Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 162,793 $ 207,637
Accounts receivable, net 14,599 6,271
Inventory 4,478 6,013
Prepaid expenses and other current assets 10,265 8,955
Total current assets 192,135 228,876
Property and equipment, net 44,888 44,456
Operating lease right-of-use assets 1,248 1,544
Other non-current assets 4,155 2,295
Total assets 242,426 277,171
Current liabilities:    
Accounts payable 17,062 8,114
Accrued expenses and other current liabilities 24,626 22,598
Lease liability, short term 338 125
Total current liabilities 42,026 30,837
Lease liability, long term 915 1,184
Total liabilities 42,941 32,021
Stockholders’ equity:    
Preferred stock, $0.001 par value; 5,000,000 shares authorized, 0 shares issued and outstanding as of both September 30, 2026 and December 31, 2025
Common stock, $0.001 par value; 1,000,000,000 shares authorized; 19,150,163 and 12,788,069 shares issued and outstanding as of September 30, 2026, and December 31, 2025, respectively, and 5,883 shares to be issued as of December 31, 2025 19 13
Additional paid-in capital 1,188,647 1,100,141
Accumulated deficit (988,790) (854,715)
Accumulated other comprehensive loss (391) (289)
Total stockholders’ equity 199,485 245,150
Total liabilities and stockholders’ equity $ 242,426 $ 277,171