v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 35,548 $ 27,554
Restricted cash 4,000 6,000
Investments 5,980 5,928
Accounts receivable, net of allowance for doubtful accounts of $948 and $788, respectively 26,169 24,105
Inventory 42,373 33,183
Prepaid expenses and other assets 6,352 2,447
Total current assets 120,422 99,217
Property and equipment, net 81,783 84,667
Operating lease right-of-use assets 12,732 14,265
Intangible assets, net 6,750 5,579
Total assets 221,687 203,728
Current liabilities:    
Accounts payable and accrued expenses 21,184 28,641
Current maturities of long-term lease obligations 2,372 1,969
Total current liabilities 23,556 30,610
Long-term debt, net of debt discount and financing fees 48,387 47,496
Long-term lease obligations 16,870 19,221
Debt derivative liabilities 3,886 2,400
Other long-term liabilities 141 94
Total liabilities 92,840 99,821
Commitments and contingencies - see Note 15
Shareholders’ equity:    
Common stock, $0.01 par value per share; 100,000,000 shares authorized; 47,199,797 and 44,148,836 shares issued and outstanding 472 441
Additional paid-in capital 435,338 394,726
Accumulated deficit (306,963) (291,260)
Total shareholders’ equity 128,847 103,907
Total liabilities and shareholders’ equity $ 221,687 $ 203,728

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v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenues $ 225,208 $ 187,338 $ 159,012
Cost of goods sold 57,855 45,361 37,143
Gross profit 167,353 141,977 121,869
Costs and expenses:      
Sales and marketing 97,740 78,461 77,580
Research and development 32,885 27,767 27,339
General and administrative 44,577 39,036 38,412
Total costs and expenses 175,202 145,264 143,331
Loss from operations (7,849) (3,287) (21,462)
Other income (expense):      
Investment income 1,168 1,141 1,487
Interest expense (7,702) (8,206) (2,835)
Change in fair value of debt derivative liabilities (1,487) 587 1,531
Other income (expense), net 167 (199) (437)
Total other expense, net (7,854) (6,677) (254)
Net loss $ (15,703) $ (9,964) $ (21,716)
Weighted average common shares outstanding - basic (in shares) 46,050,266 44,257,754 42,878,543
Weighted average common shares outstanding - diluted (in shares) 46,050,266 44,257,754 42,878,543
Net loss per common share - basic (in USD per share) $ (0.34) $ (0.23) $ (0.51)
Net loss per common share - diluted (in USD per share) $ (0.34) $ (0.23) $ (0.51)

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v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (15,703) $ (9,964) $ (21,716)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation 6,660 6,467 4,218
Amortization of right-of-use assets 1,533 1,103 1,062
Amortization of intangible assets 315 267 273
Amortization of debt discount and deferred financing fees 891 893 891
Loss on disposal of equipment 0 0 56
Provision for (recovery of) bad debts 400 650 (271)
Investment gains, net (329) (155) (666)
Change in fair value of debt derivative liabilities 1,487 (587) (1,531)
Impairment of long-lived assets 64 0 0
Stock-based compensation expense 30,112 15,906 14,418
Change in operating assets and liabilities:      
Accounts receivable (2,464) 392 (2,691)
Inventory (9,190) (10,163) (4,115)
Prepaid expenses and other assets (3,905) 784 (867)
Accounts payable and accrued expenses (7,158) 125 6,509
Operating lease obligations (1,937) (1,603) (1,269)
Cash paid for interest portion of financing lease obligations (11) (4) (3)
Other long-term liabilities 47 424 (14)
Net cash provided by (used in) operating activities 812 4,535 (5,716)
Cash flows from investing activities:      
Purchase of property and equipment (3,745) (3,101) (13,872)
Purchase of investments (13,723) (5,773) (10,203)
Proceeds from sale of investments 14,000 0 44,374
Cash payments for intangible assets (1,849) (1,423) (1,046)
Net cash (used in) provided by investing activities (5,317) (10,297) 19,253
Cash flows from financing activities:      
Cash paid for debt portion of financing lease obligations (32) (10) (10)
Proceeds from exercise of stock options and ESPP stock purchases 10,531 2,300 1,964
Net cash provided by financing activities 10,499 2,290 1,954
Net increase (decrease) in cash and cash equivalents, and restricted cash 5,994 (3,472) 15,491
Cash and cash equivalents, and restricted cash, beginning of period 33,554 37,026 21,535
Cash and cash equivalents, and restricted cash, end of period 39,548 33,554 37,026
Supplemental disclosures of cash flow activity:      
Cash paid for interest, net of capitalized interest 6,811 7,301 1,944
Supplemental disclosure of noncash investing and financing activities:      
Acquisition of property and equipment change in accounts payable and accrued expenses (1) 114 704
Obtaining a right-of-use asset in exchange for a lease liability 31 21 2,298
Acquisition of intangible assets change in accounts payable and accrued expenses $ (298) $ 299 $ 407

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