Ionetix Corp / DE /

CIK:0002108121|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 1,181	$ 1,083	$ 2,252	$ 3,673
Operating expenses
Cost of Revenue	1,419	1,063	2,916	3,153
Selling, general and administrative	3,311	2,737	6,215	5,619
Research and development	713	1,298	1,415	2,645
Total operating expenses	5,443	5,098	10,546	11,417
Loss from operations	(4,262)	(4,015)	(8,294)	(7,744)
Interest income (expense), net	60	(800)	(314)	(1,580)
Other income (expense), net	(11,093)	(3,169)	(13,628)	(1,051)
Loss before provision for income taxes	(15,295)	(7,984)	(22,236)	(10,375)
Provision for income taxes	4	6	4	6
Net loss	$ (15,299)	$ (7,990)	$ (22,240)	$ (10,381)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic	101,625,767	12,705,266	58,401,952	12,659,799
Net loss per share attributable to common stockholders, basic	$ (0.15)	$ (0.63)	$ (0.38)	$ (0.82)
Net loss per share attributable to common stockholders, diluted	$ (0.15)	$ (0.63)	$ (0.38)	$ (0.82)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (22,240)	$ (10,381)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	1,771	1,628
Amortization of operating right-of-use assets	236	241
Stock-based compensation	276	289
Amortization of debt discount and issuance costs	862	180
Provision for credit losses	118
Provision for inventory reserve	107
Change in fair value of SAFE liability	134	1,050
Change in fair value of make-whole derivative liabilities	21	8
Gain on extinguishment of make-whole derivative liabilities	(132)
Change in fair value of warrant liability	(72)	(7)
Loss on non-cash investor agreement settlement expense	10,525
Non-cash loss on issuance of SAFEs and common stock warrants	2,217
Loss on abandoned financing transaction	345
Other	(10)	(69)
Changes in operating assets and liabilities:
Accounts receivable, net	(391)	(453)
Loan receivable, net		(68)
Inventory, net	(81)	656
Prepaid expenses and other assets	(1,263)	(1,047)
Accounts payable	(1,539)	727
Accrued expenses and other liabilities	(189)	(509)
Operating lease liabilities	(224)	(236)
Net cash used in operating activities	(9,529)	(7,991)
Cash flows from investing activities:
Purchases of property and equipment	(4,968)	(1,184)
Net cash used in investing activities	(4,968)	(1,184)
Cash flows from financing activities:
Proceeds from issuance of common stock in connection with the Merger and private placement offering, net of paid transaction cost	28,089
Proceeds from issuance of common stock in connection with the subsequent private placement offering, net of paid transaction cost	447
Proceeds from issuance of SAFEs	2,448	3,888
Proceeds from promissory notes, net of issuance costs	725	440
Proceeds from related party advances	710	725
Proceeds from an investor advance	175
Proceeds from financing agreements, net of issuance costs	106
Proceeds from exercise of stock options	133	24
Proceeds from exercise of common stock warrants	40
Repayment on 2023 Term Loan	(5,665)
Repayment on promissory notes	(1,568)	(26)
Repayment of related party advances	(380)	(725)
Repayment of an investor advance	(175)
Repayment of financing agreements	(106)
Net cash provided by financing activities	24,979	4,326
Net increase (decrease) in cash and restricted cash	10,482	(4,849)
Cash and restricted cash, beginning of period	432	5,338
Cash and restricted cash, end of period	10,914	489
Components of cash and restricted cash
Cash	10,757	324
Restricted cash in prepaid expenses and other current assets	12	12
Restricted cash, non-current in other non-current assets	145	153
Total cash and restricted cash	10,914	489
Supplemental cash flow disclosure:
Cash paid for income taxes	4	34
Cash paid for interest	715	438
Non-cash investing and financing activities:
Conversion of Legacy Ionetix redeemable convertible preferred stock into common stock upon the Merger	197,867
Issuance of common stock warrants in settlement of a contingent equity arrangement	9,692
Issuance of preferred stock upon conversion of SAFEs	6,668
Issuance of common stock warrants in connection with issuance of SAFEs and promissory notes	2,822	121
Issuance of placement agent warrants in connection with the private placement offering	1,520
Issuance of common stock in connection with the Termination Agreement	833
Conversion of related party advance into promissory note	330
Transaction costs incurred but unpaid at period-end	191
Conversion of Legacy Ionetix Preferred Stock Warrants into the Company’s Common Stock Warrants upon the Merger	99
Property and equipment included in accounts payable	75	2,216
Transfer of inventory to property and equipment	35
Issuance of common stock to JDEV shareholders in connection with the Merger	20
Asset retirement obligations incurred and capitalized	$ 11	$ 58

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash	$ 10,757	$ 279
Accounts receivable, net	1,525	1,253
Inventory, net	182	293
Prepaid expenses and other current assets	1,788	570
Total current assets	14,252	2,395
Inventory, non-current	3,192	3,096
Property and equipment, net	25,998	27,214
Leases right-of-use assets	1,357	1,431
Other non-current assets	524	848
Total assets	45,323	34,984
Current liabilities
Accounts payable	448	6,773
Accrued expenses and other current liabilities	1,832	1,990
Short-term operating lease liabilities	468	440
Short-term debt		5,753
Total current liabilities	2,748	14,956
Long-term liabilities
Operating lease liabilities, non-current	898	993
Other non-current liabilities	2,329	2,601
SAFE liability		4,086
Total long-term liabilities	3,227	7,680
Total liabilities	5,975	22,636
Commitments and contingencies (Note 9)
Redeemable convertible preferred stock, $0.0001 par value; No shares issued and outstanding as of June 30, 2026; 78,739,567 shares authorized and 72,794,660 shares issued and outstanding as of December 31, 2025; aggregate liquidation preference of $0 and $167,038 as of June 30, 2026 and December 31, 2025, respectively		191,199
Stockholders’ equity (deficit)
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026. No shares authorized, issued, or outstanding as of December 31, 2025.
Common stock, $0.0001 par value; 510,000,000 shares authorized and 106,253,742 shares issued and outstanding as of June 30, 2026; 110,048,016 shares authorized and 13,118,276 shares issued and outstanding as of December 31, 2025.	11	2
Additional paid-in capital	248,140	7,710
Accumulated deficit	(208,803)	(186,563)
Total stockholders’ equity (deficit)	39,348	(178,851)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)	$ 45,323	$ 34,984