0001193125-26-213424 | 10-Q | XBRL Viewer

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Significant Balance Sheet Components - Additional Information (Details) - ARGO HT System	3 Months Ended
	Mar. 31, 2026
Significant Balance Sheet Components [Line Items]
Product warranty, description	The Company’s product warranty provides that the ARGO HT System will operate materially in accordance with specifications for 12 months from the delivery date. The warranty does not provide the customer with a service in addition to the assurance that the product complies with agreed-upon specifications, therefore it is an assurance type warranty. The Company uses its understanding of industrial practice, expected site visits, potential use of spare parts, and other relevant information to accrue estimated warranty costs upon delivery of the ARGO HT Systems.
Product warranty, term	12 months

Description of Business and Basis of Presentation	3 Months Ended
Description of Business and Basis of Presentation	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of business and basis of presentation Organization and description of business—Alamar Biosciences, Inc. (the “Company”) was incorporated in the State of Delaware on May 7, 2018, and is based in Fremont, California. The Company develops a highly sensitive proteomic liquid biopsy platform and sells instruments, consumables and services based on this platform to enable early detection of diseases. As of March 31, 2026, the Company has wholly-owned subsidiaries in Asia, Europe and North America. Reverse stock split—On April 8, 2026, the Company’s stockholders and board of directors approved an amendment to the Company’s certificate of incorporation to effect a reverse split of shares of the Company’s Class A and Class B common stock (collectively "Common Stock") and Founders Preferred Stock on a one-for-2.418 basis, which was effected on April 10, 2026 (the “Reverse Stock Split”). The number of authorized shares and the par values of the Common Stock and Series A-1, Series A-2, Series A-3, Series A-4, Series B, Series B-Plus and Series C convertible preferred stock ("Preferred Stock") and Founders Preferred Stock (collectively with Preferred Stock "Convertible Preferred Stock") were not adjusted as a result of the Reverse Stock Split. The number of issued and outstanding Preferred Stock were not adjusted as a result of the Reverse Stock Split. However, the conversion ratios for the Company’s Preferred Stock were proportionally adjusted such that the common stock issuable upon conversion of such Preferred Stock was decreased in proportion to the Reverse Stock Split. Likewise, the number of shares issuable upon exercise of outstanding options and common stock warrants and the related exercise price were adjusted in proportion to the Reverse Stock Split. All share and per share references, other than Preferred Stock, have been retroactively adjusted to reflect the effect of the Reverse Stock Split for all periods presented. Initial public offering—On April 16, 2026, the Company’s Registration Statement on Form S-1 for its initial public offering (“IPO”) was declared effective, and on April 20, 2026, the Company completed its IPO of 12,937,500 shares of its common stock (which includes the exercise in full of the underwriters’ option to purchase an additional 1,687,500 shares of common stock), at a price to the public of $17.00 per share. The gross proceeds to the Company from the IPO were $219.9 million and the net proceeds amounted to $197.8 million after deducting underwriting discounts and commissions and estimated offering expenses incurred by the Company. Immediately prior to the IPO, all of the shares of the Company's Class A common stock, Preferred Stock and Founders Preferred Stock then outstanding converted into shares of the Company's Class B common stock (the "Stock Conversions"). The Company immediately thereafter filed an amended and restated certificate of incorporation, and upon filing of the amended and restated certificate of incorporation, the Company’s Class B common stock was redesignated as common stock (the "Redesignation"). The Company's outstanding preferred stock warrants also converted into warrants to purchase 31,251 shares of common stock (together with the Stock Conversions, the “Conversions”). Additionally, the Company’s outstanding convertible notes were settled through the issuance of 3,910,025 shares of common stock. The condensed consolidated financial statements as of March 31, 2026 do not give effect to the Conversions, the Redesignation or the IPO, as they occurred subsequent to March 31, 2026. In connection with the closing of the Company’s IPO, the Company increased the authorized number of shares to 1,000,000,000 shares of common stock and 20,000,000 shares of preferred stock. Basis of presentation—The Company’s condensed consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. The condensed results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ended December 31, 2026 or for any other future annual or interim period. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the final prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, (the “Securities Act”), on April 17, 2026 (the “Prospectus”). Principles of consolidation—The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Risks and uncertainties—The Company is subject to certain risks and uncertainties, including but not limited to the following areas: dependence on key personnel, existing competitors or new market entrants, and dependence upon the availability of cash to sustain operations. The Company’s financial position or operating results may be materially affected by the foregoing factors.

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

Significant Balance Sheet Components - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Accrued Liabilities and Other Liabilities [Abstract]
Accrued compensation	$ 3,099	$ 6,856
Deferred revenue, current	2,110	470
Accrued warranty expense	980	870	$ 625	$ 556
Accrued deferred offering costs	2,090	734
Other accrued liabilities	8,535	6,829
Total	$ 16,814	$ 15,759

Significant Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Significant Balance Sheet Components [Abstract]

Significant Balance Sheet Components

Significant balance sheet components

Inventory—Inventory consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Raw materials	$	24,145	$	24,741
Work in progress		3,480		2,921
Finished goods		12,306		10,820
Total	$	39,931	$	38,482

Accrued and other current liabilities—Accrued and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Accrued compensation	$	3,099	$	6,856
Deferred revenue, current		2,110		470
Accrued warranty expense		980		870
Accrued deferred offering costs		2,090		734
Other accrued liabilities		8,535		6,829
Total	$	16,814	$	15,759

The Company’s product warranty provides that the ARGO HT System will operate materially in accordance with specifications for 12 months from the delivery date. The warranty does not provide the customer with a service in addition to the assurance that the product complies with agreed-upon specifications, therefore it is an assurance type warranty. The Company uses its understanding of industrial practice, expected site visits, potential use of spare parts, and other relevant information to accrue estimated warranty costs upon delivery of the ARGO HT Systems.

Changes in the reserve for product warranties were as follows (in thousands):


	Three Months Ended March 31,
	2026			2025
Balance at beginning of period	$	870		$	556
Amounts charged to cost of revenue		440			260
Repairs and replacements		(330	)		(191	)
Balance at end of period	$	980		$	625

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Reported Revenue by Categories and Geographic Area

The Company reported revenue in the following categories for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Instruments	$	7,381	$	4,146
Consumables		13,960		5,023
Services		4,694		3,672
Other revenue		—		250
Total	$	26,035	$	13,091

The Company reported revenue in the following geographic areas for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
United States	$	14,905	$	9,469
Europe, Middle East and Africa (excluding United Kingdom)		3,972		1,422
United Kingdom		3,462		1,730
Asia-Pacific		2,409		450
Americas (excluding United States)		1,287		20
Total	$	26,035	$	13,091

Summary of Deferred Revenue Activity

Deferred revenue activity during the three months ended March 31, 2026 and 2025 was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Revenue recognized that was included in the contract liability at the beginning of the year	$	184	$	351

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Summary of Maturities of Operating Lease Liabilities under Noncancelable Leases

As of March 31, 2026, maturities of the Company’s operating lease liabilities under noncancelable leases are as follows (in thousands):


2026 (remaining nine months)	$	3,593
2027		5,697
2028		5,850
2029		6,007
2030		6,117
Thereafter		19,715
Total undiscounted lease payments		46,979
Less imputed interest		(16,401	)
Present value of operating lease liabilities	$	30,578

Fair value measurements - Summary of Changes in Carrying Value of Convertible Notes (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Debt Instrument, Fair Value Disclosure [Abstract]
Balance at beginning of period	$ 0
Issuance of convertible notes	56,500
Remeasurement of notes to fair value	8,594
Balance at end of period	$ 65,094

- Definition

Fair value portion of borrowing which can be exchanged for a specified number of another security at the option of the issuer or the holder, for example, but not limited to, the entity's common stock.

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+ Details

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($) Segment	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Summary of Significant Accounting Policies [Line Items]
Number of operating segments \| Segment	1
Number of reportable segments \| Segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment reporting, codm, profit (loss) measure, how used, description	The CODM reviews and evaluates operating performance based on consolidated net loss, which is reported on the condensed consolidated statements of operations. The CODM manages operations on a consolidated basis for the purposes of allocating resources, making operating decisions, and evaluating financial performance. Assets, measures of profitability and significant segment expenses reviewed by the CODM are consistent with the presentation and disclosure in these condensed consolidated financial statements.
Allowance for credit loss on accounts receivable	$ 0		$ 0
Accounts receivable, allowance for credit loss, writeoff	0	$ 0
Unamortized capitalized software costs	1,836,000		1,988,000
Advertising costs	800,000	$ 300,000
Other Noncurrent Assets [Member]
Summary of Significant Accounting Policies [Line Items]
Deferred Offering Costs	$ 4,900		$ 1,300
Customer Concentration Risk \| Accounts Receivable \| One Customer
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.00%		10.00%

Revenue - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 2.4	$ 0.8	$ 0.5	$ 0.6
Accrued and Other Current Liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 2.1

- 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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Revenue - Schedule of Reported Revenue by Categories (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total	$ 26,035	$ 13,091
Instruments
Disaggregation of Revenue [Line Items]
Total	7,381	4,146
Consumables
Disaggregation of Revenue [Line Items]
Total	13,960	5,023
Services
Disaggregation of Revenue [Line Items]
Total	$ 4,694	3,672
Other revenue
Disaggregation of Revenue [Line Items]
Total		$ 250

- Definition

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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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Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Cash and cash equivalents	$ 64,586	$ 30,002
Restricted cash	4,907	4,907
Total cash, cash equivalents and restricted cash	$ 69,493	$ 34,909

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of significant accounting policies

For a summary of the Company’s significant accounting policies refer to “Note 2—Summary of Significant Accounting Policies” in the notes to the financial statements as of and for the year ended December 31, 2025 included in the Prospectus. There have been no significant changes to these policies during the three months ended March 31, 2026.

Use of estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements, disclosure of contingent liabilities, and the reported amounts of revenue and expense. These judgments, estimates, and assumptions are used for, but not limited to, revenue recognition, the estimates of the fair values of convertible preferred stock, convertible notes and common stock, stock-based compensation, inventory, expected credit losses, accrued liabilities, the fair value of warrant liability, discount rate associated with the leases, the estimates of the warranty expenses, and the valuation of allowances associated with deferred tax assets. The Company bases its estimates on various factors and information, which may include, but are not limited to, history and prior experience, the Company’s forecasts and future plans, current economic conditions and information from third-party professionals that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities and recorded amounts of expenses that are not readily apparent from other sources. To the extent there are material differences between the Company’s estimates and the actual results, the Company’s future consolidated results of operations may be affected.

Segments—The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer, who manages the business globally within one operating and reportable segment. The segment focuses on developing a highly sensitive proteomic liquid biopsy platform and sells instruments, consumables, and services based on this platform to enable early detection of diseases. The CODM reviews and evaluates operating performance based on consolidated net loss, which is reported on the condensed consolidated statements of operations. The CODM manages operations on a consolidated basis for the purposes of allocating resources, making operating decisions, and evaluating financial performance. Assets, measures of profitability and significant segment expenses reviewed by the CODM are consistent with the presentation and disclosure in these condensed consolidated financial statements.

Cash and cash equivalents—The Company considers all highly liquid investments with an original maturity from the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents consist of cash deposited with banks, money market funds and US treasury securities.

Restricted cash—Restricted cash consists of cash and cash equivalents held in a bank deposit account to secure a standby letter of credit from JPMorgan Chase Bank in lieu of security deposit for the lease of the Company’s current facility.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum totals of the same amounts shown in the condensed consolidated statements of cash flows (in thousands):


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	64,586	$	30,002
Restricted cash		4,907		4,907
Total cash, cash equivalents and restricted cash	$	69,493	$	34,909

Accounts receivable—Accounts receivable consists of amounts due from customers for the sales of products and services. The Company regularly evaluates the collectability of its trade receivable balances based on a combination of factors. If it is determined that the customer will be unable to meet its financial obligation to us, such as in the case of a bankruptcy filing, deterioration in the customer’s operating results, financial position, or other material events impacting its business, a specific allowance for credit losses is recorded to reduce the related receivable to the amount expected to be recovered, given all information presently available. Except for this allowance, the Company believes its receivables are collectible. Delinquency of accounts receivable is determined based on contractual terms, customer payment history and current creditworthiness.

The Company determined that no allowance on the outstanding accounts receivable balance was required to cover unexpected credit losses as of March 31, 2026 and December 31, 2025. During the three months ended March 31, 2026 and 2025, the Company did not write off any accounts receivable considered to be uncollectible.

During the three months ended March 31, 2026, and 2025, no customer represented 10% or more of total revenue.

As of March 31, 2026, no customer represented 10% or more of net accounts receivable. As of December 31, 2025, one customer represented 10% or more of net accounts receivable.

Software development costs—Costs to develop software for use in research and development activities with no alternative future use are charged to expense when incurred. The Company capitalizes certain costs incurred during the application development phase for other internal-use software.

Software embedded in the Company's instruments is considered software that is sold or otherwise marketed. Accordingly, the Company expenses development costs as incurred prior to establishing technological feasibility of the software. To date, no material costs have been incurred subsequent to establishment of technological feasibility.

Deferred offering costs—The Company capitalizes certain legal, accounting, and other third-party fees that are directly related to the Company’s equity offering until such offering is consummated. As of March 31, 2026 and December 31, 2025, a total of $4.9 million and $1.3 million in deferred offering costs related to the Company’s IPO were classified as prepaid expenses and other current assets in the condensed balance sheet. The Company closed its IPO on April 20, 2026, accordingly these costs will be recorded in stockholders’ equity as a reduction of the proceeds from the offering subsequent to March 31, 2026.

Revenue recognition—The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services.

As part of its assessment of each contract, the Company evaluates certain factors including the customer’s ability to pay, or credit risk. For each contract, the Company considers the promises to transfer products, each of which is distinct, to be the identified performance obligations. In determining the transaction price, the price stated on the purchase order is typically fixed and represents the net consideration which the Company expects to be entitled to, and therefore there is no variable consideration. Revenue is recorded net of distributor commissions and sales taxes collected on behalf of governmental authorities. The Company allocates the transaction price to each distinct product based on its relative standalone selling price. The Company determines standalone selling price using internal costs,

profit objectives, and historical pricing practices with consideration of current market conditions. If the product or service has no history of sales or if the sales volume is not sufficient, the Company relies upon prices set by management, adjusted for applicable discounts. The Company's revenue arrangements generally do not provide a right of return. The payment term is usually net 30 days or other customer negotiated terms.

The Company sells its products to customers through multiple channels, including direct sales and through distributors. In certain instances, the Company may drop-ship products directly to end customers on behalf of the distributor. The Company assesses each distributor arrangement to determine whether the distributor is acting as a principal (controlling the product before transfer) or as an agent (arranging for the end user to obtain goods). Revenue is recognized at the point in time when control of the product transfers to the customer, which is typically upon shipment or delivery, based on the contractual delivery terms.

The Company generates revenue from sales of its analytical research equipment along with related reagents. The Company also recognizes service revenue under its Technology Access Program (“TAP”) and maintenance contracts. The Company recognizes revenue from these revenue streams as follows:

•

Sale of ARGOTM HT instruments—The ARGO HT System is a fully automated, high-throughput Precision Proteomics instrument which facilitates the analysis of large sets of biological samples. Revenue from the sale of ARGO HT instruments is generally recognized upon delivery to the end customer.

•

Sale of reagent kits and other consumables—The reagents used to run on the ARGO HT System are specialized and proprietary and can be provided to the customers only by the Company. Revenue from the sale of reagent kits and other consumables is generally recognized upon shipment.

•

TAP—TAP provides customers the opportunity to ship samples to be tested at the Company’s lab using either NULISA multiplex or single-plex assays, and analytical reports are delivered via an electronic file. Revenue from TAP services is generally recognized when the analysis data is made available to the customer.

•

Sale of maintenance contracts—The Company typically provides a one-year limited warranty for the ARGO HT System. After expiration of the initial warranty period, the Company offers a further 12-month maintenance contract, which can be purchased separately or together with the ARGO HT System. Revenue from these maintenance contracts is recognized as the services are rendered, typically ratably over the contract term. For the three months ended March 31, 2026 and 2025, no material amounts were recognized as revenue under maintenance contracts.

Advertising costs—Advertising costs consist primarily of expenses for advertising, promotional materials, tradeshows, brochures and websites and are expensed as incurred. Advertising costs totaled $0.8 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively.

Functional currency and foreign currency translation—The Company uses the U.S. dollar as its reporting currency. Transactions in the subsidiary are recorded in the functional currency of the respective subsidiary and transactions denominated in currencies other than the functional currency give rise to foreign exchange remeasurement (monetary assets and liabilities) and related gains and losses that are classified in other (expense) income, net in the condensed consolidated statements of operations. The Company has not entered into any foreign currency derivative instruments to hedge its foreign currency positions.

For the subsidiary whose functional currency is not the U.S. dollar, the Company uses the average exchange rate for the period and the exchange rate at the balance sheet date to translate the operating results and financial position to the U.S. dollar, respectively, which is the Company’s reporting currency. Translation differences are recorded in accumulated other comprehensive loss, a component of stockholders’ deficit.

Recent accounting pronouncements not yet adopted

In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This update requires that at each interim and annual reporting period public entities disclose (1) the amounts of purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions; (2) certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements; (3) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (4) the total amount of selling expenses and, in annual reporting periods, the definition of selling expenses. This update is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact on its financial statements of adopting this guidance.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-internal-use software (Subtopic 350-40): Targeted Improvements to the Accounting for internal-use software. The standard removes references to development stages and requires capitalization of software costs when management has authorized and committed to funding the software project, it is probable that the project will be completed, and the software will be used to perform the function intended. The ASU is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact on its financial statements of adopting this guidance.

ADDF Funding Agreement (Tables)

3 Months Ended

Mar. 31, 2026

Funding Agreement Abstract

Summary of Activity

The following table summarizes the activity for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026			2025
Beginning liability	$	457		$	851
Payments received	$	1,784		$	—
Amount recognized as contra research and development	$	(1,060	)	$	(215	)
Ending liability	$	1,181		$	636

Fair Value Measurements - Additional Information (Details)	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, assets, transfers into level 1, amount	$ 0	$ 0
Fair value, assets, transfers out of level 1, amount	0	0
Fair value, assets, transfers into level 2, amount	0	0
Fair value, assets, transfers out of level 2, amount	0	0
Fair value, assets, transfers into level 3, amount	0	0
Fair value, assets, transfers out of level 3, amount	0	0
Fair value, liabilities, transfers into level 1, amount	0	0
Fair value, liabilities, transfers out of level 1, amount	0	0
Fair value, liabilities, transfers into level 2, amount	0	0
Fair value, liabilities, transfers out of level 2, amount	0	0
Fair value, liabilities, transfers into level 3, amount	0	0
Fair value, liabilities, transfers out of level 3, amount	0	$ 0
Ending balance	$ 65,094,000		$ 0
Volatility \| Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input of convertible notes	0.685

Significant Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory, Net [Abstract]
Raw materials	$ 24,145	$ 24,741
Work in progress	3,480	2,921
Finished goods	12,306	10,820
Total	$ 39,931	$ 38,482

Stock Plan (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense

For the three months ended March 31, 2026 and 2025, the Company recorded stock-based compensation expense as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of product revenue	$	14	$	8
Cost of service and other revenue		22		13
Research and development		392		229
Selling, general and administrative		1,039		369
Total stock-based compensation expense	$	1,467	$	619

Summary of Stock Option Activity

Stock option activity for the three months ended March 31, 2026 was as follows:



								Aggregate
				Exercise		Remaining		intrinsic
	Options			price per		contractual		value
	outstanding			share		life (in years)		(in thousands)
Balance outstanding, December 31, 2025		5,842,551		$	3.18		8.27	$	25,767
Options granted		1,433,765		$	7.59
Options exercised		(824,237	)	$	2.85
Options cancelled/forfeited/expired		(14,832	)	$	3.78
Balance outstanding, March 31, 2026		6,437,247		$	4.21		8.37	$	56,256
Vested and expected to vest at March 31, 2026		6,785,106		$	4.16		8.39	$	59,223
Exercisable at March 31, 2026		3,318,094		$	2.97		7.60	$	29,512

Summary of Estimated Fair Value of Stock Options Granted Under Weighted-Average Assumptions

The Company estimated the fair value of stock options granted during the three months ended March 31, 2026 and 2025, using the Black-Scholes option pricing model with the following weighted-average assumptions:


	Three Months Ended March 31,
	2026			2025
Expected dividend yield		0.0	%		0.0	%
Risk-free interest rate		3.87	%		4.45	%
Expected volatility		68.3	%		83.1	%
Expected term (in years)		6.0			6.0

Summary of Stock Activity for Grants of Restricted Stock Awards

Stock activity during the three months ended March 31, 2026 for grants of restricted stock awards (“RSAs”) to employees outside of the Stock Plan was as follows:


				Weighted-
	RSAs			average
	outstanding			grant date FV
Balance outstanding, December 31, 2025		34,877		$	4.18
RSAs vested		(5,583	)
Balance outstanding, March 31, 2026		29,294		$	4.18

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	64,586	$	30,002
Restricted cash		4,907		4,907
Total cash, cash equivalents and restricted cash	$	69,493	$	34,909

Revenue - Summary of Deferred Revenue Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Deferred Revenue [Abstract]
Revenue recognized that was included in the contract liability at the beginning of the year	$ 184	$ 351

Financing Arrangements - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 08, 2026	Mar. 31, 2026
Debt Instrument [Line Items]
Convertible note	$ 56,500	$ 65,094
Board of Director [Member]
Debt Instrument [Line Items]
Convertible note	15,600
Convertible Notes
Debt Instrument [Line Items]
Gross cash proceeds	$ 56,500
Debt instrument, term	18 months
Debt instrument stated interest rate	8.00%
Debt instrument, conversion price, percentage		85.00%
Debt, fair value option and issuance costs expensed		$ 400
Loss on fair value remeasurement		$ 8,600

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and contingencies

Legal proceedings

Olink Proteomics AB and Olink Proteomics, Inc. v. Alamar Biosciences, Inc., United States District Court for the District of Delaware, Case No. 1:23-cv-1303-MN. Olink Proteomics AB and Olink Proteomics, Inc. commenced the litigation on November 15, 2023. The complaint alleges infringement of U.S. Patent No. 7,883,848 by Alamar’s manufacture, use, offer for sale, sale, marketing and/or distribution of its Nucleic acid Linked Immuno-Sandwich Assay (“NULISA”) platform used with or without its ARGO HT system. The asserted patent relates to a method for detecting functional interactions between at least two molecules of interest. Alamar filed a motion to dismiss, which the Court granted on February 11, 2025, without prejudice to Olink filing an amended complaint. The case is currently stayed. The case was stayed pending the outcome of IPR2024-01353 and the Final Written Decision issued on March 4, 2026, described below. Olink filed an amended complaint, repleading its claims under U.S. Patent No. 7,883,848, on April 2, 2026. The court lifted the stay of the Delaware district court litigation on April 7, 2026.

Alamar Biosciences, Inc. v. Olink Proteomics AB, United States Patent and Trademark Office, Patent Trial and Appeal Board (“PTAB”), Case No. IPR2024-01353. On August 23, 2024, Alamar filed a Petition for Inter Partes Review challenging all claims of U.S. Patent No. 7,883,848. The PTAB instituted trial on all grounds raised in Alamar’s Petition. On March 4, 2026, the PTAB issued a Final Written Decision finding that no claims were unpatentable. Alamar has 30 days from this decision to seek Rehearing, 30 days to seek Director Review, and 63 days to file a notice of appeal to the United States Court of Appeals for the Federal Circuit. As of March 31, 2026 and 2025, losses are not probable or estimable.

Cash Equivalents and Marketable Securities - Summary of Amortized Cost and Fair Value of Cash Equivalents and Marketable Securities by Major Investment Category (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Cash and Cash Equivalents [Line Items]
Amortized cost	$ 64,586	$ 30,002
Financial Assets Included Within Cash and Cash Equivalents
Cash and Cash Equivalents [Line Items]
Amortized cost	51,182	19,665
Fair value	51,182	19,665
Money Market Funds \| Financial Assets Included Within Cash and Cash Equivalents
Cash and Cash Equivalents [Line Items]
Amortized cost	51,182	19,665
Fair value	$ 51,182	$ 19,665

ADDF Funding Agreement - Summary of Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Funding Agreement Abstract
Beginning liability	$ 457	$ 851
Payments received	1,784
Amount recognized as contra research and development	(1,060)	(215)
Ending liability	$ 1,181	$ 636

Stock Plan - Summary of Estimated Fair Value of Stock Options Granted Under Weighted-Average Assumptions (Details)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	3.87%	4.45%
Expected volatility	68.30%	83.10%
Expected term (in years)	6 years	6 years

Related Party Transactions - Summary of Related Party Transactions (Details) - Related Party - Attovia - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
TAP service revenue	$ 60
Licensing revenue		$ 250
Sublease income		190
Other facility related income		90
Professional service and equipment rental income		$ 8

- 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 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Plan - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,467	$ 619
Cost of Product Revenue
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	14	8
Cost of Service and Other Revenue
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	22	13
Research and Development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	392	229
Selling, General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,039	$ 369

- Definition

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

+ References

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

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (e)(1)
-Publisher FASB
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Stock Plan

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock Plan

Stock plan

In July 2018, the Company’s board of directors approved the adoption of a stock plan (the “Stock Plan”) and the board of directors periodically approves changes in the number of authorized shares under the plan. The Stock Plan provides for the grant of restricted stock awards, incentive and non-statutory stock options and restricted stock units (“RSUs”) to employees, nonemployee directors and consultants of the Company. As of March 31, 2026 and December 31, 2025, only stock options had been granted under the Stock Plan. The stock option awards generally include service condition vesting terms of four years, with 25% of the award vesting one year from the vesting commencement date and then ratably over the following 36 months, though some vest over shorter periods, vesting monthly from grant date. Options granted under the Stock Plan generally expire ten years from the date of grant. Options are exercisable only to the extent vested unless early exercise is approved by the Company’s board of directors.

As of March 31, 2026 and December 31, 2025, 31,567 and 35,629 shares of common stock granted pursuant to the early exercise of options were outstanding and subject to the Company’s repurchase right. The exercise price of all stock options granted under the Stock Plan must be at least equal to 100% of the fair value of the Company’s common stock at the date of grant, as determined by the Company's board of directors. As of March 31, 2026, total shares available for grant under the Stock Plan were 359,490.

For the three months ended March 31, 2026 and 2025, the Company recorded stock-based compensation expense as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of product revenue	$	14	$	8
Cost of service and other revenue		22		13
Research and development		392		229
Selling, general and administrative		1,039		369
Total stock-based compensation expense	$	1,467	$	619

As of March 31, 2026, there was $18.0 million of unamortized stock-based compensation expense which is expected to be recognized over a weighted-average period of 3.3 years.

Stock options

Stock option activity for the three months ended March 31, 2026 was as follows:



								Aggregate
				Exercise		Remaining		intrinsic
	Options			price per		contractual		value
	outstanding			share		life (in years)		(in thousands)
Balance outstanding, December 31, 2025		5,842,551		$	3.18		8.27	$	25,767
Options granted		1,433,765		$	7.59
Options exercised		(824,237	)	$	2.85
Options cancelled/forfeited/expired		(14,832	)	$	3.78
Balance outstanding, March 31, 2026		6,437,247		$	4.21		8.37	$	56,256
Vested and expected to vest at March 31, 2026		6,785,106		$	4.16		8.39	$	59,223
Exercisable at March 31, 2026		3,318,094		$	2.97		7.60	$	29,512

The weighted-average grant date fair value of options granted was $4.89 and $2.44 per share for the three months ended March 31, 2026 and 2025, respectively. The intrinsic value of options exercised during the three months ended March 31, 2026 and 2025 was $4.5 million and $0.7 million, respectively.


	Three Months Ended March 31,
	2026			2025
Expected dividend yield		0.0	%		0.0	%
Risk-free interest rate		3.87	%		4.45	%
Expected volatility		68.3	%		83.1	%
Expected term (in years)		6.0			6.0

Other grants

Stock activity during the three months ended March 31, 2026 for grants of restricted stock awards (“RSAs”) to employees outside of the Stock Plan was as follows:


				Weighted-
	RSAs			average
	outstanding			grant date FV
Balance outstanding, December 31, 2025		34,877		$	4.18
RSAs vested		(5,583	)
Balance outstanding, March 31, 2026		29,294		$	4.18

For the three months ended March 31, 2026 and 2025, the total fair value of shares vested was de minimis.

In April 2025, the Company adopted the Employee Phantom Option Plan, which allows for the issuance of Phantom Options to purchase Phantom Shares of the Class B Common Stock of the Company. Following the IPO, Phantom Shares may be converted into common shares at a defined conversion price. Upon completion of the IPO and government registration, all outstanding Phantom Options automatically convert into options to acquire common stock. The Company issued 8,945 phantom stock options during the three months ended March 31, 2026 with a weighted-average exercise price of $7.59 per share.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Apr. 30, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Registrant Name	Alamar Biosciences, Inc.
Entity Central Index Key	0002104204
Entity File Number	001-43235
Entity Tax Identification Number	36-4899036
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Address, Address Line One	47071 Bayside Parkway
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94538
City Area Code	510
Local Phone Number	626-9888
Entity Common Stock, Shares Outstanding		69,311,186
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	ALMR
Security Exchange Name	NASDAQ

Significant Balance Sheet Components - Schedule of Changes in Reserve for Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 870	$ 556
Amounts charged to cost of revenue	440	260
Repairs and replacements	(330)	(191)
Balance at end of period	$ 980	$ 625

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions

11.

Related party transactions

In December 2022, the Company established Attovia as a wholly owned subsidiary, and the Company subsequently distributed its interest in Attovia to investors in 2024. The Company’s Chief Executive Officer has been a director of Attovia since its inception; thus, Attovia is a related party. The following table summarizes the related party transactions between the Company and Attovia during the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
TAP service revenue	$	60	$	—
Licensing revenue	$	—	$	250
Sublease income	$	—	$	190
Other facility related income	$	—	$	90
Professional service and equipment rental income	$	—	$	8

The TAP service revenue and the licensing revenue were recorded in service and other revenue in the condensed consolidated statements of operations. All the other items in the above table were recorded as reductions to operating expenses.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Stock Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock upon exercise of stock options, Shares	824,237
Unamortized stock-based compensation costs	$ 18.0
Weighted-average period	3 years 3 months 18 days
Weighted-average grant date fair value of options granted	$ 4.89	$ 2.44
Intrinsic value of options exercised	$ 4.5	$ 0.7
Phantom stock options issued	8,945
Weighted-average exercise price of phantom stock options	$ 7.59
Stock Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant	359,490
Employee Stock Option \| Stock Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting term	4 years
Expiration term	10 years
Issuance of common stock upon exercise of stock options, Shares	31,567		35,629
Exercise price percentage	100.00%
Employee Stock Option \| Stock Plan \| Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting term	1 year
Vesting percentage	25.00%
Employee Stock Option \| Stock Plan \| Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting term	36 months

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Organization and Description of Business

Organization and description of business—Alamar Biosciences, Inc. (the “Company”) was incorporated in the State of Delaware on May 7, 2018, and is based in Fremont, California. The Company develops a highly sensitive proteomic liquid biopsy platform and sells instruments, consumables and services based on this platform to enable early detection of diseases.

As of March 31, 2026, the Company has wholly-owned subsidiaries in Asia, Europe and North America.

Reverse Stock Split

Reverse stock split—On April 8, 2026, the Company’s stockholders and board of directors approved an amendment to the Company’s certificate of incorporation to effect a reverse split of shares of the Company’s Class A and Class B common stock (collectively "Common Stock") and Founders Preferred Stock on a one-for-2.418 basis, which was effected on April 10, 2026 (the “Reverse Stock Split”). The number of authorized shares and the par values of the Common Stock and Series A-1, Series A-2, Series A-3, Series A-4, Series B, Series B-Plus and Series C convertible preferred stock ("Preferred Stock") and Founders Preferred Stock (collectively with Preferred Stock "Convertible Preferred Stock") were not adjusted as a result of the Reverse Stock Split. The number of issued and outstanding Preferred Stock were not adjusted as a result of the Reverse Stock Split. However, the conversion ratios for the Company’s Preferred Stock were proportionally adjusted such that the common stock issuable upon conversion of such Preferred Stock was decreased in proportion to the Reverse Stock Split. Likewise, the number of shares issuable upon exercise of outstanding options and common stock warrants and the related exercise price were adjusted in proportion to the Reverse Stock Split. All share and per share references, other than Preferred Stock, have been retroactively adjusted to reflect the effect of the Reverse Stock Split for all periods presented.

Initial Public Offering

Initial public offering—On April 16, 2026, the Company’s Registration Statement on Form S-1 for its initial public offering (“IPO”) was declared effective, and on April 20, 2026, the Company completed its IPO of 12,937,500 shares of its common stock (which includes the exercise in full of the underwriters’ option to purchase an additional 1,687,500 shares of common stock), at a price to the public of $17.00 per share. The gross proceeds to the Company from the IPO were $219.9 million and the net proceeds amounted to $197.8 million after deducting underwriting discounts and commissions and estimated offering expenses incurred by the Company.

Immediately prior to the IPO, all of the shares of the Company's Class A common stock, Preferred Stock and Founders Preferred Stock then outstanding converted into shares of the Company's Class B common stock (the "Stock Conversions"). The Company immediately thereafter filed an amended and restated certificate of incorporation, and upon filing of the amended and restated certificate of incorporation, the Company’s Class B common stock was redesignated as common stock (the "Redesignation"). The Company's outstanding preferred stock warrants also converted into warrants to purchase 31,251 shares of common stock (together with the Stock Conversions, the “Conversions”). Additionally, the Company’s outstanding convertible notes were settled through the issuance of 3,910,025 shares of common stock.

The condensed consolidated financial statements as of March 31, 2026 do not give effect to the Conversions, the Redesignation or the IPO, as they occurred subsequent to March 31, 2026.

In connection with the closing of the Company’s IPO, the Company increased the authorized number of shares to 1,000,000,000 shares of common stock and 20,000,000 shares of preferred stock.

Basis of Presentation

Basis of presentation—The Company’s condensed consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. The condensed results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ended December 31, 2026 or for any other future annual or interim period. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore,

these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the final prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, (the “Securities Act”), on April 17, 2026 (the “Prospectus”).

Principles of Consolidation

Principles of consolidation—The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Risks and Uncertainties

Risks and uncertainties—The Company is subject to certain risks and uncertainties, including but not limited to the following areas: dependence on key personnel, existing competitors or new market entrants, and dependence upon the availability of cash to sustain operations. The Company’s financial position or operating results may be materially affected by the foregoing factors.

Use of Estimates

Segments

Cash and Cash Equivalents

Restricted Cash


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	64,586	$	30,002
Restricted cash		4,907		4,907
Total cash, cash equivalents and restricted cash	$	69,493	$	34,909

Accounts Receivable

During the three months ended March 31, 2026, and 2025, no customer represented 10% or more of total revenue.

As of March 31, 2026, no customer represented 10% or more of net accounts receivable. As of December 31, 2025, one customer represented 10% or more of net accounts receivable.

Software Development Costs

Deferred Offering Costs

Revenue Recognition

•

Advertising Costs

Functional Currency and Foreign Currency Translation

Recent Accounting Pronouncements Not Yet Adopted

Recent accounting pronouncements not yet adopted

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Financial liabilities:
Convertible notes	$ 65,094	$ 0
Recurring Basis
Financial assets included within cash and cash equivalents:
Total assets at fair value	51,182	19,665
Financial liabilities:
Warrant liabilities	331	247
Convertible notes	65,094
Phantom stock options	14	8
Total liabilities at fair value	65,439	255
Recurring Basis \| Level 1
Financial assets included within cash and cash equivalents:
Total assets at fair value	51,182	19,665
Recurring Basis \| Level 3
Financial liabilities:
Warrant liabilities	331	247
Convertible notes	65,094
Phantom stock options	14	8
Total liabilities at fair value	65,439	255
Recurring Basis \| Money Market Funds
Financial assets included within cash and cash equivalents:
Cash and cash equivalents	51,182	19,665
Recurring Basis \| Money Market Funds \| Level 1
Financial assets included within cash and cash equivalents:
Cash and cash equivalents	$ 51,182	$ 19,665

Cash Equivalents and Marketable Securities - Additional Information (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Cash and Cash Equivalents [Abstract]
Short-term investments outstanding	$ 0	$ 0
Long-term investments outstanding	$ 0	$ 0

ADDF Funding Agreement

3 Months Ended

Mar. 31, 2026

Funding Agreement Abstract

ADDF Funding Agreement

12.

ADDF Funding Agreement

In December 2024, the Company entered into the Agreement for Biotechnology Funding (the “Funding Agreement”) with the Alzheimer’s Drug Discovery Foundation (“ADDF”) to support research and development activities for the project “Development of ARGO DX™”. The Funding Agreement provides up to $10.0 million over 36 months, commencing within six weeks of acceptance.

Funds must be used solely for activities described in the grant proposal titled “Development of ARGO DX™ for a new generation of blood-based diagnostics for Alzheimer’s disease and related neurodegenerative diseases” or a revised grant proposal approved in writing by ADDF. This funding is distributed across various milestones, including product definition, prototype development, manufacturing, analytical and clinical testing, and FDA submission. In exchange, the Company has agreed to pay ADDF a low single digit royalty on sales of the ARGO DX™ as well as certain milestone payments based on sales of the ARGO DX™, up to an aggregate of $4.75 million in potential payments.

The Company has determined that the ADDF agreement is not within the scope of ASC 606 or other authoritative literature. The Company has determined that the payment from ADDF represents a reduction of research and development expense and recognizes the funding received as services are provided. Payments received are recorded within accrued and other current liabilities on the condensed consolidated balance sheets until they are earned.

The following table summarizes the activity for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026			2025
Beginning liability	$	457		$	851
Payments received	$	1,784		$	—
Amount recognized as contra research and development	$	(1,060	)	$	(215	)
Ending liability	$	1,181		$	636

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Related Party Transactions

The following table summarizes the related party transactions between the Company and Attovia during the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
TAP service revenue	$	60	$	—
Licensing revenue	$	—	$	250
Sublease income	$	—	$	190
Other facility related income	$	—	$	90
Professional service and equipment rental income	$	—	$	8

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value measurements

Carrying amounts of certain of the Company’s financial instruments, including accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued liabilities approximate fair value due to their relatively short maturities.

On a recurring basis, the Company measures certain financial assets and liabilities at fair value, including the Company’s cash equivalents. There were no transfers between levels during the three months ended March 31, 2026 and 2025. The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 based on the three-tier fair value hierarchy (in thousands):


	Fair Value at March 31, 2026
	Level 1		Level 2		Level 3		Total
Financial assets included within cash and cash equivalents:
Money market funds		51,182		—		—		51,182
Total assets at fair value	$	51,182	$	—	$	—	$	51,182

Financial liabilities:
Warrant liabilities	$	—	$	—	$	331	$	331
Convertible notes		—		—		65,094		65,094
Phantom stock options		—		—		14		14
Total liabilities at fair value	$	—	$	—	$	65,439	$	65,439

The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 based on the three-tier fair value hierarchy (in thousands):


	Fair Value at December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial assets included within cash and cash equivalents:
Money market funds	$	19,665	$	—	$	—	$	19,665
Total assets at fair value	$	19,665	$	—	$	—	$	19,665

Financial liabilities:
Warrant liabilities	$	—	$	—	$	247	$	247
Phantom stock options		—		—		8		8
Total liabilities at fair value	$	—	$	—	$	255	$	255

Warrant liabilities

The Company issued warrants to purchase shares of its convertible preferred stock, which did not meet the criteria for equity classification and are therefore classified as a liability. The estimated fair value of the convertible preferred stock warrant liability as of March 31, 2026 and 2025 was determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy.

There were no material changes in the fair value of the Company’s warrant liabilities in the three months ended March 31, 2026 and 2025.

Convertible notes

As of March 31, 2026, the total estimated fair value of the convertible notes issued in January 2026 was $65.1 million. The fair value was determined based on a probability-weighted approach assuming the notes settled through an automatic conversion either upon an IPO or upon maturity. The value in an IPO scenario is directly calculated based on contractual terms. The fair value of the shares received upon conversion upon maturity is determined using an option pricing model to allocate the equity value of the Company to each class of security. The inputs to this calculation included the Company's volatility which is a significant unobservable input and results in this calculation being considered a Level 3 measurement within the fair value hierarchy. As of March 31, 2026, the assumed volatility was 68.5%. Refer to Note 7—Financing Arrangements for additional terms of the convertible notes.

The following table summarizes the changes in carrying value of the convertible notes for the three months ended March 31, 2026:


	Three Months Ended March 31,
	2026
Balance at beginning of period	$	—
Issuance of convertible notes		56,500
Remeasurement of notes to fair value		8,594
Balance at end of period	$	65,094

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Plan - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]
Balance, Options outstanding	5,842,551
Options granted, outstanding	1,433,765
Options exercised, outstanding	(824,237)
Options cancelled/forfeited/expired, outstanding	(14,832)
Balance, Options outstanding	6,437,247	5,842,551
Vested and expected to vest, outstanding	6,785,106
Exercisable, outstanding	3,318,094
Balance outstanding, Exercise price per share	$ 3.18
Options granted, Exercise price per share	7.59
Options exercised, Exercise price per share	2.85
Options cancelled/forfeited/expired, Exercise price per share	(3.78)
Ending Balance, Exercise price per share	4.21	$ 3.18
Vested and expected to vest, Exercise Price per share	4.16
Exercisable, Exercise Price per share	$ 2.97
Balance outstanding, Remaining contractual life (in years)	8 years 4 months 13 days	8 years 3 months 7 days
Vested and expected to vest, Remaining contractual life (in years)	8 years 4 months 20 days
Exercisable, Remaining contractual life (in years)	7 years 7 months 6 days
Balance outstanding, Aggregate intrinsic Value	$ 56,256	$ 25,767
Vested and expected to vest, Aggregate intrinsic Value	59,223
Exercisable, Aggregate intrinsic Value	$ 29,512

Stock Plan - Summary of Stock Activity for Grants of Restricted Stock Awards (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-Based Payment Arrangement [Abstract]
RSAs outstanding, Balance	34,877
RSAs outstanding, Vested	(5,583)
RSAs outstanding, Balance	29,294
Weighted average grant date FV, Balance \| $ / shares	$ 4.18
Weighted average grant date FV, Balance outstanding \| $ / shares	$ 4.18

Leases - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
Leases - Additional Information (Details) - USD ($)	Apr. 30, 2026	Mar. 31, 2026
Lessee, Lease, Description [Line Items]
Lease not yet commenced		As of March 31, 2026, the Company has one lease in China which has not yet commenced or been recognized, since the facility is not yet available for the Company’s use.
Fixed lease payments		$ 1,300,000
Initial term of the lease		5 years
Future minimum lease payments		$ 46,979,000
Future minimum lease payments due in next 12 months		$ 5,697,000
New Operating Lease Facility
Lessee, Lease, Description [Line Items]
Operating lease description		In November 2021, the Company entered into a noncancelable operating lease for its current headquarters. The lease, as amended, commenced in January 2022 and expires in January 2034. A portion of the facility was subleased to Attovia Therapeutics, Inc. (“Attovia”), a related party, through March 2025.
Lease for Manufacturing, Research and Office Space in Fremont, California \| Subsequent Event
Lessee, Lease, Description [Line Items]
Initial term of the lease	159 months
Future minimum lease payments due in next 12 months	$ 0
Maximum \| Lease for Manufacturing, Research and Office Space in Fremont, California \| Subsequent Event
Lessee, Lease, Description [Line Items]
Tenant improvement allowances receivable	7,500,000
Future minimum lease payments	$ 33,900,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 64,586	$ 30,002
Accounts receivable	19,524	12,753
Inventory	39,931	38,482
Prepaid expenses and other current assets	17,432	13,468
Total current assets	141,473	94,705
Restricted cash	4,907	4,907
Property and equipment, net	10,472	10,498
Operating lease right-of-use assets	25,671	26,130
Capitalized software, net	1,836	1,988
Other assets - noncurrent	2,092	1,764
Total assets	186,451	139,992
Current Liabilities
Accounts payable	5,635	5,872
Accrued and other current liabilities	16,814	15,759
Short-term operating lease liabilities	1,599	2,099
Total current liabilities	24,048	23,730
Long-term operating lease liabilities	28,979	29,564
Warrant liabilities	331	247
Term debt	9,877	9,810
Convertible note	65,094
Other noncurrent liabilities	1,197	599
Total liabilities	129,526	63,950
Convertible preferred stock	234,996	234,996
Stockholders deficit
Founders preferred stock
Common stock	1	1
Additional paid-in capital	12,108	9,892
Accumulated other comprehensive loss	(80)	(72)
Accumulated deficit	(190,100)	(168,775)
Total stockholders' deficit	(178,071)	(158,954)
Total liabilities, convertible preferred stock and stockholders' deficit	$ 186,451	$ 139,992

ADDF Funding Agreement Additional Information (Details) - Funding Agreement - ADDF - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2024
Funding Agreement [Line Items]
Funding agreement description	The Funding Agreement provides up to $10.0 million over 36 months, commencing within six weeks of acceptance.
Maximum
Funding Agreement [Line Items]
Research and development arrangement contract to perform project		$ 10,000,000
Milestone payments based on sales		$ 4,750,000

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (21,325)	$ (7,659)
Other comprehensive income (loss):
Currency translation adjustment	(8)	3
Unrealized loss on available-for-sale debt securities		(95)
Comprehensive loss	$ (21,333)	$ (7,751)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Financing Arrangements

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Financing Arrangements

Financing arrangements

Convertible notes

On January 8, 2026, the Company issued unsecured convertible loan notes (the "Convertible Notes") to investors in an aggregate principal amount equal to the gross cash proceeds of $56.5 million. $15.6 million of the $56.5 million aggregate principal amount of issued Convertible Notes was purchased by investors that are considered related parties including Illumina Innovation Fund II, L.P., a fund affiliated with a member of the Company's board of directors and Sands Capital Life Sciences Pulse Fund II, L.P., a fund affiliated with a member of the Company's board of directors. The Convertible Notes mature 18 months from the initial issuance of the notes, if not earlier converted, and, after July 31, 2026, will accrue simple interest on a daily basis at 8% per annum. If Convertible Notes remain outstanding upon maturity, the Convertible Notes and all accrued and unpaid interest automatically convert into a variable number of shares of a new series of the Company's preferred stock with the number of shares dependent upon the trailing 12 months revenue and the Company's fully-diluted capitalization at maturity. In the event of an IPO, the Convertible Notes convert into shares of common stock at a conversion price equal to 85% of the offering price. The Convertible Notes are also subject to automatic or optional settlement in other events such as a qualifying or nonqualifying financing event or a change in control.

The Convertible Notes are accounted for under the fair value option, and issuance costs of $0.4 million were expensed upon closing. The Company recognized a loss on fair value remeasurement of the Convertible Notes of $8.6 million during the three months ended March 31, 2026.

Upon the closing of the Company's IPO, the Convertible Notes automatically converted into shares of its common stock as disclosed in Note 1— Description of Business and Basis of Presentation above.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Marketable Securities

Cash equivalents and marketable securities

The following table summarizes the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category as of March 31, 2026 (in thousands):


	March 31, 2026
	Amortized cost		Gross unrealized gains		Fair value
Financial assets included within cash and cash equivalents:
Money market funds	$	51,182	$	—	$	51,182
Total	$	51,182	$	—	$	51,182

The following table summarizes the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category as of December 31, 2025 (in thousands):


	December 31, 2025
	Amortized cost		Gross unrealized gains		Fair value
Financial assets included within cash and cash equivalents:
Money market funds	$	19,665	$	—	$	19,665
Total	$	19,665	$	—	$	19,665

There were no short-term or long-term investments outstanding as of March 31, 2026 and December 31, 2025.

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

14.

Subsequent events

As described in Note 1—Description of Business and Basis of Presentation, the Company completed its IPO and related transactions on April 20, 2026. In connection with the closing of the Company’s IPO, the Company increased the authorized number of shares to 1,000,000,000 shares of common stock and 20,000,000 shares of preferred stock.

In April 2026, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2026 Equity Incentive Plan (the “2026 Plan”), which became effective immediately prior to and contingent upon the execution of the underwriting agreement related to the Company’s IPO. In connection with the IPO, the Company issued certain directors and employees, including its executive officers, stock options to purchase an aggregate of 1,396,974 shares of its common stock with an exercise price of $17.00 per share, under the 2026 Plan. In addition, in connection with the IPO, the Company granted certain directors and employees, including its executive officers, an aggregate of 314,611 RSUs under the 2026 Plan.

Subsequent Events - Additional Information (Details) - $ / shares	1 Months Ended	3 Months Ended
	Apr. 30, 2026	Mar. 31, 2026	Apr. 20, 2026
Subsequent Event [Line Items]
Common stock, shares authorized		1,000,000,000
Preferred stock, shares authorized		20,000,000
Stock options, exercise price per share		$ 7.59
Number of RSU granted to directors and employees		8,945
Subsequent Event
Subsequent Event [Line Items]
Common stock, shares authorized			1,000,000,000
Preferred stock, shares authorized			20,000,000
Subsequent Event \| 2026 Plan
Subsequent Event [Line Items]
Number of stock options granted to directors and employees	1,396,974
Stock options, exercise price per share	$ 17
Subsequent Event \| 2026 Plan \| RSUs
Subsequent Event [Line Items]
Number of RSU granted to directors and employees	314,611

Revenue - Schedule of Reported Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total	$ 26,035	$ 13,091
United States
Disaggregation of Revenue [Line Items]
Total	14,905	9,469
Europe, Middle East and Africa (excluding United Kingdom)
Disaggregation of Revenue [Line Items]
Total	3,972	1,422
United Kingdom
Disaggregation of Revenue [Line Items]
Total	3,462	1,730
Asia Pacific
Disaggregation of Revenue [Line Items]
Total	2,409	450
Americas (excluding United States)
Disaggregation of Revenue [Line Items]
Total	$ 1,287	$ 20

- 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.

Description of Business and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Apr. 20, 2026	Mar. 31, 2026	Mar. 31, 2025	Apr. 19, 2026	Dec. 31, 2025
Description of Business and Basis of Presentation [Line Items]
Date of incorporation		May 07, 2018
Common stock, shares authorized		1,000,000,000
Preferred Stock, Shares Authorized		20,000,000
Net losses		$ 21,325	$ 7,659
Accumulated deficit		190,100			$ 168,775
Unrestricted cash and cash equivalents		$ 64,586			$ 30,002
Subsequent Event
Description of Business and Basis of Presentation [Line Items]
Issuance of shares of common stock in connection with initial public offering	12,937,500
Shares issued, price to the public	$ 17
Gross proceeds from IPO	$ 219,900
Net proceeds from IPO	$ 197,800
Warrants to purchase common stock				31,251
Common stock, shares authorized	1,000,000,000
Preferred Stock, Shares Authorized	20,000,000
Convertible notes conversion into shares of common stock	3,910,025
Underwriters' Option to Purchase Additional Shares of Common Stock \| Subsequent Event
Description of Business and Basis of Presentation [Line Items]
Issuance of shares of common stock in connection with initial public offering	1,687,500

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	51,504,089	44,694,168
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	39,313,815	39,313,815
Outstanding Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	6,437,247	5,256,864
Unvested Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	29,294
Stock Subject to Repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	347,859	8,076
Preferred Stock Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	31,251	31,251
Common Stock Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	112,847	84,162
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	5,231,776

Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

The Company reported revenue in the following categories for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Instruments	$	7,381	$	4,146
Consumables		13,960		5,023
Services		4,694		3,672
Other revenue		—		250
Total	$	26,035	$	13,091

The Company reported revenue in the following geographic areas for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
United States	$	14,905	$	9,469
Europe, Middle East and Africa (excluding United Kingdom)		3,972		1,422
United Kingdom		3,462		1,730
Asia-Pacific		2,409		450
Americas (excluding United States)		1,287		20
Total	$	26,035	$	13,091

Deferred revenue activity during the three months ended March 31, 2026 and 2025 was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Revenue recognized that was included in the contract liability at the beginning of the year	$	184	$	351

As of March 31, 2026, deferred revenue was $2.4 million, of which $2.1 million is included within accrued and other current liabilities and is expected to be recognized to revenue in the next 12 months. The remainder will be recognized thereafter and is included within other noncurrent liabilities. Deferred revenue as of December 31, 2024, March 31, 2025, and December 31, 2025 was $0.6 million, $0.5 million and $0.8 million, respectively.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (21,325)	$ (7,659)

- Definition

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

+ References

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (21,325)	$ (7,659)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	1,167	888
Stock-based compensation	1,467	619
Accretion and amortization of premiums and discounts on investments, net		(208)
Loss on remeasurement of convertible notes	8,594
Convertible note issuance costs included in net income	361
Unrealized foreign exchange loss (gain)	165	(134)
Non-cash operating lease costs	461	465
Amortization of debt issuance costs	67	42
Change in fair value of warrant liabilities	84	(19)
Changes in assets and liabilities:
Accounts receivable	(6,854)	(533)
Inventory	(1,265)	(2,357)
Contract assets		282
Net investment in sales-type lease		86
Prepaid expenses and other current assets	(1,960)	191
Other noncurrent assets	(327)	182
Accounts payable	1,339	578
Operating lease liabilities	(1,087)	(463)
Accrued expenses and other liabilities	(1,234)	(5,028)
Net cash used in operating activities	(20,347)	(13,068)
Cash flows from investing activities
Maturities of short-term investments		18,000
Purchases of property and equipment	(600)	(554)
Capitalized software development costs	(178)	(428)
Net cash (used in) provided by investing activities	(778)	17,018
Cash flows from financing activities:
Proceeds from issuance of convertible notes	56,500
Payment of third-party debt issuance costs	(324)
Proceeds from issuance of common stock upon exercise of stock options	1,803	243
Payment of deferred offering costs	(2,218)
Net cash provided by financing activities	55,761	243
Effect of exchange rate changes on cash and cash equivalents, and restricted cash	(52)	133
Net increase in cash, cash equivalents and restricted cash	34,584	4,326
Cash, cash equivalents and restricted cash at beginning of period	34,909	31,677
Cash, cash equivalents and restricted cash at end of period	69,493	36,003
Supplemental disclosure of cash-flow information:
Cash paid for interest	156	3
Noncash investing and financing items:
Vesting of early exercised stock options	102	7
Equipment transferred to inventory	214	169
Deferred offering costs included in accrued liabilities	2,090
Property and equipment included in accounts payable and accrued liabilities	$ 583	$ 457

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue:
Total revenue	$ 26,035	$ 13,091
Cost of revenue:
Total cost of revenue	11,578	6,702
Gross profit	14,457	6,389
Operating expenses:
Research and development	13,017	8,302
Selling, general and administrative	13,787	6,640
Total operating expenses	26,804	14,942
Loss from operations	(12,347)	(8,553)
Interest income, net	539	786
Interest expense	(223)	(46)
Loss on remeasurement of convertible notes	(8,594)
Other (expense) income, net	(236)	154
Net loss before income tax	(20,861)	(7,659)
Provision for income taxes	464
Net loss	$ (21,325)	$ (7,659)
Net loss per share, basic	$ (1.74)	$ (0.68)
Net loss per share, diluted	$ (1.74)	$ (0.68)
Weighted-average common shares outstanding, basic	12,259,811	11,258,870
Weighted-average common shares outstanding, diluted	12,259,811	11,258,870
Product Revenue
Revenue:
Total revenue	$ 21,341	$ 9,169
Cost of revenue:
Total cost of revenue	9,810	5,371
Service and Other Revenue
Revenue:
Total revenue	4,694	3,922
Cost of revenue:
Total cost of revenue	$ 1,768	$ 1,331

Significant Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Significant Balance Sheet Components [Abstract]

Schedule of Inventory

Inventory—Inventory consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Raw materials	$	24,145	$	24,741
Work in progress		3,480		2,921
Finished goods		12,306		10,820
Total	$	39,931	$	38,482

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities—Accrued and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Accrued compensation	$	3,099	$	6,856
Deferred revenue, current		2,110		470
Accrued warranty expense		980		870
Accrued deferred offering costs		2,090		734
Other accrued liabilities		8,535		6,829
Total	$	16,814	$	15,759

Schedule of Changes in Reserve for Product Warranties

Changes in the reserve for product warranties were as follows (in thousands):


	Three Months Ended March 31,
	2026			2025
Balance at beginning of period	$	870		$	556
Amounts charged to cost of revenue		440			260
Repairs and replacements		(330	)		(191	)
Balance at end of period	$	980		$	625

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair value on a Recurring Basis

The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 based on the three-tier fair value hierarchy (in thousands):


	Fair Value at March 31, 2026
	Level 1		Level 2		Level 3		Total
Financial assets included within cash and cash equivalents:
Money market funds		51,182		—		—		51,182
Total assets at fair value	$	51,182	$	—	$	—	$	51,182

Financial liabilities:
Warrant liabilities	$	—	$	—	$	331	$	331
Convertible notes		—		—		65,094		65,094
Phantom stock options		—		—		14		14
Total liabilities at fair value	$	—	$	—	$	65,439	$	65,439


	Fair Value at December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial assets included within cash and cash equivalents:
Money market funds	$	19,665	$	—	$	—	$	19,665
Total assets at fair value	$	19,665	$	—	$	—	$	19,665

Financial liabilities:
Warrant liabilities	$	—	$	—	$	247	$	247
Phantom stock options		—		—		8		8
Total liabilities at fair value	$	—	$	—	$	255	$	255

Summary of Changes in Carrying Value of Convertible Notes

The following table summarizes the changes in carrying value of the convertible notes for the three months ended March 31, 2026:


	Three Months Ended March 31,
	2026
Balance at beginning of period	$	—
Issuance of convertible notes		56,500
Remeasurement of notes to fair value		8,594
Balance at end of period	$	65,094

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

10.

Leases

In November 2021, the Company entered into a noncancelable operating lease for its current headquarters. The lease, as amended, commenced in January 2022 and expires in January 2034. A portion of the facility was subleased to Attovia Therapeutics, Inc. (“Attovia”), a related party, through March 2025. See Note 11—Related party transactions for additional information. The Company also leases office space in Europe and Asia as of March 31, 2026.

As of March 31, 2026, the Company has one lease in China which has not yet commenced or been recognized, since the facility is not yet available for the Company’s use. Fixed lease payments for the lease which is expected to commence in the second or third quarter of 2026 are $1.3 million over the five-year lease term.

In April 2026, the Company entered a lease for manufacturing, research and office space in Fremont, California. Delivery of the premises for construction of leasehold improvements is expected during the second quarter of 2026. The initial term of the lease is approximately 159 months depending on the timing of completion of leasehold improvements. The Company is eligible to receive up to $7.5 million in tenant improvement allowances. The total future minimum lease payments are up to $33.9 million of which none are due in the next 12 months.

As of March 31, 2026, maturities of the Company’s operating lease liabilities under noncancelable leases are as follows (in thousands):


2026 (remaining nine months)	$	3,593
2027		5,697
2028		5,850
2029		6,007
2030		6,117
Thereafter		19,715
Total undiscounted lease payments		46,979
Less imputed interest		(16,401	)
Present value of operating lease liabilities	$	30,578

Cash Equivalents and Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

Summary of Amortized Cost and Fair Value of Cash Equivalents and Marketable Securities by Major Investment Category

The following table summarizes the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category as of March 31, 2026 (in thousands):


	March 31, 2026
	Amortized cost		Gross unrealized gains		Fair value
Financial assets included within cash and cash equivalents:
Money market funds	$	51,182	$	—	$	51,182
Total	$	51,182	$	—	$	51,182

The following table summarizes the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category as of December 31, 2025 (in thousands):


	December 31, 2025
	Amortized cost		Gross unrealized gains		Fair value
Financial assets included within cash and cash equivalents:
Money market funds	$	19,665	$	—	$	19,665
Total	$	19,665	$	—	$	19,665

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Total	Founders Preferred Stock	Common Stock	Additional Paid-in-Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Convertible Preferred Stock
Beginning balance, Shares at Dec. 31, 2024							92,344,110
Beginning balance at Dec. 31, 2024							$ 234,996
Beginning balance, Shares at Dec. 31, 2024		488,831	11,090,304
Beginning balance at Dec. 31, 2024	$ (133,411)		$ 1	$ 5,395	$ 149	$ (138,956)
Issuance of common stock upon exercise of stock options	243			243
Issuance of common stock upon exercise of stock options, Shares			287,985
Vesting of early exercised stock options	7			7
Stock-based compensation expense	619			619
Other comprehensive loss	(92)				(92)
Net loss	(7,659)					(7,659)
Ending balance, Shares at Mar. 31, 2025							92,344,110
Ending balance at Mar. 31, 2025							$ 234,996
Ending balance, Shares at Mar. 31, 2025		488,831	11,378,289
Ending balance at Mar. 31, 2025	(140,293)		$ 1	6,264	57	(146,615)
Beginning balance, Shares at Dec. 31, 2024							92,344,110
Beginning balance at Dec. 31, 2024							$ 234,996
Beginning balance, Shares at Dec. 31, 2024		488,831	11,090,304
Beginning balance at Dec. 31, 2024	(133,411)		$ 1	5,395	149	(138,956)
Ending balance, Shares at Dec. 31, 2025							92,344,110
Ending balance at Dec. 31, 2025	234,996						$ 234,996
Ending balance, Shares at Dec. 31, 2025		488,831	12,047,585
Ending balance at Dec. 31, 2025	(158,954)		$ 1	9,892	(72)	(168,775)
Issuance of common stock upon exercise of stock options	$ 661			661
Issuance of common stock upon exercise of stock options, Shares	824,237		824,237
Vesting of early exercised stock options	$ 102			102
Stock-based compensation expense	1,453			1,453
Other comprehensive loss	(8)				(8)
Net loss	(21,325)					(21,325)
Ending balance, Shares at Mar. 31, 2026							92,344,110
Ending balance at Mar. 31, 2026	234,996						$ 234,996
Ending balance, Shares at Mar. 31, 2026		488,831	12,871,822
Ending balance at Mar. 31, 2026	$ (178,071)		$ 1	$ 12,108	$ (80)	$ (190,100)

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share

The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share for the three months ended March 31, 2026 and 2025 because including them would have had an anti-dilutive effect:


	Three Months Ended March 31,
	2026		2025
Convertible preferred stock		39,313,815		39,313,815
Outstanding stock options		6,437,247		5,256,864
Unvested restricted stock awards		29,294		—
Stock subject to repurchase		347,859		8,076
Preferred stock warrants		31,251		31,251
Common stock warrants		112,847		84,162
Convertible Notes(1)		5,231,776		—
Total		51,504,089		44,694,168

(1) In applying the if-converted method, conversion of the Convertible Notes was not assumed for purposes of computing diluted earnings per share as the effect would be anti-dilutive. As the number of shares underlying the Convertible Notes is subject to contingencies such as the occurrence of an IPO, and the IPO price, the Convertible Notes are considered contingently issuable potential common shares. As no contingencies had been met as of March 31, 2026, the number of shares excluded from earnings per share due to the anti-dilutive effect was based on the conversion price calculation used upon maturity, as if the conversion occurred on March 31, 2026.

Leases - Summary of Maturities of Operating Lease Liabilities under Noncancelable Leases (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2026 (remaining nine months)	$ 3,593
2027	5,697
2028	5,850
2029	6,007
2030	6,117
Thereafter	19,715
Total undiscounted lease payments	46,979
Less imputed interest	(16,401)
Present value of operating lease liabilities	$ 30,578

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

13.

Net loss per share


	Three Months Ended March 31,
	2026		2025
Convertible preferred stock		39,313,815		39,313,815
Outstanding stock options		6,437,247		5,256,864
Unvested restricted stock awards		29,294		—
Stock subject to repurchase		347,859		8,076
Preferred stock warrants		31,251		31,251
Common stock warrants		112,847		84,162
Convertible Notes(1)		5,231,776		—
Total		51,504,089		44,694,168