0001193125-26-323777 | 10-Q | XBRL Viewer

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Leases - Schedule Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Lease, Cost [Abstract]
Operating lease cost - fixed	$ 516	$ 418	$ 1,045	$ 833
Operating lease cost - variable	63	40	98	84
Short-term lease expense	14	4	27	8
Total lease expense	$ 593	$ 462	$ 1,170	$ 925

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	June 30, 2026		December 31, 2025
	(in thousands)
Prepaid expenses	$	6,275	$	7,064
Interest receivable		1,906		2,511
Income tax receivable and other current assets		293		265
Prepaid expenses and other current assets	$	8,474	$	9,840

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 32,013	$ 23,238	$ 59,639	$ 40,877
Cost of sales	13,111	10,735	24,300	19,403
Gross profit	18,902	12,503	35,339	21,474
Operating expenses:
Research and development	10,240	8,873	20,596	16,463
Sales and marketing	24,640	15,623	45,375	29,025
General and administrative	9,600	7,879	19,217	14,500
Total operating expenses	44,480	32,375	85,188	59,988
Loss from operations	(25,578)	(19,872)	(49,849)	(38,514)
Other income (expense):
Interest income	2,177	3,005	4,553	5,441
Other expense	(2)	(2)	(2)	(2)
Change in fair value of warrant liabilities	0	0	0	(12,450)
Total other income (expense), net	2,175	3,003	4,551	(7,011)
Net loss	(23,403)	(16,869)	(45,298)	(45,525)
Other comprehensive income (loss):
Unrealized loss on short-term and long-term investments	(294)	(91)	(793)	84
Comprehensive loss	$ (23,697)	$ (16,960)	$ (46,091)	$ (45,441)
Net loss per share attributable to common stockholders, basic	$ (0.53)	$ (0.39)	$ (1.02)	$ (1.23)
Net loss per share attributable to common stockholders, diluted	$ (0.53)	$ (0.39)	$ (1.02)	$ (1.23)
Weighted-average common shares outstanding, basic	44,545,293	43,390,652	44,554,141	37,087,726
Weighted-average common shares outstanding, diluted	44,545,293	43,390,652	44,554,141	37,087,726

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


	June 30, 2026			December 31, 2025
	(in thousands)
Manufacturing equipment	$	12,030		$	9,247
Leasehold improvements		2,859			830
Furniture		939			939
Construction in progress		1,969			3,339
Total cost		17,797			14,355
Less: Accumulated depreciation and amortization		(7,049	)		(5,755	)
Property and equipment, net	$	10,748		$	8,600

Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

14.

Leases

In November 2023, the Company entered into a new lease agreement in San Diego, California. This lease expires in February 2027 and includes an option to extend the lease term for an additional five years. The option to extend the lease term was not included in the right-of-use asset and lease liability as it was not reasonably certain of being exercised.

In September 2024, the Company amended its lease for office space and a manufacturing facility in Irvine, California to include two renewal options. The Company is reasonably certain it will exercise one of these options, extending the lease term from May 2027 to June 2032, which has been factored into the lease liability. As the amendment only resulted in the extension of the lease term, it did not meet the criteria to be accounted for as a separate contract. Accordingly, the right-of-use asset and lease liability were remeasured as of the effective date of the amendment, resulting in the recording of an additional right-of-use asset and lease liability of $3.8 million.

In October 2024, the Company entered into a lease agreement for an additional office suite to expand its office space in San Diego, California, which expires in March 2027. As a result, the Company recognized operating lease right-of-use asset and associated operating lease liability of $0.2 million on the balance sheets in 2024.

In September 2025, the Company's sublease expired and the Company entered into a separate sublease agreement in an additional office building in San Diego, California, which expires in August 2028. As a result, the Company recognized operating lease right-of-use asset and associated operating lease liability of $1.3 million on the balance sheet.

The components of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Operating lease cost–fixed	$	516	$	418	$	1,045	$	833
Operating lease cost–variable		63		40		98		84
Short-term lease expense		14		4		27		8
Total lease expense	$	593	$	462	$	1,170	$	925

Cash paid for amounts included in the measurement of operating lease liabilities was $1.0 million and $0.8 million, respectively, for the six months ended June 30, 2026 and 2025.

The weighted-average remaining lease term and discount rate were as follows:


	June 30, 2026
Weighted-average remaining lease term		5.06
Weighted-average discount rate		6.86	%

Future lease payments under non-cancellable leases as of June 30, 2026 were as follows:


(in thousands)
Year Ending December 31,
2026		983
2027		1,418
2028		1,384
2029		1,092
2030		1,136
Thereafter		1,782
Total future lease payments	$	7,795
Less: imputed interest		(1,283	)
Total lease liabilities	$	6,512

Stock-Based Compensation - Summary of RSU Activity (Details) - RSUs	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, RSUs outstanding, December 31, 2025 \| shares	753,885
Number of Shares, Granted \| shares	2,103,481
Number of Shares, Vested \| shares	(303,628)
Number of Shares, Cancelled \| shares	(129,577)
Number of Shares, RSUs outstanding, June 30, 2026 \| shares	2,424,161
Weighted-Average Grant Date Fair Value, RSUs outstanding, December 31, 2025 \| $ / shares	$ 15.12
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	12.71
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	13.92
Weighted-Average Grant Date Fair Value, Cancelled \| $ / shares	13.84
Weighted-Average Grant Date Fair Value, RSUs outstanding, June 30, 2026 \| $ / shares	$ 13.24

Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Significant Accounting Policies

Use of Estimates

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, certain judgments regarding revenue recognition, including variable consideration, inventory valuation, warranty reserve and valuation of stock-based compensation awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts, and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.

Short-Term Investments

The Company classifies its short-term investments as available-for-sale securities. Available-for-sale securities are carried at fair value with net unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity and as a component of other comprehensive income (loss) within the statements of operations and

comprehensive loss. The Company determines realized gains or losses on the sale of available-for-sale securities using the specific identification method and includes net realized gains and losses as a component of other income or expense within the statements of operations and comprehensive loss. The Company periodically evaluates its short-term investments for credit losses, considering the significance of the decline in value and the market and economy in general. The Company has not recognized any impairment losses related to its short-term investments during the six months ended June 30, 2026 and 2025. All short-term investments are classified as current based on the nature of the investments and their availability for use in current operations.

Long-Term Investments

Long-term investments include U.S. Treasury securities with maturities of 12 months or more. The Company classifies its long-term investments as available-for-sale securities. Available-for-sale securities are carried at fair value, with net unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity and as a component of other comprehensive income (loss) within the statements of operations and comprehensive loss. The Company determines realized gains or losses on the sale of available-for-sale securities using the specific identification method and includes net realized gains and losses as a component of other income (expense), net within the statements of operations and comprehensive loss. The Company periodically evaluates its available-for-sale securities in unrealized loss positions to determine whether a credit loss exists. If a U.S. Treasury security has an unrealized loss and the Company either intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the Company will recognize an impairment charge in other income (expense), net for the entire amount of the unrealized loss and adjust the amortized cost basis of the security. The Company has not recognized any impairment losses related to its long-term investments during the six months ended June 30, 2026 and 2025. All long-term investments are classified as noncurrent based on the nature of the investments.

Concentrations of Credit Risk and of Significant Suppliers

Financial instruments that potentially expose the Company to concentrations of credit risk primarily consist of cash and cash equivalents and short-term and long-term investments. The Company maintains its cash and cash equivalents in accounts at multiple accredited financial institutions and short-term and long-term investments in custodian accounts, in excess of federally insured limits. Additionally, the Company has established guidelines regarding investment instruments and their maturities, which are designed to maintain preservation of principal and liquidity. The Company does not believe that it is subject to unusual risk beyond the normal credit risk associated with commercial banking relationships.

The Company is exposed to concentration risk as it relates to its customers. The following table summarizes the percentages of total sales and accounts receivable, net for customers who accounted for 10% or more of the respective amounts for the periods presented:


	Net Sales		Net Sales		Accounts Receivable, net
	Three Months Ended June 30,		Six Months Ended June 30,		June 30,	December 31,
	2026	2025	2026	2025	2026	2025
Distributor A	14.6%	15.6%	12.7%	14.2%	16.6%	14.7%
Distributor B	10.8%	13.4%	10.9%	13.4%	*	*
Distributor C	*	15.0%	*	14.8%	*	*
Distributor D	*	10.0%	10.0%	10.6%	*	*
Distributor E	*	*	*	*	15.0%	14.0%
Distributor F	*	*	*	*	17.7%	19.4%
Distributor G	14.4%	13.8%	15.9%	12.4%	*	10.9%
Distributor H	21.3%	*	19.5%	*	17.1%	16.0%

* Amount related to the respective customer represented less than 10% for the period presented.

Fair Value Measurements

Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at their fair values, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the assets or liabilities, such as inherent risk, transfer restrictions and risk of nonperformance. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair

value are classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:


	Level 1 —	Quoted prices in active markets for identical assets or liabilities.

	Level 2 —	Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

	Level 3 —	Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies, and similar techniques.

The Company’s cash equivalents, restricted cash, short-term investments and long-term investments are carried at fair value, determined according to the fair value hierarchy described above (see Note 4). The fair values of the Company’s accounts receivable, accounts payable and accrued expenses approximate their carrying values due to the short-term nature of these assets and liabilities.

Leases

Leases include all agreements in which the Company obtains control of an identified asset. A lease liability is recognized at commencement date based on the present value of the lease payments over the lease term. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; otherwise, the Company estimates the incremental borrowing rate to discount the lease payments based on information available at lease commencement (see Note 14).

The Company’s leases have initial lease terms of approximately one to six years, with some including options to extend for up to five additional years. If a lease includes options to extend the lease term, the Company only includes the periods it is reasonably certain to exercise as of the lease commencement date. The decision to exercise lease renewal options is at the Company’s sole discretion. Variable lease costs, including maintenance and utilities, real estate taxes, and insurance are expensed as incurred and excluded from the measurement of the lease liability. Lease agreements that include lease and non-lease components are accounted for as a single lease component. Leases with an initial term of 12 months or less are expensed and not recorded on the balance sheet. The Company’s leases provide for fixed rental payments with annual rent escalations. The Company does not have any leases that are classified as financing leases.

Segment Information

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on a total company basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates as one operating segment. The measure of segment assets is presented as total assets in the balance sheets. The Company has concluded that gross profit and net income (loss) are the primary measures of segment profit or loss used by the CODM. The CODM assesses performance for the Company, monitors budget versus actual results, and determines how to allocate resources based on net income (loss) as reported in the statements of operations and comprehensive loss. There are no other expense categories regularly provided to the CODM that are not already included in the primary financial statements herein. During the six months ended June 30, 2026 and 2025, the Company did not generate any international revenues and as of June 30, 2026 and December 31, 2025, the Company did not have a material amount of assets located outside of the United States.

Revenue Recognition

Net Sales

Revenue is generated primarily from sales of the iLet and its associated single-use products, such as cartridges for insulin storage and delivery, and infusion sets that connect the iLet to a user’s body. These products are distributed through a network of distributors and pharmacies, which then resell the products to insulin-requiring PWD. The Company recognizes revenue when it transfers control of the promised goods or services to its distributor and pharmacy customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services, net of estimated returns and estimated variable consideration adjustments, including rebates, patient assistance and chargebacks.

Revenue Recognition for Arrangements with Multiple Performance Obligations

The Company considers the individual deliverables in its contracts with customers as separate performance obligations. The iLet and single-use products that are used together with the iLet are deemed performance obligations that are satisfied at a point in time when the customer obtains control of the promised good, which typically is upon shipment. The Company has determined that the user’s ability to access the mobile application and receive unspecified software updates through the mobile application are considered distinct performance obligations that are satisfied over time, as access and support are provided throughout the typical four-year warranty period of the iLet. Accordingly, revenue related to access to the mobile application and unspecified software updates is deferred and recognized ratably over a four-year period. Given that access to the mobile application and unspecified software updates follow the same pattern of transfer to the customer and are provided over the same four-year period, the Company recognizes revenue for these performance obligations as if they were a single performance obligation.

The transaction price is determined based on the consideration expected to be received, based on the stated value in contractual arrangements. The Company allocates the consideration to the individual performance obligations based on the estimated relative standalone selling price of the performance obligations and recognizes the consideration based on when the performance obligation is satisfied, considering whether or not this occurs at a point in time or over time. Where there is no observable standalone selling price, the Company estimates standalone selling price by applying the expected cost plus a margin approach.

Variable Consideration

The amount of variable consideration that is included in the transaction price is included in revenue only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. The Company estimates reductions to revenues for rebates paid to pharmacy benefit managers. Rebates are based on contractual arrangements, which may vary by customer. The estimates are based on products sold, historical experience, trends, specific known market events and, as available, channel inventory data. Provisions for rebates and patient assistance are accounted for as a reduction of sales when revenue is recognized and are included within accrued expenses and other current liabilities within the balance sheets. Provisions for chargebacks are accounted for as a reduction of sales when revenue is recognized and are included as a reduction of accounts receivable, net within the balance sheets, as the right of offset exists. If the actual amounts of consideration that the Company receives differ from estimates, the Company adjusts these estimates, which affects reported revenue, in the period that such variances become known or at the end of each reporting period.

Sales Returns

The Company offers a 90-day right of return from the date of shipment of its iLet from one of its authorized distributors, provided a physician’s confirmation of the good faith medical reason for the return is received. Estimated allowances for sales returns are based on historical returned quantities as compared to iLet shipments in those same periods of return, adjusted for known or expected changes in the marketplace when appropriate. Actual product returns have not differed materially from estimated amounts recorded in the accompanying financial statements.

Contract Costs

The Company recognizes an asset for incremental costs of obtaining a contract with a customer if it expects to recover those costs. The Company has elected the practical expedient to expense the costs as they are incurred, within sales and marketing expenses, since the amortization period is less than one year.

Product Warranty

The Company provides a four-year warranty on the iLet to end-users to replace any iLets that do not function as intended in accordance with the product specifications. Estimated warranty costs are recorded at the time of shipment. Warranty costs are estimated primarily based on the current expected product replacement cost and expected replacement rates which utilize management’s understanding of the hardware and factor in a patient attrition rate to reserve for only the active patient population using the pump. Although the Company’s history of product sales is limited, management also utilizes historical warranty cost data to reevaluate the estimated warranty obligation on a regular basis. Product returns and warranty replacements to date have been consistent with amounts accrued. Warranty expense is recorded as a component of cost of sales in the statements of operations and comprehensive loss.

Reconciliations of the changes in the Company’s product warranty liability for the three and six months ended June 30, 2026 and 2025 were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(in thousands)						(in thousands)
Product warranty liability at beginning of period	$	3,168		$	871		$	3,154		$	657
Warranty expense		669			1,754			1,134			2,360
Warranty fulfillment		(549	)		(563	)		(1,000	)		(955	)
Product warranty liability at end of period	$	3,288		$	2,062		$	3,288		$	2,062

As of June 30, 2026 and December 31, 2025, total product warranty reserves were included in the following balance sheet accounts:


	June 30, 2026		December 31, 2025
	(in thousands)
Accrued expenses and other current liabilities	$	1,659	$	1,607
Other long-term liabilities		1,629		1,547
Total warranty reserve	$	3,288	$	3,154

Net Loss Per Share

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding during the period, unless their effect is anti-dilutive. Potentially dilutive securities include stock options and restricted stock units. The amounts presented below represent potentially dilutive securities outstanding as of the end of each period, including both vested and unvested awards, that were excluded from the calculation of diluted net loss per share as their effect would have been anti-dilutive.


	Six Months Ended June 30,
	2026		2025
Stock options to purchase common stock		6,913,527		7,232,527
RSUs		2,424,161		887,963
Total		9,337,688		8,120,490

For the three and six months ended June 30, 2026 and 2025, there was no difference in the weighted average number of shares used to calculate basic and diluted net loss per share due to the Company’s net loss position in each period.

Recently Adopted Accounting Pronouncements

In July 2025, FASB issued ASU 2025-05, Credit Losses (Topic 326) – Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on current accounts receivable and current contract assets arising from revenue transactions. The Company adopted ASU 2025-05 on January 1, 2026. The adoption of this guidance did not have a material impact on the Company’s financial statements.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December

15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that this guidance may have on its financial statements.

Stock-Based Compensation - Schedule of Assumptions Used to Determine Grant-date Fair Value of Stock Options Granted (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]
Weighted average grant date fair value per share	8	13.99
Risk-free interest rate	3.65%	4.26%
Expected term (in years)	5 years 10 months 2 days	5 years 11 months 19 days
Expected volatility	70.55%	96.84%
Expected dividend yield	0.00%	0.00%

Employee Benefit Plan	6 Months Ended
Employee Benefit Plan	Jun. 30, 2026
Retirement Benefits [Abstract]
Employee Benefit Plan	12. Employee Benefit Plan The Company maintains a 401(k) retirement plan (the “401(k) Plan”) for the benefit of eligible employees. Each participant may elect to contribute up to 100% of his or her compensation to the 401(k) Plan each year, subject to certain Internal Revenue Service limitations. Under the terms of the Plan, the Company matches 100% of the first 6% of employee contributions. During the six months ended June 30, 2026 and 2025, the Company contributed $1.9 million and $1.4 million, respectively, to the 401(k) Plan.

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 8,599	$ 8,556
Work in process	2,246	2,750
Finished goods	13,073	10,416
Total inventories	$ 23,918	$ 21,722

Stock-Based Compensation - Summary of Stock Options Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of options outstanding, Balance \| shares	6,453,036
Number of options, Granted \| shares	817,846
Number of options, Exercised \| shares	(224,900)
Number of options, Forfeited or cancelled \| shares	(132,455)
Number of options, Expired \| shares	0
Number of options outstanding, Balance \| shares	6,913,527	6,453,036
Number of options, Vested and expected to vest at June 30, 2026 \| shares	6,913,527
Number of options, Exercisable at June 30, 2026 \| shares	4,212,144
Weighted-average exercise price outstanding, Balance \| $ / shares	$ 9.87
Weighted-average exercise price , Granted \| $ / shares	12.37
Weighted-average exercise price , Exercised \| $ / shares	5.55
Weighted-average exercise price , Forfeited or cancelled \| $ / shares	14.06
Weighted-average exercise price , Expired \| $ / shares	0
Weighted-average exercise price outstanding, Balance \| $ / shares	10.23	$ 9.87
Weighted-average exercise price , Vested and expected to vest at June 30, 2026 \| $ / shares	10.23
Weighted-average exercise price , Exercisable at June 30, 2026 \| $ / shares	$ 8.72
Weighted-average remaining contractual term outstanding, Balance	7 years 2 months 12 days	7 years 4 months 24 days
Weighted-average remaining contractual term, Vested and expected to vest at June 30, 2026	7 years 2 months 12 days
Weighted-average remaining contractual term, Options exercisable at June 30, 2026	6 years 4 months 24 days
Aggregate intrinsic value outstanding, Balance \| $	$ 141,925
Aggregate intrinsic value outstanding, Balance \| $	40,962	$ 141,925
Aggregate intrinsic value, Vested and expected to vest at June 30, 2026 \| $	40,962
Aggregate intrinsic value, Options exercisable at June 30, 2026 \| $	$ 30,532

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 44,318	$ 31,576
Restricted cash, current	100	100
Short-term investments	136,171	187,549
Accounts receivable, net	18,053	17,118
Inventories	23,918	21,722
Prepaid expenses and other current assets	8,474	9,840
Total current assets	231,034	267,905
Property and equipment, net	10,748	8,600
Operating lease right-of-use asset	5,816	6,627
Long-term investments	44,648	45,431
Other long-term assets	141	180
Total assets	292,387	328,743
Current liabilities:
Accounts payable	5,351	4,998
Accrued expenses and other current liabilities	17,194	22,431
Operating lease liabilities	1,591	1,938
Deferred revenue	1,881	1,557
Total current liabilities	26,017	30,924
Operating lease liabilities, net of current portion	4,921	5,365
Deferred revenue, net of current portion	3,454	3,297
Other long-term liabilities	1,629	1,547
Total liabilities	36,021	41,133
Commitments and contingencies (Note 15)
Stockholders' equity:
Preferred stock
Common stock	5	4
Additional paid-in capital	671,986	657,140
Accumulated other comprehensive income (loss)	(390)	403
Accumulated deficit	(415,235)	(369,937)
Total stockholders' equity	256,366	287,610
Total liabilities and stockholders' equity	$ 292,387	$ 328,743

Significant Accounting Policies - Summary of potentially dilutive securities outstanding, that were excluded from the calculation of diluted net loss per share (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive net loss per share	9,337,688	8,120,490
Employee Stock Option Member
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive net loss per share	6,913,527	7,232,527
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive net loss per share	2,424,161	887,963

Financial Instruments and Fair Value Measurements - Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 222,379	$ 259,329
Short-Term Investments \| U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	136,171	187,549
Long-Term Investments \| U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	44,648	45,431
Cash Equivalent \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	41,460	26,249
Restricted Cash \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	100	100
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	222,379	259,329
Level 1 \| Short-Term Investments \| U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	136,171	187,549
Level 1 \| Long-Term Investments \| U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	44,648	45,431
Level 1 \| Cash Equivalent \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	41,460	26,249
Level 1 \| Restricted Cash \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 100	$ 100

Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Summary of Disaggregated Revenues

The following table summarizes the Company’s disaggregated revenues:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
DME channel
iLet(1)	$	12,651	$	13,414	$	22,740	$	23,042
Single-use products		7,762		5,230		14,596		9,429
Total DME channel		20,413		18,644		37,336		32,471

PBP channel
iLet(1)		221		205		686		711
Single-use products		11,379		4,389		21,617		7,695
Total PBP channel		11,600		4,594		22,303		8,406
Total net sales	$	32,013	$	23,238	$	59,639	$	40,877

(1)

iLet includes the over-time recognition related to software updates and mobile app access.

Revenue

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue

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

During the three and six months ended June 30, 2026 and 2025, the Company’s revenues were predominantly generated from sales of the iLet. The iLet requires the use of separately purchased single-use products which include cartridges for storing and delivering insulin, and infusion sets that connect the iLet to the user’s body. These single-use products generate recurring revenue for the Company, as these are typically replaced by the end-user every 2-3 days or as directed by a healthcare provider.

The Company’s customers are distributors and pharmacies who sell these products to insulin-requiring PWD, through the durable medical equipment (“DME”) and the pharmacy benefit plan (“PBP”) reimbursement channels, which entail differing payment outlays. For the three and six months ended June 30, 2026 and 2025, the majority of the Company’s sales were through the DME channel.

The following table summarizes the Company’s disaggregated revenues:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
DME channel
iLet(1)	$	12,651	$	13,414	$	22,740	$	23,042
Single-use products		7,762		5,230		14,596		9,429
Total DME channel		20,413		18,644		37,336		32,471

PBP channel
iLet(1)		221		205		686		711
Single-use products		11,379		4,389		21,617		7,695
Total PBP channel		11,600		4,594		22,303		8,406
Total net sales	$	32,013	$	23,238	$	59,639	$	40,877

(1)

iLet includes the over-time recognition related to software updates and mobile app access.

The Company recognizes revenue at a point in time once control has transferred to the customer, as well as over time for the performance obligation to provide ongoing services such as unspecified software updates. Revenue recognized during the six months ended June 30, 2026 that was included in the deferred revenue balance as of December 31, 2025 was approximately $0.8 million.

At June 30, 2026 and December 31, 2025, $5.3 million and $4.9 million, respectively, were recorded as deferred revenue on the accompanying balance sheets for the portion of the transaction price allocated to performance obligations that were not yet satisfied. At June 30, 2026 and December 31, 2025, of the performance obligations not yet satisfied, $1.9 million and $1.6 million for each period, respectively, is expected to be recognized as revenue in the next 12 months, with the remainder expected to be recognized over the next 36 months. At June 30, 2026 and December 31, 2025, the $5.3 million and $4.9 million, respectively, relate to amounts deferred associated with the unspecified software updates promised to users and the users' access to the mobile application.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: 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 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Inventories

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	June 30, 2026		December 31, 2025
	(in thousands)
Raw materials	$	8,599	$	8,556
Work in process		2,246		2,750
Finished goods		13,073		10,416
Total inventories	$	23,918	$	21,722

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Summary of Potential Dilutive Securities, Not Included in the Calculation of Diluted Net Loss Per Share

The amounts presented below represent potentially dilutive securities outstanding as of the end of each period, including both vested and unvested awards, that were excluded from the calculation of diluted net loss per share as their effect would have been anti-dilutive.


	Six Months Ended June 30,
	2026		2025
Stock options to purchase common stock		6,913,527		7,232,527
RSUs		2,424,161		887,963
Total		9,337,688		8,120,490

Leases - Summary of Weighted-average Remaining Lease Term and Discount Rate (Details)	Jun. 30, 2026
Leases [Abstract]
Weighted-average remaining lease term	5 years 21 days
Weighted-average discount rate	6.86%

Revenue - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Deferred revenue		$ 0.8
Performance obligation not yet satisfied	$ 5.3	4.9
Revenue remaining performance obligation	1.9	1.6
Amount relates to deferred with unspecified software updates	$ 5.3	$ 4.9
Single-use Products \| Minimum
Disaggregation of Revenue [Line Items]
Number of days revenue replaced by end user	2 days
Single-use Products \| Maximum
Disaggregation of Revenue [Line Items]
Number of days revenue replaced by end user	3 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 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

Organization and Basis of Presentation

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

The Company

Beta Bionics, Inc. (the “Company”) is a commercial-stage medical device company focused on the design, development and commercialization of solutions to improve the health and quality of life of insulin-requiring people with diabetes (PWD) through the use of adaptive closed-loop algorithms. The Company was incorporated as a Massachusetts benefit corporation in October 2015 and converted to a Delaware corporation in August 2024. The Company’s product, the iLet, was cleared by the U.S. Food and Drug Administration in May 2023 for the treatment of type 1 diabetes in adults and children six years of age and older, and the Company commenced U.S. commercialization in May 2023.

The Company has devoted its resources to research and development, manufacturing scale-up and commercialization of its products. The Company has funded its operations primarily through equity financings and revenue from product sales.

Basis of Presentation

The Company’s unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission applicable to interim financial information. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”).

Interim financial results are not necessarily indicative of results anticipated for the full year or any other period(s). These unaudited condensed financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“2025 Annual Report”).

Emerging Growth Company Status

The Company is an emerging growth company, as defined in the JOBS Act, enacted in 2012. Under the JOBS Act, emerging growth companies 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 emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

CONDENSED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Initial Public Offering [Member]	Private Placement Offering [Member]	Convertible Preferred Stock [Member]	Common Stock [Member]	Common Stock [Member] Initial Public Offering [Member]	Common Stock [Member] Private Placement Offering [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Initial Public Offering [Member]	Additional Paid-in Capital [Member] Private Placement Offering [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Convertible Preferred Stock, beginning balance at Dec. 31, 2024				$ 321,373
Convertible Preferred Stock, beginning balance (in shares) at Dec. 31, 2024				17,228,954
Beginning balance at Dec. 31, 2024	$ (245,360)				$ 1			$ 51,311			$ 65	$ (296,737)
Beginning balance (in shares) at Dec. 31, 2024					6,667,793
Conversion of convertible preferred stock into common stock on initial public offering				$ (321,373)
Conversion of convertible preferred stock into common stock on initial public offering (in shares)				(17,228,954)
Ending balance at Mar. 31, 2025	313,752				$ 4			638,901			240	(325,393)
Ending balance (in shares) at Mar. 31, 2025					43,353,890
Convertible Preferred Stock, beginning balance at Dec. 31, 2024				$ 321,373
Convertible Preferred Stock, beginning balance (in shares) at Dec. 31, 2024				17,228,954
Beginning balance at Dec. 31, 2024	(245,360)				$ 1			51,311			65	(296,737)
Beginning balance (in shares) at Dec. 31, 2024					6,667,793
Conversion of convertible preferred stock into common stock on initial public offering	321,373				$ 2			321,371
Conversion of convertible preferred stock into common stock on initial public offering (in shares)					19,827,003
Issuance of common stock in offering, net of underwriting discounts and commissions and offering costs		$ 190,379	$ 15,591			$ 1			$ 190,378	$ 15,591
Issuance of common stock in offering, net of underwriting discounts and commissions and offering costs (in shares)						12,475,000	1,000,000
Reclassification of convertible preferred stock and common stock warrants into common stock on initial public offering	57,348							57,348
Reclassification of convertible preferred stock and common stock warrants into common stock on initial public offering (in shares)					3,369,473
Vesting of restricted stock units (in shares)					104,490
Stock option exercises	140							140
Stock option exercises (in shares)					21,377
Stock-based compensation expense	7,603							7,603
Unrealized gain (loss) on short-term investments	84										84
us-gaap:NetIncomeLoss	(45,525)											(45,525)
Ending balance at Jun. 30, 2025	301,633				$ 4			643,742			149	(342,262)
Ending balance (in shares) at Jun. 30, 2025					43,465,136
Beginning balance at Mar. 31, 2025	313,752				$ 4			638,901			240	(325,393)
Beginning balance (in shares) at Mar. 31, 2025					43,353,890
Vesting of restricted stock units (in shares)					104,490
Stock option exercises	42							42
Stock option exercises (in shares)					6,756
Stock-based compensation expense	4,799							4,799
Unrealized gain (loss) on short-term investments	(91)										(91)
us-gaap:NetIncomeLoss	(16,869)											(16,869)
Ending balance at Jun. 30, 2025	301,633				$ 4			643,742			149	(342,262)
Ending balance (in shares) at Jun. 30, 2025					43,465,136
Beginning balance at Dec. 31, 2025	287,610				$ 4			657,140			403	(369,937)
Beginning balance (in shares) at Dec. 31, 2025					44,360,873
Vesting of restricted stock units (in shares)					303,628
Stock option exercises	$ 1,197				$ 1			1,196
Stock option exercises (in shares)	224,900				224,900
Issuance of common stock for employee stock purchase plan (in shares)					92,205
Issuance of common stock for employee stock purchase plan	$ 1,228							1,228
Stock-based compensation expense	12,422							12,422
Unrealized gain (loss) on short-term investments	(793)										(793)
us-gaap:NetIncomeLoss	(45,298)											(45,298)
Ending balance at Jun. 30, 2026	256,366				$ 5			671,986			(390)	(415,235)
Ending balance (in shares) at Jun. 30, 2026					44,981,606
Beginning balance at Mar. 31, 2026	271,245				$ 5			663,168			(96)	(391,832)
Beginning balance (in shares) at Mar. 31, 2026					44,561,695
Vesting of restricted stock units (in shares)					231,012
Stock option exercises	574							574
Stock option exercises (in shares)					96,694
Issuance of common stock for employee stock purchase plan (in shares)					92,205
Issuance of common stock for employee stock purchase plan	1,228							1,228
Stock-based compensation expense	7,016							7,016
Unrealized gain (loss) on short-term investments	(294)										(294)
us-gaap:NetIncomeLoss	(23,403)											(23,403)
Ending balance at Jun. 30, 2026	$ 256,366				$ 5			$ 671,986			$ (390)	$ (415,235)
Ending balance (in shares) at Jun. 30, 2026					44,981,606

Short-Term and Long-Term Investments

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Short-Term and Long-Term Investments

The following represents a summary of the estimated fair value of short-term and long-term investments at June 30, 2026 and December 31, 2025:


	Fair Value Measurements at
	June 30, 2026
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
	(in thousands)
Short-term investments
U.S. Treasury securities	$	136,348		—	$	(177	)	$	136,171
Long-term investments
U.S. Treasury securities		44,861		—		(213	)		44,648
Total	$	181,209	$	—	$	(390	)	$	180,819


	Fair Value Measurements at
	December 31, 2025
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
	(in thousands)
Short-term investments
U.S. Treasury securities	$	187,167	$	382	$	—	$	187,549
Long-term investments
U.S. Treasury securities		45,411		20		—		45,431
Total	$	232,578	$	402	$	—	$	232,980

As of June 30, 2026, all available-for-sale debt securities in an unrealized loss position had been in a continuous unrealized loss position for less than 12 months. There were no available-for-sale debt securities in an unrealized loss position as of December 31, 2025.

The following represents the contractual maturities of available-for-sale debt securities as of June 30, 2026:


	Fair Value Measurements at
	June 30, 2026
	Years to Maturity
	Within One		One to Two		More Than Two		Estimated
	Year		Years		Years		Fair Value
	(in thousands)
U.S. Treasury securities	$	136,171	$	44,648	$	—	$	180,819
Total	$	136,171	$	44,648	$	—	$	180,819

Income Taxes - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Net Operating Losses Carryforwards and Research and Development Tax Credit Carryforwards
Operating Loss Carryforwards [Line Items]
Income tax benefits	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Short-Term and Long-Term Investments (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Summary of Estimated Fair Value of Short-term and Long-term Investments

The following represents a summary of the estimated fair value of short-term and long-term investments at June 30, 2026 and December 31, 2025:


	Fair Value Measurements at
	June 30, 2026
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
	(in thousands)
Short-term investments
U.S. Treasury securities	$	136,348		—	$	(177	)	$	136,171
Long-term investments
U.S. Treasury securities		44,861		—		(213	)		44,648
Total	$	181,209	$	—	$	(390	)	$	180,819


	Fair Value Measurements at
	December 31, 2025
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
	(in thousands)
Short-term investments
U.S. Treasury securities	$	187,167	$	382	$	—	$	187,549
Long-term investments
U.S. Treasury securities		45,411		20		—		45,431
Total	$	232,578	$	402	$	—	$	232,980

Contractual Maturities of Available-for-Sale Debt Securities

The following represents the contractual maturities of available-for-sale debt securities as of June 30, 2026:


	Fair Value Measurements at
	June 30, 2026
	Years to Maturity
	Within One		One to Two		More Than Two		Estimated
	Year		Years		Years		Fair Value
	(in thousands)
U.S. Treasury securities	$	136,171	$	44,648	$	—	$	180,819
Total	$	136,171	$	44,648	$	—	$	180,819

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Use of Estimates

Short-Term Investments

Long-Term Investments

Concentrations of Credit Risk and of Significant Suppliers


	Net Sales		Net Sales		Accounts Receivable, net
	Three Months Ended June 30,		Six Months Ended June 30,		June 30,	December 31,
	2026	2025	2026	2025	2026	2025
Distributor A	14.6%	15.6%	12.7%	14.2%	16.6%	14.7%
Distributor B	10.8%	13.4%	10.9%	13.4%	*	*
Distributor C	*	15.0%	*	14.8%	*	*
Distributor D	*	10.0%	10.0%	10.6%	*	*
Distributor E	*	*	*	*	15.0%	14.0%
Distributor F	*	*	*	*	17.7%	19.4%
Distributor G	14.4%	13.8%	15.9%	12.4%	*	10.9%
Distributor H	21.3%	*	19.5%	*	17.1%	16.0%

* Amount related to the respective customer represented less than 10% for the period presented.

Fair Value Measurements

value are classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:


	Level 1 —	Quoted prices in active markets for identical assets or liabilities.

	Level 2 —	Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

	Level 3 —	Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies, and similar techniques.

Leases

Segment Information

Revenue Recognition

Net Sales

Revenue Recognition for Arrangements with Multiple Performance Obligations

Variable Consideration

Sales Returns

Contract Costs

Product Warranty

Reconciliations of the changes in the Company’s product warranty liability for the three and six months ended June 30, 2026 and 2025 were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(in thousands)						(in thousands)
Product warranty liability at beginning of period	$	3,168		$	871		$	3,154		$	657
Warranty expense		669			1,754			1,134			2,360
Warranty fulfillment		(549	)		(563	)		(1,000	)		(955	)
Product warranty liability at end of period	$	3,288		$	2,062		$	3,288		$	2,062

As of June 30, 2026 and December 31, 2025, total product warranty reserves were included in the following balance sheet accounts:


	June 30, 2026		December 31, 2025
	(in thousands)
Accrued expenses and other current liabilities	$	1,659	$	1,607
Other long-term liabilities		1,629		1,547
Total warranty reserve	$	3,288	$	3,154

Net Loss Per Share


	Six Months Ended June 30,
	2026		2025
Stock options to purchase common stock		6,913,527		7,232,527
RSUs		2,424,161		887,963
Total		9,337,688		8,120,490

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Property and Equipment, Net

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following:


	June 30, 2026			December 31, 2025
	(in thousands)
Manufacturing equipment	$	12,030		$	9,247
Leasehold improvements		2,859			830
Furniture		939			939
Construction in progress		1,969			3,339
Total cost		17,797			14,355
Less: Accumulated depreciation and amortization		(7,049	)		(5,755	)
Property and equipment, net	$	10,748		$	8,600

Depreciation expense was $1.3 million and $0.6 million for the six months ended June 30, 2026 and 2025, respectively.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/360/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482130/360-10-45-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 7: 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
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

15.

Commitments and Contingencies

Legal Proceedings

From time to time, the Company may become involved in various legal proceedings, including those that may arise in the ordinary course of business. The Company believes there is no litigation pending that could have, individually, or in the aggregate, a material adverse effect on the results of its operations, financial condition or cash flows.

Xeris Agreements

In May 2024, the Company and Xeris Pharmaceuticals, Inc. (“Xeris”) entered into a collaboration and license agreement (“Collaboration and License Agreement”) to develop and commercialize glucagon products for use in the Company’s pump-based systems. Under the Collaboration and License Agreement, the Company received a worldwide, exclusive, sublicensable license to certain Xeris technology for use in the field of chronic glycemic control, as well as a manufacturing license subject to a future technology transfer and commercial supply arrangement.

In consideration for the rights granted under the agreement, the Company paid Xeris an upfront fee of $0.5 million and a development milestone payment of $3.0 million, both of which were recognized as research and development expenses when incurred. The Company is also required to pay Xeris tiered royalties in the low double-digit percentage range on future net sales of licensed products, subject to customary reductions.

In connection with clinical development activities, the Company entered into the Clinical Supply Agreement with Xeris and incurred $0.9 million of costs for Phase 2 clinical materials during 2024, with the remaining balance paid in 2025. In May 2026, the Company entered into a letter agreement under the Clinical Supply Agreement with Xeris for additional Phase 2 clinical material, including a one-time non-refundable payment of $0.5 million and reimbursement of certain internal and travel costs. In connection with entering into Phase 3 of the collaboration, the Company expects to incur development and manufacturing costs, including ordering clinical materials and technical transfer, development, and testing of the product, totaling up to $5.1 million. As of June 30, 2026, the Company has completed payments totaling $4.0 million. Amounts are initially recorded as prepaid expenses and recognized as research and development expense as the related services are performed. The Company may incur additional research and development expenses and, upon commercialization, royalty obligations under these agreements.

Insider Trading Arrangements

3 Months Ended

Jun. 30, 2026

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Rule 10b5-1 Trading Plan

During the three months ended June 30, 2026, the following officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated the contracts, instructions or written plans for the purchase or sale of the Company’s securities set forth in the table below.


Name and Position	Action	Date	Rule 10b5-1*	Total Shares to be Sold	Expiration Date
Mark Hopman, Chief Commercial Officer	Adoption	June 10, 2026	X	97,052	August 31, 2027
* Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Mark Hopman

Trading Arrangements, by Individual

Name

Mark Hopman

Title

Chief Commercial Officer

Rule 10b5-1 Arrangement Adopted

true

June 10, 2026

August 31, 2027

448 days

97,052

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Property, Plant, and Equipment [Abstract]
Depreciation expense	$ 1,294	$ 650

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	June 30, 2026		December 31, 2025
	(in thousands)
Prepaid expenses	$	6,275	$	7,064
Interest receivable		1,906		2,511
Income tax receivable and other current assets		293		265
Prepaid expenses and other current assets	$	8,474	$	9,840

Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

11.

Stock-Based Compensation

2016 Stock Incentive Plan

The Company’s 2016 Stock Incentive Plan, as amended (the “2016 Plan”), previously provided for the grant of stock options and restricted stock awards to employees, officers, directors and consultants. Following the adoption of the 2025 Equity Incentive Plan in connection with the Company’s IPO in January 2025, no further awards are granted under the 2016 Plan. Outstanding awards previously granted under the 2016 Plan continue to be governed by their original terms.

2025 Equity Incentive Plan

The Company maintains the 2025 Equity Incentive Plan (the “2025 Plan”), which became effective in January 2025. The 2025 Plan provides for the grant of incentive stock options, restricted stock units and other equity-based awards to employees, directors and

consultants. The 2025 Plan replaced the 2016 Plan, and no further awards are granted under the 2016 Plan. A total of 12,016,744 shares of common stock were initially reserved for issuance under the 2025 Plan. As of June 30, 2026, 14,234,787 shares of common stock were reserved for issuance under the 2025 Plan.

Stock Options

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option pricing model to determine the grant-date fair value of stock options granted:


	Six Months Ended June 30,
	2026			2025
Weighted average grant date fair value per share	$	8.00		$	13.99
Risk-free interest rate		3.65	%		4.26	%
Expected term (in years)		5.84			5.97
Expected volatility		70.55	%		96.84	%
Expected dividend yield		0	%		0	%

The following table summarizes stock option activity for the six months ended June 30, 2026:


						Weighted-
				Weighted- Average		Average Remaining		Aggregate
	Number of Options			Exercise Price		Contractual Term		Intrinsic Value
						(in years)		(in thousands)
Outstanding at December 31, 2025		6,453,036		$	9.87		7.4	$	141,925
Granted		817,846		$	12.37
Exercised		(224,900	)	$	5.55
Forfeited or cancelled		(132,455	)	$	14.06
Expired		—		$	—
Outstanding at June 30, 2026		6,913,527		$	10.23		7.2	$	40,962
Vested and expected to vest at June 30, 2026		6,913,527		$	10.23		7.2	$	40,962
Options exercisable at June 30, 2026		4,212,144		$	8.72		6.4	$	30,532

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. The total intrinsic value of options exercised during the six months ended June 30, 2026 and 2025 was $1.9 million and $0.2 million, respectively.

The weighted-average grant-date fair value of stock options granted during the six months ended June 30, 2026 and 2025 was $8.00 per share and $13.99 per share, respectively. The total fair value of stock options vested during the six months ended June 30, 2026 and 2025 was $4.8 million and $4.3 million, respectively.

The following table summarizes the non-vested stock options that were outstanding as of June 30, 2026 and December 31, 2025:


			Weighted- Average
	Number of Options		Exercise Price

Non-vested options, June 30, 2026		2,701,383	$	12.56
Non-vested options, December 31, 2025		2,840,777	$	12.21

Restricted Stock Units

The following table summarizes RSU activity under the Company's incentive plans for the six months ended June 30, 2026:


				Weighted- Average
	Number of Shares			Grant Date Fair Value

RSUs outstanding, December 31, 2025		753,885		$	15.12
Granted		2,103,481		$	12.71
Vested		(303,628	)	$	13.92
Cancelled		(129,577	)	$	13.84
RSUs outstanding, June 30, 2026		2,424,161		$	13.24

Stock-Based Compensation Expense

Stock-based compensation expense by type and financial statement line is included in the Company’s statements of operations and comprehensive loss as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Options	$	3,328	$	3,122	$	6,519	$	5,605
RSUs		3,175		1,677		5,170		1,998
Employee stock purchase plan		513		—		733		—
Total stock-based compensation expense	$	7,016	$	4,799	$	12,422	$	7,603


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Cost of sales	$	206	$	153	$	370	$	259
Research and development		1,636		924		2,774		1,426
Sales and marketing		2,239		1,314		3,854		2,115
General and administrative		2,935		2,408		5,424		3,803
Total stock-based compensation expense	$	7,016	$	4,799	$	12,422	$	7,603

As of June 30, 2026, total unrecognized stock-based compensation expense related to the unvested options was $24.5 million, which is expected to be recognized over a weighted-average period of 2.3 years. As of June 30, 2026, total unrecognized stock-based compensation expense related to the unvested RSUs was $30.6 million, which is expected to be recognized over a weighted-average period of 2.4 years.

Employee Stock Purchase Plan

The Company’s Employee Stock Purchase Plan (“ESPP”) was approved by the Board in January 2025. The ESPP enables eligible employees to purchase shares of the Company’s common stock using their after-tax payroll deductions, subject to certain conditions. The ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the Code. Eligible employees may contribute, through payroll deductions, up to 15% of their earnings for the purchase of common stock under the ESPP. The purchase price of common stock under the ESPP is the lesser of: (a) 85% of the fair market value of a share of the Company’s common stock on the first date of an offering or (b) 85% of the fair market value of a share of the Company’s common stock on the date of purchase, limited to the maximum number of shares they may purchase on any single purchase date. Each offering under the ESPP has a six-month duration, beginning on January 1 and July 1 of each year, with purchases occurring on June 30 and December 31, respectively. The initial offering period under the ESPP commenced on January 1, 2026, and the first purchase under the ESPP occurred on June 30, 2026. A total of 410,000 shares of common stock were initially reserved for issuance under the ESPP. As of June 30, 2026, 853,608 shares of common stock were reserved for issuance under the ESPP, including shares added pursuant to the annual evergreen provision.

Income Taxes

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

13.

Income Taxes

During the six months ended June 30, 2026 and 2025, the Company did not record income tax benefits for the net operating losses (“NOLs”) incurred or for the research and development tax credits generated in each year, due to its uncertainty of realizing a benefit from those items. The Company does not have any foreign operations and therefore has no foreign income taxes.

The Company files income tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. The Company is open to future tax examination under statute by the Internal Revenue Service (the “IRS”) from 2022 to present and by most state tax authorities from 2021 to present. However, to the extent allowed by law, the taxing authorities may have the right to examine periods where NOLs and research and development credits were generated and carried forward, and make adjustments to the amount of the NOL and research credits carryforwards.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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+ Details

Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis:


	Fair Value Measurements at
	June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets	(in thousands)
Cash equivalents:
Money market fund	$	41,460	$	—	$	—	$	41,460
Restricted cash:
Money market fund		100		—		—		100
Short-term investments
U.S. Treasury securities		136,171		—		—		136,171
Long-term investments
U.S. Treasury securities		44,648		—		—		44,648
Total assets	$	222,379	$	—	$	—	$	222,379


	Fair Value Measurements at
	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets	(in thousands)
Cash equivalents:
Money market fund	$	26,249	$	—	$	—	$	26,249
Restricted cash:
Money market fund		100		—		—		100
Short-term investments
U.S. Treasury securities		187,549		—		—		187,549
Long-term investments
U.S. Treasury securities		45,431		—		—		45,431
Total assets	$	259,329	$	—	$	—	$	259,329

Accounts Receivable, Net

6 Months Ended

Jun. 30, 2026

Receivables [Abstract]

Accounts Receivable, Net

Accounts receivable, net consisted of the following:


	June 30, 2026			December 31, 2025
	(in thousands)
Accounts receivable	$	18,225		$	17,274
Less: allowance for credit losses		(172	)		(156	)
Accounts receivable, net	$	18,053		$	17,118

Accounts receivable are stated at the amount expected to be collected. The allowance for credit losses reflects expected losses on accounts receivable based primarily on historical experience and customer credit quality. The allowance for credit losses and related write-offs were not material for the periods presented.

Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Receivables [Abstract]
Accounts receivable	$ 18,225	$ 17,274
Less: allowance for credit losses	(172)	(156)
Accounts receivable, net	$ 18,053	$ 17,118

Short-Term and Long-Term Investments - Summary of Estimated Fair Value of Short-term Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 181,209	$ 232,578
Unrealized Gains		402
Unrealized Losses	(390)	0
Estimated Fair Value	180,819	232,980
U.S. Treasury Short-term Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	136,348	187,167
Unrealized Gains		382
Unrealized Losses	(177)
Estimated Fair Value	136,171	187,549
U.S. Treasury Long-term Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	44,861	45,411
Unrealized Gains		20
Unrealized Losses	(213)
Estimated Fair Value	$ 44,648	$ 45,431

- Definition

Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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- Definition

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+ Details

Leases - Additional Information (Details) $ in Thousands	1 Months Ended				6 Months Ended
Leases - Additional Information (Details) $ in Thousands	Sep. 30, 2025 USD ($)	Oct. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) Employee	Nov. 30, 2023	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
Leases [Line Items]
Operating lease payments					$ 1,000	$ 800
Operating leases, option to extend					true
Operating lease right-of-use asset					$ 5,816		$ 6,627
Operating lease liability					$ 6,512
California
Leases [Line Items]
Lease description					the Company entered into a new lease agreement in San Diego, California. This lease expires in February 2027
Lease expiration period	2028-08	2027-03		2027-02
Operating leases, option to extend					true
Operating lease, additional lease term					5 years
Operating leases, option to extend					includes an option to extend the lease term for an additional five years
Number of renewal options \| Employee			2
Operating lease lease term period			2027-05
Operating lease extending lease term period			2032-06
Operating lease right-of-use asset	$ 1,300	$ 200	$ 3,800
Operating lease liability	$ 1,300	$ 200	$ 3,800

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	700,000,000	700,000,000
Common stock, shares issued	44,981,606	44,360,873
Common stock, shares outstanding	44,981,606	44,360,873

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

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+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

+ References

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+ Details

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Total cost	$ 17,797	$ 14,355
Less: Accumulated depreciation and amortization	(7,049)	(5,755)
Property and equipment, net	10,748	8,600
Manufacturing Equipment
Property, Plant, and Equipment [Line Items]
Total cost	12,030	9,247
Leasehold Improvements
Property, Plant, and Equipment [Line Items]
Total cost	2,859	830
Furniture
Property, Plant, and Equipment [Line Items]
Total cost	939	939
Construction in Progress
Property, Plant, and Equipment [Line Items]
Total cost	$ 1,969	$ 3,339

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- 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.

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- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

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+ Details

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

10.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	June 30, 2026		December 31, 2025
	(in thousands)
Employee compensation and benefits	$	9,950	$	12,656
Sales returns, rebates and patient assistance		2,087		3,161
Professional fees		1,704		1,713
Warranty		1,659		1,607
Royalties		826		1,005
Inventory in transit		414		1,961
Other		554		328
Accrued expenses and other current liabilities	$	17,194	$	22,431

Leases - Schedule of Future Lease Payments (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2026	$ 983
2027	1,418
2028	1,384
2029	1,092
2030	1,136
Thereafter	1,782
Total future lease payments	7,795
Less: imputed interest	(1,283)
Total lease liabilities	$ 6,512

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 6,275	$ 7,064
Interest receivable	1,906	2,511
Income tax receivable and other current assets	293	265
Prepaid expenses and other current assets	$ 8,474	$ 9,840

Net Loss Per Share - Summary of Potential Dilutive Securities, Not Included in the Calculation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive net loss per share	9,337,688	8,120,490
Employee Stock Option Member
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive net loss per share	6,913,527	7,232,527
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive net loss per share	2,424,161	887,963

Revenue - Summary of Disaggregated Revenues (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Disaggregation of Revenue [Line Items]

Net sales

$ 32,013

$ 23,238

$ 59,639

$ 40,877

DME Channel

Disaggregation of Revenue [Line Items]

Net sales

20,413

18,644

37,336

32,471

PBP Channel

Disaggregation of Revenue [Line Items]

Net sales

11,600

4,594

22,303

8,406

iLet | DME Channel

Disaggregation of Revenue [Line Items]

Net sales

^[1]

12,651

13,414

22,740

23,042

iLet | PBP Channel

Disaggregation of Revenue [Line Items]

Net sales

^[1]

221

205

686

711

Single-use Products | DME Channel

Disaggregation of Revenue [Line Items]

Net sales

7,762

5,230

14,596

9,429

Single-use Products | PBP Channel

Disaggregation of Revenue [Line Items]

Net sales

$ 11,379

$ 4,389

$ 21,617

$ 7,695

[1]	iLet includes the over-time recognition related to software updates and mobile app access.

- 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.

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- 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.

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+ Details

Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net loss attributable to common stockholders, basic and diluted	$ (23,403)	$ (16,869)	$ (45,298)	$ (45,525)
Denominator:
Weighted-average common stock outstanding, basic	44,545,293	43,390,652	44,554,141	37,087,726
Weighted-average common stock outstanding, diluted	44,545,293	43,390,652	44,554,141	37,087,726
Net loss per share attributable to common stockholders, basic	$ (0.53)	$ (0.39)	$ (1.02)	$ (1.23)
Net loss per share attributable to common stockholders, diluted	$ (0.53)	$ (0.39)	$ (1.02)	$ (1.23)

- 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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+ Details

Short-Term and Long-Term Investments - Contractual Maturities of Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Within One Year	$ 136,171
One to Two Years	44,648
Estimated Fair Value	180,819	$ 232,980
U.S. Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Within One Year	136,171
One to Two Years	44,648
Estimated Fair Value	$ 180,819

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

- 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

+ Details

Financial Instruments and Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis:


	Fair Value Measurements at
	June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets	(in thousands)
Cash equivalents:
Money market fund	$	41,460	$	—	$	—	$	41,460
Restricted cash:
Money market fund		100		—		—		100
Short-term investments
U.S. Treasury securities		136,171		—		—		136,171
Long-term investments
U.S. Treasury securities		44,648		—		—		44,648
Total assets	$	222,379	$	—	$	—	$	222,379


	Fair Value Measurements at
	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets	(in thousands)
Cash equivalents:
Money market fund	$	26,249	$	—	$	—	$	26,249
Restricted cash:
Money market fund		100		—		—		100
Short-term investments
U.S. Treasury securities		187,549		—		—		187,549
Long-term investments
U.S. Treasury securities		45,431		—		—		45,431
Total assets	$	259,329	$	—	$	—	$	259,329

Money market funds and U.S. Treasury securities were valued by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. There were no changes to the valuation methods during the six months ended June 30, 2026 and 2025. The Company evaluates transfers between levels at the end of each reporting period. There were no transfers between Level 1 or Level 2 during the six months ended June 30, 2026 and 2025.

Warrant Liabilities

In connection with the Company’s initial public offering ("IPO") in January 2025, all outstanding warrant liabilities were remeasured and subsequently net exercised and reclassified to stockholders’ equity. No warrant liabilities were outstanding as of June 30, 2026 or December 31, 2025.

- 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

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-Section 50
-Paragraph 2
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+ Details

Significant Accounting Policies - Schedule of total product warranty reserves (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Product Warranties Disclosures [Abstract]
Warranty	$ 1,659		$ 1,607
Other long-term liabilities	1,629		1,547
Total warranty reserve	$ 3,288	$ 3,168	$ 3,154	$ 2,062	$ 871	$ 657

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	June 30, 2026		December 31, 2025
	(in thousands)
Employee compensation and benefits	$	9,950	$	12,656
Sales returns, rebates and patient assistance		2,087		3,161
Professional fees		1,704		1,713
Warranty		1,659		1,607
Royalties		826		1,005
Inventory in transit		414		1,961
Other		554		328
Accrued expenses and other current liabilities	$	17,194	$	22,431

Accounts Receivable, Net (Tables)

6 Months Ended

Jun. 30, 2026

Receivables [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net consisted of the following:


	June 30, 2026			December 31, 2025
	(in thousands)
Accounts receivable	$	18,225		$	17,274
Less: allowance for credit losses		(172	)		(156	)
Accounts receivable, net	$	18,053		$	17,118

Significant Accounting Policies - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Significant Accounting Policies [Line Items]
Impairment losses related to short term investments	$ 0	$ 0
Impairment losses related to long term investments	$ 0	0
Operating leases, option to extend	true
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, Expense Information Used by CODM, Description	The Company has concluded that gross profit and net income (loss) are the primary measures of segment profit or loss used by the CODM. The CODM assesses performance for the Company, monitors budget versus actual results, and determines how to allocate resources based on net income (loss) as reported in the statements of operations and comprehensive loss. There are no other expense categories regularly provided to the CODM that are not already included in the primary financial statements herein.
Assets	$ 292,387,000		$ 328,743,000
Right of return duration	90 days
Product warranty term	4 years
Minimum
Significant Accounting Policies [Line Items]
Lease initial term	1 year
Maximum
Significant Accounting Policies [Line Items]
Lease initial term	6 years
Option to extend additional period	5 years
International
Significant Accounting Policies [Line Items]
Revenues	$ 0	$ 0
Assets	$ 0		$ 0
ASU 2025-05
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2026

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Employee compensation and benefits	$ 9,950	$ 12,656
Sales returns, rebates and patient assistance	2,087	3,161
Professional fees	1,704	1,713
Warranty	1,659	1,607
Royalties	826	1,005
Inventory in transit	414	1,961
Other	554	328
Accrued expenses and other current liabilities	$ 17,194	$ 22,431

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense by Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 7,016	$ 4,799	$ 12,422	$ 7,603
Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	3,328	3,122	6,519	5,605
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	3,175	1,677	5,170	1,998
Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 513	$ 0	$ 733	$ 0

- 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

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+ Details

Employee Benefit Plan Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Defined Contribution Plan Disclosure [Line Items]
Employee maximum contributions per employee, percent	100.00%
Employer matching contribution, percent of match	100.00%
Employer matching contribution, percent of employees contributions	6.00%
Defined contribution plan, contributed amount	$ 1.9	$ 1.4

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions Used to Determine Grant-date Fair Value of Stock Options Granted

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option pricing model to determine the grant-date fair value of stock options granted:


	Six Months Ended June 30,
	2026			2025
Weighted average grant date fair value per share	$	8.00		$	13.99
Risk-free interest rate		3.65	%		4.26	%
Expected term (in years)		5.84			5.97
Expected volatility		70.55	%		96.84	%
Expected dividend yield		0	%		0	%

Summary of Stock Options Activity

The following table summarizes stock option activity for the six months ended June 30, 2026:


						Weighted-
				Weighted- Average		Average Remaining		Aggregate
	Number of Options			Exercise Price		Contractual Term		Intrinsic Value
						(in years)		(in thousands)
Outstanding at December 31, 2025		6,453,036		$	9.87		7.4	$	141,925
Granted		817,846		$	12.37
Exercised		(224,900	)	$	5.55
Forfeited or cancelled		(132,455	)	$	14.06
Expired		—		$	—
Outstanding at June 30, 2026		6,913,527		$	10.23		7.2	$	40,962
Vested and expected to vest at June 30, 2026		6,913,527		$	10.23		7.2	$	40,962
Options exercisable at June 30, 2026		4,212,144		$	8.72		6.4	$	30,532

Summary of Non-Vested Stock Options

The following table summarizes the non-vested stock options that were outstanding as of June 30, 2026 and December 31, 2025:


			Weighted- Average
	Number of Options		Exercise Price

Non-vested options, June 30, 2026		2,701,383	$	12.56
Non-vested options, December 31, 2025		2,840,777	$	12.21

Summary of RSU Activity

The following table summarizes RSU activity under the Company's incentive plans for the six months ended June 30, 2026:


				Weighted- Average
	Number of Shares			Grant Date Fair Value

RSUs outstanding, December 31, 2025		753,885		$	15.12
Granted		2,103,481		$	12.71
Vested		(303,628	)	$	13.92
Cancelled		(129,577	)	$	13.84
RSUs outstanding, June 30, 2026		2,424,161		$	13.24

Schedule of Stock-Based Compensation Expense by Type and Financial Statement Line

Stock-based compensation expense by type and financial statement line is included in the Company’s statements of operations and comprehensive loss as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Options	$	3,328	$	3,122	$	6,519	$	5,605
RSUs		3,175		1,677		5,170		1,998
Employee stock purchase plan		513		—		733		—
Total stock-based compensation expense	$	7,016	$	4,799	$	12,422	$	7,603


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Cost of sales	$	206	$	153	$	370	$	259
Research and development		1,636		924		2,774		1,426
Sales and marketing		2,239		1,314		3,854		2,115
General and administrative		2,935		2,408		5,424		3,803
Total stock-based compensation expense	$	7,016	$	4,799	$	12,422	$	7,603

Stock-Based Compensation - Summary of Non-Vested Stock Options (Details)	Jun. 30, 2026 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of options, Non-vested options, June 30, 2026 \| shares	2,701,383
Number of options, Non-vested options, December 31, 2025 \| shares	2,840,777
Weighted- average exercise price, Non-vested options, June 30, 2026 \| $ / shares	$ 12.56
Weighted- average exercise price, Non-vested options, December 31, 2025 \| $ / shares	$ 12.21

Financial Instruments and Fair Value Measurements - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value transfers between levels	$ 0	$ 0
Warrant liabilities outstanding	0		0

Inventories (Tables)

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


	June 30, 2026		December 31, 2025
	(in thousands)
Raw materials	$	8,599	$	8,556
Work in process		2,246		2,750
Finished goods		13,073		10,416
Total inventories	$	23,918	$	21,722

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Operating lease cost–fixed	$	516	$	418	$	1,045	$	833
Operating lease cost–variable		63		40		98		84
Short-term lease expense		14		4		27		8
Total lease expense	$	593	$	462	$	1,170	$	925

Summary of Weighted-average Remaining Lease Term and Discount Rate

The weighted-average remaining lease term and discount rate were as follows:


	June 30, 2026
Weighted-average remaining lease term		5.06
Weighted-average discount rate		6.86	%

Schedule of Future Lease Payments

Future lease payments under non-cancellable leases as of June 30, 2026 were as follows:


(in thousands)
Year Ending December 31,
2026		983
2027		1,418
2028		1,384
2029		1,092
2030		1,136
Thereafter		1,782
Total future lease payments	$	7,795
Less: imputed interest		(1,283	)
Total lease liabilities	$	6,512

Significant Accounting Policies - Summary of Percentage of Total Sales and Accounts Receivable (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Net Sales \| Distributor A
Concentration Risk [Line Items]
Customers accounted for 10% or more	14.60%	15.60%	12.70%	14.20%
Net Sales \| Distributor B
Concentration Risk [Line Items]
Customers accounted for 10% or more	10.80%	13.40%	10.90%	13.40%
Net Sales \| Distributor C
Concentration Risk [Line Items]
Customers accounted for 10% or more		15.00%		14.80%
Net Sales \| Distributor D
Concentration Risk [Line Items]
Customers accounted for 10% or more		10.00%	10.00%	10.60%
Net Sales \| Distributor G
Concentration Risk [Line Items]
Customers accounted for 10% or more	14.40%	13.80%	15.90%	12.40%
Net Sales \| Distributor H
Concentration Risk [Line Items]
Customers accounted for 10% or more	21.30%		19.50%
Accounts Receivable, net \| Distributor A
Concentration Risk [Line Items]
Customers accounted for 10% or more			16.60%		14.70%
Accounts Receivable, net \| Distributor E
Concentration Risk [Line Items]
Customers accounted for 10% or more			15.00%		14.00%
Accounts Receivable, net \| Distributor F
Concentration Risk [Line Items]
Customers accounted for 10% or more			17.70%		19.40%
Accounts Receivable, net \| Distributor G
Concentration Risk [Line Items]
Customers accounted for 10% or more					10.90%
Accounts Receivable, net \| Distributor H
Concentration Risk [Line Items]
Customers accounted for 10% or more			17.10%		16.00%

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2024	May 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Upfront fee	$ 0.5
Development milestone payment	3.0
Clinical material ordered for phase 2		$ 0.9
One-time non-refundable payment			$ 0.5
Development and manufacturing costs incurred for phase 3	5.1
Prepayment of development and manufacturing costs for phase three	$ 4.0

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Jul. 27, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2026
Document Quarterly Report	true
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Trading Symbol	BBNX
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-42491
Entity Registrant Name	BETA BIONICS, INC.
Entity Central Index Key	0001674632
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5386878
Entity Address, Address Line One	11 Hughes
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	949
Local Phone Number	427-7785
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		44,989,688
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Security Exchange Name	NASDAQ

CONDENSED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Parenthetical) (Unaudited) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2025
Underwriting discounts and commissions and offering costs	$ 21.7	$ 21.7
Offering costs	$ 1.4	$ 1.4

Significant Accounting Policies - Schedule of Changes in Product Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Product Warranties Disclosures [Abstract]
Product warranty liability at beginning of period	$ 3,168	$ 871	$ 3,154	$ 657
Warranty expense	669	1,754	1,134	2,360
Warranty fulfillment	(549)	(563)	(1,000)	(955)
Product warranty liability at end of period	$ 3,288	$ 2,062	$ 3,288	$ 2,062

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense by Financial Statement Line (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 7,016	$ 4,799	$ 12,422	$ 7,603
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfGoodsAndServicesSold
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	206	153	370	259
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2,935	2,408	5,424	3,803
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,636	924	2,774	1,426
Location, Statement of Income, Balance [Axis]: us-gaap:SellingAndMarketingExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 2,239	$ 1,314	$ 3,854	$ 2,115

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended
	Jan. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total intrinsic value of options exercised		$ 1.9	$ 0.2
Weighted average grant date fair value		$ 8	$ 13.99
Fair value of shares vested		$ 4.8	$ 4.3
Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense		$ 24.5
Unrecognized stock-based compensation expense period for recognition		2 years 3 months 18 days
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense		$ 30.6
Unrecognized stock-based compensation expense period for recognition		2 years 4 months 24 days
2025 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance	12,016,744	14,234,787
Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance	410,000	853,608
Purchase price of common stock description		The purchase price of common stock under the ESPP is the lesser of: (a) 85% of the fair market value of a share of the Company’s common stock on the first date of an offering or (b) 85% of the fair market value of a share of the Company’s common stock on the date of purchase, limited to the
Plan offering term	6 months
Employee Stock Purchase Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum percentage of earnings eligible for purchase of common stock	15.00%
Fair market value on offering date	85.00%
Fair market value on purchase date	85.00%

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
us-gaap:NetIncomeLoss	$ (45,298)	$ (45,525)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	1,294	650
Provision for expected credit losses	16
Stock-based compensation expense	12,422	7,603
Net provision (recovery) for excess and obsolete inventory	(179)	347
Change in fair value of warrant liabilities	0	12,450
Amortization of premium (discount) on short-term and long-term investments	181	(1,730)
Amortization of operating lease right-of-use asset	811	607
Changes in operating assets and liabilities:
Accounts receivable	(951)	601
Inventories	(2,017)	(4,350)
Prepaid expenses and other current assets	1,366	(3,605)
Other long-term assets	39	6
Accounts payable	(471)	471
Accrued expenses and other current liabilities	(5,439)	(2,550)
Other long-term liabilities	82	1,011
Operating lease liability	(791)	(567)
Deferred revenue	481	1,012
Net cash used in operating activities	(38,454)	(33,569)
Cash flows from investing activities:
Purchases of short-term investments		(190,768)
Purchases of long-term investments	(44,812)	(31,069)
Proceeds from maturities and redemptions of short-term investments	96,000	51,000
Purchases of property and equipment	(2,416)	(2,112)
Net cash (used in) provided by investing activities	48,772	(172,949)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net of underwriting discounts, commissions and issuance costs		195,430
Proceeds from the issuance of common stock from private placement, net of issuance costs		15,591
Proceeds from stock option exercises and employee stock purchase plan issuances	2,424	140
Net cash provided by financing activities	2,424	211,161
Net increase in cash, cash equivalents and restricted cash	12,742	4,643
Cash, cash equivalents and restricted cash at beginning of period	31,676	30,532
Cash, cash equivalents and restricted cash at end of period	44,418	35,175
Supplemental disclosure of non-cash investing and financing information:
Reclassification of long-term investments to short-term investments	45,322	79,838
Conversion of convertible preferred stock upon initial public offering		321,373
Conversion of warrants net exercise upon initial public offering		57,348
Reclassification of deferred offering costs to equity upon initial public offering		5,051
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	44,318	35,075
Restricted cash	100	100
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 44,418	$ 35,175

Organization and Basis of Presentation - Additional Information (Details) - shares	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Common stock, shares issued	44,981,606		44,360,873
Preferred stock outstanding	0		0
Common Stock
Class of Stock [Line Items]
Shares outstanding	44,981,606	44,561,695	44,360,873	43,465,136	43,353,890	6,667,793

- 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 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

- Definition

+ References

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+ Details

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Customers Accounted for 10% or More

The following table summarizes the percentages of total sales and accounts receivable, net for customers who accounted for 10% or more of the respective amounts for the periods presented:


	Net Sales		Net Sales		Accounts Receivable, net
	Three Months Ended June 30,		Six Months Ended June 30,		June 30,	December 31,
	2026	2025	2026	2025	2026	2025
Distributor A	14.6%	15.6%	12.7%	14.2%	16.6%	14.7%
Distributor B	10.8%	13.4%	10.9%	13.4%	*	*
Distributor C	*	15.0%	*	14.8%	*	*
Distributor D	*	10.0%	10.0%	10.6%	*	*
Distributor E	*	*	*	*	15.0%	14.0%
Distributor F	*	*	*	*	17.7%	19.4%
Distributor G	14.4%	13.8%	15.9%	12.4%	*	10.9%
Distributor H	21.3%	*	19.5%	*	17.1%	16.0%

* Amount related to the respective customer represented less than 10% for the period presented.

Schedule of Changes in Product Warranty Liability

Reconciliations of the changes in the Company’s product warranty liability for the three and six months ended June 30, 2026 and 2025 were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(in thousands)						(in thousands)
Product warranty liability at beginning of period	$	3,168		$	871		$	3,154		$	657
Warranty expense		669			1,754			1,134			2,360
Warranty fulfillment		(549	)		(563	)		(1,000	)		(955	)
Product warranty liability at end of period	$	3,288		$	2,062		$	3,288		$	2,062

As of June 30, 2026 and December 31, 2025, total product warranty reserves were included in the following balance sheet accounts:


	June 30, 2026		December 31, 2025
	(in thousands)
Accrued expenses and other current liabilities	$	1,659	$	1,607
Other long-term liabilities		1,629		1,547
Total warranty reserve	$	3,288	$	3,154

Summary of Potential Dilutive Securities, Not Included in the Calculation of Diluted Net Loss Per Share


	Six Months Ended June 30,
	2026		2025
Stock options to purchase common stock		6,913,527		7,232,527
RSUs		2,424,161		887,963
Total		9,337,688		8,120,490