the “Interest Free Period”), and in connection with an initial public offering, all accrued PIK interest is contractually waived immediately prior to conversion.

The Company elected the fair value option under ASC 825 for the Convertible Notes in order to account for the instrument as a single unit of account, which reflects the combined effect of the debt host and the embedded features within the overall fair value measurement. Accordingly, the Convertible Notes are initially recorded at fair value and subsequently remeasured at fair value at each reporting date, with changes in fair value recognized in the statement of operations within “Change in fair value of convertible notes

payable.” This amount includes the impact of accrued PIK interest, and therefore no separate interest expense is presented for the Convertible Notes. The portion of the change in fair value attributable to changes in instrument-specific credit risk is recorded in other comprehensive income. There were no material changes in the fair value of the Convertible Notes during the period.

The Convertible Notes are presented as a separate line item on the balance sheet titled “Convertible notes payable”. At issuance, the Company determined that the transaction price represented the best evidence of fair value and recorded the Convertible Notes at the proceeds received. As of March 31, 2026, the aggregate principal amount of Convertible Notes outstanding was $40.0 million and the estimated fair value was $40.7 million. See Note 4 – Fair Value Measurements for the discussion on the methodology and assumptions used in assessing the fair value of the Convertible Notes.

Immediately prior to the completion of the IPO, the Convertible Notes issued during the three months ended March 31, 2026 were converted into an aggregate of 3,333,324 shares of common stock.

Notes

On December 29, 2023, the Company entered into a Loan and Security Agreement (the “Loan and Security Agreement”) with Horizon Technology Finance Corporation. On June 1, 2024, Horizon Technology Finance Corporation assigned all of its right, title and interest in and to the loans outstanding under the Loan and Security Agreement and related warrants to Horizon Funding II, LLC, its wholly-owned subsidiary (together with Horizon Technology Finance Corporation, “Horizon”). The Loan and Security Agreement provides for term loans of up to an aggregate principal amount of $30.0 million, available in four equal tranches of $7.5 million. Each tranche comprises two equal loans of $3,750,000. As of December 31, 2025, the Company had $7.5 million in principal outstanding under the Loan and Security Agreement (the “Notes”).

Borrowing under the Loan and Security Agreement accrue interest at an annual rate equal to the greater of (i) the Wall Street Journal (or any successor thereto) prime rate (subject to a floor of 8.50%) plus 3.75% and (ii) 12.25%. The Company is required to make monthly payment of interest through January 1, 2028, followed by amortizing principal and interest payments through the maturity date of January 1, 2029. The unpaid balance of principal and accrued interest is due at maturity. The borrowings are secured by substantially all of the Company’s assets, excluding intellectual property.

In connection with the Company’s draw down of the first tranche under the Loan and Security Agreement, the Company issued warrants to purchase such number of securities representing an aggregate of $262,500 to the lender. The warrants are exercisable at the election of the holder for (i) shares of Series E-2 redeemable convertible preferred stock at an exercise price of $2.5443 per share or, (ii) shares of Series F redeemable convertible preferred stock at an exercise price of $2.6317 per share, and expire ten years from the date of issuance. The warrants allow for settlement in shares and are transferable at the holder’s discretion. The value of the warrants is capped at $2.5443 per share, a total of $262,500, but the number of shares is not limited. Immediately prior to the completion of the IPO, the warrants automatically converted into warrants to purchase 29,622 shares of common stock with an average exercise price of $8.8618 per share.

As of March 31, 2026 and December 31, 2025, the carrying value of the borrowings under the Loan and Security Agreement was $7.3 million and $7.1 million, net of unamortized debt discount and deferred financing costs. The Company amortizes deferred financing costs associated with the Notes to interest expense over the term of the Notes. The amortization of debt discount was not material for each of the three months ended March 31, 2026 and March 2025. The amortization of deferred financing costs was $0.1 million and immaterial for the three months ended March 31, 2026 and March 31, 2025, respectively.

There were no additional borrowings, repayments, or material modifications regarding the Loan and Security Agreement during the three months ended March 31, 2026 and March 31, 2025. Total interest expense was $0.2 million for each of the three months ended March 31, 2026 and March 31, 2025.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4 – Fair Value Measurements

ASC 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1 – This level consists of quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2 – This level consists of directly or indirectly observable inputs as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument.

Level 3 – This level consists of unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.

In determining the fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the unobservable inputs to the extent possible, as well as considers counterparty credit risk in its assessments of fair value.

Fair Value of Liabilities – The following tables represent the Company’s financial liabilities according to the fair value hierarchy, measured at fair value (in thousands):


March 31, 2026	Level 1		Level 2		Level 3		Total
Liabilities
Warrant liabilities	$	—	$	—	$	882	$	882
Convertible notes payable		—		—		40,728		40,728
Total liabilities, at fair value	$	—	$	—	$	41,610	$	41,610


December 31, 2025	Level 1		Level 2		Level 3		Total
Liabilities
Warrant liabilities	$	—	$	—	$	865	$	865
Total liabilities, at fair value	$	—	$	—	$	865	$	865

The value of the warrants to purchase the Company’s redeemable convertible preferred stock is dependent on inputs for which there is little or no market data, in particular the value of the Company’s stock. As a result, the valuation of the warrants to purchase the Company’s redeemable convertible preferred stock is categorized as Level 3. When a determination is made to classify a financial instrument within Level 3, the determination is based upon the lowest level of significance of the unobservable inputs to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable inputs, observable inputs (that is, components that are actively quoted and can be validated to external sources). The fair values could change significantly based on future market conditions.

The fair value of the warrant liability is estimated using the option-pricing model based on the Black-Scholes-Merton model with the following inputs:


	Preferred Warrants
March 31, 2026	Series B	Series D	Series E2 and F
Strike price	$3.73744	$4.20700	$2.54430
Expected dividend yield	— %	— %	— %
Expected term (years)	6.8	7.2	7.8
Volatility	75%	75%	75%
Risk-free interest rate	3.465%	3.465%	3.465%


	Preferred Warrants
December 31, 2025	Series B	Series D	Series E2 and F
Strike price	$3.73744	$4.20700	$2.54430
Expected dividend yield	— %	— %	— %
Expected term (years)	7.0	7.4	8.0
Volatility	80%	80%	80%
Risk-free interest rate	3.445%	3.445%	3.445%

The Company estimates volatility based upon analysis of the historical volatility of peer public companies as well as factors specific to the Company, including, but not limited to, size, expected growth and relative risk. The expected life assumption is based on the remaining contractual terms of the warrants. The risk-free rate as of March 31, 2026 and December 31, 2025 is based on the 1.5 year U.S. treasury bond yield. The expected dividend yield used is zero, because the Company has no present intention to pay cash dividends. The fair value of the warrant liability as of March 31, 2026 and December 31, 2025, was $0.9 million and $0.9 million, respectively. The change in fair value of the warrant liabilities was recorded within Other income (expense), net in the condensed statements of operations.

In January and February 2026, the Company issued convertible promissory notes in an aggregate principal amount of $40.0 million (the “Convertible Notes”). The Company elected the fair value option under ASC 825 for the Convertible Notes. At issuance, the fair value of the Convertible Notes was determined based on the transaction price, which the Company concluded represented an orderly transaction between market participants. Subsequent fair value measurements are determined using a scenario-based valuation model that incorporates probability-weighted outcomes across multiple potential scenarios, including an initial public offering, financing, change of control, maturity, and default. The model incorporates discounted cash flow techniques and option-pricing methodologies to reflect the embedded conversion features and is calibrated to the transaction price at issuance and updated at each reporting date. Significant unobservable inputs used in the valuation include discount rate (including a company-specific credit spread), equity volatility, and the probability and timing of potential liquidity events. The Convertible Notes are recurring Level 3 liabilities measured under the ASC 825 fair value option.

As of issuance, key assumptions included a discount rate of approximately 21.2%, equity volatility of approximately 85%, and expected term of 1.0 – 2.0 years. As of March 31, 2026, key assumptions included a discount rate of approximately 21.5%, equity volatility of approximately 80% and expected timing of liquidity events of 0.8 – 1.5 years. For each measurement date, the estimated probability of an initial public offering was 40% and a change of control was 20%.

The following table summarizes the change in the fair market value of the Convertible Notes (in thousands):


	Three Months Ended
	March 31,
	2026
Beginning balance	$	—
Issuance of convertible notes payable		40,000
Change in fair value		728
Ending balance	$	40,728

As of March 31, 2026, the aggregate principal amount of the Convertible Notes outstanding was $40.0 million and the estimated fair value of the Convertible Notes was $40.7 million.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 13 – Commitments and Contingencies

From time to time, the Company may become a party to claims, legal actions, and complaints arising in the ordinary course of business. Management is not aware of any such matters which would have a material effect on its financial positions, results of operations, or cash flows. The Company relies on third-party manufacturers for the production of its IPGs and stimulation leads. Certain of these arrangements include non-cancelable purchase commitments and binding forecast obligations. The Company issues purchase orders based on production requirements, which are generally non-cancelable once accepted by the supplier. As of March 31, 2026, the Company had outstanding non-cancelable purchase orders totaling approximately $11.6 million, which are expected to be fulfilled in the next twelve months. As of December 31, 2025, the Company had outstanding non-cancelable purchase orders totaling approximately $7.1 million, which are expected to be fulfilled during 2026.

During September 2024, the Company entered into an updated IPG supply agreement that expanded the scope of its supply arrangements with the third-party manufacturer. The agreement includes minimum annual purchase commitments over a five-year period commencing upon the first commercial shipment of product under the agreement. The first commercial shipment is currently expected to occur in 2028. The agreement also requires the Company to provide rolling twelve-month forecasts, portions of which

may become binding. As of March 31, 2026, no binding forecast commitments had been established under this agreement. The aggregate minimum purchase obligation over the five-year commitment period totals approximately $5.8 million.

Net Loss Per Share - Summary of Converted Securities Excluded from Diluted Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	26,912,547	18,847,376
Series A Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	402,239	402,239
Series B Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	953,488	953,488
Series C Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	391,042	391,042
Series D Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	1,396,784	1,396,784
Series E Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	8,597,145	8,597,145
Series F Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	7,091,256	3,545,628
Warrants on Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	364,390	364,390
Convertible Notes Payable
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	3,333,324
Common Shares Issuable Upon the Exercise of Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	4,382,879	3,196,660

Fair Value Measurements - Schedule of Financial Liabilities, Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, at fair value	$ 41,610	$ 865
Convertible Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, at fair value	40,728
Warrant liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, at fair value	882	865
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, at fair value	41,610	865
Fair Value, Inputs, Level 3 [Member] \| Convertible Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, at fair value	40,728
Fair Value, Inputs, Level 3 [Member] \| Warrant liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, at fair value	$ 882	$ 865

Description of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended
	May 11, 2026	May 31, 2026	Mar. 31, 2026
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Convertible promissory note			$ 40.0
Convertible Promissory Notes
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Convertible promissory note			$ 40.0
IPO \| Common Stock \| Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock issued and sold	10,000,000	10,000,000
Offering price per share	$ 15	$ 15
Net proceeds from issuance of shares	$ 134.5	$ 134.5
Redeemable convertible preferred stock converted	18,831,868	18,831,868
IPO \| Convertible Promissory Notes \| Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Convertible promissory note			3,333,324

Net Loss Per Share - Additional Information (Details)		3 Months Ended
Net Loss Per Share - Additional Information (Details)	May 01, 2026	Mar. 31, 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Reverse stock split		0.287
Subsequent Event [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Reverse stock split	0.287
Subsequent Event [Member] \| IPO
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Reverse stock split	0.287

Liquidity and Going Concern

3 Months Ended

Mar. 31, 2026

Liquidity And Going Concern [Abstract]

Liquidity and Going Concern

Note 2 – Liquidity and Going Concern

These condensed unaudited interim financial statements were prepared on a going concern basis. The going concern basis assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.

The Company has incurred operating losses and negative cash flows from operations since its inception. For the three months ended March 31, 2026, the Company had a net loss of $17.7 million and had an accumulated deficit of $175.5 million as of March 31, 2026. Additionally, the Company has generated negative cash flows from operations for the three months ended March 31, 2026.

Since inception, the Company has financed its activities principally from the issuance of preferred stock, debt financing arrangements, revenue from sales of the Vivistim System and, subsequent to March 31, 2026, net proceeds from the IPO completed in May 2026. The Company believes that its operating losses and negative operating cash flows will continue into the foreseeable future. There can be no assurance that the Company’s products will generate sufficient revenue for the Company to achieve profitable operations.

Based on its current operating plan, the Company plans significant increases in marketing expenditures to facilitate further awareness and adoption of the Vivistim System, spending on research and development, including regulatory affairs and clinical studies, and costs related to scaling the Company’s commercial operations and infrastructure. In addition, general and administrative expenses are expected to increase following the Company’s IPO due to the additional costs associated with being a public company. As discussed in previous filings (including the Company’s annual financial statements for the periods ended December 31, 2024 and 2025 included in the prospectus), the Company had previously concluded that the aforementioned factors raised substantial doubt about its ability to continue as a going concern. In May 2026, the Company completed its IPO and received net proceeds of approximately $134.5 million. As a result, the Company’s cash on hand, together with the net proceeds received from the IPO, is now expected to be sufficient to fund the Company’s operations for at least one year from the date these condensed unaudited interim financial statements are issued.

If future revenue is not sufficient or if sufficient funds on acceptable terms are not available when needed, the Company may be required to curtail planned activities to significantly reduce its operating expenses. Failure to manage discretionary spending or raise additional financing, as needed, may have a material adverse effect on the Company’s future viability and results of operations.

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (17,740,000)	$ (10,653,000)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	56,000	31,000
Share-based compensation	407,000	201,000
Change in fair value of convertible notes payable	728,000	0
Change in fair value of warrant liabilities	16,000	265,000
Amortization of debt discount and debt issuance costs	127,000	9,000
Changes in operating assets and liabilities
Accounts receivable	(419,000)	409,000
Inventory	(593,000)	(486,000)
Other assets	(139,000)	(104,000)
Accounts payable	727,000	1,521,000
Accrued liabilities and other	(898,000)	(916,000)
Net cash used in operating activities	(17,728,000)	(9,723,000)
Cash flows from investing activities
Purchases of property and equipment	(42,000)	(23,000)
Net cash used in investing activities	(42,000)	(23,000)
Cash flows from financing activities
Exercise of common stock options	358,000	211,000
Proceeds from issuance of convertible notes payable	14,102,000	0
Proceeds from the related party issuance of convertible notes payable	25,898,000	0
Proceeds from issuance of Series F redeemable convertible preferred stock, net of issuance costs	0	29,611,000
Proceeds from the related party issuance of Series F redeemable convertible preferred stock, net of issuance costs	0	2,602,000
Payment of deferred offering costs	(450,000)	0
Net cash provided by financing activities	39,908,000	32,424,000
Net change in cash and cash equivalents	22,138,000	22,678,000
Cash and cash equivalents, beginning of period	33,587,000	14,620,000
Cash and cash equivalents, end of period	55,725,000	37,298,000
Supplemental disclosures of cash flows information
Cash paid for interest	$ 230,000	$ 230,000

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit (Parenthetical) - Series F Redeemable Convertible Preferred Stock $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Related Party
Net of tranche liability	$ 54,972
Issuance costs	23,202
Nonrelated Party
Net of tranche liability	625,628
Issuance costs	$ 264,065

Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	86,600,000	86,600,000
Common stock, shares outstanding	1,003,256	884,030
Common stock, shares issued not disclosed	true	true
Redeemable Convertible Preferred Stock
Temporary equity, par value	$ 0.01	$ 0.01
Temporary equity, shares authorized	67,174,403	67,174,403
Temporary equity, shares issued	65,591,701	65,591,701
Temporary equity, shares outstanding	65,591,701	65,591,701
Temporary equity, aggregate liquidation	$ 182,255	$ 182,255

Product Warranties (Tables)

3 Months Ended

Mar. 31, 2026

Product Warranties Disclosures [Abstract]

Schedule of Reconciliation of Changes in Product Warranty Liability

A reconciliation of the changes in the product warranty liability is as follows (in thousands):


	Three Months Ended
	March 31,
	2026			2025
Beginning balance	$	844		$	437
Accruals for warranties issued		328			133
Claims settled		(143	)		(78	)
Ending balance	$	1,029		$	492

Summary of Significant Accounting and Reporting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Inventory

The balance of inventory is as follows (in thousands):


	March 31,		December 31,
	2026		2025
Raw materials	$	1,188	$	1,192
Finished goods		4,861		4,265
Total inventories	$	6,049	$	5,457

Redeemable Convertible Preferred Stock

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Redeemable Convertible Preferred Stock

Note 9 – Redeemable Convertible Preferred Stock

The Company has issued Series A redeemable convertible preferred stock (“Series A”), Series B redeemable convertible preferred stock (“Series B”), Series C redeemable convertible preferred stock (“Series C”), Series D redeemable convertible preferred stock (“Series D”), Series E-1 redeemable convertible preferred stock (“Series E-1”), Series E-2 redeemable convertible preferred stock (“Series E-2”), and Series F redeemable convertible preferred stock (“Series F”), collectively the (“Preferred Stock”).

In March 2025, the Company entered into a Series F preferred stock purchase agreement (the “Series F Agreement”) pursuant to which the Company issued 12,349,423 shares of Series F redeemable convertible preferred stock at a price of $2.6317 per share for gross cash proceeds of $32,499,977. The Series F Agreement also required the Company to issue, and the investors to purchase, an additional 12,349,423 shares of Series F redeemable convertible preferred stock at the same price per share on or around October 15, 2025 for additional gross cash proceeds of $32,499,977 (the “Series F preferred stock tranche obligation”).

The Company classified the Series F preferred stock tranche obligation as a liability on its balance sheets as it represents a freestanding financial instrument that may require the Company to transfer assets to settle its obligation (upon events that are outside of its control). The Series F preferred stock tranche obligations were initially recorded at fair value upon the date of issuance and was subsequently remeasured to fair value at each reporting date until settlement. Changes in the fair value of the Series F preferred stock tranche obligation was recognized as a component of other income, net in the statements of operations.

The Series F preferred stock tranche obligation had an initial fair value of $680,600. As a result of the initial issuance of Series F in March 2025, 12,349,423 shares of Series F were recorded at their fair value of $31,532,110, net of issuance costs of $287,267. The Series F preferred stock tranche obligation was subsequently remeasured to a fair value of $797,908 as of June 30, 2025, and $915,216 as of September 30, 2025, with changes in fair value of $117,308 for the three months ended June 30, 2025 and $117,308 for the three months ended September 30, 2025 recognized as a component of other income, net in the statements of operations.

The Series F preferred stock tranche obligation was settled in October 2025, with the issuance of 12,349,423 shares of Series F at a price of $2.6317 per share for gross cash proceeds of $32,499,977. The fair value of the Series F preferred stock tranche obligation at settlement was $915,216. As a result of the October 2025 issuance of Series F, as well as the settlement of the Series F preferred stock obligation, 12,349,423 shares of Series F were recorded at their fair value of $33,415,193. Issuance costs related to the October 2025 Series F issuance were immaterial.

Preferred Stock consists of the following (in thousands, except for share and per share amounts):


	March 31, 2026
	Number of Shares Authorized		Number of Shares Issued and Outstanding		Original Issue Price		Carrying Value		Liquidation Value
Series A		1,401,000		1,401,000	$	1.91259	$	2,694	$	3,215
Series B		4,229,000		3,321,000		3.73744		10,849		14,894
Series C		1,362,000		1,362,000		4.20700		5,744		5,730
Series D		5,127,000		4,865,000		4.20700		19,989		20,467
Series E-1		6,361,753		6,361,753		2.03540		15,841		12,949
Series E-2		23,994,804		23,582,102		2.54430		59,709		60,000
Series F		24,698,846		24,698,846		2.63170		64,947		65,000
Total		67,174,403		65,591,701			$	179,773	$	182,255


	December 31, 2025
	Number of Shares Authorized		Number of Shares Issued and Outstanding		Original Issue Price		Carrying Value		Liquidation Value
Series A		1,401,000		1,401,000	$	1.91259	$	2,694	$	3,215
Series B		4,229,000		3,321,000		3.73744		10,849		14,894
Series C		1,362,000		1,362,000		4.20700		5,744		5,730
Series D		5,127,000		4,865,000		4.20700		19,989		20,467
Series E-1		6,361,753		6,361,753		2.03540		15,841		12,949
Series E-2		23,994,804		23,582,102		2.54430		59,709		60,000
Series F		24,698,846		24,698,846		2.63170		64,947		65,000
Total		67,174,403		65,591,701			$	179,773	$	182,255

Dividends

In the event dividends are declared by the Board of Directors on the common stock (except dividends on common stock payable in additional shares of common stock), the holders of the Preferred Stock shall be entitled to receive a dividend per share on the Preferred Stock, as applicable, pro rata with the shares of common stock, as if such shares of Preferred Stock had been converted to shares of common stock, assuming for this purpose only that shares of redeemable convertible preferred stock are convertible into

fractional shares, at the record date for the determination of stockholders entitled to such dividends. The right to receive dividends on shares of redeemable convertible preferred stock is non-cumulative, and no right to such dividends accrues to holders of redeemable convertible preferred stock by reason of the fact that dividends on such shares are not declared or paid in any years. No dividends have been declared or paid as of March 31, 2026 or December 31, 2025.

Liquidation Rights

In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, or in the event of a deemed liquidation event (as defined below) the holders of Preferred Stock are entitled to liquidation preferences.

Payment of liquidation preferences rights to preferred stockholders are in the order of: first, the Series F redeemable convertible preferred stock, then the Series E-2 and Series E-1 redeemable convertible preferred stock, then the Series D redeemable convertible preferred stock, then the Series C redeemable convertible preferred stock, then the Series B and A redeemable convertible preferred stock. The liquidation values for the Series F, Series E-2, Series E-1, Series D, and Series C redeemable convertible preferred stock are equivalent to an amount equal to the respective original issue price per share, adjusted for any recapitalization, stock split and the like, plus any dividends declared but unpaid thereon. The liquidation values for the Series B and Series A redeemable convertible preferred stock are equivalent the greater of (i) an amount equal to 1.2 multiplied by the respective original issue price per share, adjusted for any recapitalization, stock split and the like, plus any dividends declared but unpaid thereon, or (ii) such amount per share as would have been payable had all shares of Series B and Series A redeemable convertible preferred stock been converted into common stock immediately prior to such liquidation, dissolution or winding up. The remaining assets, if any, shall be distributed among the holders of the shares of common stock, Series C Preferred Stock, Series D Preferred Stock, Series E-1 Preferred Stock, Series E-2 Preferred Stock, and Series F Preferred Stock, pro rata based on the number of shares held by each such holder, treating for this purpose all such securities as if they had been converted to common stock pursuant to the terms of the Amended and Restated Certificate of Incorporation immediately prior to such liquidation, dissolution or winding up of the Corporation, or deemed liquidation event.

If upon the liquidation, dissolution, winding up of the Company, or deemed liquidation event, the assets of the Company legally available for distribution to the holders of the Preferred Stock are insufficient to permit the payment to such holders of the full liquidation preferences to which they are entitled, then the holders of the Company’s common stock will receive nothing in respect of their equity holdings in the Company.

A deemed liquidation event is defined as a merger or consolidation of the Company that results in a change of control, or the sale, lease, transfer, exclusive license, or other disposition of substantially all of the assets of the Company to another entity that is less than a wholly owned subsidiary, unless the holders of at least a majority of the outstanding shares of Preferred Stock, voting together as a single class and on an as converted to common stock basis, and the holders of at least a majority of the outstanding shares of Series F, voting exclusively and as a separate class, elect otherwise by written notice sent to the Company prior to the effective date of any such event.

Subsequent to March 31, 2026, immediately prior to the completion of the IPO, all the outstanding shares of Preferred Stock converted into an aggregate 18,831,868 shares of common stock and the related liquidation preferences terminated.

Conversion Rights

Each share of Preferred Stock is convertible at the option of the holder and at any time into common stock as determined by dividing the applicable original issue price by the applicable Conversion Price. Conversion Price is defined as initially the applicable original issue price for the applicable series of Preferred Stock, subject to certain adjustments in the event of any recapitalizations, stock splits and the like, and for certain subsequent dilutive issuances of common stock or deemed dilutive issuances of common stock, at a price per share less than the then applicable conversion prices of the Preferred Stock. Each share of each series of Preferred Stock converts into shares of common stock on a 1:3.483 basis.

Each share of the Preferred Stock shall automatically be converted into fully paid and nonassessable shares of common stock at the above then-effective respective conversion price upon, (1) the closing of a sale of shares of common stock to the public at a specified price (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to common stock) in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, resulting in at least $75,000,000 of gross proceeds to the Company, before deductions of underwriting discounts, commissions, and expenses, (2) the date and time, or the occurrence of an event, specified by vote or written consent of (x) the holders of at least a majority of the outstanding shares of Preferred Stock, voting together as a single class and on an as converted to common stock basis, and (y) the holders of at least a majority of the outstanding shares of Series F, voting exclusively and as a separate class, or (3) immediately prior to the closing of the IPO.

Subsequent to March 31, 2026, immediately prior to the completion of the IPO, all the outstanding shares of Preferred Stock converted into an aggregate 18,831,868 shares of common stock.

Voting Rights

Prior to the completion of the IPO, the holders of each share of Preferred Stock were entitled to one vote for each share of common stock into which such share could be converted on all matters presented to the shareholders for vote.

Redeemable Convertible Preferred Stock Warrants

As of March 31, 2026 and December 31, 2025, the Company had 908,000 warrants for Series B redeemable convertible preferred stock (“Series B Preferred Warrants”) outstanding. These warrants were issued during 2012 and 2013 in connection with the issuances of Series B redeemable convertible preferred stock. In addition, as of March 31, 2026 and December 31, 2025, the Company had 258,000 warrants for Series D redeemable convertible preferred stock (“Series D Preferred Warrants”) outstanding, respectively. These warrants were issued in connection with the promissory notes issued in 2017 which were exercised and converted to shares of Series D preferred stock in 2017.

Subsequent to March 31, 2026, in connection with the IPO, the Company received exercises of the warrants noted above for shares of redeemable convertible preferred stock. Any remaining warrants have expired. As such, subsequent to the completion of the IPO, there remains no outstanding redeemable convertible preferred stock warrants.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Liabilities, Measured at Fair Value

The following tables represent the Company’s financial liabilities according to the fair value hierarchy, measured at fair value (in thousands):


March 31, 2026	Level 1		Level 2		Level 3		Total
Liabilities
Warrant liabilities	$	—	$	—	$	882	$	882
Convertible notes payable		—		—		40,728		40,728
Total liabilities, at fair value	$	—	$	—	$	41,610	$	41,610


December 31, 2025	Level 1		Level 2		Level 3		Total
Liabilities
Warrant liabilities	$	—	$	—	$	865	$	865
Total liabilities, at fair value	$	—	$	—	$	865	$	865

Schedule of Fair Value of the Warrant Liability

The fair value of the warrant liability is estimated using the option-pricing model based on the Black-Scholes-Merton model with the following inputs:


	Preferred Warrants
March 31, 2026	Series B	Series D	Series E2 and F
Strike price	$3.73744	$4.20700	$2.54430
Expected dividend yield	— %	— %	— %
Expected term (years)	6.8	7.2	7.8
Volatility	75%	75%	75%
Risk-free interest rate	3.465%	3.465%	3.465%


	Preferred Warrants
December 31, 2025	Series B	Series D	Series E2 and F
Strike price	$3.73744	$4.20700	$2.54430
Expected dividend yield	— %	— %	— %
Expected term (years)	7.0	7.4	8.0
Volatility	80%	80%	80%
Risk-free interest rate	3.445%	3.445%	3.445%

Schedule of Change in Fair Market Value of Convertible Notes

The following table summarizes the change in the fair market value of the Convertible Notes (in thousands):


	Three Months Ended
	March 31,
	2026
Beginning balance	$	—
Issuance of convertible notes payable		40,000
Change in fair value		728
Ending balance	$	40,728

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Total	Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Stockholders' equity, Beginning balance at Dec. 31, 2024	$ (106,036)		$ 8	$ 5,247	$ (111,291)
Shares outstanding, Beginning balance at Dec. 31, 2024			776,701
Temporary equity, Beginning balance at Dec. 31, 2024		$ 114,826
Temporary equity, Beginning balance, Shares at Dec. 31, 2024		40,892,855
Net loss	(10,653)				(10,653)
Issuance of Series F redeemable convertible preferred stock, net of tranche liability of $625,628 and issuance costs of $264,065		$ 28,985
Issuance of Series F redeemable convertible preferred stock, net of tranche liability of $625,628 and issuance costs of $264,065, Shares		11,351,970
Related Party Issuance of Series F redeemable convertible preferred stock, net of tranche liability of $54,972 and issuance costs of $23,202		$ 2,547
Related Party Issuance of Series F redeemable convertible preferred stock, net of tranche liability of $54,972 and issuance costs of $23,202, Shares		997,453
Exercise of common stock options	211		$ 1	210
Exercise of common stock options, Shares			65,105
Share-based compensation	201			201
Stockholders' equity, Ending balance at Mar. 31, 2025	(116,277)		$ 9	5,658	(121,944)
Shares outstanding, Ending balance at Mar. 31, 2025			841,806
Temporary equity, Ending balance at Mar. 31, 2025		$ 146,358
Temporary Equity, Ending balance, shares at Mar. 31, 2025		53,242,278
Stockholders' equity, Beginning balance at Dec. 31, 2025	(150,773)		$ 9	7,007	(157,789)
Shares outstanding, Beginning balance at Dec. 31, 2025			884,030
Temporary equity, Beginning balance at Dec. 31, 2025	179,773	$ 179,773
Temporary equity, Beginning balance, Shares at Dec. 31, 2025		65,591,701
Net loss	(17,740)				(17,740)
Exercise of common stock options	358		$ 1	357
Exercise of common stock options, Shares			119,226
Share-based compensation	407			407
Stockholders' equity, Ending balance at Mar. 31, 2026	(167,748)		$ 10	$ 7,771	$ (175,529)
Shares outstanding, Ending balance at Mar. 31, 2026			1,003,256
Temporary equity, Ending balance at Mar. 31, 2026	$ 179,773	$ 179,773
Temporary Equity, Ending balance, shares at Mar. 31, 2026		65,591,701

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Revenue and Net Loss


	Three Months Ended
	March 31,
	2026			2025
Revenue	$	12,074		$	5,661
Less:
Cost of goods sold		2,133			1,015
Research and development costs		1,692			1,354
Selling, general and administrative expenses (1)		25,186			13,596
Other segment items (2)		803			349
Net loss	$	(17,740	)	$	(10,653	)

(1)

Selling, general and administrative expenses include depreciation and amortization expense of $0.1 million and $31,000 for the three months ended March 31, 2026 and 2025, respectively.

(2)

Other segment items are comprised of change in fair value of convertible notes payable, interest expense, other income, net, and provision for income taxes, as shown on the statements of operations.

Share-Based Compensation - Schedule of Stock Options Activity (Details) - 2007 and 2022 Equity Incentive Plans - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Option Outstanding, Beginning Balance	4,046,266
Options Granted	524,180
Options Exercised	(119,226)
Options Forfeited, Cancelled, or Expired	(68,341)
Options Outstanding, Ending Balance	4,382,879	4,046,266
Vested and exercisable, number of shares outstanding	1,915,208
Weighted Average Exercise Price, Beginning Balance	$ 3.51
Weighted Average Exercise Price, Granted	7.91
Weighted Average Exercise Price, Exercised	3.01
Weighted Average Exercise Price, Forfeited, Cancelled, or Expired	3.62
Weighted Average Exercise Price, Ending Balance	4.08	$ 3.51
Vested and exercisable, weighted average exercise price	$ 3.38
Weighted Average Remaining Contractual Term (in years)	7 years 11 months 4 days	7 years 10 months 24 days
Vested and exercisable, weighted average remaining contractual term (in years)	6 years 5 months 15 days
Aggregate Intrinsic Value	$ 16,783	$ 1,611
Vested and exercisable, aggregate intrinsic value	$ 8,683

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

Note 12 – Net Loss Per Share

Net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated similarly but includes potential dilution from the exercise of stock options and stock awards and conversion of redeemable convertible preferred stock, except when the effect would be anti-dilutive.


	Three Months Ended
	March 31,
	2026			2025
Net loss attributable to common stockholders	$	(17,740	)	$	(10,653	)

Share (denominator):
Weighted average number of common shares outstanding used in basic computation		918,935			821,160
Common shares issuable upon the exercise of stock options		—			—
Common shares issuable upon conversion of redeemable convertible preferred stock and warrants on redeemable convertible preferred stock		—			—
Weighted average number of common shares outstanding used in diluted computation		918,935			821,160

Net loss attributable to common stockholders, per common share
Basic	$	(19.30	)	$	(12.97	)
Diluted	$	(19.30	)	$	(12.97	)

The following table summarizes the as converted securities that were excluded from the diluted per share calculation because the effect of including these potential shares was anti-dilutive:


	Three Months Ended
	March 31,
	2026		2025
Series A redeemable convertible preferred stock		402,239		402,239
Series B redeemable convertible preferred stock		953,488		953,488
Series C redeemable convertible preferred stock		391,042		391,042
Series D redeemable convertible preferred stock		1,396,784		1,396,784
Series E redeemable convertible preferred stock		8,597,145		8,597,145
Series F redeemable convertible preferred stock		7,091,256		3,545,628
Warrants on redeemable convertible preferred stock		364,390		364,390
Convertible notes payable		3,333,324		—
Common shares issuable upon the exercise of stock options		4,382,879		3,196,660
Potentially dilutive securities		26,912,547		18,847,376

In connection with the IPO, on May 1, 2026, the Company effected a 1-for-3.483 reverse stock split. All share and per share amounts for all periods presented have been retroactively adjusted to reflect this reverse stock split.