0001193125-26-049031 | 10-K | XBRL Viewer

Year Ended

December 31, 2025

December 31, 2024

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash outflows from operating leases

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Plant and Equipment, net - Summary of Composition of Property and Equipment (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) Use	Dec. 31, 2024 USD ($)
Property, Plant and Equipment [Line Items]
Less: accumulated amortization and depreciation	$ (5,105)	$ (3,447)
Total Plant and equipment, net	$ 8,630	10,018
Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Computer Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,867	1,645
Computer Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Computer Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Computer Software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Property, Plant and Equipment, Gross	$ 923	836
Construction In Progress ("CIP")
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 17	442
Furniture And Fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Property, Plant and Equipment, Gross	$ 1,221	1,177
Laboratory and Other Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,247	954
Laboratory and Other Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Laboratory and Other Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Property, Plant and Equipment, Gross	$ 4,882	4,607
RECELL Molds
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Property, Plant and Equipment, Gross	$ 606	503
RECELL GO RPD CIP
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	999	1,464
RECELL GO RPD
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 343	453
Operating Lease Assets - RPD
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life \| Use	200
Property, Plant and Equipment, Gross	$ 1,630	$ 1,384

Subsequent Events	12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K and determined that except as disclosed below, no events have occurred that would require adjustment to, or disclosures in, the Consolidated Financial Statements. Perceptive Credit Agreement On January 13, 2026, the Company entered into the Perceptive Credit Agreement and the Security Agreement, by and between the Company, as borrower, and Perceptive. The Perceptive Credit Agreement provides for a five-year senior secured credit facility in an aggregate principal amount of up to $60.0 million (the “Perceptive Loan Facility”), of which $50.0 million was borrowed on the Perceptive Closing Date (the “Perceptive Initial Commitment Amount”). In addition, an aggregate of $10.0 million will be made available, at the Company’s discretion, on or before March 31, 2027, subject to certain net revenue requirements. On the Perceptive Closing Date, the Company closed on the Perceptive Initial Commitment Amount, less certain fees and expenses payable to or on behalf of Perceptive. The indebtedness under the Perceptive Credit Agreement will be secured by substantially all of our assets and will accrue interest at a rate equal to the greater of (a) forward-looking one-month term SOFR rate and (b) four percent (4%) per annum, plus seven and a half percent (7.5%). Under the terms of the Perceptive Credit Agreement, and as set forth in a fee letter between us, and Perceptive (the “Fee Letter”), we will pay certain fees with respect to the Perceptive Loan Facility, including (a) an exit fee equal to 5% of the aggregate principal amount borrowed by us under the Perceptive Credit Agreement in the event that we fail to secure shareholder approval of the issuance of the Warrant (as defined below) in accordance with the rules of the ASX (the “Warrant Shareholder Approval”) on or prior to September 30, 2026, and (b) a prepayment premium ranging from 1% to 10% of the amount of the Perceptive Loan Facility that is prepaid upon any voluntary or mandatory prepayment (including as a result of an acceleration), together with certain other fees and expenses of Perceptive. The Perceptive Credit Agreement contains certain customary events of default, including with respect to nonpayment of principal, interest, fees or other amounts; material inaccuracy of a representation or warranty; failure to perform or observe covenants; material defaults on other indebtedness; insolvency; loss of certain key permits, persons and contracts; material adverse effects; certain regulatory matters; and change of control. Additionally, the Company’s failure to obtain the Warrant Shareholder Approval on or prior to November 30, 2026 shall constitute an event of default under the Perceptive Credit Agreement. The Perceptive Credit Agreement contains a number of customary representations, warranties and covenants that, among other things, will limit or restrict the ability of the Company and its subsidiaries to (subject to certain qualifications and exceptions): create liens and encumbrances; incur additional indebtedness; merge, dissolve, liquidate or consolidate; make acquisitions, investments, advances or loans; dispose of or transfer assets; pay dividends or make other payments in respect of their capital stock; redeem or repurchase certain debt; engage in certain transactions with affiliates; and enter into certain restrictive agreements. Among such covenants, the Perceptive Credit Agreement includes a financial maintenance test, beginning at the end of the fiscal quarter ending March 31, 2026, that requires the Obligors to maintain a specified minimum net revenue for each trailing twelve-month period ending on the last day of a fiscal quarter occurring prior to the maturity date of the Perceptive Loan Facility. In addition, the Perceptive Credit Agreement requires the Company to ensure that the Obligors maintain in the aggregate at least $5 million of unrestricted cash at all times. Also on January 13, 2026, and in connection with the entry into the Perceptive Credit Agreement, the Company repaid in full and terminated all of its obligations and commitments under the Previous Credit Agreement.

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

18. Subsequent Events

The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K and determined that except as disclosed below, no events have occurred that would require adjustment to, or disclosures in, the Consolidated Financial Statements.

Perceptive Credit Agreement

On January 13, 2026, the Company entered into the Perceptive Credit Agreement and the Security Agreement, by and between the Company, as borrower, and Perceptive. The Perceptive Credit Agreement provides for a five-year senior secured credit facility in an aggregate principal amount of up to $60.0 million (the “Perceptive Loan Facility”), of which $50.0 million was borrowed on the Perceptive Closing Date (the “Perceptive Initial Commitment Amount”). In addition, an aggregate of $10.0 million will be made available, at the Company’s discretion, on or before March 31, 2027, subject to certain net revenue requirements. On the Perceptive Closing Date, the Company closed on the Perceptive Initial Commitment Amount, less certain fees and expenses payable to or on behalf of Perceptive. The indebtedness under the Perceptive Credit Agreement will be secured by substantially all of our assets and will accrue interest at a rate equal to the greater of (a) forward-looking one-month term SOFR rate and (b) four percent (4%) per annum, plus seven and a half percent (7.5%).

Under the terms of the Perceptive Credit Agreement, and as set forth in a fee letter between us, and Perceptive (the “Fee Letter”), we will pay certain fees with respect to the Perceptive Loan Facility, including (a) an exit fee equal to 5% of the aggregate principal amount borrowed by us under the Perceptive Credit Agreement in the event that we fail to secure shareholder approval of the issuance of the Warrant (as defined below) in accordance with the rules of the ASX (the “Warrant Shareholder Approval”) on or prior to September 30, 2026, and (b) a prepayment premium ranging from 1% to 10% of the amount of the Perceptive Loan Facility that is prepaid upon any voluntary or mandatory prepayment (including as a result of an acceleration), together with certain other fees and expenses of Perceptive.

The Perceptive Credit Agreement contains certain customary events of default, including with respect to nonpayment of principal, interest, fees or other amounts; material inaccuracy of a representation or warranty; failure to perform or observe covenants; material defaults on other indebtedness; insolvency; loss of certain key permits, persons and contracts; material adverse effects; certain regulatory matters; and change of control. Additionally, the Company’s failure to obtain the Warrant Shareholder Approval on or prior to November 30, 2026 shall constitute an event of default under the Perceptive Credit Agreement.

The Perceptive Credit Agreement contains a number of customary representations, warranties and covenants that, among other things, will limit or restrict the ability of the Company and its subsidiaries to (subject to certain qualifications and exceptions): create liens and encumbrances; incur additional indebtedness; merge, dissolve, liquidate or consolidate; make acquisitions, investments, advances or loans; dispose of or transfer assets; pay dividends or make other payments in respect of their capital stock; redeem or repurchase certain debt; engage in certain transactions with affiliates; and enter into certain restrictive agreements. Among such covenants, the Perceptive Credit Agreement includes a financial maintenance test, beginning at the end of the fiscal quarter ending March 31, 2026, that requires the Obligors to maintain a specified minimum net revenue for each trailing twelve-month period ending on the last day of a fiscal quarter occurring prior to the maturity date of the Perceptive Loan Facility. In addition, the Perceptive Credit Agreement requires the Company to ensure that the Obligors maintain in the aggregate at least $5 million of unrestricted cash at all times.

Also on January 13, 2026, and in connection with the entry into the Perceptive Credit Agreement, the Company repaid in full and terminated all of its obligations and commitments under the Previous Credit Agreement.

The Company	12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	1. The Company The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These financial statements include the assets, liabilities, revenues and expenses of all wholly-owned subsidiaries. Nature of the Business AVITA Medical, Inc. and its subsidiaries (collectively, “AVITA Medical” or the “Company”) is a leading therapeutic acute wound care company delivering transformative solutions. The Company’s technologies are designed to optimize wound healing, effectively accelerating the time to patient recovery. The Company’s solutions improve the healing outcomes for patients with traumatic injuries and surgical repairs, addressing critical healing needs that arise from unpredictable and life-changing events. At the forefront of the Company’s portfolio is the patented and proprietary RECELL® System (“RECELL System” or “RECELL”), approved by the U.S. Food and Drug Administration (the “FDA”) for the treatment of thermal burn wounds and full-thickness skin defects. RECELL harnesses the healing properties of a patient’s own skin to create an autologous skin cell suspension, Spray-On Skin™ Cells, offering an innovative solution for improved clinical outcomes at the point-of-care. The single-use RECELL Autologous Cell Harvesting Device (“RECELL Ease-of-Use” or “RECELL EOU”) is approved by the FDA for the treatment of thermal burn wounds and full-thickness skin defects. The Company’s next-generation device, RECELL GO™ Autologous Cell Harvesting Device (“RECELL GO”), was approved by the FDA in May of 2024 to treat thermal burn wounds and full-thickness skin defects. RECELL GO introduces enhanced features that improve consistency and standardization across clinical settings. It consists of two components: a multi-use, AC-powered RECELL GO Processing Device (the “RPD”) and a RECELL GO Preparation Kit (the “RPK”). The RPK contains the single-use RECELL GO Cartridge, disaggregation head, RECELL Enzyme™, and other components. The RPD provides the control for the RPK, manages the pressure applied to disaggregate the donor skin cells, and precisely regulates the incubation times of the RECELL Enzyme and solutions to optimize cell yield and promote cell viability. RECELL GO mini™Autologous Cell Harvesting Device (“RECELL GO mini”), which was approved by the FDA in December of 2024, is a line extension of RECELL GO, designed specifically to treat smaller wounds up to 480 cm2. It utilizes the same RPD but features a RECELL GO mini Preparation Kit (the “mini RPK”), which includes a single-use RECELL GO mini Cartridge optimized for smaller skin samples. These modifications are intended to align with the needs of clinicians treating smaller wounds, and to support broader adoption of the RECELL GO platform in trauma centers. The Company holds the rights to manufacture, market, sell, and distribute PermeaDerm®, a biosynthetic wound matrix, in the United States under the terms of an exclusive multi-year distribution agreement (the “Distribution Agreement”) and a contract manufacturing agreement (the “Manufacturing Agreement”) with Stedical Scientific, Inc. (“Stedical”). The Company also holds the rights to market, sell, and distribute Cohealyx™, a unique collagen-based dermal matrix, under the terms of an exclusive multi-year development and distribution agreement (the “Regenity Agreement”) with Collagen Matrix, Inc. dba Regenity Biosciences (“Regenity”). Under the terms of the Regenity Agreement, Regenity manufactures and supplies Cohealyx and the Company holds the exclusive marketing, sales, and distribution rights to this product under its private label in the U.S., and potentially in countries in the European Union, as well as in Australia and Japan. See Note 12 to the Consolidated Financial Statements for additional information regarding the Company’s commitments with Stedical and Regenity. Liquidity, Capital Resources and Going Concern The Company’s Consolidated Financial Statements have been prepared on the basis of the Company continuing as a going concern for the next twelve months. The Company has incurred operating losses and negative cash flows from operations since its inception and has an accumulated deficit of $408.4 million as of December 31, 2025. For the years ended December 31, 2025 and 2024, the Company used $31.2 million and $48.9 million of cash, respectively, in its operating activities. As of December 31, 2025, the Company had cash, cash equivalents, and marketable securities of $18.2 million. Historically, the Company has funded its operations principally through the sales of its products, issuance of equity securities, and debt financing. On August 12, 2025, the Company completed a private placement (the “Placement”) on the Australian Securities Exchange (“ASX”) to institutional and professional investors to raise gross proceeds of $14.8 million, or $13.8 million after deducting sales commissions and offering expenses, through the issuance of 17,201,886 CHESS Depositary Interests (“CDIs”) on the ASX, which is the equivalent of 3,440,377 shares of Common stock. Proceeds of the Placement will be used for working capital requirements and will provide additional strategic flexibility to support continued growth of the Company’s therapeutic acute wound portfolio. Subsequent to December 31, 2025, on January 13, 2026 (the “Perceptive Closing Date”), the Company entered into a Credit Agreement and Guaranty (the “Perceptive Credit Agreement”), and Security Agreement (the “Security Agreement”), by and among the Company, as borrower, Avita Medical Americas, LLC, a wholly-owned subsidiary of the Company, as guarantor (the “Guarantor,” taken together with the Company, the “Obligors”) and Perceptive Credit Holdings V, LP as a lender and the administrative agent (“Perceptive”). The Perceptive Credit Agreement provides for a five-year senior secured credit facility in an aggregate principal amount of up to $60 million (the “Perceptive Loan Facility”), of which (i) $50 million was funded on the Perceptive Closing Date (the “Perceptive Initial Commitment Amount”) and (ii) $10 million will be made available, at our discretion by notice to Perceptive on or before March 31, 2027, subject to satisfaction of a certain net revenue requirement (the “Additional Commitment Amount”). On the Perceptive Closing Date, the Company closed on the Perceptive Initial Commitment Amount, less certain fees and expenses payable to or on behalf of Perceptive. Simultaneously with the closing of the Perceptive Initial Commitment Amount, the Company repaid in full and terminated all of its obligations and commitments (the “Refinancing Transaction”) under the Previous Credit Agreement as defined in Note 6 to the Consolidated Financial Statements. As a result, the Company and the guarantors under the Previous Credit Agreement have no further obligations under the Previous Credit Agreement or the related guarantees other than with respect to the warrants previously issued under the Previous Credit Agreement, which remain outstanding. The Company received total net proceeds after the Refinancing Transaction of $6.0 million. Pursuant with the terms of the Previous Credit Agreement, as of December 31, 2025, the Company was required to maintain compliance with a minimum of $10 million cash balance covenant within the next twelve months following the date of issuance of these Consolidated Financial Statements. Should such situation had arisen, the Lender (as defined in Note 6 to the Consolidated Financial Statements) could have exercised its right to accelerate repayment of the previously outstanding debt. As discussed above, the Company is no longer subject to those covenants due to the Refinancing Transaction. As a result of the Refinancing Transaction and pursuant to the terms of the Perceptive Credit Agreement, the minimum cash balance covenant the Company is required to maintain compliance with has been lowered to $5 million. In addition, there is no right to accelerate repayment of the outstanding debt due to the Company’s Quarterly Reports on Form 10-Q containing any qualification or statement which is of a “going concern” or similar nature during the year ending December 31, 2026. Based on the Company’s liquidity position and the Company’s current forecast of operating results and cash flows, management determined there is substantial doubt about the Company’s ability to continue as a going concern over the next twelve months following the date of issuance of these Consolidated Financial Statements due to the Company’s debt repayment obligations, historical negative cash flows, and recurring losses. As a result, the Company may require additional liquidity to continue its operations over the next twelve months. As a result of this conclusion, and due to the Company’s current debt servicing obligations, the long-term portion of the credit facility has been classified as a current liability in the accompanying Consolidated Financial Statements as of December 31, 2025. The Company continues to evaluate strategies to obtain additional funding for future operations. These strategies include, but are not limited to, requesting the Additional Commitment Amount from Perceptive, or obtaining additional equity financing. However, there can be no assurance that such funding will be available to the Company when needed, either on favorable terms or at all. The Company’s Consolidated Financial Statements do not include any adjustments to the carrying amount of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern.

The Company

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company

1. The Company

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These financial statements include the assets, liabilities, revenues and expenses of all wholly-owned subsidiaries.

Nature of the Business

AVITA Medical, Inc. and its subsidiaries (collectively, “AVITA Medical” or the “Company”) is a leading therapeutic acute wound care company delivering transformative solutions. The Company’s technologies are designed to optimize wound healing, effectively accelerating the time to patient recovery. The Company’s solutions improve the healing outcomes for patients with traumatic injuries and surgical repairs, addressing critical healing needs that arise from unpredictable and life-changing events. At the forefront of the Company’s portfolio is the patented and proprietary RECELL® System (“RECELL System” or “RECELL”), approved by the U.S. Food and Drug Administration (the “FDA”) for the treatment of thermal burn wounds and full-thickness skin defects. RECELL harnesses the healing properties of a patient’s own skin to create an autologous skin cell suspension, Spray-On Skin™ Cells, offering an innovative solution for improved clinical outcomes at the point-of-care.

The single-use RECELL Autologous Cell Harvesting Device (“RECELL Ease-of-Use” or “RECELL EOU”) is approved by the FDA for the treatment of thermal burn wounds and full-thickness skin defects. The Company’s next-generation device, RECELL GO™ Autologous Cell Harvesting Device (“RECELL GO”), was approved by the FDA in May of 2024 to treat thermal burn wounds and full-thickness skin defects. RECELL GO introduces enhanced features that improve consistency and standardization across clinical settings. It consists of two components: a multi-use, AC-powered RECELL GO Processing Device (the “RPD”) and a RECELL GO Preparation Kit (the “RPK”). The RPK contains the single-use RECELL GO Cartridge, disaggregation head, RECELL Enzyme™, and other components. The RPD provides the control for the RPK, manages the pressure applied to disaggregate the donor skin cells, and precisely regulates the incubation times of the RECELL Enzyme and solutions to optimize cell yield and promote cell viability.

RECELL GO mini™Autologous Cell Harvesting Device (“RECELL GO mini”), which was approved by the FDA in December of 2024, is a line extension of RECELL GO, designed specifically to treat smaller wounds up to 480 cm2. It utilizes the same RPD but features a RECELL GO mini Preparation Kit (the “mini RPK”), which includes a single-use RECELL GO mini Cartridge optimized for smaller skin samples. These modifications are intended to align with the needs of clinicians treating smaller wounds, and to support broader adoption of the RECELL GO platform in trauma centers.

The Company holds the rights to manufacture, market, sell, and distribute PermeaDerm®, a biosynthetic wound matrix, in the United States under the terms of an exclusive multi-year distribution agreement (the “Distribution Agreement”) and a contract manufacturing agreement (the “Manufacturing Agreement”) with Stedical Scientific, Inc. (“Stedical”). The Company also holds the rights to market, sell, and distribute Cohealyx™, a unique collagen-based dermal matrix, under the terms of an exclusive multi-year development and distribution agreement (the “Regenity Agreement”) with Collagen Matrix, Inc. dba Regenity Biosciences (“Regenity”). Under the terms of the Regenity Agreement, Regenity manufactures and supplies Cohealyx and the Company holds the exclusive marketing, sales, and distribution rights to this product under its private label in the U.S., and potentially in countries in the European Union, as well as in Australia and Japan. See Note 12 to the Consolidated Financial Statements for additional information regarding the Company’s commitments with Stedical and Regenity.

Liquidity, Capital Resources and Going Concern

The Company’s Consolidated Financial Statements have been prepared on the basis of the Company continuing as a going concern for the next twelve months. The Company has incurred operating losses and negative cash flows from operations since its inception and has an accumulated deficit of $408.4 million as of December 31, 2025. For the years ended December 31, 2025 and 2024, the Company used $31.2 million and $48.9 million of cash, respectively, in its operating activities. As of December 31, 2025, the Company had cash, cash equivalents, and marketable securities of $18.2 million. Historically, the Company has funded its operations principally through the sales of its products, issuance of equity securities, and debt financing.

On August 12, 2025, the Company completed a private placement (the “Placement”) on the Australian Securities Exchange (“ASX”) to institutional and professional investors to raise gross proceeds of $14.8 million, or $13.8 million after deducting sales commissions and offering expenses, through the issuance of 17,201,886 CHESS Depositary Interests (“CDIs”) on the ASX, which is the equivalent of 3,440,377 shares of Common stock. Proceeds of the Placement will be used for working capital requirements and will provide additional strategic flexibility to support continued growth of the Company’s therapeutic acute wound portfolio.

Subsequent to December 31, 2025, on January 13, 2026 (the “Perceptive Closing Date”), the Company entered into a Credit Agreement and Guaranty (the “Perceptive Credit Agreement”), and Security Agreement (the “Security Agreement”), by and among the Company, as borrower, Avita Medical Americas, LLC, a wholly-owned subsidiary of the Company, as guarantor (the “Guarantor,” taken together with the Company, the “Obligors”) and Perceptive Credit Holdings V, LP as a lender and the administrative agent (“Perceptive”). The Perceptive Credit Agreement provides for a five-year senior secured credit facility in an aggregate principal amount of up to $60 million (the “Perceptive Loan Facility”), of which (i) $50 million was funded on the Perceptive Closing Date (the “Perceptive Initial Commitment Amount”) and (ii) $10 million will be made available, at our discretion by notice to Perceptive on or before March 31, 2027, subject to satisfaction of a certain net revenue requirement (the “Additional Commitment Amount”). On the Perceptive Closing Date, the Company closed on the Perceptive Initial Commitment Amount, less certain fees and expenses payable to or on behalf of Perceptive.

Simultaneously with the closing of the Perceptive Initial Commitment Amount, the Company repaid in full and terminated all of its obligations and commitments (the “Refinancing Transaction”) under the Previous Credit Agreement as defined in Note 6 to the Consolidated Financial Statements. As a result, the Company and the guarantors under the Previous Credit Agreement have no further obligations under the Previous Credit Agreement or the related guarantees other than with respect to the warrants previously issued under the Previous Credit Agreement, which remain outstanding. The Company received total net proceeds after the Refinancing Transaction of $6.0 million.

Pursuant with the terms of the Previous Credit Agreement, as of December 31, 2025, the Company was required to maintain compliance with a minimum of $10 million cash balance covenant within the next twelve months following the date of issuance of these Consolidated Financial Statements. Should such situation had arisen, the Lender (as defined in Note 6 to the Consolidated Financial Statements) could have exercised its right to accelerate repayment of the previously outstanding debt. As discussed above, the Company is no longer subject to those covenants due to the Refinancing Transaction.

As a result of the Refinancing Transaction and pursuant to the terms of the Perceptive Credit Agreement, the minimum cash balance covenant the Company is required to maintain compliance with has been lowered to $5 million. In addition, there is no right to accelerate repayment of the outstanding debt due to the Company’s Quarterly Reports on Form 10-Q containing any qualification or statement which is of a “going concern” or similar nature during the year ending December 31, 2026.

Based on the Company’s liquidity position and the Company’s current forecast of operating results and cash flows, management determined there is substantial doubt about the Company’s ability to continue as a going concern over the next twelve months following the date of issuance of these Consolidated Financial Statements due to the Company’s debt repayment obligations, historical negative cash flows, and recurring losses. As a result, the Company may require additional liquidity to continue its operations over the next twelve months.

As a result of this conclusion, and due to the Company’s current debt servicing obligations, the long-term portion of the credit facility has been classified as a current liability in the accompanying Consolidated Financial Statements as of December 31, 2025.

The Company continues to evaluate strategies to obtain additional funding for future operations. These strategies include, but are not limited to, requesting the Additional Commitment Amount from Perceptive, or obtaining additional equity financing. However, there can be no assurance that such funding will be available to the Company when needed, either on favorable terms or at all. The Company’s Consolidated Financial Statements do not include any adjustments to the carrying amount of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern.

Inventory - Summary Of Composition Of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 1,895	$ 2,449
Work in process	116	389
Finished goods	4,915	4,431
Total inventory	$ 6,926	$ 7,269

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2025	Feb. 06, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Document Annual Report	true
Document Transition Report	false
Entity Registrant Name	AVITA MEDICAL, INC.
Entity Central Index Key	0001762303
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Security Exchange Name	NASDAQ
Trading Symbol	RCEL
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Entity Interactive Data Current	Yes
Entity Address, State or Province	CA
Entity Incorporation, State or Country Code	DE
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		30,631,794
Entity Public Float			$ 138,669,045
ICFR Auditor Attestation Flag	false
Entity File Number	001-39059
Entity Tax Identification Number	85-1021707
Document Financial Statement Error Correction [Flag]	false
Entity Address, Address Line One	28159 Avenue Stanford
Entity Address, Address Line Two	Suite 220
Entity Address, City or Town	Valencia
Entity Address, Postal Zip Code	91355
City Area Code	661
Local Phone Number	367-9170
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Newport Beach, California
Documents Incorporated by Reference [Text Block]	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Company’s Proxy Statement for the Annual Meeting of Stockholders to be held on June 3, 2026, are incorporated by reference into Part III of this Form 10-K.
Auditor Opinion [Text Block]	Opinion on the financial statements We have audited the accompanying consolidated balance sheets of AVITA Medical, Inc. (a Delaware corporation) and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive loss, stockholders’ equity, and cash flows for each of the two years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

The Company - Additional Information (Detail) - USD ($)				12 Months Ended
The Company - Additional Information (Detail) - USD ($)	Jan. 13, 2026	Aug. 12, 2025	Aug. 07, 2025	Dec. 31, 2025	Dec. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Accumulated deficit				$ (408,401,000)	$ (359,814,000)
Cash				31,200,000	$ 48,900,000
Cash, cash equivalents, and marketable securities				18,200,000
Proceeds from issuance of common stock				$ 14,792,000
Share issued to lender			400,000
Private Placement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from issuance of common stock		$ 14,800,000
Payments of stock issuance costs after deducting sales commissions and offering expenses		$ 13,800,000
CHESS Depositary Interests
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Share issued to lender		17,201,886
Australian Securities Exchange
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Share issued to lender		3,440,377
Perceptive Loan Facility \| Perceptive Credit Holdings V, LP
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Line of credit facility description				on January 13, 2026 (the “Perceptive Closing Date”), the Company entered into a Credit Agreement and Guaranty (the “Perceptive Credit Agreement”), and Security Agreement (the “Security Agreement”), by and among the Company, as borrower, Avita Medical Americas, LLC, a wholly-owned subsidiary of the Company, as guarantor (the “Guarantor,” taken together with the Company, the “Obligors”) and Perceptive Credit Holdings V, LP as a lender and the administrative agent (“Perceptive”). The Perceptive Credit Agreement provides for a five-year senior secured credit facility in an aggregate principal amount of up to $60 million (the “Perceptive Loan Facility”), of which (i) $50 million was funded on the Perceptive Closing Date (the “Perceptive Initial Commitment Amount”) and (ii) $10 million will be made available, at our discretion by notice to Perceptive on or before March 31, 2027, subject to satisfaction of a certain net revenue requirement (the “Additional Commitment Amount”). On the Perceptive Closing Date, the Company closed on the Perceptive Initial Commitment Amount, less certain fees and expenses payable to or on behalf of Perceptive.
Debt Instrument, Covenant Compliance				Pursuant with the terms of the Previous Credit Agreement, as of December 31, 2025, the Company was required to maintain compliance with a minimum of $10 million cash balance covenant within the next twelve months following the date of issuance of these Consolidated Financial Statements.
Minimum cash balance maintained				$ 10,000,000
Minimum cash balance maintained lowered				$ 5,000,000
Perceptive Loan Facility \| Subsequent Event \| Perceptive Credit Holdings V, LP
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Credit agreement term	5 years
Aggregate principal amount	$ 60,000,000
Current borrowing capacity	50,000,000
Proceeds from debt, net of issuance costs	6,000,000
Perceptive Loan Facility \| Subsequent Event \| Perceptive Credit Holdings V, LP \| First Tranche On or Before March 31, 2027
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Remaining borrowing capacity	$ 10,000,000

Leases - Summary Of Assets Held For Lease And Included In Plant And Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Abstract]
Rental RPD assets	$ 1,630	$ 1,384
Accumulated depreciation	(98)	(47)
Net rental RPD assets	$ 1,532	$ 1,337

Loss per Share - Summary Of Anti-dilutive Shares Excluded From Diluted Net Loss Per Common Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Earnings Per Share, Diluted, Other Disclosure [Abstract]
Aggregate number of common equivalent shares excluded from computations of diluted net loss per common share (in shares)	135,493	127,270
Stock options
Earnings Per Share, Diluted, Other Disclosure [Abstract]
Aggregate number of common equivalent shares excluded from computations of diluted net loss per common share (in shares)	4,536,904	3,540,208
Restricted stock units
Earnings Per Share, Diluted, Other Disclosure [Abstract]
Aggregate number of common equivalent shares excluded from computations of diluted net loss per common share (in shares)	67,048	117,196
ESPP
Earnings Per Share, Diluted, Other Disclosure [Abstract]
Aggregate number of common equivalent shares excluded from computations of diluted net loss per common share (in shares)	59,910	81,675
Warrants
Earnings Per Share, Diluted, Other Disclosure [Abstract]
Aggregate number of common equivalent shares excluded from computations of diluted net loss per common share (in shares)	554,841	409,661

Plant and Equipment, net - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2025 USD ($) Use	Dec. 31, 2024 USD ($)
Property, Plant and Equipment [Line Items]
Depreciation	$ 1,600,000	$ 1,000,000
RPDs useful life \| Use	200
Loss on fixed asset disposal	$ 595,000	107,000
General and Administrative Expense
Property, Plant and Equipment [Line Items]
Loss on fixed asset disposal	$ 600,000	$ 107,000

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Summary of Eligible Share Award Activity

The following table summarizes the eligible share award activity as of December 31, 2025 and December 31, 2024.


	As of
(in thousands)	December 31, 2025			December 31, 2024
Non-qualified deferred compensation share awards:
Balance at beginning of period	$	244		$	693
Stock-based compensation expense		24			77
Change in redemption value		(90	)		(92	)
Vesting of share awards held by NDQC		(178	)		(434	)
Ending Balance	$	-		$	244

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

Reporting Segment and Geographic Information - Schedule Of Revenue By Region And Customer Location And Customer Type And Commercial Revenue By Product (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue:
Revenues	$ 71,610	$ 64,251
Cost of sales
Cost of sales	12,794	9,094
Commercial Sales
Revenue:
Revenues	71,438	64,023
Commercial Sales \| RECELL
Revenue:
Revenues	66,461	62,611
Commercial Sales \| Other Wound Care Products
Revenue:
Revenues	4,246	1,054
Commercial Sales \| Lease Revenue
Revenue:
Revenues	731	358
Deferred Commercial Revenue Recognized
Revenue:
Revenues	33	33
BARDA Revenue For Right of First Access
Revenue:
Revenues	139	195
United States
Revenue:
Revenues	68,787	62,157
Japan
Revenue:
Revenues	2,088	1,431
European Union
Revenue:
Revenues	49	155
Australia
Revenue:
Revenues	200	312
United Kingdom
Revenue:
Revenues	$ 486	$ 196

Marketable Securities

12 Months Ended

Dec. 31, 2025

Debt Securities, Available-for-Sale [Abstract]

Marketable Securities

3. Marketable Securities

The following table summarizes the amortized cost and estimated fair values of securities available-for-sale:


	As of December 31, 2025
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Carrying Value
(in thousands)
Cash equivalents:
Money market funds	$	8,448	$	-	$	-	$	8,448
Total cash equivalents	$	8,448	$	-	$	-	$	8,448
Current marketable securities:
U.S. Treasury securities	$	7,938	$	4	$	-	$	7,942
Total current marketable securities	$	7,938	$	4	$	-	$	7,942


	As of December 31, 2024
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Carrying Value
(in thousands)
Cash equivalents:
Money market funds	$	11,720	$	-	$	-	$	11,720
Total cash equivalents	$	11,720	$	-	$	-	$	11,720
Current marketable securities:
U.S. Treasury securities	$	21,821	$	14	$	-	$	21,835
Total current marketable securities	$	21,821	$	14	$	-	$	21,835

The maturities of the Company’s available for sale securities are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid.


	As of December 31, 2025				As of December 31, 2024
(in thousands)	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
Due in one year or less	$	7,938	$	7,942	$	21,821	$	21,835

Gross unrealized gains and losses on the Company’s marketable securities were an unrealized gain of $4,000 as of December 31, 2025. Gross unrealized gains and losses on the Company’s marketable securities were an unrealized gain of $14,000 as of December 31, 2024.

During the years-ended December 31, 2025 and 2024, the Company did not recognize credit losses. The Company has accrued interest income of $21,000 and $121,000 as of December 31, 2025 and, 2024, respectively, recorded in Prepaids and other current assets on the Consolidated Balance Sheets. Money market funds were included in Cash and cash equivalents on the Consolidated Balance Sheets.

Share-Based Payment Plans - Summary Of Stock-based Compensation And The ESPP Reflected In The Statements Of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	$ 9,519	$ 13,496
Selling and Marketing Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	2,297	3,338
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	4,768	8,376
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	$ 2,454	$ 1,782

Loan Facility

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Loan Facility

6. Loan Facility

On October 18, 2023 (the “Closing Date”) the Company entered into a credit agreement, by and between the Company, as borrower, and an affiliate of OrbiMed Advisors, LLC (the “Lender”) as the lender and administrative agent (the “Previous Credit Agreement”). The Previous Credit Agreement provides for a five-year senior secured credit facility in an aggregate principal amount of up to $90.0 million, of which (i) $40.0 million was made available on the Closing Date (the “Initial Commitment Amount”), (ii) $25.0 million would be made available, at the Company’s discretion, on or prior to December 31, 2024, subject to certain net revenue requirements, and (iii) $25.0 million would be made available, at the Company’s discretion, on or prior to June 30, 2025, subject to certain net revenue covenants (the “Loan Facility”). The maturity date of the Previous Credit Agreement is October 18, 2028 (“Maturity Date”). On the Closing date, the Company closed on the Initial Commitment Amount, less certain fees and expenses payable to or on behalf of the Lender. The Company received net proceeds of $38.8 million upon closing after deducting the Lender's transaction costs in connection with the Loan Facility.

All obligations under the Previous Credit Agreement are guaranteed by the Company and secured by substantially all of the Company’s assets. The loan will be due in full on the Maturity Date unless the Company elects to repay the principal amount at any time prior to the Maturity Date. Upon prepayment, the Company will owe an exit fee of 3% on the principal amount of the loans as well as the applicable repayment premium. The repayment premium varies between 0.0% - 3.0% of the principal amount of the loan, depending on certain conditions that are defined in the Previous Credit Agreement. The repayment premium may also incorporate the make-whole amount. The make-whole amount represents the remaining scheduled interest payments on the Loan Facility during the period commencing on the prepayment date through the 24-month anniversary of the Closing Date. The Previous Credit Agreement further states that the Company will be required to repay portions of the principal amount of the Loan Facility if the Company does not achieve certain net revenue covenants. If, for any quarter until the Maturity Date, the Company’s net revenue does not equal or exceed the applicable trailing 12-month amount as set forth in the Previous Credit Agreement, then the Company shall repay, in equal quarterly installments of 5.0% of the outstanding principal amount of the Loan Facility on the date the net revenue amount was not satisfied, together with the exit fee and repayment premium, if applicable. The Company shall repay amounts outstanding in full immediately upon an acceleration as a result of an event of default as set forth in the Previous Credit Agreement, together with a repayment premium and other fees. As of December 31, 2025, the Company has not made any repayments on the outstanding debt balance.

During the term of the Previous Credit Agreement, interest payable in cash by the Company shall accrue on any outstanding debt at a rate per annum equal to the greater of (x) the SOFR rate for such period and (y) 4.00% plus, in either case, 8.00%. As of December 31, 2025, the interest rate was 12.00%. During an event of default, any outstanding amount will bear interest at a rate of 4.00% in excess of the otherwise applicable rate of interest. The Company paid certain fees with respect to the Previous Credit Agreement, including an upfront fee, an unused fee on the undrawn portion of the Loan Facility, and certain fees related to amendments to the Previous Credit Agreement; continues to pay an administration fee; and may have to pay a repayment premium and an exit fee, as well as certain other fees and expenses of the Lender.

The Previous Credit Agreement contains a number of customary representations, warranties, and covenants that, among other things, will limit or restrict the ability of the Company to (subject to certain qualifications and exceptions): create liens and encumbrances; incur additional indebtedness; merge, dissolve, liquidate or consolidate; make acquisitions, investments, advances or loans; dispose of or transfer assets; pay dividends or make other payments in respect of their capital stock; amend certain material documents; redeem or repurchase certain debt; engage in certain transactions with affiliates; and enter into certain restrictive agreements. In addition, the Company is required to maintain at least $10.0 million of unrestricted cash and cash equivalents.

The Previous Credit Agreement contains certain customary events of default, including: nonpayment of principal, interest, fees or other amounts; material inaccuracy of a representation or warranty; failure to perform or observe covenants; material defaults on other indebtedness; bankruptcy and insolvency events; material monetary judgments; loss of certain key permits, persons and contracts; material adverse effects; certain regulatory matters; and any change of control. One such event of default is if the Company’s Quarterly Reports on Form 10-Q or Annual Report on Form 10-K are subject to any qualification or statement which is of a “going concern” or similar nature.

On the Closing Date, the Company issued to an affiliate of the Lender the $10.218 Warrants, with a term of 10 years from the issuance date. The $10.218 Warrants contain customary share adjustment provisions, as well as weighted average price protection in certain circumstances. As a result of the Placement, the $10.218 Warrants were repriced from their original exercise price of $10.9847 to $10.218.

On November 7, 2024, the Lender and the Company mutually agreed to a third amendment (the “Third Amendment”) to the Previous Credit Agreement. Under the terms of the Third Amendment and subject to the payment by the Company of a consent fee to the Lender, the Company and the Lender mutually agreed to (1) terminate the two additional tranches of available debt in the aggregate amount of $50.0 million and (2) remove the trailing 12-month revenue covenant for the fourth quarter of 2024, which was set at $67.5 million.

On February 13, 2025, the Lender and the Company mutually agreed to a fourth amendment (the “Fourth Amendment”) to the Previous Credit Agreement, which amended the trailing 12-month revenue covenant to $73.0 million for the quarter ending March 31, 2025, to $78.0 million for the quarter ending June 30, 2025, to $84.0 million for the quarter ending September 30, 2025, to $92.0 million for the quarter ending December 31, 2025 and to $103.0 million for the quarter ending March 31, 2026. The $115.0 million revenue covenant for all subsequent quarters through the Maturity Date remained in effect. As a condition to the execution of the Fourth Amendment, the Company issued to the Lender the Penny Warrants, with a term of 10 years from the issuance date. The Penny Warrants contain customary share adjustment provisions, as well as weighted average price protection in certain circumstances.

On March 31, 2025, the Company received a waiver related to the trailing 12-month revenue covenant for the first quarter of 2025 and paid the Lender a fee. On June 30, 2025, the Company received a waiver related to the trailing 12-month revenue covenant for the second quarter of 2025 for no fee.

On August 7, 2025, the Company entered into a fifth amendment to the Previous Credit Agreement (the “Fifth Amendment”), which amended the trailing 12-month revenue covenant to $73.0 million for the quarter ending September 30, 2025, to $77.0 million for the quarter ending December 31, 2025, to $90.0 million for the quarter ending March 31, 2026, and to $103.0 million for the quarter ending June 30, 2026, and waived a requirement that the Company’s Quarterly Report on Form 10-Q not contain any qualification or statement which is of a “going concern” or similar nature in the Company’s Quarterly Report on Form 10-Q for the quarter ending June 30, 2025. The $115.0 million revenue covenant for all subsequent quarters through the date of debt maturity remained in effect. As a condition to the execution of the Fifth Amendment, the Company issued 400,000 shares of its Common stock to the Lender and recorded the fair value on issuance of $2.2 million in Other expense, net in the Consolidated Statement of Operations.

On September 30, 2025, the Company received a waiver related to the trailing 12-month net revenue covenant for the third quarter of 2025.

On November 5, 2025, the Company entered into a sixth amendment to the Previous Credit Agreement (the “Sixth Amendment”), which amended the trailing 12-month revenue covenant to $70.0 million for the quarter ending December 31, 2025. The revenue covenants for all subsequent quarters through the Maturity Date remain in effect. The Sixth Amendment also waived a requirement that the Company’s Quarterly Report on Form 10-Q not contain any qualification or statement which is of a “going concern” or similar nature for the quarter ending September 30, 2025. In consideration for the amended covenant and waiver in the Sixth Amendment, the Company agreed to add $500,000 to the principal balance of the Loan Facility, with interest paid on this amount as of November 1, 2025 and during the term of the Loan Facility and payable along with the original $40.0 million principal balance, either on the Maturity Date or when and if earlier repaid.

Subsequent to December 31, 2025, the Company completed the Refinancing Transaction, see Note 18 for additional information.

As permitted under ASC 825, Financial Instruments, the Company elected the fair value option (“FVO”) to record the loan facility and warrants with changes in fair value recorded in the Consolidated Statements of Operations in Other income, net. Changes related to instrument-specific credit risk are revalued by comparing the amount of the total change in fair value of the loan facility to the amount of change in fair value that would have occurred if the Company’s credit spread had not changed between the reporting periods, and is recorded in Accumulated other comprehensive loss in the Consolidated Balance Sheets.

The difference between the fair value of the loan facility and the unpaid principal balance of $40.0 million is an additional liability of $3.0 million and $2.2 million as of December 31, 2025 and December 31, 2024, respectively. For changes in fair value, refer to Note 4 to the Consolidated Financial Statements.

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Abstract]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. CYBERSECURITY Risk Management and Strategy AVITA Medical has implemented an Information Security Management System (“ISMS”). The Company’s ISMS is a continuous process designed to analyze the potential risks, vulnerabilities, the likeliness of occurrence and the related consequences of cybersecurity threats. The process is based on establishing the context, assessing the risks, and treating the risks. The key concept of the ISMS is to consistently maintain and improve confidentiality, integrity, and availability of information assets that should be protected by the organization on behalf of itself and its clients, and third parties. Once a risk, threat or vulnerability is identified, the Company establishes a risk treatment plan to take corrective action to prevent risks that can be avoided and minimize the ones that cannot. We engage an independent third-party cybersecurity services and consulting firm to continuously review our information security and provide technical oversight. We also conduct internal phishing campaigns and perform an independent penetration test on an annual basis. In addition, we conduct regular security awareness training and testing of our employees. The Company has not had any material cybersecurity incidents. All related ISMS activities have been structured into a framework consisting of: 1. Context establishment - Established in accordance with the requirements of International Organization for Standardization 27001 and 27002 (“ISO 27001” and “ISO 27002”). The ISO 27001, Information security management systems, provides a framework and guidelines for establishing, implementing and managing an ISMS and ISO 27002, Information security controls, provides a reference set of generic information security controls including implementation guidance. 2. Risk Assessment - Relates to an evaluation and identification of risks, threats and vulnerabilities that exist or could exist, identifies the likelihood of occurrence and potential consequences. As part of the risk assessment management prioritizes the assessed risks from low to high based on likelihood and level of impact. 3. Risk Treatment – will detail the remediation process for risks, vulnerabilities and threats identified to reduce the risk to an acceptable level. 4. Risk Acceptance- The Company’s risk assessment is evaluated from a Low (1) to a High (3) on the Impact the threat would have on the Company and its operations and the likelihood of occurrence. Threat ratings created from the Impact and probability calculations will result with a value from 1- 9. a. Low (1 – 2.99) = Risk level acceptable and no further action deemed necessary b. Medium (2 – 5.99) and High (6 - 9) – implement risk management to reduce the risk to an acceptable level 5. Risk Communications- Results of the risk assessment are communicated to appropriate levels of management. Report includes the identified risk and vulnerability summaries. Updates will include treatment plans and status updates. 6. Risk Monitoring and Review - Continuously performed to evaluate any changes or the need for changes. The Company uses the Ontrack software solution (“Ontrack”) to monitor and track all aspects of risk assessment. Ontrack also serves as tool to track any cybersecurity incidents and remediation tasks. Disclosure of Management’s Responsibility The Company’s Chief Financial Officer is responsible for overseeing the Cybersecurity Risk Management Program and leading the Company’s efforts to mitigate technology risks in partnership with various business leaders in the organization. For qualifications of the CFO refer to Item 10 of the Form 10-K. We have protocols, policies and tools in place to mitigate cybersecurity risk. These systems also provide the administrative, technical and physical safeguards to ensure the security, confidentiality, integrity and availability of confidential information and personal information from unauthorized access, use, disclosure, alteration, destruction or theft. In addition, we engage an independent third party annually to assess our IT general controls and IT security. Special focus is given to maintaining and improving our alignment with ISO 27001. Additionally, we have a cybersecurity incident response plan in place that provides a documented framework for handling high and low severity security incidents and facilitates coordination across multiple parts of the business. Finally, cybersecurity is integrated into the Company’s training as all employees are required to take monthly security awareness training. Disclosure of the Board’s Responsibility While management is primarily responsible for assessing and managing cybersecurity risks on a day-to-day basis, the Company’s Board of Directors oversees management’s efforts to assess and manage such risks. The Board of Directors (through the Audit Committee) monitors the cybersecurity risk assessment and response process. The Audit Committee is briefed by our Chief Financial Officer on our cybersecurity ISMS program and the overall cybersecurity risk environment on at least an annual basis. The briefing may include discussions on topics such as: information security and technology risks, information risk management strategies, cybersecurity risk assessment processes and updates, and updates on cybersecurity and data protection training initiatives for employees.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Chief Financial Officer is responsible for overseeing the Cybersecurity Risk Management Program
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Company’s Chief Financial Officer is responsible for overseeing the Cybersecurity Risk Management Program and leading the Company’s efforts to mitigate technology risks in partnership with various business leaders in the organization.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	While management is primarily responsible for assessing and managing cybersecurity risks on a day-to-day basis, the Company’s Board of Directors oversees management’s efforts to assess and manage such risks. The Board of Directors (through the Audit Committee) monitors the cybersecurity risk assessment and response process.
Cybersecurity Risk Board of Directors Oversight [Text Block]	While management is primarily responsible for assessing and managing cybersecurity risks on a day-to-day basis, the Company’s Board of Directors oversees management’s efforts to assess and manage such risks. The Board of Directors (through the Audit Committee) monitors the cybersecurity risk assessment and response process. The Audit Committee is briefed by our Chief Financial Officer on our cybersecurity ISMS program and the overall cybersecurity risk environment on at least an annual basis. The briefing may include discussions on topics such as: information security and technology risks, information risk management strategies, cybersecurity risk assessment processes and updates, and updates on cybersecurity and data protection training initiatives for employees.

Common and Preferred Stock

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Common and Preferred Stock

13. Common and Preferred Stock

The Company’s shares of Common stock are quoted on Nasdaq under AVITA Medical’s previous Nasdaq ticker code, “RCEL”. The Company’s CDIs are quoted on the Australian Securities Exchange (“ASX”) under AVITA Medical’s previous ASX ticker code, “AVH”. One share of Common stock on Nasdaq is equivalent to five CDIs on the ASX.

The Company is authorized to issue 200,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share, issuable in one or more series as designated by the Company’s board of directors. No other class of capital stock is authorized. The Company has 30,571,662 and 26,354,042 shares of common stock issued and outstanding as of December 31, 2025 and December 31, 2024, respectively. The Company has no shares of preferred stock outstanding during any period.

On August 7, 2025, as a condition to the execution of the Fifth Amendment, the Company issued 400,000 shares of its Common stock to the Lender.

On August 12, 2025, the Company completed the Placement on the ASX to institutional and professional investors to raise $14.8 million through the issuance of 17,201,886 CDIs, which is the equivalent of 3,440,377 shares of Common stock.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Retirement Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan employers matching contribution percentage of employees pay	6.00%
Employers contribution to retirement plan	$ 2,200,000	$ 2,500,000
Employer contributions to deferred compensation plan	88,000	154,000
Deferred compensation plan liability	4,000,000	5,100,000
Non-qualified deferred compensation liability	$ 3,697,000	$ 2,969,000
Number of shares awards deferred, unvested	0	244,218
Deferred compensation arrangement with individual, shares vested	135,493	127,270
Deferred compensation arrangement with individual, vested redemption value	$ 600,000	$ 1,300,000
Payout of deferred compensation liability for a terminated employee	1,100,000	744,000
Other Current Liabilities
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation plan liability	$ 300,000	2,100,000
Non-qualified Deferred Compensation Plans
Defined Benefit Plan Disclosure [Line Items]
Employer matching contributions, Vesting period	2 years
Deferred compensation plan liability	$ 3,700,000	$ 3,000,000
Non-qualified Deferred Compensation Plans \| Vesting on Year One
Defined Benefit Plan Disclosure [Line Items]
Employer matching contributions, Vesting percentage	25.00%
Non-qualified Deferred Compensation Plans \| Vesting on Year Two
Defined Benefit Plan Disclosure [Line Items]
Employer matching contributions, Vesting percentage	75.00%
Non-qualified Deferred Compensation Plans \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan employers matching contribution percentage of employees pay	4.00%
Non-qualified Deferred Compensation Plans \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan employers matching contribution percentage of employees pay	6.00%

Leases - Summary Of Lease Cost (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Lease, Cost [Abstract]
Operating lease cost	$ 1,210	$ 821
Variable lease cost	177	174
Total lease cost	$ 1,387	$ 995

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Geographic Sources of Loss Before Income Taxes

Geographic sources of loss before income taxes are as follows:


	Year-Ended
(amounts in thousands)	December 31, 2025			December 31, 2024
United States	$	(48,576	)	$	(61,778	)
Foreign		-			(13	)
Loss before income taxes	$	(48,576	)	$	(61,791	)

Income tax expense as shown in the accompanying Consolidated Statements of Operations includes the following:

Summary Of Income Tax Expense


	Year-Ended
(amounts in thousands)	December 31, 2025		December 31, 2024
Current:
Federal	$	-	$	-
State		11		54
Foreign		-		-
Total current		11		54
Deferred:
Federal		-		-
State		-		-
Foreign		-		-
Total deferred		-		-
Total income tax expense	$	11	$	54

Summary of Reconciliation of Effective Income Tax Rate

In accordance with the updated requirements of ASU 2023-09 for the year ended December 31, 2025, a reconciliation of the U.S. federal statutory income tax rate to the effective tax rate was as follows:


	2025
(amounts in thousands)	Amount			Rate
Tax expense (benefit) at U.S. statutory rate	$	(10,201	)		21	%
State taxes, net of federal benefit(1)		11			0	%
Change in valuation allowance		9,818			(20	)%
Nontaxable and nondeductible items:
Share-based compensation		600			(1	)%
Other		(217	)		0	%
Total income tax expense	$	11

(1) State taxes in Texas and California made up greater than 50% of the tax effect in this category.

The provision for income taxes differs from the tax computed using the statutory United States federal income tax rate of 21% for the year ended December 31, 2024 as a result of the following items:


	Year-Ended
(amounts in thousands)	December 31, 2024
Tax benefit at U.S. statutory rate	$	(12,976	)
State income taxes		54
Foreign rate differential		(1	)
Share-based compensation		2,911
Fair value change in debt and warrants		576
Foreign exchange gain/(loss) on intercompany trade balances		3
Foreign tax loss carryforward write off		14,999
Permanent differences		264
Net change in valuation allowance		(5,776	)
Income tax expense	$	54

Summary Of Deferred Income Tax

A summary of deferred income tax assets is as follows (in thousands):


	Year- Ended
(amounts in thousands)	December 31, 2025			December 31, 2024
Deferred tax liabilities
ROU asset	$	(767	)	$	(904	)
Total deferred tax liabilities	$	(767	)	$	(904	)
Deferred tax assets
Property, plant and equipment	$	69		$	41
Accrued expenses		1,991			3,365
Stock-based compensation		4,747			3,044
Lease liability		811			947
Research and development		7,725			7,077
Net operating loss carryforward		55,114			45,233
Section 163(j) interest expense		1,379			-
Other		2,156			1,567
Total deferred tax assets	$	73,992		$	61,274
Less valuation allowance		(73,255	)		(60,370	)
Net deferred tax assets		767			904
Net deferred tax assets / (liabilities)	$	-		$	-

Intangible Assets - Summary of Future Amortization of Amortizable Intangible assets held (Detail) $ in Thousands	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 787
2027	758
2028	705
2029	546
2030	546
Thereafter	2,249
Finite Lived Intangible Assets, Net Carrying Amount	$ 5,591

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Statement of Comprehensive Income [Abstract]
Net loss	$ (48,587)	$ (61,845)
Other comprehensive income gain/(loss):
Change in fair value due to credit risk on long-term debt	582	30
Net unrealized loss on marketable securities	(10)	(82)
Comprehensive loss	$ (48,015)	$ (61,897)

- 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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+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Summary of Financial Assets Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy:


	As of December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	8,448	$	-	$	-	$	8,448
Total cash equivalents	$	8,448	$	-	$	-	$	8,448
Current marketable securities:
U.S. Treasury securities	$	-	$	7,942	$	-	$	7,942
Total current marketable securities	$	-	$	7,942	$	-	$	7,942
Total marketable securities and cash equivalents	$	8,448	$	7,942	$	-	$	16,390
Financial liabilities:
Loan facility	$	-	$	-	$	42,984	$	42,984
Warrant liabilities		501		-		742		1,243
Non-qualified deferred compensation plan liability		-		3,973		-	$	3,973
Total financial liabilities	$	501	$	3,973	$	43,726	$	48,200
Financial assets:
Corporate-owned life insurance policies	$	-	$	3,116	$	-	$	3,116
Total financial assets	$	-	$	3,116	$	-	$	3,116


	As of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	11,720	$	-	$	-	$	11,720
Total cash equivalents	$	11,720	$	-	$	-	$	11,720
Current marketable securities:
U.S. Treasury securities	$	-	$	21,835	$	-	$	21,835
Total current marketable securities	$	-	$	21,835	$	-	$	21,835
Total marketable securities and cash equivalents	$	11,720	$	21,835	$	-	$	33,555
Financial liabilities:
Loan facility	$	-	$	-	$	42,245	$	42,245
Warrant liability		-		-		3,432		3,432
Non-qualified deferred compensation plan liability		-		5,063		-		5,063
Total financial liabilities	$	-	$	5,063	$	45,677	$	50,740
Financial assets:
Corporate-owned life insurance policies	$	-	$	3,006	$	-	$	3,006
Total financial assets	$	-	$	3,006	$	-	$	3,006

Summary of Fair Value Measurement Inputs and Valuation Techniques

The below assumptions were used in the MCS:


	December 31, 2025			December 31, 2024
Risk-free interest rate		3.49	%		4.25	%
Revenue volatility		63.00	%		63.00	%
Revenue discount rate		13.84	%		14.11	%

The fair value of the $10.218 Warrants liability, which is reported within Warrant liabilities on the Consolidated Balance Sheets, is estimated by the Company based on the Black-Scholes option pricing model with the following key inputs:


	December 31, 2025			December 31, 2024
Price of common stock	$	3.45		$	12.80
Expected term	7.80 years			8.80 years
Expected volatility		68.94	%		48.89	%
Exercise price	$	10.2180		$	10.9847
Risk-free interest rate		3.97	%		4.49	%
Expected dividends		0.00	%		0.00	%

Level 3

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Summary of Changes in Fair Value

The following table presents the summary of changes in the fair value of the Company’s Level 3 financial instruments:


	As of December 31, 2025						As of December 31, 2024
(in thousands)	Loan facility			Warrant liability			Loan facility			Warrant liability
Balance beginning of period	$	42,245		$	3,432		$	39,812		$	3,158
Change in fair value in earnings		1,322			(2,690	)		2,463			274
Change in fair value in other comprehensive loss		(583	)		-			(30	)		-
Balance end of period, at fair value	$	42,984		$	742		$	42,245		$	3,432

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Summary Of Reconciliation Of The Basic And Diluted Loss Per Share

The following is a reconciliation of the basic and diluted loss per share computations:


	Year Ended
	December 31, 2025			December 31, 2024
(in thousands, except per share amounts)
Net loss	$	(48,587	)	$	(61,845	)
Weighted-average common shares—outstanding, basic and diluted		27,861			25,883
Net loss per common share, basic and diluted	$	(1.74	)	$	(2.39	)


	Year Ended
	December 31, 2025		December 31, 2024
Anti-dilutive shares excluded from diluted net loss per common share:
Stock options		4,536,904		3,540,208
Restricted stock units		67,048		117,196
ESPP		59,910		81,675
Warrants		554,841		409,661

Income Taxes - Geographic Sources of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
United States	$ (48,576)	$ (61,778)
Foreign		(13)
Loss before income taxes	$ (48,576)	$ (61,791)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities	$ 7,942	$ 21,835
Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	8,448	11,720
Total current marketable securities	7,942	21,835
Total marketable securities and cash equivalents	16,390	33,555
Total financial liabilities	48,200	50,740
Total financial assets	3,116	3,006
Fair Value on Recurring Basis \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	8,448	11,720
Total marketable securities and cash equivalents	8,448	11,720
Total financial liabilities	501
Fair Value on Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities	7,942	21,835
Total marketable securities and cash equivalents	7,942	21,835
Total financial liabilities	3,973	5,063
Total financial assets	3,116	3,006
Fair Value on Recurring Basis \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	43,726	45,677
Long-term Debt \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	42,984	42,245
Long-term Debt \| Fair Value on Recurring Basis \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	42,984	42,245
Warrant Liabilities \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	1,243
Warrant Liabilities \| Fair Value on Recurring Basis \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	501
Warrant Liabilities \| Fair Value on Recurring Basis \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	742
Warrant Liability \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities		3,432
Warrant Liability \| Fair Value on Recurring Basis \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities		3,432
Non-qualified Deferred Compensation Plan Liability \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	3,973	5,063
Non-qualified Deferred Compensation Plan Liability \| Fair Value on Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	3,973	5,063
Money Market Funds \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	8,448	11,720
Money Market Funds \| Fair Value on Recurring Basis \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	8,448	11,720
U.S Treasury Securities \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities	7,942	21,835
U.S Treasury Securities \| Fair Value on Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total current marketable securities	7,942	21,835
Corporate-owned Life Insurance Policies \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	3,116	3,006
Corporate-owned Life Insurance Policies \| Fair Value on Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	$ 3,116	$ 3,006

Share-Based Payment Plans - Summary Of Company Stock Based Award Plans (Detail) - shares	Dec. 31, 2025	Dec. 31, 2024
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	4,536,904	3,540,208
2016 Equity Incentive Plan
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	429,738
2020 Equity Incentive Plan
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	3,345,733
Shares available for future issuance	2,841,311
Two Thousand And Twenty One A G M Plan
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	22,600
2022 AGM Awards
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	191,302
2023 AGM Awards
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	91,435
Outstanding Restricted Stock Units	6,916
2024 AGM Awards
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	256,992
2025 AGM Awards
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	199,104
Outstanding Restricted Stock Units	60,132

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (48,587)	$ (61,845)

- Definition

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

+ References

+ Details

Leases - Additional Information (Detail) - USD ($)	12 Months Ended
Leases - Additional Information (Detail) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Sep. 30, 2025
Lessee, Lease, Description [Line Items]
Variable lease revenue	$ 731,000	$ 358,000
Ventura Warehouse
Lessee, Lease, Description [Line Items]
Increase in operating lease ROU assets and operating lease liabilities			$ 235,000

Inventory

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventory

8. Inventory

The composition of inventories is as follows (in thousands):


	As of
	December 31, 2025		December 31, 2024
Raw materials	$	1,895	$	2,449
Work in process		116		389
Finished goods		4,915		4,431
Total inventory	$	6,926	$	7,269

The Company values its inventories to reflect the lower of cost or net realizable value. Charges for estimated excess and obsolescence are recorded in Cost of sales in the Consolidated Statement of Operations and were $810,000 and $487,000 for the years-ended December 31, 2025 and 2024, respectively.

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
Sales revenue	$ 70,879,000	$ 63,893,000
Lease revenue	731,000	358,000
Total revenues	71,610,000	64,251,000
Cost of sales	(12,794,000)	(9,094,000)
Gross profit	58,816,000	55,157,000
Operating expenses:
Sales and marketing	(53,138,000)	(58,195,000)
General and administrative	(27,373,000)	(33,195,000)
Research and development	(20,839,000)	(20,360,000)
Total operating expenses	(101,350,000)	(111,750,000)
Operating loss	(42,534,000)	(56,593,000)
Interest expense	(5,004,000)	(5,361,000)
Other (expense) income, net	(1,038,000)	163,000
Loss before income taxes	(48,576,000)	(61,791,000)
Income tax expense	(11,000)	(54,000)
Net loss	$ (48,587,000)	$ (61,845,000)
Net loss per common share:
Basic	$ (1.74)	$ (2.39)
Diluted	$ (1.74)	$ (2.39)
Weighted-average common shares:
Basic	27,860,784	25,883,056
Diluted	27,860,784	25,883,056

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Summary Of Composition Of Intangible Assets

The composition of intangible assets is as follows (in thousands):


			As of December 31, 2025							As of December 31, 2024
	Weighted Average Useful Life		Gross Amount		Accumulated Amortization			Net Carry Amount		Gross Amount		Accumulated Amortization			Net Carry Amount
Patent 1		7.23	$	143	$	(57	)	$	86	$	136	$	(46	)	$	90
Patent 2		8.17		238		(87	)		151		238		(61	)		177
Patent 3		14.50		118		(24	)		94		108		(25	)		83
Patent 4		15.26		80		(12	)		68		67		(9	)		58
Patent 5		5.63		55		(15	)		40		46		(3	)		43
Patent 6		1.05		154		(84	)		70		121		(42	)		79
Regenity License		9.00		5,000		(500	)		4,500		5,000		(14	)		4,986
Capitalized Software		2.75		635		(53	)		582		-		-			-
Trademarks	Indefinite			54		-			54		54		-			54
Total intangible assets			$	6,477	$	(832	)	$	5,645	$	5,770	$	(200	)	$	5,570

Summary Of Future Amortization Of Amortizable Intangible Assets Held

The Company estimated the future amortization of amortizable intangible assets held as of December 31, 2025 to be (in thousands):


	Estimated Amortization Expense
2026	$	787
2027		758
2028		705
2029		546
2030		546
Thereafter		2,249
Total	$	5,591

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

ASC 820, Fair Value Measurement, the authoritative guidance on fair value measurements, establishes a framework with respect to measuring assets and liabilities at fair value on a recurring basis and non-recurring basis. Under the framework, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as of the measurement date. The framework also establishes a three-tier hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability and are developed based on the best information available in the circumstances. The hierarchy consists of the following three levels:

Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2: Inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: Inputs are unobservable inputs for the asset or liability.

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy:


	As of December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	8,448	$	-	$	-	$	8,448
Total cash equivalents	$	8,448	$	-	$	-	$	8,448
Current marketable securities:
U.S. Treasury securities	$	-	$	7,942	$	-	$	7,942
Total current marketable securities	$	-	$	7,942	$	-	$	7,942
Total marketable securities and cash equivalents	$	8,448	$	7,942	$	-	$	16,390
Financial liabilities:
Loan facility	$	-	$	-	$	42,984	$	42,984
Warrant liabilities		501		-		742		1,243
Non-qualified deferred compensation plan liability		-		3,973		-	$	3,973
Total financial liabilities	$	501	$	3,973	$	43,726	$	48,200
Financial assets:
Corporate-owned life insurance policies	$	-	$	3,116	$	-	$	3,116
Total financial assets	$	-	$	3,116	$	-	$	3,116


	As of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	11,720	$	-	$	-	$	11,720
Total cash equivalents	$	11,720	$	-	$	-	$	11,720
Current marketable securities:
U.S. Treasury securities	$	-	$	21,835	$	-	$	21,835
Total current marketable securities	$	-	$	21,835	$	-	$	21,835
Total marketable securities and cash equivalents	$	11,720	$	21,835	$	-	$	33,555
Financial liabilities:
Loan facility	$	-	$	-	$	42,245	$	42,245
Warrant liability		-		-		3,432		3,432
Non-qualified deferred compensation plan liability		-		5,063		-		5,063
Total financial liabilities	$	-	$	5,063	$	45,677	$	50,740
Financial assets:
Corporate-owned life insurance policies	$	-	$	3,006	$	-	$	3,006
Total financial assets	$	-	$	3,006	$	-	$	3,006

The following table presents the summary of changes in the fair value of the Company’s Level 3 financial instruments:


	As of December 31, 2025						As of December 31, 2024
(in thousands)	Loan facility			Warrant liability			Loan facility			Warrant liability
Balance beginning of period	$	42,245		$	3,432		$	39,812		$	3,158
Change in fair value in earnings		1,322			(2,690	)		2,463			274
Change in fair value in other comprehensive loss		(583	)		-			(30	)		-
Balance end of period, at fair value	$	42,984		$	742		$	42,245		$	3,432

The Company’s Level 1 assets include money market instruments and are valued based upon observable market prices. The Company’s Level 1 liabilities include the Penny Warrants (as defined below) and are valued based upon observable market prices. Level 2 assets consist of U.S Treasury securities. Level 2 securities are valued based upon observable inputs that include reported trades, broker/dealer quotes, bids and offers. Cash equivalents consist of money market funds and are classified as a Level 1. The corporate-owned life insurance contracts are recorded at cash surrender value, which approximates the fair value and is categorized as Level 2. Non-qualified deferred compensation plan liability is measured at fair value based on quoted prices of identical instruments to the investment vehicles selected by the participants and it is recorded as Level 2. There were no transfers between fair value measurement levels during the years-ended December 31, 2025 and 2024.

Loan Facility

The fair value of the loan facility was determined using a Monte Carlo Simulation (“MCS”) in order to predict the probability of different outcomes. The valuation was performed based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The fair value of the loan facility is recorded in the Consolidated Balance Sheets. The fair value is estimated by the Company each reporting period and the change in the fair value is recorded in both earnings and other comprehensive income depending on the instrument's inherent credit risk and market risk related to the loan facility valuation. The assumptions used in the MCS were risk-free interest rate, revenue volatility, revenue discount rate, future revenue projection, and expected dividend rate.

As the loan facility is subject to net revenue requirements, the valuation of the loan facility was determined using MCS. The underlying metric to be simulated is the projected Trailing Twelve Month (“TTM”) revenues at each quarter end through the maturity date of October 18, 2028. Based on the simulated metric, the different levels of simulated TTM revenues may trigger different discounted cash flow scenarios in which the TTM revenues are lower than the targeted revenues per the Previous Credit Agreement (as defined in Note 6 to the Consolidated Financial Statements) or the TTM revenues are equal to or higher than the targeted revenues per the Previous Credit Agreement, as discussed in Note 6 to the Consolidated Financial Statements. MCS performs 100,000 iterations of various simulated revenues to determine the fair value of the loan facility.

The below assumptions were used in the MCS:


	December 31, 2025			December 31, 2024
Risk-free interest rate		3.49	%		4.25	%
Revenue volatility		63.00	%		63.00	%
Revenue discount rate		13.84	%		14.11	%

Warrant Liabilities

On February 13, 2025, the Company issued 145,180 warrants with an exercise price of $0.01 per share (the “Penny Warrants”). The Penny Warrants were issued in connection with the Previous Credit Agreement. The fair value of the Penny Warrants liability was determined based on quoted prices in active markets, which represents a Level 1 measurement within the fair value hierarchy. The fair value of the Penny Warrants liability, which is reported within Warrant liabilities on the Consolidated Balance Sheets, is estimated by the Company based on the closing price of the Company’s Common stock as quoted on the Nasdaq Capital Market (“Nasdaq”) under the ticker code, “RCEL.”

On the Closing Date of the Previous Credit Agreement, the Company issued 409,661 warrants with an exercise price of $10.9847 per share. As a result of the Placement and the issuance of Common stock, the exercise price of these warrants was adjusted to $10.218 (the “$10.218 Warrants”). The fair value of the $10.218 Warrants liability was determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The fair value of the $10.218 Warrants liability, which is reported within Warrant liabilities on the Consolidated Balance Sheets, is estimated by the Company based on the Black-Scholes option pricing model with the following key inputs:


	December 31, 2025			December 31, 2024
Price of common stock	$	3.45		$	12.80
Expected term	7.80 years			8.80 years
Expected volatility		68.94	%		48.89	%
Exercise price	$	10.2180		$	10.9847
Risk-free interest rate		3.97	%		4.49	%
Expected dividends		0.00	%		0.00	%

- 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)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 940
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

7. Leases

During September 2025, the Company modified the lease agreement for the expanded Ventura Warehouse to extend the lease term. The modification resulted in an increase of approximately $235,000 in the operating lease ROU assets and operating lease liabilities.

The following table sets forth the Company’s operating lease expenses which are included in operating expenses in the Consolidated Statements of Operations (in thousands):


	Year Ended
	December 31, 2025		December 31, 2024
Operating lease cost	$	1,210	$	821
Variable lease cost		177		174
Total lease cost	$	1,387	$	995

Supplemental cash flow information related to operating leases was as follows (in thousands):

Supplemental balance sheet information, as of December 31, 2025 and 2024, related to operating leases was as follows (in thousands, except for operating lease weighted average remaining lease term and operating lease weighted average discount rate):


	As of
	December 31, 2025			December 31, 2024
Reported as:
Operating lease right-of-use assets	$	2,899		$	3,571
Total right-of-use assets	$	2,899		$	3,571
Other current liabilities:
Operating lease liabilities, short-term	$	929		$	900
Operating lease liabilities, long term		2,135			2,840
Total operating lease liabilities	$	3,064		$	3,740
Operating lease weighted average remaining lease term (years)		3.77			4.34
Operating lease weighted average discount rate		9.82	%		9.74	%

As of December 31, 2025, maturities of the Company’s operating lease liabilities are as follows (in thousands):


	Operating Leases
2026	$	1,180
2027		829
2028		716
2029		543
2030		416
Thereafter		-
Total lease payments		3,684
Less imputed interest		(620	)
Total operating lease liabilities	$	3,064

As of December 31, 2025, there were no leases entered into that had not yet commenced.

Lessor Arrangements

As discussed in Note 5 to the Consolidated Financial Statements, the contracts for the RECELL GO device include an operating lease for the customer’s right to use the RPD. The lease arrangement does not contain fixed consideration. Variable lease payments are not included in consideration at lease inception. The variable consideration related to the lease is allocated based on the SSP and is recognized when control of the RPK is transferred to the customer. For the years ended December 31, 2025 and 2024, variable lease revenue was $731,000 and $358,000, respectively.

Assets held for lease and included in Plant and equipment, net consisted of the following (in thousands):


	As of
	December 31, 2025			December 31, 2024
Rental RPD assets	$	1,630		$	1,384
Accumulated depreciation		(98	)		(47	)
Net rental RPD assets	$	1,532		$	1,337

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Allowance For Expected Credit Losses

A rollforward of the activity in the Company’s allowance for expected credit losses is as follows (in thousands):


	Year-ended
	December 31, 2025			December 31, 2024
Balance at beginning of year	$	71		$	48
Additions: change to cost and expense		(10	)		23
Deductions: write-offs, net of recovery	-				-
Balance at end of year	$	61		$	71

Income Taxes - Summary of Reconciliation of Effective Income Tax Rate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Amount
Tax expense (benefit) at U.S. statutory rate	$ (10,201)	$ (12,976)
State taxes, net of federal benefit	$ 11	$ 54
Tax Jurisdiction of Domicile [Extensible Enumeration]	UNITED STATES	UNITED STATES
Foreign rate differential		$ (1)
Net change in valuation allowance	$ 9,818	(5,776)
Share-based compensation	600	2,911
Other	(217)
Fair value change in debt and warrants		576
Foreign exchange gain/(loss) on intercompany trade balances		3
Foreign tax loss carryforward write off		14,999
Permanent differences		264
Income tax expense	$ 11	$ 54
Rate
Tax expense (benefit) at U.S. statutory rate	21.00%	21.00%
State taxes, net of federal benefit	0.00%
Change in valuation allowance	(20.00%)
Share-based compensation	(1.00%)
Other	0.00%

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

15. Income Taxes

Geographic sources of loss before income taxes are as follows:


	Year-Ended
(amounts in thousands)	December 31, 2025			December 31, 2024
United States	$	(48,576	)	$	(61,778	)
Foreign		-			(13	)
Loss before income taxes	$	(48,576	)	$	(61,791	)

Income tax expense as shown in the accompanying Consolidated Statements of Operations includes the following:


	Year-Ended
(amounts in thousands)	December 31, 2025		December 31, 2024
Current:
Federal	$	-	$	-
State		11		54
Foreign		-		-
Total current		11		54
Deferred:
Federal		-		-
State		-		-
Foreign		-		-
Total deferred		-		-
Total income tax expense	$	11	$	54


	2025
(amounts in thousands)	Amount			Rate
Tax expense (benefit) at U.S. statutory rate	$	(10,201	)		21	%
State taxes, net of federal benefit(1)		11			0	%
Change in valuation allowance		9,818			(20	)%
Nontaxable and nondeductible items:
Share-based compensation		600			(1	)%
Other		(217	)		0	%
Total income tax expense	$	11

(1) State taxes in Texas and California made up greater than 50% of the tax effect in this category.

The provision for income taxes differs from the tax computed using the statutory United States federal income tax rate of 21% for the year ended December 31, 2024 as a result of the following items:


	Year-Ended
(amounts in thousands)	December 31, 2024
Tax benefit at U.S. statutory rate	$	(12,976	)
State income taxes		54
Foreign rate differential		(1	)
Share-based compensation		2,911
Fair value change in debt and warrants		576
Foreign exchange gain/(loss) on intercompany trade balances		3
Foreign tax loss carryforward write off		14,999
Permanent differences		264
Net change in valuation allowance		(5,776	)
Income tax expense	$	54

A summary of deferred income tax assets is as follows (in thousands):


	Year- Ended
(amounts in thousands)	December 31, 2025			December 31, 2024
Deferred tax liabilities
ROU asset	$	(767	)	$	(904	)
Total deferred tax liabilities	$	(767	)	$	(904	)
Deferred tax assets
Property, plant and equipment	$	69		$	41
Accrued expenses		1,991			3,365
Stock-based compensation		4,747			3,044
Lease liability		811			947
Research and development		7,725			7,077
Net operating loss carryforward		55,114			45,233
Section 163(j) interest expense		1,379			-
Other		2,156			1,567
Total deferred tax assets	$	73,992		$	61,274
Less valuation allowance		(73,255	)		(60,370	)
Net deferred tax assets		767			904
Net deferred tax assets / (liabilities)	$	-		$	-

At December 31, 2025, the Company and its subsidiaries had net operating loss carryforwards for federal and state income tax purposes of $216.0 million and $146.9 million, respectively. The net operating loss carryforwards may be subject to limitation regarding their utilization against taxable income in future periods due to “change of ownership” provisions of the Internal Revenue Code and similar state provisions. Of these carryforwards, $19.4 million will expire, if not utilized, between 2028 through 2038. The remaining carryforwards have no expiration.

In assessing the recoverability of its deferred tax assets, the Company considers whether it is more likely than not that its deferred assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible and/or net operating losses can be utilized. The Company considers all positive and negative evidence when determining the amount of the net deferred tax assets that are more likely than not to be realized. This evidence includes, but is not limited to, historical earnings, scheduled reversal of taxable temporary differences, tax planning strategies and projected future taxable income. Based upon the weight of available evidence including the uncertainty regarding the Company’s ability to utilize certain net operating losses and tax credits in the future, the Company has established a valuation allowance against its net deferred tax assets of $73.3 million and $60.4 million as of December 31, 2025 and 2024, respectively. The deferred tax assets are primarily net operating loss carryforwards for which management has determined it is more likely than not that the deferred tax assets will not be realized.

The Company recognizes the tax benefit from an uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements related to a particular tax position are measured based on the largest benefit that has a greater than a 50% likelihood of being realized upon settlement. The amount of unrecognized tax benefits is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination.

The Company has not identified any uncertain tax positions as of December 31, 2025 and 2024.

In accordance with the updated requirements of ASU 2023-09 for the year ended December 31, 2025, cash paid for income taxes totaled $15,000 and was comprised of state income taxes payments made primarily to Texas and California.

The Company files income tax returns in the U.S. federal, California and certain other state and foreign jurisdictions. The Company remains subject to income tax examinations for its U.S. federal and state income taxes generally for fiscal years ended June 30, 2008 and forward. The Company also remains subject to income tax examinations for international income taxes for fiscal years ended June 30, 2021 through the date of dissolution of its foreign subsidiaries, which occurred in 2024 and 2025, and for certain other U.S. state and local income taxes generally for the fiscal years ended June 30, 2021 through December 31, 2024.

- Definition

The entire disclosure for income tax.

+ References

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-Topic 942
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+ Details

Retirement Plans - Summary of Eligible Share Award Activity (Detail) - Deferred Compensation Plans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Balance at beginning of period	$ 244	$ 693
Stock-based compensation expense	24	77
Change in redemption value	(90)	(92)
Vesting of share awards held by NDQC	(178)	(434)
Ending Balance	$ 0	$ 244
Defined Benefit Plan, Tax Status [Extensible Enumeration]	Nonqualified Plan [Member]	Nonqualified Plan [Member]

- Definition

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

+ References

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+ Details

- Definition

Indicates tax status of defined benefit plan designed to provide retirement benefits.

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Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

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+ Details

Revenues - Additional Information (Detail) - USD ($)	12 Months Ended
Revenues - Additional Information (Detail) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Sales revenue	$ 70,879,000	$ 63,893,000
Lease revenue	731,000	358,000
Performance obligation estimated revenue expected to be recognised	323,000	357,000
Contract with customer liabilities	323,000	357,000	$ 390,000
Contract with customer assets	0	0
Contract with customers non current liability	290,000	324,000
Contract with customer liability revenue recognized	33,000	33,000
Contract Liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customers non current liability	290,000	324,000
Other Current Liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customers current liability	33,000	33,000
RPK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Sales revenue	35,800,000	$ 17,500,000
PermeaDerm
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Sales revenue	$ 6,000,000

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2025 USD ($) Use Segment $ / shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Gain (loss) on foreign currency transactions	$ (17,000)	$ (21,000)
Description of maturity terms	classifies all highly liquid investments with original maturities of three months or less from the date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities. The Company classifies marketable securities as short-term when they have remaining contractual maturities of one year or less from the balance sheet date, and as long-term when the investments have remaining contractual maturities of more than one year from the balance sheet date.
Revenue, performance obligation, description of payment terms	30 days
Cash at deposit institutions	$ 1,800,000	2,300,000
Cash in foreign institutions	$ 0	0
Final maturity period	37 months
Cash equivalents held	$ 8,400,000	11,700,000
Allowance for expected credit losses	$ 61,000	71,000	$ 48,000
Lease renewal period	3 years
Warrants and rights outstanding, measurement input	0
Capitalized patent and trademark costs	$ 800,000	800,000
Impairments of long-lived assets	0	0
Advertising expenses	$ 492,000	539,000
Contractual term	10 years
Number of operating segment \| Segment	1
RECELL GO RPD useful life \| Use	200
Capitalized license	$ 5,000,000	$ 5,000,000
Warrants, exercise price \| $ / shares	$ 10.218
Percentage of revenue from foreign countries	4.00%
Employee Stock Purchase Plan
Summary Of Significant Accounting Policies [Line Items]
Maximum percentage of payroll deductions allowed to purchase common stock	15.00%
Percentage by which purchase price of shares lower fair market value of common stock	85.00%
Contractual term	6 months	6 months
Deferred Compensation Plans
Summary Of Significant Accounting Policies [Line Items]
Employer matching contributions, Vesting period	2 years
Vesting on Year One \| Deferred Compensation Plans
Summary Of Significant Accounting Policies [Line Items]
Employer matching contributions, Vesting percentage	25.00%
Vesting on Year Two \| Deferred Compensation Plans
Summary Of Significant Accounting Policies [Line Items]
Employer matching contributions, Vesting percentage	75.00%
RPD Devices
Summary Of Significant Accounting Policies [Line Items]
Plant and equipment, useful life \| Use	200
Plant and equipment, description of depreciation	each purchase of an RPK results in a 1/200 depreciation to the RPD
Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, customer		two
Accounts Receivable \| Commercial Customer
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, customer	no
Accounts Receivable \| Customer Concentration Risk \| Commercial Customer
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, customer		10
Concentration risk, percentage	10.00%
Accounts Receivable \| Customer Concentration Risk \| Customer A
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		21.00%
Accounts Receivable \| Customer Concentration Risk \| Customer B
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		11.00%
Revenue Benchmark [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, customer	no	no
Revenue Benchmark [Member] \| Customer Concentration Risk \| Commercial Customer
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.00%	10.00%
Minimum
Summary Of Significant Accounting Policies [Line Items]
Remaining lease terms	1 year
Estimated useful lives of plant and equipment	3 years
Estimated useful lives of intangible assets	2 years
Contractual term	5 years 2 months 12 days	5 years 6 months
Maximum
Summary Of Significant Accounting Policies [Line Items]
Remaining lease terms	5 years
Estimated useful lives of plant and equipment	7 years
Estimated useful lives of intangible assets	19 years
Contractual term	9 years 7 months 6 days	6 years 6 months
Other Income, Net \| Non-US
Summary Of Significant Accounting Policies [Line Items]
Gain (loss) on foreign currency transactions	$ 17,000	$ 21,000

Reporting Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule Of Revenue By Region And Customer Location And Customer Type And Commercial Revenue By Product

Revenues by region and customer location were as follows (in thousands):


	Year Ended
	December 31, 2025		December 31, 2024
Revenue by region:
United States	$	68,787	$	62,157
Japan		2,088		1,431
European Union		49		155
Australia		200		312
United Kingdom		486		196
Total	$	71,610	$	64,251

Revenues by customer type were as follows (in thousands):


	Year Ended
	December 31, 2025		December 31, 2024
Revenue by customer type:
Commercial sales	$	71,438	$	64,023
Deferred commercial revenue recognized		33		33
BARDA revenue for right of first access		139		195
Total	$	71,610	$	64,251

Commercial revenue by product were as follows (in thousands):


	Year Ended
	December 31, 2025		December 31, 2024
Commercial revenue by product:
RECELL	$	66,461	$	62,611
Other wound care products		4,246		1,054
Lease revenue		731		358
Total commercial sales	$	71,438	$	64,023

Summary of Consolidated Net Loss by Segment

Consolidated net loss by segment (in thousands):


	Year Ended
	December 31, 2025			December 31, 2024
Total revenues	$	71,610		$	64,251
Purchases of inventory		(10,939	)		(7,861	)
Other cost of sales		(1,855	)		(1,233	)
Gross profit		58,816			55,157
Operating expenses:
Sales and marketing		(53,138	)		(58,195	)
General and administrative		(27,373	)		(33,195	)
Research and development		(20,839	)		(20,360	)
Total operating expenses		(101,350	)		(111,750	)
Operating loss		(42,534	)		(56,593	)
Interest expense		(5,004	)		(5,361	)
Other income, net		(1,038	)		163
Loss before income taxes		(48,576	)		(61,791	)
Income tax expense		(11	)		(54	)
Net loss	$	(48,587	)	$	(61,845	)

Fair Value Measurements - Summary of Fair Value Measurement Inputs and Valuation Techniques (Details)	Dec. 31, 2025 USD ($) yr	Dec. 31, 2024 USD ($) yr
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0
Risk-free interest rate \| Monte Carlo Simulation \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.0349	0.0425
Risk-free interest rate \| Black Scholes Option Pricing Model \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0.0397	0.0449
Revenue volatility \| Monte Carlo Simulation \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.63	0.63
Revenue discount rate \| Monte Carlo Simulation \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.1384	0.1411
Price of common stock \| Black Scholes Option Pricing Model \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	3.45	12.8
Expected term \| Black Scholes Option Pricing Model \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input \| yr	7.8	8.8
Expected volatility \| Black Scholes Option Pricing Model \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	68.94	48.89
Exercise price \| Black Scholes Option Pricing Model \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	10.218	10.9847
Expected dividends \| Black Scholes Option Pricing Model \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0	0

Loss Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Loss Per Share

16. Loss per Share

The following is a reconciliation of the basic and diluted loss per share computations:


	Year Ended
	December 31, 2025			December 31, 2024
(in thousands, except per share amounts)
Net loss	$	(48,587	)	$	(61,845	)
Weighted-average common shares—outstanding, basic and diluted		27,861			25,883
Net loss per common share, basic and diluted	$	(1.74	)	$	(2.39	)


	Year Ended
	December 31, 2025		December 31, 2024
Anti-dilutive shares excluded from diluted net loss per common share:
Stock options		4,536,904		3,540,208
Restricted stock units		67,048		117,196
ESPP		59,910		81,675
Warrants		554,841		409,661

The Company’s basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the relevant period. In accordance with ASC 710, shares of common stock held by the rabbi trust are excluded from the denominator in the basic and diluted net loss per common share calculations. As of December 31, 2025 and 2024 a

total of 135,493 and 127,270, shares of common stock were excluded, respectively. For details on shares of common stock held by the rabbi trust refer to Note 17 to the Consolidated Financial Statements. For the purposes of the calculation of diluted net loss per share, options to purchase common stock, restricted stock units and unvested shares of common stock issued upon the early exercise of stock options have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive. Because the Company has reported a net loss for years-ended December 31, 2025 and 2024, diluted net loss per common share is the same as the basic net loss per share for those periods.

Income Taxes - Summary of Reconciliation of Effective Income Tax Rate (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%

Fair Value Measurements - Summary Of Changes In The Fair Value Of Our Level 3 Financial Instruments (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Long-term Debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance beginning of period	$ 42,245	$ 39,812
Change in fair value in earnings	1,322	2,463
Change in fair value in other comprehensive loss	(583)	(30)
Balance end of period, at fair value	42,984	42,245
Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance beginning of period	3,432	3,158
Change in fair value in earnings	(2,690)	274
Balance end of period, at fair value	$ 742	$ 3,432

Income Taxes - Summary Of Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current:
State	$ 11	$ 54
Total current	11	54
Deferred:
Total income tax expense	$ 11	$ 54

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

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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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 10
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-SubTopic 20
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Principles of Consolidation

The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments affected by this ASU require (i) enhanced disclosures in connection with an entity's effective tax rate reconciliation and (ii) income taxes paid disaggregated by jurisdiction. These amendments are effective for annual periods beginning after December 15, 2024. The Company adopted this ASU for the year ended December 31, 2025 prospectively applied to its Consolidated Financial Statements and disclosures. For further details refer to Note 15 to the Consolidated Financial Statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, which requires disaggregated disclosures of certain costs and expenses in the notes to financial statements. This guidance will be effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its Consolidated Financial Statements and disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which addresses changes in software development methods and increases the operability of the recognition guidance for improved financial reporting. This guidance is effective for annual reporting periods beginning after December 15, 2027, and for interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its Consolidated Financial Statements and disclosures.

Use of Estimates

The preparation of the accompanying Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts (including the stand-alone selling price (“SSP”) for the RPD, allowance for credit losses, reserves for inventory excess and obsolescence, carrying value of long-lived assets, the useful lives of long-lived assets, accounting for marketable securities, income taxes, fair value of debt, fair value of warrants and stock-based compensation) and related disclosures. Estimates have been prepared based on the current and available information. However, actual results could differ from estimated amounts.

Foreign Currency Translation and Foreign Currency Transactions

The financial position and results of operations of the Company’s operating non-U.S. subsidiaries are generally determined using the respective local currency as the functional currency of that subsidiary. Assets and liabilities of these subsidiaries are translated at the exchange rate in effect at each period end. Income statement accounts are translated at the average rate of exchange prevailing during the period. Adjustments arising from the use of differing exchange rates from period to period are included in Accumulated other comprehensive loss in the Consolidated Balance Sheets.

The Company’s non-operating subsidiaries that use the U.S. Dollar as their functional currency remeasure monetary assets and liabilities at exchange rates in effect at the end of each period and nonmonetary assets and liabilities at historical rates. Gains and losses resulting from these remeasurements are included in earnings in the Consolidated Statement of Operations. Gains and losses for remeasurement were minimal for the years-ended December 31, 2025 and 2024.

The Company records certain revenues and operating expenses in foreign currencies. These revenues and expenses are translated into U.S. Dollars based on the average exchange rate for the reporting period. Assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate in effect as of the balance sheet date. For the years-ended December 31, 2025 and 2024, the Company incurred losses of approximately $17,000 and $21,000, respectively, included in Other income, net in the Consolidated Statement of Operations.

Comprehensive Loss

The components of comprehensive loss consist of net loss, unrealized gains and losses in investments available for sale and changes in fair value due to instrument-specific credit risk on the debt.

Revenue Recognition

The Company generates revenues primarily from:

•

The sale of RECELL EOU, RPK and mini RPK (collectively, the “RPKs”), PermeaDerm, and Cohealyx products to hospitals, other treatment centers, and distributors.

•

Lease revenue for the RPD.

The Company’s sale of the RECELL EOU, PermeaDerm, and Cohealyx products are accounted for under ASC 606, Revenue from contracts with customers (“ASC 606”). Revenue for the RECELL System is disaggregated between two accounting standards: (1) ASC 606 for the RPKs and (2) ASC 842, Leases (“ASC 842”) for the RPD.

To determine revenue recognition for contracts that are within the scope of ASC 606, the Company performs the following five steps:

Identify the contract with a customer

Identify the performance obligations

Determine the transaction price

Allocate the transaction price to the performance obligations

Recognize revenue when/as a performance obligation(s) is(are) satisfied

In order for an arrangement to be considered a contract, it must be probable that the Company will collect the consideration to which it is entitled for goods or services to be transferred. The Company then assesses the goods or services promised within the contract to determine whether each promised good or service is a performance obligation. Performance obligations are promises in a contract to transfer a distinct good or service to the customer that (i) the customer can benefit from on its own or together with other readily available resources, and (ii) is separately identifiable from other promises in the contract.

The Company determines the transaction price based on the amount of consideration the Company expects to receive for providing the promised goods or services in the contract. Consideration may be fixed, variable, or a combination of both. At contract inception for arrangements that include variable consideration, the Company estimates the probability and extent of consideration it expects to receive under the contract utilizing either the most likely amount method or expected amount method, whichever best estimates the amount expected to be received. The Company then considers any constraints on the variable consideration and includes in the transaction price variable consideration to the extent it is deemed probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

When accounting for a contract that contains multiple performance obligations, the Company must develop judgmental assumptions to determine the estimated SSP for each performance obligation identified in the contract. The Company utilizes the observable SSP when available, which represents the price charged for the promised product or service when sold separately. When the SSP for the Company’s products or services are not directly observable, the Company determines the SSP using relevant information available and apply suitable estimation methods including, but not limited to, the cost-plus margin approach. The Company then allocates the transaction price to each performance obligation based on the relative SSP and recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) control is transferred to the customer and the performance obligation is satisfied.

The Company recognizes revenue when its customers obtain control of promised goods or services, in an amount that reflects the consideration which the Company expects to be entitled in exchange for those goods or services. Revenue is recognized net of volume discounts (variable consideration). For the Company’s contracts that have an original duration of one year or less, since contract inception and customer payment occur within the same period the Company does not consider the time value of money. Further, because of the short duration of these contracts, the Company has not disclosed the transaction price for the remaining performance obligations as of each reporting period or when the Company expects to recognize this revenue. The Company has further applied the practical expedient to exclude sales tax in the transaction price and expense contract acquisition costs such as commissions and shipping and handling expenses as incurred.

Revenue recognition for contracts that are within the scope of ASC 606 and ASC 842

The Company enters into contracts with customers where it receives consideration for the RPKs and does not receive additional consideration for the RPD. As a result, judgment and analysis are required to determine the appropriate accounting, including: (i) whether the arrangement contains an embedded lease, and if so, whether such embedded lease is a sales-type lease or an operating lease, (ii) the amount of the total consideration, as well as variable consideration, (iii) the identification of the distinct performance obligations contained within the arrangement, (iv) how the arrangement consideration should be allocated to each performance obligation when multiple performance obligations exist, including the determination of standalone selling price, and (v) when to recognize revenue on the performance obligations.

For these contracts the Company considers the guidance under ASC 842 to determine if furnishing the RPD to the customer during the period of use establishes an embedded lease. To determine if the contract contains a lease, the Company evaluates the customer’s rights and ability to control the use of the underlying equipment throughout the contract term, including any equipment substitution rights retained by the Company. As the contract conveys the right to control the use of an identified asset for a period of time, the contract was determined to contain a lease. The Company then evaluated the lease classification based on the below:

•

Pursuant to ASC 842-30, the Company will classify a lease as a sales-type lease if: (i) the lease transfers ownership of the underlying asset to the lessee by the end of the lease term, (ii) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (iii) the lease term is for the major part of the remaining economic life of the underlying asset, (iv) the present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all (90% or more) of the fair value of the underlying asset, or (v) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

•

Pursuant to ASC 842-30, when none of the sales-type lease classification criteria are met, a lessor would classify the lease as a direct financing lease when both of the following criteria are met: (i) the present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments and/or any other third party unrelated to the lessor equals or exceeds substantially all (90% or more) of the fair value of the underlying asset and (ii) it is probable that the lessor will collect the lease payments plus any amount necessary to satisfy a residual value guarantee.

•

Pursuant to ASC 842-30, a lessor would classify a lease as an operating lease when none of the sales-type or direct financing lease classification criteria are met. Further, per ASC 842, a lessor is required to classify a lease with variable lease payments that do not depend on an index or rate as an operating lease at lease commencement if the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria of ASC 842 and the lessor would have otherwise recognized a loss at the lease commencement date.

In determining whether the lease components are related to a sales-type lease or an operating lease, the Company evaluates if the lease transfers ownership at the end of the lease term, the existence of purchase options, the lease term in relation to the economic life of the asset, if the lease payments exceed the fair value of the asset, and if the asset is of a specialized nature. The Company also evaluates if the lease results in a loss at the lease commencement date. As the lease term for the RPD is for a major part of the economic life of the asset, the lease meets the classification criteria for sales-type lease. However, to determine if the contract results in a loss at the lease commencement date the Company evaluated the consideration in the contract. The consideration at lease commencement does not contain fixed payments, purchase options, penalty payments or residual value guarantees. The variable consideration is related to the sale of the RPKs. As the variable lease payments are not dependent on an index or rate, the variable lease payments are excluded from consideration at contract inception resulting in a loss at lease commencement. As such, the Company classifies the lease as an operating lease.

The contracts contain an operating lease component, the RPD, and non-lease components, the RPKs. The lease component will be accounted for under ASC 842 and the non-lease component will be accounted for under ASC 606, as described above. In accordance with ASC 842, the consideration in the contract will be allocated to each separate lease component and non-lease component of the contract. The consideration is allocated to these lease and non-lease components based on the SSP (as described above for contracts within the scope of ASC 606). In accordance with ASC 842, variable lease payments will be recognized once the sale of the RPKs occurs and control has transferred to the customer. Consideration will be allocated to the RPD and the RPKs based on the SSP. Consideration related to the RPD will be recognized as Lease revenue and consideration related to the RPKs will be recognized as Sales revenues in accordance with guidance in ASC 606, as described above, upon transfer of control of the RPKs, which generally occurs at the time the product is shipped or delivered depending on the customer's shipping terms.

Assets in the Company’s lease program are reported in Plant and equipment, net on the Consolidated Balance Sheets and are depreciated over the useful life of the RPD device’s 200 uses, as indicated in the Instructions for Use that were approved by the FDA, and expensed as Costs of goods sold in the Consolidated Statements of Operations. The RPD depreciation has a direct relationship to the number of RPKs sold. Based on customer usage, each purchase of an RPK results in a 1/200 depreciation to the RPD.

Contract Liabilities

The Company receives payments from customers based on contractual terms. Trade receivables are recorded when the right to consideration becomes unconditional. The Company satisfies its performance obligation on product sales when the products are shipped or delivered, depending on the terms of the sale. Payment terms on invoiced amounts are typically 30 days, and do not include a financing component. Contract liabilities are recorded when the Company receives payment prior to satisfying its obligation to transfer goods to a customer.

Cost of Sales

Cost of sales related to products includes costs to manufacture or purchase, package, and ship the Company’s products. Costs also include relevant production overhead and depreciation and amortization. These costs are recognized when control of the product is transferred to the customer and revenue is recognized.

Income Taxes

Income taxes are accounted for using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income or loss in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that a portion of the deferred tax asset will not be realized. We recognize interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying Consolidated Statement of Operations. Accrued interest and penalties are included on the related tax liability line in the Consolidated Balance Sheets.

The Company reviews its uncertain tax positions regularly. An uncertain tax position represents the Company’s expected treatment of a tax position taken in a filed return, or planned to be taken in a future tax return or claim that has not been reflected in measuring income tax expense for financial reporting purposes. The Company recognizes the tax benefit from an uncertain tax position when it is more-likely-than-not that the position will be sustained upon examination on the basis of the technical merits or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired.

Cash and Cash Equivalents

Cash and cash equivalents consists of cash held at deposit institutions, money market funds and short-term highly liquid investments with original maturities of three months or less from the date of purchase. As of December 31, 2025 and 2024, the Company holds cash at deposit institutions in the amount of $1.8 million and $2.3 million, respectively. The Company holds no cash denominated in foreign currencies in foreign institutions as of December 31, 2025 and 2024. As of December 31, 2025 and 2024, the Company held cash equivalents in the amount of $8.4 million and $11.7 million, respectively.

Concentrations

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, trade receivables, BARDA receivables and other receivables. As of December 31, 2025 and 2024, substantially all of the Company’s cash was deposited in accounts at financial institutions, and those deposited amounts may exceed federally insured limits and are subject to the risk of bank failure.

As of December 31, 2025, no customer accounted for more than 10% of accounts receivable. As of December 31, 2024, two commercial customers accounted for more than 10% of accounts receivable. Customer A accounted for 21% and Customer B for 11% of accounts receivable. For the years-ended December 31, 2025 and 2024, no single commercial customer accounted for more than 10% of total revenues.

Fair Value of Financial Instruments

Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:


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


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


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

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. For further details refer to Note 4 to the Consolidated Financial Statements.

At December 31, 2025 and 2024, the Company’s financial instruments included cash, accounts payable, accrued expenses, long-term debt and warrant liabilities. The carrying amounts of accounts payable and accrued expenses approximate fair value due to the short-term maturities of these instruments.

Long-term Debt

Loan Facility

The Company elected the fair value option (“FVO”) of accounting under ASC 825-10, Financial Instruments (“ASC 825”), to record the loan facility at fair value at issuance and subsequently remeasures to fair value each reporting period. The Company elected the FVO option of accounting of ASC 825 for the debt from the issuance date in order to not have to bifurcate any embedded derivatives in accordance with ASC 815, Derivatives and Hedging – Contracts in Entity's Own Equity (“ASC 815”). The loan facility accounted for under the FVO represents a financial instrument containing embedded features which would otherwise be required to be bifurcated from the debt-host and recognized as separate derivative liabilities subject to initial and subsequent periodic estimated fair value measurements under ASC 815. The Company has elected to present interest expense separately from changes in fair value and therefore will present interest expense associated with the debt as Interest expense in the Consolidated Statement of Operations. Any changes in fair value caused by instrument-specific credit risk are presented separately in Accumulated other comprehensive loss in the Consolidated Balance Sheets. Changes in fair value attributable to changes in credit risk are determined using observable option adjusted spreads for the issuer or comparable companies with similar credit ratings. All costs associated with the issuance of the Previous Credit Agreement accounted for using the FVO were expensed upon issuance. The fair value of the loan facility is determined using a Monte Carlo Simulation and classified as Level 3 in the fair value hierarchy. For further details refer to Note 4 to the Consolidated Financial Statements.

Presentation and Valuation of the Warrants

Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within Warrant liabilities on the Consolidated Balance Sheets. The initial fair value of the warrant liability is measured at fair value at the date of issuance and is remeasured at each reporting date until settlement. Changes in the fair value of the warrant liability are recognized in Other income, net in the Consolidated Statement of Operations.

The Company established the fair value of the $10.218 Warrants (as defined in Note 4 to the Consolidated Financial Statements) utilizing the Black-Scholes pricing model. Assumptions used in the valuation are the price of the company stock, expected share-price volatility, expected term, risk-free interest rate and dividend yield. The Company estimates the volatility based on historical volatility that matches the expected remaining life of the warrants. The expected term of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates to remain at zero. The $10.218 Warrants were classified as a Level 3 fair value measurement, due to the use of unobservable inputs. For further details refer to Note 4 to the Consolidated Financial Statements.

Marketable Securities

The Company classifies all highly liquid investments with original maturities of three months or less from the date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities. The Company classifies marketable securities as short-term when they have remaining contractual maturities of one year or less from the balance sheet date, and as long-term when the investments have remaining contractual maturities of more than one year from the balance sheet date. Classification is determined at the time of purchase and re-evaluated each balance sheet date. Short-term marketable securities represent investment of cash available for current operations. The Company accounts for its marketable securities as available-for-sale securities.

All marketable securities, which consist of corporate debt securities, asset-backed securities, U.S treasury and commercial paper are denominated in the U.S. dollars, have been classified as “available-for-sale”, and are carried at fair value. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive income (loss) and reported as a separate component of stockholders’ equity until realized. Realized gains and losses on marketable securities are included in Other income, net, in the accompanying Consolidated Statements of Operations. The cost of any marketable securities sold is based on the specific identification method. The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity. Interest on marketable securities is included in Other income, net in the Consolidated Statements of Operations. In accordance with the Company’s investment policy, management invests to diversify credit risk and only invests in securities with high credit quality, including U.S. government securities, and the maximum final maturity from the date of purchase is thirty-seven months.

If necessary, the Company will recognize an allowance for credit losses on available-for-sale debt securities on an individual basis, and will no longer consider other than-temporary impairment or immediately reduce the cost basis of the investment provided that it is more likely than not that the security will be held to recovery or maturity. Further, the Company will recognize any improvements in estimated credit losses on available-for-sale debt securities immediately in earnings and reduce the existing allowance for credit losses. The Company will disaggregate its available-for-sale marketable securities into the following categories: commercial paper, corporate debt, government and agency securities and money market funds. The Company’s government and agency securities are U.S. treasury bonds, and U.S. agency bonds. The Company has analyzed government and agency securities and identified that both types of securities have similar risk characteristics in that they are traded infrequently and have contractual interest rates and maturity dates.

To evaluate for impairment, management reviews credit rating changes, securities trends, interest rate movements and unrealized loss at the security level of the Company’s available-for-sale debt securities. If any of these give rise to a potential credit concern, the Company performs a discounted cash flow analysis to determine the credit portion of the impairment. The discounted cash flow analysis will be performed either internally or through the assistance of a qualified third party. Once the credit component of the impairment is determined, the Company will record the impaired amount as an allowance to the available-for-sale debt securities balance and as a charge to Other income, net in the accompanying Consolidated Statements of Operations, not to exceed the amount of the unrealized loss. The Company assesses expected credit losses at the end of each reporting period and adjusts the allowance through Other income, net.

Accounts Receivable

Accounts receivable are recorded net of customer allowances for expected credit losses. The Company estimates an allowance for expected credit losses (i.e., the inability of our customers to make required payments). These estimates are based on a combination of past experience and current trends. In estimating the allowance for expected credit losses, consideration is given to the current aging of receivables, a specific review for potential bad debts and an evaluation of historic write-offs. The resulting bad debt expense is included in Sales and marketing expenses in the Consolidated Statement of Operations. Receivables are written-off when deemed uncollectible. As of December 31, 2025 and 2024, the allowance for expected credit losses was $61,000 and $71,000, respectively.

A rollforward of the activity in the Company’s allowance for expected credit losses is as follows (in thousands):


	Year-ended
	December 31, 2025			December 31, 2024
Balance at beginning of year	$	71		$	48
Additions: change to cost and expense		(10	)		23
Deductions: write-offs, net of recovery	-				-
Balance at end of year	$	61		$	71

Inventory

Inventory is valued at the lower of cost or estimated net realizable value and is reflected in Cost of sales. Costs incurred in bringing each product to its present location and condition are accounted for at standard cost, which approximates actual cost, on a first-in, first-out basis (“FIFO”). The Company capitalizes inventory costs associated with the Company’s products when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed as research and development. Inventory is evaluated for impairment periodically to identify inventory obsolescence when an inventory item’s cost basis is in excess of its net realizable value. These adjustments are based upon multiple factors, including inventory levels, projected demand, and product shelf life.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and costs to complete the sale.

Lessee Right-of-Use Assets and Lease Liabilities

The Company has operating leases for corporate office space, manufacturing and warehouse facilities. The Company’s operating leases have remaining lease terms of one year to five years, some of which include options to renew the lease. At contract inception, the Company determines whether the contract is a lease or contains a lease. A contract contains a lease if the Company is both able to identify an asset and can conclude it has the right to control the identified asset for a period of time. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets.

Right-of-use (“ROU”) assets represent the Company’s right to control an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an explicit rate, the Company used its incremental borrowing rate (“IBR”) based on the information available at commencement date in determining the discount rate used to present value lease payments. In determining the IBR, the Company considered its credit rating and current market interest rates. The IBR used approximates the interest that the Company would be required to pay for a collateralized loan over a similar term. The Company’s leases typically do not include any residual value guarantees or asset retirement obligations.

The Company’s lease terms are only for periods in which it has enforceable rights. A lease is no longer enforceable when both the lessee and the lessor each have the right to terminate the lease without permission from the other party with no more than an insignificant penalty. The Company has options to renew some of these leases for three years after their expiration. The Company considers these options, which may be elected at the Company’s sole discretion, in determining the lease term on a lease-by-lease basis. Lease expense is recognized on a straight-line basis over the lease term and is primarily included in General and administrative expenses in the accompanying Consolidated Statements of Operations.

The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all underlying asset classes. Some leases require variable payments for common area maintenance, property taxes, parking, insurance and other variable costs. The variable portion of lease payments is not included in operating lease assets or liabilities. Variable lease costs are expensed when incurred.

Plant and Equipment

The Company’s plant and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation is computed based on the straight-line method over the estimated useful lives of the various asset classes, generally three to seven years. Depreciation for the leased RECELL GO RPD devices, which have a useful life of 200 uses, is computed based on customer usage as determined by the sales of RPK units. Leasehold improvements are amortized over the shorter of the life of the related asset or the remaining term of the lease. Costs associated with customized internal-use software systems that have reached the application development stage and technological feasibility are capitalized and include external direct costs utilized in developing or obtaining the applications and payroll and payroll-related expenses for employees who are directly associated with the application development. Maintenance and repairs are expensed as incurred.

Intangible Assets

The Company maintains definite-lived intangible assets related to patents and a license initially measured at cost and amortized over estimated useful lives of approximately 2—19 years. The Company had capitalized patent and trademark costs of $0.8 million as of December 31, 2025 and 2024, related to regulatory approval of the RECELL System, and are being amortized over their estimated useful lives. The Company also had a capitalized license of $5.0 million as of December 31, 2025 and 2024, related to the Regenity Agreement and the 510(k) approval for Cohealyx. For further details see Note 12 to the Consolidated Financial Statements.

Impairment of Long-Lived Assets

The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated, undiscounted future cash flows is less than the carrying amount of the asset, then an impairment is recognized for the amount by which the carrying value of the asset exceeds its estimated fair value. Fair value is determined using the market, income, or cost approaches as appropriate for the asset. Any write-downs are treated as permanent reductions in the carrying amount of the asset and recognized as an operating loss. The Company did not have any impairments in long-lived assets for the year-ended December 31, 2025 and 2024.

Sales and Marketing Expenses

Sales and marketing expenses consist primarily of compensation and employee benefits of sales and marketing personnel and related field sales organization, marketing events, advertising costs, travel, trade shows and other marketing materials. The Company expenses all selling and marketing costs as incurred. Advertising expenses were $492,000 and $539,000 for the years-ended December 31, 2025 and 2024, respectively.

Research and Development Expenses

Research and development expenses represent costs incurred to develop the Company’s products. Research and development expenses consist primarily of salaries and other personnel costs, clinical trial costs, regulatory costs and manufacturing costs for non-commercial products. The Company expenses all research and development costs in the periods in which they are incurred.

Stock-Based Compensation

The Company records compensation expense for stock options and restricted stock units (“RSU”) based on the fair market value of the awards on the date of grant. The fair value of stock-based compensation awards is amortized over the vesting period of the award. Compensation expense for performance-based awards is evaluated based on the number of shares ultimately expected to vest, evaluated each reporting period and based on management’s expectations regarding the relevant performance criteria. The Black-Scholes option pricing model and Monte Carlo Simulation are used to estimate the fair value of the time-based and performance-based options, respectively. Under ASU 2016-09, Compensation – Stock Compensation Improvements to Employee Share-Based Payment Accounting, the Company elected to account for forfeitures as they occur.

The following assumptions were used in the valuation of stock options.

•

Expected volatility – determined using the historical volatility using daily intervals over the expected term.

•

Expected dividends - based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future

•

Expected term – the expected term of the Company’s stock options for tenure-only vesting has been determined utilizing the “simplified” method as described in the SEC’s Staff Accounting Bulletin No. 107 relating to share-based compensation. The simplified method was chosen because the Company has limited historical option exercise experience due to its short operating history of awards granted, with the first plan being established in 2016 which was primarily used for executive awards. Further, the Company does not have sufficient history of exercises in the U.S. market given the Company’s redomiciliation from Australia to the United States in 2020. The expected term of options with a performance condition or market condition was set to the contractual term of 10 years. The contractual term was used for options with a performance or market condition as these are primarily awarded to executives and the Company assumes that they will hold them longer than rank and file employees.

•

Risk-free interest rate – the risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for a period approximately equal to the expected term of the award.

Employee Stock Purchase Plan

The Company’s Employee Stock Purchase Plan (“ESPP”), features two six-month offering periods per year, running from June 1 to November 30 and December 1 to May 31. The ESPP provides eligible employees with an opportunity to purchase shares of the Company’s common stock through payroll deductions of up to 15% of their eligible compensation. Under the ESPP, employees can purchase the Company’s Common stock at the lower of 85% of the fair value of shares on either the first or last day of the offering period. Amounts deducted and accumulated by the participant are recorded as ESPP liability and included in Accrued wages and fringe benefits in the Consolidated Balance Sheets. This amount is used to purchase shares of common stock at the end of each six-month purchase period. Once the shares are purchased, the ESPP liability is reclassified to stockholders’ equity on the purchase date. The ESPP is a compensatory plan accounted for under the expense recognition provision of share-based payment accounting standards. Compensation expense is recorded based on the fair market value at the grant date, which corresponds to the first day of each purchase period. The Black-Scholes option pricing model is used to estimate the grant date fair value.

Loss per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period, assuming potentially dilutive ordinary shares from option exercises, employee share awards, ESPP and warrants and other dilutive instruments that have been issued. For periods where the Company has presented a net loss, potentially dilutive securities are excluded from the computation of diluted net loss per share as they would be anti-dilutive. In accordance with ASC 710-10, Compensation – General (“ASC 710”), shares of common stock held by the rabbi trust are excluded from the denominator in the basic and diluted EPS calculations.

Non-Qualified Deferred Compensation Plan Liability and Corporate-Owned Life Insurance Asset

The Company’s non-qualified deferred compensation plan (the “NQDC plan”), which became effective in October 2021, allows highly compensated key employees to elect to defer a portion of their salary, bonus and RSU awards to later years. Management determined that the cash deferrals under the NQDC plan shall be accounted for similarly to a defined benefit plan under ASC 715, Compensation – Retirement Benefits (“ASC 715”), and should follow accounting treatment that is similar to a cash balance plan. Management determined that the employee portion and employer portion of the deferred compensation should be recognized as a compensation expense with a corresponding credit to deferred compensation liability. The matching contribution will be accrued over the vesting period of two years with 25% vesting in the first year and 75% vesting in the second year. Employees aged 55 or older immediately vest in employer matching contributions. The change in the liability between each reporting period is accounted for as compensation expense with a corresponding adjustment to deferred compensation liability. Upon distribution, the Company will record the distribution as a decrease to deferred compensation liability with a corresponding credit to cash. The Company funds the NQDC plan through a Corporate-Owned Life Insurance (“COLI”). Per the ASC 325-30-25-1A, Investments – Other, COLI is recorded as an asset on the Consolidated Balance Sheets as it does not meet the definition of a plan asset under ASC 715. The Company invests in COLI policies relating to its deferred compensation plan. Investments in COLI policies are recorded at their cash surrender values as of each balance sheet date. Changes in the cash surrender value during the period are recorded as a gain or loss in the Consolidated Statements of Operations in Other income, net.

Rabbi Trust

During April 2022, the Company established a rabbi trust for a select group of participants in which share awards granted under the 2020 Omnibus Incentive Plan (“2020 Plan”) and deferred under the NQDC plan may be deposited. In addition to the deferral of shares, the rabbi trust holds the assets in the COLI for the NQDC plan. The rabbi trust is an irrevocable trust, and no portion of the trust fund may be used for any purpose other than the delivery of those assets to the participants. The assets held in the rabbi trust are subject to the claims of our general creditors in the event of bankruptcy or insolvency. The value of the assets of the rabbi trust is consolidated into our financial statements.

The NQDC plan permits diversification of vested shares (common stock) into other equity securities subject to a six-month and one day holding period subsequent to vesting. Per ASC 710-10-25-15, accounting for deferred common stock will be under plan type C or D. Accounting will depend on whether or not the employee has diversified the common stock. Under plan type C, diversification is permitted but the employee has not diversified. Under plan type D, diversification is permitted, and the employee has diversified.

For common stock that has not been diversified, the employer stock held in the rabbi trust is classified in a manner similar to treasury stock and presented separately on the Consolidated Balance Sheets as Company common stock held by the NQDC plan. The common stock will be recorded at the fair value of the stock at the time it vested, subsequent changes in the value of the common stock will not be recognized. The deferred compensation obligation is measured independently at fair value of the common stock with a corresponding charge or credit to compensation cost. The fair value is calculated as the product of the common stock and the closing price of the stock each reporting period.

Under plan type D, the accounting for the assets held by the rabbi trust is subject to the accounting pronouncements under applicable GAAP for each asset type. The deferred compensation obligation is measured independently at fair value of the underlying assets. During the years-ended December 31, 2025 and 2024, the diversified stock was invested in funds under the COLI policy.

Non-Qualified Deferred Compensation Stock Awards

In accordance with ASC 718, Compensation — Stock Compensation (“ASC 718”), the deferred RSU awards under the NQDC plan are classified as an equity instrument and changes in fair value of the amount owed to the participant are not recognized. As the plan permits diversification, presentation outside of permanent equity in accordance with ASR 268, Redeemable Preferred Stock is appropriate. The redemption amounts are based on the vested percentage and are recorded outside of equity as Non-qualified deferred compensation share awards on the Consolidated Balance Sheets. Deferred awards will be presented outside of permanent equity until the awards are vested. For further details refer to Note 17 to the Consolidated Financial Statements.

Segment Reporting

Operating segments are defined as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision-maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company’s CODM is its Chief Executive Officer, who reviews consolidated financial results when making resource allocation decisions or evaluating Company performance. To date, the Company has viewed its operations and manages its business as one segment. As of December 31, 2025, the Company has no material long-lived assets outside of the U.S. and approximately 4% of its total revenues for the year-ended December 31, 2025 are from foreign countries. For further details refer to Note 11 to the Consolidated Financial Statements.

Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of intangible assets	$ 0	$ 0
Amortization of intangible assets	600,000	$ 93,000
License	$ 5,000,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Loss per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Earnings Per Share [Abstract]
Common stock excluded from calculation of basic and diluted EPS	135,493	127,270

Loss per Share - Summary of Reconciliation of The Basic And Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Earnings Per Share [Abstract]
Net loss	$ (48,587)	$ (61,845)
Weighted-average common shares—outstanding, basic	27,860,784	25,883,056
Weighted-average common shares—outstanding, diluted	27,860,784	25,883,056
Net loss per common share, basic	$ (1.74)	$ (2.39)
Net loss per common share, diluted	$ (1.74)	$ (2.39)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

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

+ References

+ Details

Subsequent Events - Additional Information (Detail) - Subsequent Event - Perceptive Advisors LLC - Senior Secured Credit Facility	Jan. 13, 2026 USD ($)
Subsequent Event [Line Items]
Credit agreement term	5 years
Aggregate principal amount	$ 60,000,000
Current borrowing capacity	50,000,000
Remaining borrowing capacity	$ 10,000,000
Line of credit facility description	The indebtedness under the Perceptive Credit Agreement will be secured by substantially all of our assets and will accrue interest at a rate equal to the greater of (a) forward-looking one-month term SOFR rate and (b) four percent (4%) per annum, plus seven and a half percent (7.5%). Under the terms of the Perceptive Credit Agreement, and as set forth in a fee letter between us, and Perceptive (the “Fee Letter”), we will pay certain fees with respect to the Perceptive Loan Facility, including (a) an exit fee equal to 5% of the aggregate principal amount borrowed by us under the Perceptive Credit Agreement in the event that we fail to secure shareholder approval of the issuance of the Warrant (as defined below) in accordance with the rules of the ASX (the “Warrant Shareholder Approval”) on or prior to September 30, 2026, and (b) a prepayment premium ranging from 1% to 10% of the amount of the Perceptive Loan Facility that is prepaid upon any voluntary or mandatory prepayment (including as a result of an acceleration), together with certain other fees and expenses of Perceptive. The Perceptive Credit Agreement contains certain customary events of default, including with respect to nonpayment of principal, interest, fees or other amounts; material inaccuracy of a representation or warranty; failure to perform or observe covenants; material defaults on other indebtedness; insolvency; loss of certain key permits, persons and contracts; material adverse effects; certain regulatory matters; and change of control. Additionally, the Company’s failure to obtain the Warrant Shareholder Approval on or prior to November 30, 2026 shall constitute an event of default under the Perceptive Credit Agreement. The Perceptive Credit Agreement contains a number of customary representations, warranties and covenants that, among other things, will limit or restrict the ability of the Company and its subsidiaries to (subject to certain qualifications and exceptions): create liens and encumbrances; incur additional indebtedness; merge, dissolve, liquidate or consolidate; make acquisitions, investments, advances or loans; dispose of or transfer assets; pay dividends or make other payments in respect of their capital stock; redeem or repurchase certain debt; engage in certain transactions with affiliates; and enter into certain restrictive agreements. Among such covenants, the Perceptive Credit Agreement includes a financial maintenance test, beginning at the end of the fiscal quarter ending March 31, 2026, that requires the Obligors to maintain a specified minimum net revenue for each trailing twelve-month period ending on the last day of a fiscal quarter occurring prior to the maturity date of the Perceptive Loan Facility. In addition, the Perceptive Credit Agreement requires the Company to ensure that the Obligors maintain in the aggregate at least $5 million of unrestricted cash at all times.
Line of credit facility, exit fee percentage	5.00%
Tranche One
Subsequent Event [Line Items]
Interest rate percentage	4.00%
Tranche Two
Subsequent Event [Line Items]
Interest rate percentage	7.50%
Minimum
Subsequent Event [Line Items]
Prepayment premium percentage	1.00%
Unrestricted Cash	$ 5,000,000
Maximum
Subsequent Event [Line Items]
Prepayment premium percentage	10.00%

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Summary Of Lease Cost

The following table sets forth the Company’s operating lease expenses which are included in operating expenses in the Consolidated Statements of Operations (in thousands):


	Year Ended
	December 31, 2025		December 31, 2024
Operating lease cost	$	1,210	$	821
Variable lease cost		177		174
Total lease cost	$	1,387	$	995

Summary Of Supplemental Cash Flow Information Related To Operating Leases

Supplemental cash flow information related to operating leases was as follows (in thousands):

Summary Of Supplemental Balance Sheet Information Related To Operating Leases


	As of
	December 31, 2025			December 31, 2024
Reported as:
Operating lease right-of-use assets	$	2,899		$	3,571
Total right-of-use assets	$	2,899		$	3,571
Other current liabilities:
Operating lease liabilities, short-term	$	929		$	900
Operating lease liabilities, long term		2,135			2,840
Total operating lease liabilities	$	3,064		$	3,740
Operating lease weighted average remaining lease term (years)		3.77			4.34
Operating lease weighted average discount rate		9.82	%		9.74	%

Summary Of Maturities Of The Company's Operating Lease Liabilities

As of December 31, 2025, maturities of the Company’s operating lease liabilities are as follows (in thousands):


	Operating Leases
2026	$	1,180
2027		829
2028		716
2029		543
2030		416
Thereafter		-
Total lease payments		3,684
Less imputed interest		(620	)
Total operating lease liabilities	$	3,064

Summary Of Assets Held For Lease And Included In Plant And Equipment, Net

Assets held for lease and included in Plant and equipment, net consisted of the following (in thousands):


	As of
	December 31, 2025			December 31, 2024
Rental RPD assets	$	1,630		$	1,384
Accumulated depreciation		(98	)		(47	)
Net rental RPD assets	$	1,532		$	1,337

Retirement Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Retirement Plans

17. Retirement Plans

The Company offers a 401(k)-retirement savings plan (the “401(k) Plan”) for its employees, including its executive officers, who satisfy certain eligibility requirements. The Internal Revenue Code of 1986, as amended, allows eligible employees to defer a portion of their compensation, within prescribed limits, on a pre-tax basis through contributions to the 401(k) Plan. The Company matches contributions to the 401(k) Plan based on the amount of salary deferral contributions the participant makes to the 401(k) Plan. The Company will match up to 6% of an employee’s compensation that the employee contributes to his or her 401(k) Plan account. Total Company matching contributions to the 401(k) Plan were $2.2 million and $2.5 million for the years-ended December 31, 2025, and 2024, respectively.

Non-qualified deferred compensation plan

The Company’s NQDC plan, which became effective on October 2021 allows for eligible management and highly compensated key employees to elect to defer a portion of their salary, bonus, commissions and RSU awards to later years. Cash deferrals are immediately vested and are subject to investment risk and a risk of forfeiture under certain circumstances. RSU deferrals are subject to the vesting conditions of the award. Once RSUs vest, subject to a six-month and one day holding period, employees are allowed to diversify the common stock into other investment options offered by the plan. For cash deferrals, the Company matches 4% to 6% (depending on level) of employee contributions. These matching employer contributions are vested over a two-year period with 25% vesting on year one and 75% vesting on year two for employees under 55 years of age. Employer contributions for employees over 55 years of age are immediately vested. Employer contributions to the NQDC plan for the years-ended December 31, 2025 and 2024 were $88,000 and $154,000, respectively. The Company’s deferred compensation plan liability was $4.0 million and $5.1 million as of December 31, 2025 and 2024, respectively. These amounts are split between current and long term on the Consolidated Balance Sheets. As of December 31, 2025 and 2024, $0.3 million and $2.1 million is included in Current non-qualified deferred compensation liability and $3.7 million and $3.0 million in Non-qualified deferred compensation liability, respectively. During the years-ended December 31, 2025 and 2024, the Company had a payout of approximately $1.1 million and $744,000, respectively, in the deferred compensation liability for terminated employees.

The Company established a COLI to fund the NQDC plan. Amounts in the COLI are invested in a number of funds. The securities are carried at the cash surrender value on the Consolidated Balance Sheets. We record investment gains and losses of the COLI as other income. Refer to Note 4 to the Consolidated Financial Statements for the fair values of the COLI policies and the NQDC liability.

Rabbi Trust

During April 2022, we established a rabbi trust to hold the assets of the NQDC plan. The rabbi trust holds the COLI asset and the common stock from deferred RSU awards that have vested. The NQDC permits diversification of fully vested shares into other equity securities subject to a six month and one day holding period. In accordance with ASR 268, Redeemable Preferred Stock, and ASC 718, prior to vesting, the deferred share awards are classified as an equity instrument and changes in fair value of the amount owed to the participant are not recognized. The redemption amounts of the deferred awards are based on the vested percentage and are recorded outside of permanent equity as Non-qualified deferred compensation share awards on the Consolidated Balance Sheets. As of December 31, 2025, no share awards have been deferred. As of December 31, 2024, a total of 244,218 shares awards have been deferred. Vested shares are converted to common stock and are reclassified to permanent equity. Common stock held in the rabbi trust is classified in a manner similar to treasury stock and presented separately on the Consolidated Balance Sheets as Common stock held by the NQDC plan. For the years-ended December 31, 2025 and December 31, 2024 a total of 135,493 and 127,270 shares were vested at the redemption value of $0.6 million and $1.3 million, respectively.

The following table summarizes the eligible share award activity as of December 31, 2025 and December 31, 2024.


	As of
(in thousands)	December 31, 2025			December 31, 2024
Non-qualified deferred compensation share awards:
Balance at beginning of period	$	244		$	693
Stock-based compensation expense		24			77
Change in redemption value		(90	)		(92	)
Vesting of share awards held by NDQC		(178	)		(434	)
Ending Balance	$	-		$	244

- Definition

The entire disclosure for retirement benefits.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

The Company is subject to certain contingencies arising in the ordinary course of business. The Company records accruals for these contingencies to the extent that a loss is both probable and reasonably estimable. If some amount within a range of loss appears more likely than any other amount within the range, that amount is accrued. Alternatively, when no amount within a range of loss appears to be a better estimate than any other amount, the lowest amount in the range is accrued. The Company expenses legal costs associated with loss contingencies as incurred. As of December 31, 2025, the Company does not have any outstanding or threatened litigation that would have a material impact to the financial statements.

Commitments with Stedical

On January 26, 2024, the Company entered into the Distribution Agreement with Stedical. Under the terms of the Distribution Agreement, the Company held the exclusive rights to market, sell, and distribute PermeaDerm products, including any future enhancements or modifications, within the United States. The initial term is for five years, with the option to renew for an additional five years, contingent upon meeting certain minimum requirements.

On March 17, 2025, the Company and Stedical entered into an Amendment Two (the “Amendment”) of the Distribution Agreement. Under the terms of the Amendment, the Company’s share of revenue from PermeaDerm sales increased from 50% to 60% and Stedical becomes eligible for certain milestone payments conditioned upon AVITA Medical’s achievement of specified sales targets. In addition, Stedical’s share from the sale of PermeaDerm is reduced by the Company’s actual cost to manufacture PermeaDerm. For 2025, the Company is required to reach $6.0 million in gross sales of PermeaDerm. For every year thereafter, the Company must achieve a minimum 20% increase in revenue from sales of PermeaDerm. In the event the Company fails to achieve the specified growth rate for two subsequent years, the Company has the option to make a cash payment to Stedical equal to the difference between what Stedical would have received if that growth target had been met for that second year and the amount of payments that were made to Stedical during that second year. The Amendment revises the initial term of the Distribution Agreement to ten years from the date of the Amendment.

Simultaneously to entering into the Amendment, on March 17, 2025, the Company entered into the Manufacturing Agreement with Stedical to manufacture PermeaDerm in the United States for the purposes of (i) sale in the United States under the terms of the Distribution Agreement and (ii) sale to Stedical for sale or distribution outside of the United States. The initial term of the Manufacturing Agreement is for ten years.

Development and Distribution Agreement with Regenity

On July 31, 2024, the Company entered into the Regenity Agreement to market, sell, and distribute Cohealyx, a unique collagen-based dermal matrix under the Company's private label in the U.S., with the potential to commercialize the product in countries in the European Union, as well as in Japan and Australia. The initial term of the Regenity Agreement is five years, with an automatic extension of an additional five years, contingent upon meeting certain criteria. The Regenity Agreement also requires the Company to meet certain revenue targets, which may be reduced by the amount of product purchased during a given year, in order to maintain its exclusive distribution rights. In the event the Company fails to meet those revenue targets, Regenity may end the Company’s exclusivity under the Regenity Agreement unless the Company makes a cash payment to Regenity equal to the difference between what Regenity would have received if the revenue target were met and the amount of payments that were made to Regenity during the year.

Under the terms of the Regenity Agreement, the Company made a $2.0 million payment upon receipt of 510(k) clearance by Regenity in December 2024. Depending on the results of certain clinical studies related to Cohealyx, the Company has an additional obligation to pay up to $3.0 million on or before January 4, 2026 to guarantee development and manufacturing capacity (and related resources). As such, upon Regenity receiving 510(k) clearance in December 2024, the Company recorded $5.0 million in Intangible assets, net on the Consolidated Balance Sheets.

On December 17, 2025, the Company entered into Amendment One to the Regenity Agreement (the “Regenity Amendment”). Under the terms of the Regenity Amendment, the Company’s obligation to pay up to $3.0 million was amended to on or before January 4, 2027 to guarantee development and manufacturing capacity (and related resources). As of December 31, 2025 and December 31, 2024, the Company recorded $3.0 million in Contingent liability, long-term on the Consolidated Balance Sheets.

Income Taxes - Summary of Deferred Income Tax (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax liabilities
ROU asset	$ (767)	$ (904)
Total deferred tax liabilities	(767)	(904)
Deferred tax assets
Property, plant and equipment	69	41
Accrued expenses	1,991	3,365
Stock based compensation	4,747	3,044
Lease liability	811	947
Research and development	7,725	7,077
Net operating loss carryforward	55,114	45,233
Section 163(j) interest expense	1,379
Other	2,156	1,567
Total deferred tax assets	73,992	61,274
Less valuation allowance	(73,255)	(60,370)
Net deferred tax assets	767	904
Net deferred tax assets / (liabilities)

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Line Items]
Open tax year	2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
Deferred tax assets valuation allowance	$ 73,255,000	$ 60,370,000
Unrecognized income tax benefits	0	0
Cash paid for income taxes	$ 15,000	$ 41,000
Tax Cut And Jobs Act
Income Tax Disclosure [Line Items]
Percentage of tax amount likely to be realised	50.00%
Tax Year 2028 through 2038
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 19,400,000
Internal Revenue Service (IRS)
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	216,000,000
State and Local Jurisdiction
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	146,900,000
Cash paid for income taxes	$ 15,000

Share-Based Payment Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Plans

14. Share-Based Payment Plans

Overview of Employee Share-Based Compensation Plans

The Company’s former parent company, AVITA Medical Pty Limited, adopted the Employee Share Plan and the Incentive Option Plan (collectively, the “2016 Plans”). Upon completion of the redomiciliation of the Company from Australia to the United States in June 2020 (“Redomiciliation”), the 2016 Plans were terminated with respect to future grants and accordingly, there are no more shares available to be issued under the 2016 Plans. During November 2020, the Company filed a registration statement on Form S-8 to register a total of 1,750,000 shares of common stock which may be issued pursuant to the terms of the 2020 Plan. During June 2023, the Company filed a registration statement on Form S-8 to register an additional 2,500,000 shares of common stock under the 2020 Plan. The increase in shares available for issuance was a result of the stockholders of AVITA Medical, Inc. approving an amendment to the 2020 Plan on June 6, 2023 at the Company’s 2023 Annual Meeting of Stockholders (the “2023 Annual Meeting”). During August 2024, the Company filed a registration statement on Form S-8 to register 428,858 shares of common stock that are issuable upon the exercise of stock options and the vesting of RSUs granted pursuant to individual stock option award and RSU award agreements approved by the Company’s stockholders at the Company’s 2024 Annual Meeting of Stockholders (the “2024 Annual Meeting”). During August 2025, the Company filed a registration statement on Form S-8 to register 605,902 shares of common stock that are issuable upon the exercise of stock options and the vesting of RSUs granted pursuant to individual stock option award and RSU award agreements approved by the Company’s stockholders at the Company’s 2025 Annual Meeting of Stockholders (the “2025 Annual Meeting”).

On December 22, 2021, the Company’s stockholders approved the issuance of options and RSUs to the Board of Directors in accordance with ASX rules. These awards are subject to the vesting and performance conditions as denoted in the individual agreements (collectively, the “2021 Annual Meeting Awards”). On December 12, 2022, the Company’s stockholders approved the issuance of options and RSUs to the Board of Directors and the CEO in accordance with ASX rules. These awards are subject to vesting conditions as denoted in the individual agreements (collectively, the “2022 Annual Meeting Awards”). On June 6, 2023, the Company’s stockholders approved the issuance of options and RSUs to the Board of Directors and the CEO in accordance with ASX rules. These awards are subject to vesting conditions as denoted in the individual agreements (collectively, the “2023 Annual Meeting Awards”). On June 5, 2024, the Company’s stockholders approved the issuance of options and RSUs to the Board of Directors and the CEO in accordance with ASX rules. These awards are subject to vesting conditions as denoted in the individual agreements (collectively, the “2024 Annual Meeting Awards”). On June 4, 2025, the Company’s stockholders approved the issuance of options and RSUs to the Board of Directors and the CEO in accordance with ASX rules. These awards are subject to vesting conditions as denoted in the individual agreements (collectively, the “2025 Annual Meeting Awards”).

The 2020 Plan provides for the grant of the following grants: (a) Incentive Stock Options, (b) Nonstatutory Stock Options, (c) Stock Appreciation Rights, (d) Restricted Stock Grants, (e) Restricted Stock Unit Grants, (f) Performance Grants, and (g) Other Grants. The 2020 Plan will be administered by the Human Capital and Compensation Committee or by the Board acting as the Human Capital and Compensation Committee. Subject to the general purposes, terms and conditions of the 2020 Plan, applicable law and any charter adopted by the Board governing the actions of the Human Capital and Compensation Committee, the Human Capital and Compensation Committee will have full power to implement and carry out the 2020 Plan. Without limitation, the Human Capital and Compensation Committee will have the authority to interpret the plan, approve persons to receive grants, determine the terms and number of shares of the grants, determine vesting and exercisability of grants, and make all other determinations necessary or advisable in connection with the administration of the 2020 Plan.

The contractual term of stock option awards granted under the 2020 Plan is ten years from the grant date. Unless otherwise specified, the vesting periods of options and RSUs granted under the 2020 Plan are: (i) vest over a three-year or four-year period in equal installments at the end of each year from the date of grant, and /or (ii) subject to other performance criteria, as determined by the Human Capital and Compensation Committee.

The following table summarizes information about the Company’s stock-based award plans as of December 31, 2025:


	Outstanding Options		Outstanding Restricted Stock Units		Shares Available For Future Issuance
2016 Equity Incentive Plan		429,738		—		-
2020 Equity Incentive Plan		3,345,733		—		2,841,311
2021 AGM Awards		22,600		—		-
2022 AGM Awards		191,302		—		-
2023 AGM Awards		91,435		6,916		-
2024 AGM Awards		256,992		—		-
2025 AGM Awards		199,104		60,132		-

Share-Based Payment Expenses

Stock-based payment transactions are recognized as compensation expense based on the fair value of the instrument on the date of grant. The Company uses the graded-vesting method to recognize compensation expense. Compensation cost is reduced for forfeitures as they occur in accordance with ASU 2016-09, Simplifying the Accounting for Share-Based Payment. The Company recorded stock-based compensation expense of $9.5 million and $13.5 million for the years-ended December 31, 2025 and 2024, respectively. No income tax benefit was recognized in the Consolidated Statements of Operations for stock-based payment arrangements for the years-ended December 31, 2025 and 2024.

The Company has included stock-based compensation expense and ESPP expense as part of operating expenses in the accompanying Consolidated Statements of Operations as follows (in thousands):


	Year Ended
	December 31, 2025		December 31, 2024
Sales and marketing expenses	$	2,297	$	3,338
General and administrative expenses		4,768		8,376
Research and development expenses		2,454		1,782
Total	$	9,519	$	13,496

A summary of share option activity as of December 31, 2025 and changes during the year then ended is presented below:


	Service Only Share Options			Performance-Based Share Options			Total Share Options
Outstanding shares at December 31, 2024		3,349,037			191,171			3,540,208
Granted		1,905,770			100,000			2,005,770
Exercised		(61,267	)		(13,458	)		(74,725	)
Expired		(135,388	)		(5,824	)		(141,212	)
Forfeited		(692,549	)		(100,588	)		(793,137	)
Outstanding shares at December 31, 2025		4,365,603			171,301			4,536,904
Exercisable at December 31, 2025		1,811,164			161,707			1,972,871
Vested and expected to vest - December 31, 2025		4,365,603			171,301			4,536,904

The weighted-average grant-date fair value of options granted during the years-ended December 31, 2025 and 2024 was $8.06 and $7.55, respectively. The total intrinsic value of options exercised during the years-ended December 31, 2025 and 2024 was $0.3 million and $2.1 million, respectively. Intrinsic value is measured using the fair market value at the date of exercise for options exercised, or at balance sheet date for outstanding options, less the applicable exercise price.

Cash received from the exercise of options was approximately $0.4 million and $2.1 million, for the years-ended December 31, 2025 and 2024, respectively.

As of December 31, 2025, there was approximately $5.2 million of total unrecognized compensation cost related to share-based compensation expense. Of this amount $5.1 million relates to service only share options to be recognized over a weighted average period of 0.66 years.

Restricted Stock Units

Restricted stock units are granted to executives as part of their long-term incentive compensation. RSUs granted to directors as a result of stockholder approval at the Company’s 2021 Annual Meeting, 2022 Annual Meeting, 2023 Annual Meeting, 2024 Annual Meeting and 2025 Annual Meeting are issued pursuant to award agreements between the Company and the holders of such securities. These RSU awards were approved by the Human Capital and Compensation Committee. All RSU awards vest in accordance with the tenure or performance conditions as determined by the Human Capital and Compensation Committee and set out in the contracts between the Company and the holders of such securities. The grant date fair value is determined based on the price of the Company stock price on the date of grant (stock price determined on Nasdaq).

A summary of the status of the Company’s unvested RSUs as of December 31, 2025, and changes that occurred during the year is presented below:


Unvested Shares	Tenure-Based RSUs			Performance Condition RSUs			Total RSUs
Unvested RSUs outstanding at December 31, 2024		109,315			7,881			117,196
Granted		60,132			-			60,132
Vested		(101,299	)		(7,881	)		(109,180	)
Forfeited		(1,100	)		-			(1,100	)
Unvested RSUs outstanding at December 31, 2025		67,048			-			67,048

The weighted-average grant-date fair value of the RSUs granted during the years-ended December 31, 2025 and 2024, was $8.73 and $9.51, respectively. The total fair value of shares vested during the years-ended December 31, 2025 and 2024, was $0.9 million and $1.4 million, respectively.

As of December 31, 2025, there was $62,000 of total unrecognized compensation cost related to service only RSU awards to be recognized over a weighted average period of 0.08 years.

2021 Annual Meeting Awards

Awards to non-executive members of the Board of Directors (“Director awards”) under the 2021 Annual Meeting Awards

The Director awards that were granted in 2021 consist of an aggregate 68,600 options and RSUs. A total of 41,400 tenure-based options are RSUs (15,300 options and 26,100 RSUs) vested 12 months from the grant date. A total of 27,200 tenure-based options and RSUs (9,850 options and 17,350 RSUs) vest over 3 three years in equal installment each year.

2022 Annual Meeting Awards

Awards to the CEO under the 2022 Annual Meeting Awards

On December 12, 2022, the CEO was issued an aggregate 226,296 options with 25% of those options vesting annually commencing on September 28, 2023.

Non-Executive Director awards under the 2022 Annual Meeting Awards

The Director awards consist of an aggregate 71,936 options and RSUs (21,580 options and 50,356 RSUs) vesting 12 months from the grant date.

2023 Annual Meeting Awards

Awards to the CEO under the 2023 Annual Meeting Awards

On June 6, 2023, the CEO was issued an aggregate 100,000 options with 33.3% of those options vesting annually commencing on June 6, 2024.

Non-Executive Director awards under the 2023 Annual Meeting Awards

The Director awards consist of an aggregate 82,566 options and RSUs. A total of 52,926 tenure-based options and RSUs (15,876 options and 37,050 RSUs) vest 12 months from the grant date. A total of 29,640 tenure-based options and RSUs (8,892 options and 20,748 RSUs) vest over three years in equal installments each year.

2024 Annual Meeting Awards

Awards to the CEO under the 2024 Annual Meeting Awards

On June 5, 2024, the CEO was issued an aggregate 350,000 options with 33.3% of those options vesting annually commencing on January 3, 2025.

Non-Executive Director awards under the 2024 Annual Meeting Awards

The Director awards consist of an aggregate 78,858 options and RSUs (23,658 tenure-based options and 55,200 RSUs) vesting 12 months from the grant date.

2025 Annual Meeting Awards

Awards to the CEO under the 2025 Annual Meeting Awards

On June 4, 2025, the CEO was issued an aggregate 520,000 options with 33.3% of those options vesting annually commencing on January 21, 2026.

Non-Executive Director awards under the 2025 Annual Meeting Awards

The Director awards consist of an aggregate 85,902 options and RSUs (25,770 tenure-based options and 60,132 RSUs) vesting 12 months from January 21, 2026.

Option Pricing Model

The Company estimates the fair value of tenure-based share options using the Black-Scholes option pricing model on the date of grant.

The valuation of the options is affected by the Company's share price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, expected share price volatility over the term of the awards and actual and projected employee share option exercise behaviors. The risk-free rate is based on the U.S. Treasury rate for the expected term at the time of grant, volatility is based on the historical volatility. For tenure-based options, the expected term is based on the estimated average of the life of options using the simplified method as prescribed by SAB 107. The Company utilizes the simplified method for plain vanilla options to determine the expected term of the options due to insufficient exercise activity during recent years. The expected dividend assumption is based on the Company’s history and expectation of dividend payouts.

Included in the following table is a summary of the related assumptions used in the Black-Scholes Option pricing model for the years-ended December 31, 2025 and 2024.


	Year-Ended
	December 31, 2025			December 31, 2024
Expected volatility	71% - 75%			73% - 75%
Weighted-average volatility		73	%		74	%
Expected dividends		0	%		0	%
Expected term (in years)	5.2 - 9.6			5.5 - 6.5
Risk-free interest rate	3.68% - 4.42%			3.43% - 4.64%

Employee Stock Purchase Plan

In June 2023, the stockholders approved the AVITA Medical, Inc. Employee Stock Purchase Plan (the “ESPP”). The ESPP became effective on July 1, 2023. On June 30, 2023, the Company filed Registration Statement on Form S-8 to register

1,000,000 shares of common stock under the ESPP, as a result of the Company’s stockholders approving the ESPP at the 2023 Annual Meeting. The ESPP features two six-month offering periods per year, from June 1 to November 30 and December 1 to May 31. The first offering period for the ESPP was July 1 – November 30, 2023. Subsequent offering periods will begin the first trading day of December and June each year. For the year-ended December 31, 2025, 193,338 shares were issued under the ESPP at a purchase price of $4.11, and total proceeds received from the purchase of shares under the ESPP were approximately $0.8 million. For the year-ended December 31, 2024, 171,224 shares were issued under the ESPP at a purchase price of $8.02, and total proceeds received from the purchase of shares under the ESPP were approximately $1.4 million. During the years-ended December 31, 2025 and 2024, the Company recorded $446,000 and $735,000, respectively in ESPP expense and had unamortized expense remaining of $190,000 and $275,000, respectively, to be recognized over a term of 0.42 years. As of December 31, 2025 and 2024, the Company had accrued payroll contributions for future ESPP purchases of approximately $80,000 and $89,000, respectively.

The Company estimates the fair value of the ESPP using the Black-Scholes option pricing model on the date of grant. The valuation is affected by the Company's share price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, expected term, expected share price, volatility over the expected term and risk-free rate. The risk-free interest rate is based on the U.S. Treasury rate for the expected term at the time of grant, volatility is based on the historical volatility. The expected dividend assumption is based on the Company’s history and expectation of dividend payouts.

Included in the following table is a summary of the related assumptions used in the Black-Scholes Option pricing model for the years-ended December 31, 2025 and 2024.


	Year-Ended
	December 31, 2025			December 31, 2024
Expected volatility	98.83% - 102.79%			57.59% - 73.26%
Weighted-average volatility		101.38	%		63.81	%
Expected dividends		0	%		0	%
Expected term (in years)	0.5			0.5
Risk-free interest rate	3.68% - 4.27%			4.33% - 5.28%

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Company Common Stock Held by the NQDC Plan	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning Balance at Dec. 31, 2023	$ 49,056	$ 3	$ (1,130)	$ 350,039	$ (1,887)	$ (297,969)
Beginning balance, shares at Dec. 31, 2023		25,682,078
Net loss	(61,845)					(61,845)
Stock-based compensation	13,419			13,419
Exercise of stock options	2,135			2,135
Exercise of stock options, shares		352,208
Vesting of restricted stock units, shares		99,905
Distribution/diversification of Company common stock held by the NQDC Plan	321		245	76
Vesting of Company common stock held by the NQDC Plan			(434)	434
Vesting of Company common stock held by the NQDC Plan, shares		48,627
Change in redemption value of share awards in NQDC plan	92			92
ESPP purchases	$ 1,373			1,373
ESPP purchases, Shares	171,224	171,224
Net unrealized gain (loss) on marketable securities	$ (82)				(82)
Change in fair value due to credit risk on long-term debt	30				30
Ending Balance at Dec. 31, 2024	4,499	$ 3	(1,319)	367,568	(1,939)	(359,814)
Ending Balance, shares at Dec. 31, 2024		26,354,042
Net loss	(48,587)					(48,587)
Issuance of common stock under private placement	14,792			14,792
Issuance of common stock under private placement, shares		3,440,377
Issuance costs associated with private placement	(1,058)			(1,058)
Issuance of common stock related to debt amendment, shares		400,000
Issuance of common stock related to debt amendment	2,152			2,152
Stock-based compensation	9,495			9,495
Exercise of stock options	$ 407			407
Exercise of stock options, shares	74,725	74,725
Vesting of restricted stock units, shares		85,707
Distribution/diversification of Company common stock held by the NQDC Plan	$ 193		205	(12)
Vesting of Company common stock held by the NQDC Plan			(179)	179
Vesting of Company common stock held by the NQDC Plan, shares		23,473
Change in redemption value of share awards in NQDC plan	90			90
ESPP purchases	$ 795			795
ESPP purchases, Shares	193,338	193,338
Net unrealized gain (loss) on marketable securities	$ (10)				(10)
Change in fair value due to credit risk on long-term debt	582				582
Ending Balance at Dec. 31, 2025	$ (16,650)	$ 3	$ (1,293)	$ 394,408	$ (1,367)	$ (408,401)
Ending Balance, shares at Dec. 31, 2025		30,571,662

Reporting Segment and Geographic Information - Summary of Consolidated Net Loss by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting [Abstract]
Total revenues	$ 71,610	$ 64,251
Purchases of inventory	(10,939)	(7,861)
Other cost of sales	(1,855)	(1,233)
Gross profit	58,816	55,157
Operating expenses:
Sales and marketing	(53,138)	(58,195)
General and administrative	(27,373)	(33,195)
Research and development	(20,839)	(20,360)
Total operating expenses	(101,350)	(111,750)
Operating loss	(42,534)	(56,593)
Interest expense	(5,004)	(5,361)
Other income, net	(1,038)	163
Loss before income taxes	(48,576)	(61,791)
Income tax expense	(11)	(54)
Net loss	$ (48,587)	$ (61,845)

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock par value	$ 0.0001	$ 0.0001
Common stock shares authorized	200,000,000	200,000,000
Common stock shares issued	30,571,662	26,354,042
Common stock shares outstanding	30,571,662	26,354,042
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0

Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

9. Intangible Assets

The composition of intangible assets is as follows (in thousands):


			As of December 31, 2025							As of December 31, 2024
	Weighted Average Useful Life		Gross Amount		Accumulated Amortization			Net Carry Amount		Gross Amount		Accumulated Amortization			Net Carry Amount
Patent 1		7.23	$	143	$	(57	)	$	86	$	136	$	(46	)	$	90
Patent 2		8.17		238		(87	)		151		238		(61	)		177
Patent 3		14.50		118		(24	)		94		108		(25	)		83
Patent 4		15.26		80		(12	)		68		67		(9	)		58
Patent 5		5.63		55		(15	)		40		46		(3	)		43
Patent 6		1.05		154		(84	)		70		121		(42	)		79
Regenity License		9.00		5,000		(500	)		4,500		5,000		(14	)		4,986
Capitalized Software		2.75		635		(53	)		582		-		-			-
Trademarks	Indefinite			54		-			54		54		-			54
Total intangible assets			$	6,477	$	(832	)	$	5,645	$	5,770	$	(200	)	$	5,570

For the years-ended December 31, 2025 and 2024, the Company did not identify any events or changes in circumstances that indicated the carrying value of its intangibles may not be recoverable. As such, there was no impairment of intangible assets recognized for the years-ended December 31, 2025 and 2024. Amortization expense of intangibles included in the Consolidated Statements of Operations was $0.6 million and $93,000 for the years-ended December 31, 2025 and 2024, respectively. Due to Regenity receiving 510(k) clearance for Cohealyx, the Company recorded a license (the “Regenity License”) of $5.0 million. For further details refer to Note 12 to the Consolidated Financial Statements.

The Company estimated the future amortization of amortizable intangible assets held as of December 31, 2025 to be (in thousands):


	Estimated Amortization Expense
2026	$	787
2027		758
2028		705
2029		546
2030		546
Thereafter		2,249
Total	$	5,591

Revenues

12 Months Ended

Dec. 31, 2025

Revenue, Performance Obligation [Abstract]

Revenues

5. Revenues

The Company generates revenues primarily from:

•

The sale of EOU, RECELL GO RPK, RECELL GO mini RPK, PermeaDerm, and Cohealyx products to hospitals, other treatment centers, and distributors.

•

Lease revenue for the RECELL GO RPD.

EOU, PermeaDerm and Cohealyx Sales

The Company’s sale of the EOU, PermeaDerm, and Cohealyx products are accounted for under ASC 606, as discussed in Note 2 to the Consolidated Financial Statements. See Note 12 to the Consolidated Financial Statements for additional information regarding the Company’s commitments with Stedical and Regenity.

RECELL GO and RECELL GO mini Sales

Revenue for the RECELL GO device is disaggregated between two accounting standards: (1) ASC 606 for the RPKs and (2) ASC 842 for the RPD.

The RECELL GO and RECELL GO mini devices consist of single-use RPKs and a durable AC powered device, the RPD. The Company enters into contracts with customers where it receives consideration for single-use RPKs and does not receive additional consideration for the RPD. The consideration in the contract is allocated based on the SSP. Upon sale of the RPKs, the consideration is allocated to the lease and non-lease components. Consideration received for the RPKs is recorded in Sales revenue in the Consolidated Statement of Operations and consideration for the lease is recorded in Lease revenue in the Consolidated Statement of Operations. During the year-ended December 31, 2025, the Company recorded approximately $35.8 million in Sales revenue related to the RPKs and $731,000 in Lease revenue related to the RPD in the Consolidated Statement of Operations. During the year-ended December 31, 2024, the Company recorded approximately $17.5 million in Sales revenue related to the RPKs and $358,000 in Lease revenue related to the RPD in the Consolidated Statement of Operations.

Distributor Transactions

For international markets, the Company exclusively partners with third-party distributors (currently, COSMOTEC in Japan, PolyMedics Innovation GmbH in Germany, Joint Operations Ltd in the United Kingdom, and Revolution Surgical Pty Ltd in Australia and New Zealand). Revenue recognition occurs when the distributors obtain control of the product. The terms of sales transactions through distributors are generally consistent with the terms of direct sales to customers and do not contain return rights. These transactions are accounted for in accordance with the Company’s revenue recognition policy described in Note 2 to the Consolidated Financial Statements.

Variable Consideration

The Company evaluates its contracts with customers for forms of variable consideration, which may require an adjustment to the transaction price based on their estimated impact. For commercial customers, revenue from the sale of goods is recognized net of volume discounts. The Company uses the expected value method when estimating variable consideration. Revenue is only recognized to the extent that it is probable that a significant reversal will not occur.

Volume Discounts — The Company generally provides contracted customers with volume discounts that are explicitly stated in the Company’s customer contracts. The RECELL system is sold with respective volume discounts based on aggregated sales over a 12-month period on a customer-by-customer basis. Revenue from these sales is recognized based on the price specified in the contract, net of estimated volume discounts, and net of any sales tax charged. Goods sold are not eligible for return. The Company has determined such discounts are not distinct from the Company’s sale of products to the customer and, therefore, these payments have been recorded as a reduction of revenue and as a reduction to Accounts receivable, net.

Contract Assets and Contract Liabilities

Contract assets include amounts related to the Company’s contractual right to consideration for both completed and partially completed performance for which the Company does not have the right to payment. As of December 31, 2025 and December 31, 2024, the Company does not have any contract assets.

Contract liabilities are recorded when the Company receives payment prior to satisfying its obligation to transfer goods to a customer. The Company had a total of $323,000 and $357,000 in contract liabilities as of December 31, 2025 and December 31, 2024, respectively. These amounts split between Other current liabilities and Contract liabilities in the Consolidated Balance Sheets. The Company had $33,000 in Other current liabilities as of December 31, 2025 and December 31, 2024. The Company had $290,000 and $324,000 in Contract liabilities as of December 31, 2025 and December 31, 2024, respectively. For the years-ended December 31, 2025 and 2024, the Company recognized $33,000 of revenue for amounts included in the beginning balance of contract liabilities. As of December 31, 2023, the Company had an unsatisfied performance obligation of $390,000.

Remaining Performance Obligations

The Company’s remaining performance obligations are calculated as the dollar value of the remaining unsatisfied performance obligations on executed contracts. The estimated revenue expected to be recognized in the future once the performance obligations are satisfied under the Company’s existing customer agreements was $323,000 and $357,000 as of December 31, 2025 and December 31, 2024, respectively. These amounts are classified between current and long-term in Other current liabilities and Contract liabilities in the Consolidated Balance Sheets. The Company expects to recognize approximately $33,000 as revenue in the next twelve months.

Cost to Obtain and Fulfill a Contract

Contract fulfillment costs include commissions and shipping expenses. The Company has opted to immediately expense the incremental cost of obtaining a contract when the underlying related asset would have been amortized over one year or less. The Company generally does not incur costs to obtain new contracts.

Disaggregated Revenue

The Company disaggregates revenue from contracts with customers into geographical regions, by customer type and by product. As noted in the segment footnote (Note 11 to the Consolidated Financial Statements), the Company’s business consists of one reporting segment. A reconciliation of revenue by geographical region, customer type and product is provided in Note 11 to the Consolidated Financial Statements.

- Definition

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

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-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

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	$ 10,243	$ 14,050
Marketable securities	7,942	21,835
Accounts receivable, net	9,086	11,786
Prepaids and other current assets	1,293	2,060
Inventory	6,926	7,269
Total current assets	35,490	57,000
Plant and equipment, net	8,630	10,018
Operating lease right-of-use assets	2,899	3,571
Corporate-owned life insurance ("COLI") asset	3,116	3,006
Intangible assets, net	5,645	5,570
Other long-term assets	612	546
Total assets	56,392	79,711
LIABILITIES, NON-QUALIFIED DEFERRED COMPENSATION PLAN SHARE AWARDS AND STOCKHOLDERS' EQUITY (DEFICIT)
Accounts payable and accrued liabilities	8,959	6,294
Accrued wages and fringe benefits	7,813	10,451
Loan facility	42,984	0
Current non-qualified deferred compensation ("NQDC") liability	276	2,094
Other current liabilities	2,645	1,319
Total current liabilities	62,677	20,158
Loan facility - long-term	0	42,245
Non-qualified deferred compensation liability	3,697	2,969
Contract liabilities	290	324
Operating lease liabilities, long term	2,135	2,840
Contingent liability, long-term	3,000	3,000
Warrant liabilities	1,243	3,432
Total liabilities	73,042	74,968
Non-qualified deferred compensation plan share awards	0	244
Commitments and contingencies (Note 11)
Stockholders' equity (deficit):
Common stock, $0.0001 par value per share, 200,000,000 shares authorized, 30,571,662 and 26,354,042, shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	3	3
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized, no shares issued or outstanding at December 31, 2025 and December 31, 2024	0	0
Company common stock held by the non-qualified deferred compensation plan	(1,293)	(1,319)
Additional paid-in capital	394,408	367,568
Accumulated other comprehensive loss	(1,367)	(1,939)
Accumulated deficit	(408,401)	(359,814)
Total stockholders' equity (deficit)	(16,650)	4,499
Total liabilities, non-qualified deferred compensation plan share awards and stockholders' equity (deficit)	$ 56,392	$ 79,711

Common and Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Aug. 12, 2025	Aug. 07, 2025	Dec. 31, 2025	Dec. 31, 2024
Class Of Stock [Line Items]
Common stock shares authorized			200,000,000	200,000,000
Common stock par value			$ 0.0001	$ 0.0001
Preferred stock shares authorized			10,000,000	10,000,000
Preferred stock par value			$ 0.0001	$ 0.0001
Common stock shares issued			30,571,662	26,354,042
Common stock shares outstanding			30,571,662	26,354,042
Preferred stock shares outstanding			0	0
Share issued to lender		400,000
Proceeds from issuance of common stock			$ 14,792
Private Placement
Class Of Stock [Line Items]
Proceeds from issuance of common stock	$ 14,800
CHESS Depositary Interests
Class Of Stock [Line Items]
Share issued to lender	17,201,886
Australian Securities Exchange
Class Of Stock [Line Items]
Share issued to lender	3,440,377
Shareholders Of Avita Medical \| ADRS
Class Of Stock [Line Items]
Reverse stock split ratio, description			One share of Common stock on Nasdaq is equivalent to five CDIs on the ASX.

Fair Value Measurements - Additional Information (Details)	Dec. 31, 2025 Iteration $ / shares	Feb. 13, 2025 $ / shares shares	Oct. 18, 2023 $ / shares shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, exercise price	$ 10.218
OrbiMed \| Senior Secured Credit Facility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, exercise price			$ 10.218
Credit Agreement \| OrbiMed Advisors, LLC
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of shares purchased, warrants \| shares		145,180
Warrants, exercise price		$ 0.01
Credit Agreement \| OrbiMed \| Senior Secured Credit Facility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of shares purchased, warrants \| shares			409,661
Warrants, exercise price			$ 10.9847
Monte Carlo Simulation \| Measurement Input, Revenue Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of iterations of various simulated revenues to determine fair value of debt \| Iteration	100,000

Leases - Summary Of Supplemental Cash Flow Information Related To Operating Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Supplemental Cash Flow Information Related To Operating Leases [Abstract]
Operating cash outflows from operating leases	$ 1,218	$ 1,185

Share-based Payment Plans - Summary of Valuation Assumptions Used in Share Options (Detail)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected volatility minimum	71.00%	73.00%
Expected volatility maximum	75.00%	75.00%
Weighted-average volatility	73.00%	74.00%
Expected dividends	0.00%	0.00%
Contractual term	10 years
Risk-free interest rate minimum	3.68%	3.43%
Risk-free interest rate maximum	4.42%	4.64%
Employee Stock Purchase Plan
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected volatility minimum	98.83%	57.59%
Expected volatility maximum	102.79%	73.26%
Weighted-average volatility	101.38%	63.81%
Expected dividends	0.00%	0.00%
Contractual term	6 months	6 months
Risk-free interest rate minimum	3.68%	4.33%
Risk-free interest rate maximum	4.27%	5.28%
Minimum
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Contractual term	5 years 2 months 12 days	5 years 6 months
Maximum
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Contractual term	9 years 7 months 6 days	6 years 6 months

Marketable Securities - Summary of Maturities of Available for Sale Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule Of Available For Sale Securities [Line Items]
Investment, Type [Extensible Enumeration]	Contractual Maturities [Member]	Contractual Maturities [Member]
Available for sale securities, Due in one year or less, Amortized cost	$ 7,938	$ 21,821
Available for sale securities, Due in one year or less, Carrying value	$ 7,942	$ 21,835

- Definition

Indicates type of investment. Includes, but is not limited to, common stock, preferred stock, convertible security, fixed income security, government security, option purchased, warrant, loan participation and assignment, commercial paper, bankers' acceptance, certificates of deposit, short-term security, repurchase agreement, and other investment company.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

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 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-2

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

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

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Principles of Consolidation

Recent Accounting Pronouncements

Use of Estimates

Foreign Currency Translation and Foreign Currency Transactions

Comprehensive Loss

The components of comprehensive loss consist of net loss, unrealized gains and losses in investments available for sale and changes in fair value due to instrument-specific credit risk on the debt.

Revenue Recognition

The Company generates revenues primarily from:

•

The sale of RECELL EOU, RPK and mini RPK (collectively, the “RPKs”), PermeaDerm, and Cohealyx products to hospitals, other treatment centers, and distributors.

•

Lease revenue for the RPD.

To determine revenue recognition for contracts that are within the scope of ASC 606, the Company performs the following five steps:

Identify the contract with a customer

Identify the performance obligations

Determine the transaction price

Allocate the transaction price to the performance obligations

Recognize revenue when/as a performance obligation(s) is(are) satisfied

Revenue recognition for contracts that are within the scope of ASC 606 and ASC 842

•

Contract Liabilities

Cost of Sales

Income Taxes

Cash and Cash Equivalents

Concentrations

Fair Value of Financial Instruments


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


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


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

Loan Facility

Presentation and Valuation of the Warrants

Marketable Securities

Accounts Receivable

A rollforward of the activity in the Company’s allowance for expected credit losses is as follows (in thousands):


	Year-ended
	December 31, 2025			December 31, 2024
Balance at beginning of year	$	71		$	48
Additions: change to cost and expense		(10	)		23
Deductions: write-offs, net of recovery	-				-
Balance at end of year	$	61		$	71

Inventory

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and costs to complete the sale.

Lessee Right-of-Use Assets and Lease Liabilities

Plant and Equipment

Intangible Assets

Impairment of Long-Lived Assets

Sales and Marketing Expenses

Research and Development Expenses

Stock-Based Compensation

The following assumptions were used in the valuation of stock options.

•

Expected volatility – determined using the historical volatility using daily intervals over the expected term.

•

Expected dividends - based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future

•

Risk-free interest rate – the risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for a period approximately equal to the expected term of the award.

Employee Stock Purchase Plan

Loss per Share

Non-Qualified Deferred Compensation Plan Liability and Corporate-Owned Life Insurance Asset

Rabbi Trust

Non-Qualified Deferred Compensation Stock Awards

Segment Reporting

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
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

Share-Based Payment Plans - Summary Of Company Unvested RSUs (Detail)	12 Months Ended
	Dec. 31, 2025 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSUs beginning balance	117,196
Unvested RSUs granted	60,132
Unvested RSUs vested	(109,180)
Unvested RSUs forfeited	(1,100)
Unvested RSUs ending balance	67,048
Non Options Tenure Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSUs beginning balance	109,315
Unvested RSUs granted	60,132
Unvested RSUs vested	(101,299)
Unvested RSUs forfeited	(1,100)
Unvested RSUs ending balance	67,048
Non Option Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSUs beginning balance	7,881
Unvested RSUs vested	(7,881)
Unvested RSUs ending balance	0

- Definition

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

+ References

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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+ Details

Reporting Segment and Geographic Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Reporting Segment and Geographic Information

11. Reporting Segment and Geographic Information

The Company views its operations and manages its business in one reporting segment. The Company’s CODM evaluates financial information and assesses the performance of resources on a consolidated basis. Long-lived assets were primarily located in the United States as of December 31, 2025 and December 31, 2024 with an insignificant amount located in Australia and the United Kingdom.

The key measure of segment profit or loss that the CODM uses to allocate resources and in assessing performance is the Company’s consolidated net loss, as reported on the Consolidated Statements of Operations. The CODM uses net loss to monitor actual results against budgeted and prior period operating results for the purpose of evaluating operational efficiency, and to evaluate income generated from the assets in making strategic decisions on organizational resource allocation.

Revenues by region and customer location were as follows (in thousands):


	Year Ended
	December 31, 2025		December 31, 2024
Revenue by region:
United States	$	68,787	$	62,157
Japan		2,088		1,431
European Union		49		155
Australia		200		312
United Kingdom		486		196
Total	$	71,610	$	64,251

Revenues by customer type were as follows (in thousands):


	Year Ended
	December 31, 2025		December 31, 2024
Revenue by customer type:
Commercial sales	$	71,438	$	64,023
Deferred commercial revenue recognized		33		33
BARDA revenue for right of first access		139		195
Total	$	71,610	$	64,251

Commercial revenue by product were as follows (in thousands):


	Year Ended
	December 31, 2025		December 31, 2024
Commercial revenue by product:
RECELL	$	66,461	$	62,611
Other wound care products		4,246		1,054
Lease revenue		731		358
Total commercial sales	$	71,438	$	64,023

Consolidated net loss by segment (in thousands):


	Year Ended
	December 31, 2025			December 31, 2024
Total revenues	$	71,610		$	64,251
Purchases of inventory		(10,939	)		(7,861	)
Other cost of sales		(1,855	)		(1,233	)
Gross profit		58,816			55,157
Operating expenses:
Sales and marketing		(53,138	)		(58,195	)
General and administrative		(27,373	)		(33,195	)
Research and development		(20,839	)		(20,360	)
Total operating expenses		(101,350	)		(111,750	)
Operating loss		(42,534	)		(56,593	)
Interest expense		(5,004	)		(5,361	)
Other income, net		(1,038	)		163
Loss before income taxes		(48,576	)		(61,791	)
Income tax expense		(11	)		(54	)
Net loss	$	(48,587	)	$	(61,845	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Summary of Significant Accounting Policies - Summary of Allowance for Expected Credit Losses (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Allowance for Credit Loss [Abstract]
Balance at beginning of year	$ 71,000	$ 48,000
Additions: change to cost and expense	(10,000)	23,000
Balance at end of year	$ 61,000	$ 71,000

Marketable Securities - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule Of Available For Sale Securities [Line Items]
Unrealized gain on marketable securities	$ 4,000	$ 14,000
Credit loss recognized	0	0
Prepaids and Other Current Assets
Schedule Of Available For Sale Securities [Line Items]
Accrued interest income	$ 21,000	$ 121,000

- Definition

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

+ References

+ Details

Share-Based Payment Plans - Additional Information (Detail) - USD ($)							1 Months Ended			12 Months Ended
	Jun. 04, 2025	Jun. 05, 2024	Jun. 04, 2024	Jun. 06, 2023	Dec. 12, 2022	Dec. 22, 2021	Aug. 31, 2025	Aug. 31, 2024	Jun. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Nov. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation										$ 9,500,000	$ 13,500,000
Income tax benefit (expense)										0	0
Proceeds from exercise of stock options										$ 407,000	$ 2,135,000
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period										60,132
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested										109,180
Milestone performance awards to CEO										67,048	117,196
Milestone performance awards to CEO										4,536,904	3,540,208
Employee stock purchase plan effective date									Jul. 01, 2023
Number of shares registered/issued under Employee Stock Purchase Plan									1,000,000	193,338	171,224
Performance Based Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone performance awards to CEO										171,301	191,171
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement other than option weighted average grant date fair value										$ 8.73	$ 9.51
Share based compensation by share based payment arrangement other than options total fair value of shares vested										$ 900,000	$ 1,400,000
Non Options Service Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation compensation expense relating to stock options weighted average period of recognition										29 days
Unrecognized share based compensation compensation expense relating to RSUs										$ 62,000
Non Option Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested										7,881
Milestone performance awards to CEO										0	7,881
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price per share										$ 4.11	$ 8.02
Proceeds from employee stock purchase plan.										$ 800,000	$ 1,400,000
Employee stock purchase plan expense										446,000	735,000
Unamortized expense										$ 190,000	$ 275,000
Recognizion period										5 months 1 day	5 months 1 day
Accrued payroll contributions										$ 80,000	$ 89,000
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock that are issuable upon the exercise of stock options and the vesting of RSUs granted pursuant to individual stock option award and RSU award							605,902	428,858
Number of shares registered/issued under Employee Stock Purchase Plan										193,338	171,224
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement contractual term of awards										10 years
2020 Plan \| Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period										3 years
2020 Plan \| Vesting Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period										4 years
2020 Plan \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement number of shares authorised for issuance												1,750,000
Share based compensation by share based payment arrangement number of additional shares authorised									2,500,000
2021 Annual Meeting Awards \| Director \| Service Period Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period						12 months
Aggregate number of options and RSU						68,600
Tenure awards to Board of Director						41,400
Tenure option awards to Board of Director						15,300
2021 Annual Meeting Awards \| Director \| Vesting Percentage Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period						3 years
Tenure awards granted to Board of Director						27,200
Tenure option awards granted to Board of Director						9,850
2021 Annual Meeting Awards \| Restricted Stock Units (RSUs) \| Director \| Service Period Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tenure RSU awards to Board of Director						26,100
2021 Annual Meeting Awards \| Restricted Stock Units (RSUs) \| Director \| Vesting Percentage Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tenure RSU awards granted to Board of Director						17,350
2022 Annual Meeting Awards \| Director \| Service Period Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period					12 months
Aggregate number of options and RSU					71,936
Tenure option awards to Board of Director					21,580
2022 Annual Meeting Awards \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting percentage					25.00%
Aggregate number of options and RSU					226,296
2022 Annual Meeting Awards \| Restricted Stock Units (RSUs) \| Director \| Service Period Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tenure RSU awards to Board of Director					50,356
2023 Annual Meeting Awards \| Director \| Service Period Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period				12 months
Aggregate number of options and RSU				82,566
Tenure awards to Board of Director				52,926
Tenure option awards to Board of Director				15,876
2023 Annual Meeting Awards \| Director \| Vesting Percentage Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period				3 years
Tenure awards to Board of Director				29,640
Tenure option awards to Board of Director				8,892
2023 Annual Meeting Awards \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting percentage				33.30%
Aggregate number of options and RSU				100,000
2023 Annual Meeting Awards \| Restricted Stock Units (RSUs) \| Director \| Service Period Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tenure RSU awards to Board of Director				37,050
2023 Annual Meeting Awards \| Restricted Stock Units (RSUs) \| Director \| Vesting Percentage Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tenure RSU awards granted to Board of Director				20,748
2024 Annual Meeting Awards \| Director \| Service Period Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period		12 months
Aggregate number of options and RSU		78,858
Tenure awards to Board of Director		23,658
2024 Annual Meeting Awards \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting percentage		33.30%
Aggregate number of options and RSU		350,000
2024 Annual Meeting Awards \| Restricted Stock Units (RSUs) \| Director \| Service Period Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tenure RSU awards to Board of Director			55,200
2025 Annual Meeting Awards \| Director \| Service Period Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period	12 months
Aggregate number of options and RSU	85,902
Tenure awards to Board of Director	25,770
2025 Annual Meeting Awards \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting percentage	33.30%
Aggregate number of options and RSU	520,000
2025 Annual Meeting Awards \| Restricted Stock Units (RSUs) \| Director \| Service Period Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tenure RSU awards to Board of Director	60,132
Employee Share Plan And Incentive Option Plan Two Thousand And Sixteen
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement weighted average grant date of fair value of options granted										$ 8.06	$ 7.55
Share based compensation by share based payment arrangement intrinsic value of options exercised										$ 0.3	$ 2.1
Proceeds from exercise of stock options										0.4	$ 2,100,000
Unrecognized share based compensation compensation expense relating to stock options										5,200,000
Employee Share Plan And Incentive Option Plan Two Thousand And Sixteen \| Service Only
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation compensation expense relating to stock options										$ 5,100,000
Unrecognized share based compensation compensation expense relating to stock options weighted average period of recognition										7 months 28 days
Two Thousand And Twenty One A G M Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone performance awards to CEO										22,600
2021 AGM Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone performance awards to CEO										191,302

Consolidated Statement of Cash Flows - USD ($)	12 Months Ended
Consolidated Statement of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Cash flow from operating activities:
Net loss	$ (48,587,000)	$ (61,845,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Fair value of common stock issued related to loan amendment	2,152,000
Change in fair value of long-term debt	1,322,000	2,463,000
Change in fair value of warrant liability	(2,189,000)	274,000
Depreciation and amortization	2,347,000	1,126,000
Stock-based compensation	9,519,000	13,496,000
Non-cash lease expense	890,000	843,000
Loss on fixed asset disposal	595,000	107,000
Loss on patent disposal	11,000	16,000
Remeasurement and foreign currency transaction loss	17,000	21,000
Excess and obsolete inventory related charges	810,000	487,000
Provision for credit losses	(10,000)	23,000
Amortization of premium of marketable securities	(308,000)	(1,674,000)
Non-cash changes in the fair value of NQDC plan	(1,203,000)	402,000
Changes in operating assets and liabilities:
Trade and other receivables	3,633,000	(4,145,000)
Prepaids and other current assets	766,000	(371,000)
Inventory	(468,000)	(2,160,000)
Operating lease liability	(905,000)	(906,000)
Corporate-owned life insurance ("COLI") asset	406,000	(271,000)
Other long-term assets	(65,000)	(191,000)
Accounts payable and accrued expenses	2,745,000	340,000
Accrued wages and fringe benefits	(2,638,000)	2,479,000
Current non-qualified deferred compensation liability	(1,802,000)	1,785,000
Other current liabilities	(81,000)	122,000
Non-qualified deferred compensation plan liability	1,881,000	(1,327,000)
Contract liabilities	(33,000)	(33,000)
Net cash used in operating activities	(31,195,000)	(48,939,000)
Cash flow from investing activities:
Purchase of marketable securities	(13,309,000)	(24,504,000)
Maturities of marketable securities	27,500,000	71,200,000
Purchase of plant and equipment	(1,005,000)	(9,171,000)
Capitalized software development costs	(635,000)	0
Patent filing fees	(99,000)	(162,000)
Net cash provided by investing activities	12,452,000	37,363,000
Cash flow from financing activities:
Proceeds from private placement of common stock	14,792,000
Issuance costs associated with private placement	(1,058,000)
Proceeds from exercise of stock options	407,000	2,135,000
Employee stock purchase plan ("ESPP") purchases	795,000	1,373,000
Net cash provided by financing activities	14,936,000	3,508,000
Net decrease in cash and cash equivalents	(3,807,000)	(8,068,000)
Cash and cash equivalents beginning of the period	14,050,000	22,118,000
Cash and cash equivalents end of the period	10,243,000	14,050,000
Supplemental Disclosure of Cash Flow Information:
Income taxes paid during the period	15,000	41,000
Interest paid during the period	4,980,000	5,359,000
Non-cash investing activities:
Intangible asset purchase not yet paid		5,000,000
Capital expenditures not yet paid	17,000	115,000
Right-of-use-asset obtained in exchange for lease liabilities	$ 235,000	$ 2,043,000

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2025

Debt Securities, Available-for-Sale [Abstract]

Summary of Amortized Cost and Estimated Fair Values of Securities Available for Sale

The following table summarizes the amortized cost and estimated fair values of securities available-for-sale:


	As of December 31, 2025
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Carrying Value
(in thousands)
Cash equivalents:
Money market funds	$	8,448	$	-	$	-	$	8,448
Total cash equivalents	$	8,448	$	-	$	-	$	8,448
Current marketable securities:
U.S. Treasury securities	$	7,938	$	4	$	-	$	7,942
Total current marketable securities	$	7,938	$	4	$	-	$	7,942


	As of December 31, 2024
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Carrying Value
(in thousands)
Cash equivalents:
Money market funds	$	11,720	$	-	$	-	$	11,720
Total cash equivalents	$	11,720	$	-	$	-	$	11,720
Current marketable securities:
U.S. Treasury securities	$	21,821	$	14	$	-	$	21,835
Total current marketable securities	$	21,821	$	14	$	-	$	21,835

Summary of Maturities of Available for Sale Securities


	As of December 31, 2025				As of December 31, 2024
(in thousands)	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
Due in one year or less	$	7,938	$	7,942	$	21,821	$	21,835

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Inventory - Additional Information (Detail) - USD ($)	12 Months Ended
Inventory - Additional Information (Detail) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Excess and obsolete inventory related charges	$ 810,000	$ 487,000

Leases - Summary Of Maturities Of The Company's Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2026	$ 1,180
2027	829
2028	716
2029	543
2030	416
Thereafter	0
Total lease payments	3,684
Less imputed interest	(620)
Total operating lease liabilities	$ 3,064	$ 3,740

Plant and Equipment, net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Plant and Equipment, net

10. Plant and Equipment, net

The composition of Plant and equipment, net is as follows (in thousands):


		As of
	Useful Lives	December 31, 2025			December 31, 2024
Computer equipment	3 - 5 years	$	1,867		$	1,645
Computer software	3 years		923			836
Construction in progress (“CIP”)			17			442
Furniture and fixtures	7 years		1,221			1,177
Laboratory and other equipment	3 - 5 years		1,247			954
Leasehold improvements	Lesser of life or lease term		4,882			4,607
RECELL molds	5 years		606			503
RECELL GO RPD CIP			999			1,464
RECELL GO RPD			343			453
Operating lease assets - RPD	200 uses		1,630			1,384
Less: accumulated amortization and depreciation			(5,105	)		(3,447	)
Total Plant and equipment, net		$	8,630		$	10,018

Construction in progress consists primarily of leasehold improvements, and RECELL GO RPD CIP consists of materials for the manufacture of the RPDs. RPDs have a useful life of 200 uses and are being amortized based on customer usage as determined by sales of the RPKs. RECELL GO RPD represents assets available to be leased by customers and are not depreciated until leased. Additional information on Operating lease assets - RPD is provided in Note 7 to the Consolidated Financial Statements.

Depreciation expense related to plant and equipment was $1.6 million and $1.0 million for the years-ended December 31, 2025 and 2024, respectively. The Company recorded a loss on disposal of fixed assets of approximately $0.6 million and $107,000 for the years-ended December 31, 2025 and 2024, respectively.

Leases - Summary Of Supplemental Balance Sheet Information Related To Operating Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Supplemental Balance Sheet Information Related To Operating Leases [Abstract]
Operating lease right-of-use assets	$ 2,899	$ 3,571
Total right-of-use assets	2,899	3,571
Operating lease liabilities, short-term	$ 929	$ 900
Operating Lease Liability Current Statement Of Financial Position Extensible List	Other current liabilities	Other current liabilities
Operating lease liabilities, long term	$ 2,135	$ 2,840
Total operating lease liabilities	$ 3,064	$ 3,740
Operating lease weighted average remaining lease term (years)	3 years 9 months 7 days	4 years 4 months 2 days
Operating lease weighted average discount rate	9.82%	9.74%

Share-Based Payment Plans (Tables)

12 Months Ended

Dec. 31, 2025

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary Of Company Stock Based Award Plans

The following table summarizes information about the Company’s stock-based award plans as of December 31, 2025:


	Outstanding Options		Outstanding Restricted Stock Units		Shares Available For Future Issuance
2016 Equity Incentive Plan		429,738		—		-
2020 Equity Incentive Plan		3,345,733		—		2,841,311
2021 AGM Awards		22,600		—		-
2022 AGM Awards		191,302		—		-
2023 AGM Awards		91,435		6,916		-
2024 AGM Awards		256,992		—		-
2025 AGM Awards		199,104		60,132		-

Summary Of Stock-based Compensation And The ESPP Reflected In The Statements Of Operations

The Company has included stock-based compensation expense and ESPP expense as part of operating expenses in the accompanying Consolidated Statements of Operations as follows (in thousands):


	Year Ended
	December 31, 2025		December 31, 2024
Sales and marketing expenses	$	2,297	$	3,338
General and administrative expenses		4,768		8,376
Research and development expenses		2,454		1,782
Total	$	9,519	$	13,496

Summary Of Share Option Activity

A summary of share option activity as of December 31, 2025 and changes during the year then ended is presented below:


	Service Only Share Options			Performance-Based Share Options			Total Share Options
Outstanding shares at December 31, 2024		3,349,037			191,171			3,540,208
Granted		1,905,770			100,000			2,005,770
Exercised		(61,267	)		(13,458	)		(74,725	)
Expired		(135,388	)		(5,824	)		(141,212	)
Forfeited		(692,549	)		(100,588	)		(793,137	)
Outstanding shares at December 31, 2025		4,365,603			171,301			4,536,904
Exercisable at December 31, 2025		1,811,164			161,707			1,972,871
Vested and expected to vest - December 31, 2025		4,365,603			171,301			4,536,904

Summary of Valuation Assumptions Used in Share Options

Included in the following table is a summary of the related assumptions used in the Black-Scholes Option pricing model for the years-ended December 31, 2025 and 2024.


	Year-Ended
	December 31, 2025			December 31, 2024
Expected volatility	71% - 75%			73% - 75%
Weighted-average volatility		73	%		74	%
Expected dividends		0	%		0	%
Expected term (in years)	5.2 - 9.6			5.5 - 6.5
Risk-free interest rate	3.68% - 4.42%			3.43% - 4.64%

Non Option Restricted Stock Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary Of Share Option Activity

A summary of the status of the Company’s unvested RSUs as of December 31, 2025, and changes that occurred during the year is presented below:


Unvested Shares	Tenure-Based RSUs			Performance Condition RSUs			Total RSUs
Unvested RSUs outstanding at December 31, 2024		109,315			7,881			117,196
Granted		60,132			-			60,132
Vested		(101,299	)		(7,881	)		(109,180	)
Forfeited		(1,100	)		-			(1,100	)
Unvested RSUs outstanding at December 31, 2025		67,048			-			67,048

Employee Stock Purchase Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Valuation Assumptions Used in Share Options

Included in the following table is a summary of the related assumptions used in the Black-Scholes Option pricing model for the years-ended December 31, 2025 and 2024.


	Year-Ended
	December 31, 2025			December 31, 2024
Expected volatility	98.83% - 102.79%			57.59% - 73.26%
Weighted-average volatility		101.38	%		63.81	%
Expected dividends		0	%		0	%
Expected term (in years)	0.5			0.5
Risk-free interest rate	3.68% - 4.27%			4.33% - 5.28%

- Definition

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

+ References

+ Details

Intangible Assets - Summary Of Composition Of Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 6,477	$ 5,770
Finite Lived Intangible Assets, Accumulated Amortization	(832)	(200)
Finite Lived Intangible Assets, Net Carrying Amount	5,591
Intangible Assets, Net (Excluding Goodwill)	5,645	5,570
Trademarks
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 54	54
Patent 1
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years 2 months 23 days
Finite Lived Intangible Assets, Gross Amount	$ 143	136
Finite Lived Intangible Assets, Accumulated Amortization	(57)	(46)
Finite Lived Intangible Assets, Net Carrying Amount	$ 86	90
Patent 2
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	8 years 2 months 1 day
Finite Lived Intangible Assets, Gross Amount	$ 238	238
Finite Lived Intangible Assets, Accumulated Amortization	(87)	(61)
Finite Lived Intangible Assets, Net Carrying Amount	$ 151	177
Patent 3
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	14 years 6 months
Finite Lived Intangible Assets, Gross Amount	$ 118	108
Finite Lived Intangible Assets, Accumulated Amortization	(24)	(25)
Finite Lived Intangible Assets, Net Carrying Amount	$ 94	83
Patent 4
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years 3 months 3 days
Finite Lived Intangible Assets, Gross Amount	$ 80	67
Finite Lived Intangible Assets, Accumulated Amortization	(12)	(9)
Finite Lived Intangible Assets, Net Carrying Amount	$ 68	58
Patent 5
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years 7 months 17 days
Finite Lived Intangible Assets, Gross Amount	$ 55	46
Finite Lived Intangible Assets, Accumulated Amortization	(15)	(3)
Finite Lived Intangible Assets, Net Carrying Amount	$ 40	43
Patent 6
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	1 year 18 days
Finite Lived Intangible Assets, Gross Amount	$ 154	121
Finite Lived Intangible Assets, Accumulated Amortization	(84)	(42)
Finite Lived Intangible Assets, Net Carrying Amount	$ 70	79
Regenity License
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	9 years
Finite Lived Intangible Assets, Gross Amount	$ 5,000	5,000
Finite Lived Intangible Assets, Accumulated Amortization	(500)	(14)
Finite Lived Intangible Assets, Net Carrying Amount	$ 4,500	$ 4,986
Capitalized Software
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	2 years 9 months
Finite Lived Intangible Assets, Gross Amount	$ 635
Finite Lived Intangible Assets, Accumulated Amortization	(53)
Finite Lived Intangible Assets, Net Carrying Amount	$ 582

Reporting Segment and Geographic Information - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025 Segment
Segment Reporting [Abstract]
Number of reporting segment	1

Plant and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Summary of Composition of Plant and Equipment

The composition of Plant and equipment, net is as follows (in thousands):


		As of
	Useful Lives	December 31, 2025			December 31, 2024
Computer equipment	3 - 5 years	$	1,867		$	1,645
Computer software	3 years		923			836
Construction in progress (“CIP”)			17			442
Furniture and fixtures	7 years		1,221			1,177
Laboratory and other equipment	3 - 5 years		1,247			954
Leasehold improvements	Lesser of life or lease term		4,882			4,607
RECELL molds	5 years		606			503
RECELL GO RPD CIP			999			1,464
RECELL GO RPD			343			453
Operating lease assets - RPD	200 uses		1,630			1,384
Less: accumulated amortization and depreciation			(5,105	)		(3,447	)
Total Plant and equipment, net		$	8,630		$	10,018

Commitments and Contingencies - Additional Information (Detail) - USD ($)				12 Months Ended
	Dec. 17, 2025	Jul. 31, 2024	Jan. 26, 2024	Dec. 31, 2025	Dec. 31, 2024	Mar. 17, 2025
Commitments And Contingencies Disclosure [Line Items]
Intangible assets, net				$ 5,645,000	$ 5,570,000
Contingent liability, long-term				3,000,000	3,000,000
Sales revenue				70,879,000	63,893,000
Regenity Biosciences
Commitments And Contingencies Disclosure [Line Items]
Term of agreement		5 years
Extension term of agreement		5 years
Payment upon receipt of 510(k) clearance		$ 2,000,000
Additional payment term	on or before January 4, 2027	on or before January 4, 2026
Intangible assets, net					5,000,000
Contingent liability, long-term				3,000,000	3,000,000
Regenity Biosciences \| Maximum
Commitments And Contingencies Disclosure [Line Items]
Additional payment to guarantee manufacturing capacity	$ 3,000,000	$ 3,000,000
PermeaDerm
Commitments And Contingencies Disclosure [Line Items]
Sales revenue				$ 6,000,000
Percentage of increase in revenue from sale				20.00%
PermeaDerm \| Maximum
Commitments And Contingencies Disclosure [Line Items]
Percentage of share of revenue increased						60.00%
PermeaDerm \| Minimum
Commitments And Contingencies Disclosure [Line Items]
Percentage of share of revenue increased						50.00%
PermeaDerm \| Stedical Scientific, Inc.
Commitments And Contingencies Disclosure [Line Items]
Term of agreement			5 years
Extension term of agreement			5 years
Threatened Litigation
Commitments And Contingencies Disclosure [Line Items]
Litigation liability					$ 0

Share-Based Payment Plans - Summary Of Share Option Activity (Detail)	12 Months Ended
	Dec. 31, 2025 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	3,540,208
Granted	2,005,770
Exercised	(74,725)
Expired	(141,212)
Forfeited	(793,137)
Ending balance	4,536,904
Exercisable	1,972,871
Vested and expected to vest	4,536,904
Service Only Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	3,349,037
Granted	1,905,770
Exercised	(61,267)
Expired	(135,388)
Forfeited	(692,549)
Ending balance	4,365,603
Exercisable	1,811,164
Vested and expected to vest	4,365,603
Performance Based Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	191,171
Granted	100,000
Exercised	(13,458)
Expired	(5,824)
Forfeited	(100,588)
Ending balance	171,301
Exercisable	161,707
Vested and expected to vest	171,301

Loan Facility - Additional Information) (Details) - USD ($)					3 Months Ended							12 Months Ended
	Nov. 01, 2025	Aug. 07, 2025	Feb. 13, 2025	Oct. 18, 2023	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Nov. 07, 2024
Line of Credit Facility [Line Items]
Common stock par value							$ 0.0001				$ 0.0001	$ 0.0001	$ 0.0001
Warrants, exercise price							$ 10.218					$ 10.218
Net product sale equals or exceeds amount												$ 71,610,000	$ 64,251,000
Share issued to lender		400,000
Debt instrument unpaid principal balance							$ 40,000,000				$ 40,000,000	40,000,000	40,000,000
Debt instrument outstanding amount addition (reduction) to liability							3,000,000				2,200,000	$ 3,000,000	$ 2,200,000
Credit Agreement
Line of Credit Facility [Line Items]
Debt aggregate amount														$ 50,000,000
Revenue covenants amount											$ 67,500,000
Share issued to lender		400,000
Fair value on issuance		$ 2,200,000
Sixth Amendment to Credit Agreement
Line of Credit Facility [Line Items]
Revenue covenants amount							70,000,000
Principal balance of loan facility	$ 500,000
Original principal balance	$ 40,000,000
OrbiMed Advisors, LLC \| Credit Agreement
Line of Credit Facility [Line Items]
Number of shares purchased, warrants			145,180
Warrants, exercise price			$ 0.01
OrbiMed \| Fourth Amendment to Credit Agreement
Line of Credit Facility [Line Items]
Revenue covenants amount			$ 115,000,000				92,000,000	$ 84,000,000	$ 78,000,000	$ 73,000,000
OrbiMed \| Fourth Amendment to Credit Agreement \| Scenario Forecast
Line of Credit Facility [Line Items]
Revenue covenants amount						$ 103,000,000
OrbiMed \| Fifth Amendment to Credit Agreement
Line of Credit Facility [Line Items]
Revenue covenants amount		$ 115,000,000					$ 77,000,000	$ 73,000,000
OrbiMed \| Fifth Amendment to Credit Agreement \| Scenario Forecast
Line of Credit Facility [Line Items]
Revenue covenants amount					$ 103,000,000	$ 90,000,000
Senior Secured Credit Facility \| OrbiMed
Line of Credit Facility [Line Items]
Credit agreement term				5 years
Line of credit facility description												On October 18, 2023 (the “Closing Date”) the Company entered into a credit agreement, by and between the Company, as borrower, and an affiliate of OrbiMed Advisors, LLC (the “Lender”) as the lender and administrative agent (the “Previous Credit Agreement”). The Previous Credit Agreement provides for a five-year senior secured credit facility in an aggregate principal amount of up to $90.0 million, of which (i) $40.0 million was made available on the Closing Date (the “Initial Commitment Amount”), (ii) $25.0 million would be made available, at the Company’s discretion, on or prior to December 31, 2024, subject to certain net revenue requirements, and (iii) $25.0 million would be made available, at the Company’s discretion, on or prior to June 30, 2025, subject to certain net revenue covenants (the “Loan Facility”). The maturity date of the Previous Credit Agreement is October 18, 2028 (“Maturity Date”). On the Closing date, the Company closed on the Initial Commitment Amount, less certain fees and expenses payable to or on behalf of the Lender. The Company received net proceeds of $38.8 million upon closing after deducting the Lender's transaction costs in connection with the Loan Facility.
Aggregate principal amount				$ 90,000,000
Current borrowing capacity				$ 40,000,000
Maturity date				Oct. 18, 2028
Proceeds from debt, net of issuance costs				$ 38,800,000
Line of credit facility, exit fee percentage				3.00%
Quarterly installment percentage of outstanding principal amount				5.00%
Repayments on outstanding debt												$ 0
Debt Instrument, fixed percentage				4.00%			12.00%					12.00%
Debt Instrument, variable percentage				8.00%
Warrants, exercise price				$ 10.218
Warrants, expiration term			10 years	10 years
Senior Secured Credit Facility \| OrbiMed \| Maximum
Line of Credit Facility [Line Items]
Line of credit facility, repayment premium percentage				3.00%
Senior Secured Credit Facility \| OrbiMed \| Minimum
Line of Credit Facility [Line Items]
Line of credit facility, repayment premium percentage				0.00%
Unrestricted cash and cash equivalents				$ 10,000,000
Senior Secured Credit Facility \| OrbiMed \| First Tranche On or Prior to December 31, 2024
Line of Credit Facility [Line Items]
Remaining borrowing capacity				25,000,000
Senior Secured Credit Facility \| OrbiMed \| Second Tranche On or Prior to June 30, 2025
Line of Credit Facility [Line Items]
Remaining borrowing capacity				$ 25,000,000
Senior Secured Credit Facility \| OrbiMed \| Credit Agreement
Line of Credit Facility [Line Items]
Number of shares purchased, warrants				409,661
Warrants, exercise price				$ 10.9847

Inventory (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Summary Of Composition Of Inventories

The composition of inventories is as follows (in thousands):


	As of
	December 31, 2025		December 31, 2024
Raw materials	$	1,895	$	2,449
Work in process		116		389
Finished goods		4,915		4,431
Total inventory	$	6,926	$	7,269

Marketable Securities - Summary of Amortized Cost and Estimated Fair Values of Securities Available for Sale (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities	$ 7,938	$ 21,821
Gross Unrealized Holding Gains, Current marketable securities	4	14
Carrying Value, Current marketable securities	7,942	21,835
Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	8,448	11,720
Carrying Value	8,448	11,720
Money Market Funds \| Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	8,448	11,720
Carrying Value	8,448	11,720
U.S Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities	7,938	21,821
Gross Unrealized Holding Gains, Current marketable securities	4	14
Carrying Value, Current marketable securities	$ 7,942	$ 21,835

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
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-Section 50
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
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-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
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-Name Accounting Standards Codification
-Section 55
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

- Definition

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

+ References

+ Details