0001378325-26-000036 | 10-Q | XBRL Viewer

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2026

The following table summarizes the information about the Company’s concentration of customers:


	Customer A
Revenues, customer concentration risk
Three Months Ended June 30, 2026	11	%
Six Months Ended June 30, 2026	11	%

Accounts receivable, customer concentration risk
As of June 30, 2026	25	%
As of December 31, 2025	22	%

Long-Lived Assets

Useful lives are as follows.


Asset Class			Estimated Useful Life
Machinery & equipment			5 years
Computer equipment and office equipment			3 to 5 years
Purchased software			3 to 5 years
Leasehold improvements			Shorter of remaining lease term or useful life

Property and equipment comprised the following amounts:


	June 30, 2026		December 31, 2025
Machinery and equipment	$	993	$	928
Computer equipment, office equipment, and purchased software	101		101
Leasehold improvements	157		157
Accumulated depreciation and amortization	(689)		(575)
Property and equipment, net	$	562	$	611

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS On August 13, 2026, CapsoVision, Inc. (the “Company”) entered into a Controlled Equity OfferingSM Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor”) with respect to an at-the-market offering program under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, having an aggregate offering price of up to $100 million through Cantor as its “sales agent” (the “Agent”). The Company is not obligated to sell any shares under the Sales Agreement. The Company or the Agent may suspend or terminate the offering of shares upon notice to the other party and subject to other conditions.

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				6 Months Ended
	Feb. 12, 2026	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Jul. 03, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved shares of common stock		7,553,809				7,553,809		5,982,877
Terms of award						(vesting 25% on the first anniversary of the award and 1/48th each month thereafter) but may be granted with different vesting profiles, including options that are vested-at-grant (immediate vesting) and that are subject to different vesting schedules.
Unvested stock options (in shares)		2,964,611				2,964,611
Options exercised (in shares)						287,876	353,223
Proceeds from exercises of options on common stock and warrants						$ 121	$ 129
Stock-based compensation		$ 577	$ 334	$ 170	$ 152
Common stock, shares outstanding (in shares)		50,032,148				50,032,148		46,865,051
Granted (in shares)						2,050,158
Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options exercised (in shares)		181,149	106,727	265,674	87,549
Common stock, shares outstanding (in shares)		50,032,148	49,838,867	2,459,183	2,178,494	50,032,148	2,459,183	46,865,051		2,090,945
Future grants \| 2025 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved shares of common stock		3,638,505				3,638,505		3,838,331	4,204,204
Automatic percentage increase in shares reserved									4.00%
Automatic increase in shares reserved (in shares)		1,874,602				1,874,602
Future grants \| 2005 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved shares of common stock		0				0
Options on common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period						4 years
Expiration period						10 years
Vesting percentage to occur on February 12, 2027	80.00%
Options on common stock \| 2025 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved shares of common stock		2,398,709				2,398,709		348,551
Options on common stock \| 2005 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved shares of common stock		1,335,559				1,335,559		1,627,097
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)						24,270
Granted (in dollars per share)						$ 6.18
Stock-based compensation		$ 37				$ 75
Fair value of RSUs vested						92
Unrecognized stock-based compensation expense		$ 75				$ 75
Period for recognition						6 months
Restricted Stock Units \| June 30. 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage to occur on February 12, 2027						50.00%
Restricted Stock Units \| December 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage to occur on February 12, 2027						50.00%
Restricted Stock Units \| 2025 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved shares of common stock		12,138				12,138		0

SEGMENTS	6 Months Ended
SEGMENTS	Jun. 30, 2026
Segment Reporting [Abstract]
SEGMENTS	11. SEGMENTS The Company has one operating (and reportable) segment known as the Capsule Endoscopy Segment; its chief operating decision maker is its Chief Executive Officer. The composition of this segment reflects the Company’s focus on capsule endoscope medical devices addressing different areas within the GI tract. Refer to Note 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES and Note 6. REVENUE AND DEFERRED REVENUE for descriptions of products and services. Segment accounting policies are the same as those described therein. The chief operating decision maker assesses performance for the Capsule Endoscopy Segment and decides how to allocate resources based upon net income (loss) as reported in the statement of operations and comprehensive loss; also considered is operating income (loss), measured on the same basis as in the statement of operations and comprehensive loss. Net income (loss) and operating income (loss) are used in the process of evaluating expenses and determining where to prioritize resources. Segment assets are identical to those reported in the balance sheet as total assets. Segment revenue and cost of revenue are identical to that reported in the statement of operations and comprehensive loss; significant segment expenses are identical to those identified in the statement of operations and comprehensive loss under the line items for selling and marketing expenses, research and development expenses, and general and administrative expenses. Other segment items are represented by non-operating income (expense), net (which includes insignificant interest income) and the provision for income taxes as reported in the statement of operations and comprehensive loss. Segment depreciation expense and capital expenditures are identical to amounts in the statement of cash flows.

- Definition

The entire disclosure for segment reporting.

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+ Details

CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 9,077	$ 10,112
Accounts receivable, net	2,265	2,498
Inventory	4,704	2,987
Prepaid expenses and other current assets	1,234	1,072
Total current assets	17,280	16,669
Property and equipment, net	562	611
Operating lease right-of-use assets	651	843
Other long-term assets	76	41
TOTAL ASSETS	18,569	18,164
Current Liabilities
Accounts payable	475	1,143
Accrued expenses and other current liabilities	4,101	2,697
Deferred revenue	140	177
Operating lease liabilities - current	442	410
Total current liabilities	5,158	4,427
Operating lease liabilities – long-term	245	477
Total liabilities	5,403	4,904
Commitments and contingencies - Note 8
Stockholders’ Equity
Preferred stock, $0.001 par value: 10,000,000 shares authorized and none issued and outstanding as of June 30, 2026; 10,000,000 shares authorized and none issued and outstanding as of December 31, 2025	0	0
Common stock, $0.001 par value: 300,000,000 shares authorized as of June 30, 2026; 50,032,148 and 46,865,051 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	50	47
Additional paid-in capital	183,295	168,878
Accumulated deficit	(170,179)	(155,665)
Total stockholders’ equity	13,166	13,260
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 18,569	$ 18,164

NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share [Abstract]
Net loss - basic	$ (7,481)	$ (4,625)	$ (14,514)	$ (10,000)
Net loss - diluted	$ (7,481)	$ (4,625)	$ (14,514)	$ (10,000)
Weighted-average number of shares of common stock outstanding - basic (in shares)	49,937,525	2,292,230	48,704,069	2,225,301
Weighted-average number of shares of common stock outstanding - diluted (in shares)	49,937,525	2,292,230	48,704,069	2,225,301
Net loss per share - basic (in dollars per share)	$ (0.15)	$ (2.02)	$ (0.30)	$ (4.49)
Net loss per share - diluted (in dollars per share)	$ (0.15)	$ (2.02)	$ (0.30)	$ (4.49)

- Definition

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

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- Definition

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

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

COMMON STOCK

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

COMMON STOCK

9. COMMON STOCK

On March 16, 2026, the Company closed the Private Placement as described in Note 1. DESCRIPTION OF BUSINESS AND ORGANIZATIONAL STRUCTURE and issued and sold 2,867,089 shares of common stock at $4.883 per share.

On July 3, 2025, the Company completed its initial public offering ("IPO") of 5,500,000 shares of its common stock at a price to the public of $5.00 per share.

The Company granted to the IPO underwriters an overallotment option (the “Over-Allotment Option”) to purchase up to an additional 825,000 shares of Common Stock, which is equal to 15% of the number of shares of Common Stock sold in the IPO. Under the Over-Allotment Option the underwriters had the right to exercise this option, in whole or in part, for our common stock, any time during the 30-day period from the date of the closing of the IPO. On July 18, 2025, a total of 129,978 shares of common stock were issued in connection with the partial exercise by the IPO underwriters of their Over-Allotment Option at a price to the public of $5.00 per share (the "Over-allotment Exercise").

Common Stock Warrants

In connection with the IPO share issuances, the Company issued to the IPO underwriters warrants to purchase an aggregate of 168,898 shares of Common Stock (including 3,898 shares of Common Stock issued in connection with the Over-allotment Exercise (the "Over-allotment Exercise Underwriters' Warrants"), collectively referred to as the “Underwriters' Warrants”). The Underwriters' Warrants are exercisable at a per share exercise price equal to

$6.25 and are exercisable at any time and from time to time, in whole or in part, for a term of five years commencing from the first day of the seventh month after July 3, 2025 (the “Original Closing Date”), and terminating on July 1, 2030.

All of the Underwriters’ Warrants were outstanding as of June 30, 2026. The warrants were classified as equity and the fair value of $519 is reflected as additional paid-in capital. The Black-Scholes option-pricing model was used to estimate the fair value of the warrants with the following assumptions:


	Initial Placement Underwriters' Warrants		Over-allotment Exercise Underwriters' Warrants
Risk-free interest rate	3.94	%	3.96	%
Expected term	5 years		4.96 years
Volatility of common stock	78.83	%	78.94	%
Expected dividend rate	—	%	—	%

The fair value of the underlying common stock for the valuation of the Initial Placement Underwriters' Warrants was equal to the IPO price of $5.00 per share as of July 1, 2025, when the Company’s registration statement related to the IPO was declared effective. The fair value of the underlying common stock for the valuation of the Over-allotment Exercise Underwriters' Warrants is based on the Company’s closing stock price on July 18, 2025.

Common Stock

Pursuant to the Company’s certificate of incorporation, as amended and restated, for its $0.001 par value common stock, the Company had 300,000,000 authorized shares at June 30, 2026 and December 31, 2025, and had 50,032,148 and 46,865,051 issued and outstanding shares, as of June 30, 2026 and December 31, 2025, respectively.

Authorized common stock was reserved for future issuance as follows, including pursuant to outstanding equity awards and future equity awards under the 2005 Plan and the 2025 Plan.


	June 30, 2026	December 31, 2025

Exercises of stock options under 2005 Plan	1,335,559	1,627,097
Exercises of stock options under 2025 Plan	2,398,709	348,551
Restricted Stock Units under 2025 Plan	12,138	—
Exercises of warrants	168,898	168,898

Reserved for future grants under 2025 Plan	3,638,505	3,838,331
Total reserved shares of common stock	7,553,809	5,982,877

- Definition

The entire disclosure for equity.

+ References

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+ Details

BALANCE SHEET COMPONENTS

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BALANCE SHEET COMPONENTS

5. BALANCE SHEET COMPONENTS

Inventory

Inventory comprised the following amounts:


	June 30, 2026		December 31, 2025
Finished goods	$	162	$	107
Work in process	1,983		994
Raw materials	2,559		1,886
Inventory	$	4,704	$	2,987

For the three and six months ended June 30, 2026 and June 30, 2025, there were no provisions to write down inventories.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets comprised the following amounts:


	June 30, 2026		December 31, 2025
Prepayment for insurance	$	72	$	324
Advance payments for inventory purchases	595		300

Other	567		448
Prepaid expenses and other current assets	$	1,234	$	1,072

Property and Equipment, Net

Property and equipment comprised the following amounts:


	June 30, 2026		December 31, 2025
Machinery and equipment	$	993	$	928
Computer equipment, office equipment, and purchased software	101		101
Leasehold improvements	157		157
Accumulated depreciation and amortization	(689)		(575)
Property and equipment, net	$	562	$	611

Depreciation and amortization expenses of $58 and $55 for the three months ended June 30, 2026 and 2025, respectively, and $114 and $107 for the six months ended June 30, 2026 and 2025, respectively, were recorded within costs of revenue and components of operating expenses.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities comprised the following:


	June 30, 2026		December 31, 2025
Accrued compensation	$	514	$	568
Accrued clinical trial expenses	376		83
Accrued R&D expenses	2,820		1,448
Accrued sales taxes	61		79
Other	330		519
Accrued expenses and other current liabilities	$	4,101	$	2,697

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net revenue	$ 3,643	$ 3,315	$ 6,435	$ 6,098
Costs of revenue	1,772	1,504	3,235	2,793
Gross profit	1,871	1,811	3,200	3,305
Selling and marketing	1,936	1,847	4,027	3,808
Research and development	5,309	3,392	9,744	6,499
General and administrative	2,206	1,223	4,102	3,031
Total operating expenses	9,451	6,462	17,873	13,338
Operating loss	(7,580)	(4,651)	(14,673)	(10,033)
Interest income, net	82	37	141	43
Other non-operating income (expense), net	17	(11)	18	(10)
Total non-operating income, net	99	26	159	33
Loss before income taxes	(7,481)	(4,625)	(14,514)	(10,000)
Provision for income taxes	0		0	0
Net loss	$ (7,481)	$ (4,625)	$ (14,514)	$ (10,000)
Net loss per share - basic (in dollars per share)	$ (0.15)	$ (2.02)	$ (0.30)	$ (4.49)
Net loss per share - diluted (in dollars per share)	$ (0.15)	$ (2.02)	$ (0.30)	$ (4.49)
Weighted-average common shares outstanding - basic (in shares)	49,937,525	2,292,230	48,704,069	2,225,301
Weighted-average common shares outstanding - diluted (in shares)	49,937,525	2,292,230	48,704,069	2,225,301

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2026
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	4. FAIR VALUE MEASUREMENTS The Company’s demand deposit accounts include money market demand deposits which constitute cash, given the lack of investment restrictions or redemption conditions and the ability to immediately withdraw funds. The carrying amounts of the Company’s financial assets (which include cash and accounts receivable) and liabilities (which include accounts payable) approximate fair value due to their insensitivity to interest rates and/or close proximity to their maturities and qualify as Level 1 measurements. There were no transfers between Level 1, 2 or 3 during any periods presented.

- 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
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-Name Accounting Standards Codification
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+ Details

STOCK-BASED COMPENSATION - Black-Scholes Option Pricing Model Assumptions (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	4.26%	3.87%	4.19%	3.87%
Expected term	6 years 29 days	5 years 11 months 26 days	6 years 3 days	5 years 11 months 26 days
Volatility of common stock	76.00%	78.20%	76.20%	78.20%
Expected dividend rate	0.00%	0.00%	0.00%	0.00%
Fair value per share of common stock (in dollars per share)	$ 6.90	$ 2.00	$ 6.63	$ 2.00

DESCRIPTION OF BUSINESS AND ORGANIZATIONAL STRUCTURE	6 Months Ended
DESCRIPTION OF BUSINESS AND ORGANIZATIONAL STRUCTURE	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND ORGANIZATIONAL STRUCTURE	1. DESCRIPTION OF BUSINESS AND ORGANIZATIONAL STRUCTURE CapsoVision, Inc. (“CapsoVision” or the “Company”), a commercial stage medical technology enterprise, that innovates, manufactures, and markets endoscopic video imaging devices focused on internal imaging of the gastrointestinal (“GI”) system. Internal GI imaging facilitates earlier detection of colorectal cancer and other diseases, enabling more timely and effective treatment regimens for patients. The Company is based in Saratoga, California. Its customers include, in the U.S., gastrointestinal medical practices, clinics, and hospitals; outside of the U.S., the Company sells to distributor customers who resell products. Since its 2005 formation, the Company’s organizational structure has comprised a single Delaware corporation with a branch office in Taiwan, Republic of China, the location of certain suppliers and Company personnel. The Company’s core technology platform is an orally ingestible capsule including multiple cameras facilitating 360 degree imaging, light-emitting diodes for measurement, onboard memory storage, and battery life permitting recording and onboard storage of video images. This platform obviates the need for external data transmission or for a patient to remain in a medical facility throughout the digestive cycle. The Company’s products consist of (i) the on-market CapsoCam Plus®, directed at the small intestines, and (ii) the in-development CapsoCam Colon directed at the large intestines (colon). Stored video imagery is downloaded from capsules with a data access device, CapsoAccess® and enabling software, CapsoView®. This video access solution permits on-site, on-demand video download and viewing by customers. The Company operates the CapsoCloud® cloud-based software-as-a-service ecosystem as an off-premise video access and download solution. Using CapsoCloud®, retrieved capsules are sent by customers to a centralized processing center for video downloading; patient video content is then made available via web portal or dedicated app access for customers to view, download, and generate patient reports. The Company’s services also include video reading; pursuant to this offering, physician customers may purchase a video reading and generation of patient report carried out by a second physician. CapsoCam Plus® was cleared by the U.S. Food and Drug Administration ("FDA") in 2016 and has since been approved in various other countries. CapsoCam Colon is completing the second arm of our pivotal clinical study with planned submission for regulatory clearance, starting with the FDA, and we anticipate filing with the FDA in the fourth quarter of 2026. The Company is subject to risks and uncertainties common to life sciences companies including, but not limited to, risks associated with the success of research and development, risks associated with contract manufacturing, competition from other companies, protection of intellectual property and the risk of litigation related thereto, compliance with government regulations, and the ability to secure additional capital to fund operations and research and development. Current and future programs, including for products focused on other areas of the GI system, will require significant research and development efforts, extensive clinical testing, and submissions for regulatory approval prior to commercialization. Private Placement On March 16, 2026, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with selected accredited investors (the “Investors”), for the purposes of raising approximately $14 million in aggregate gross proceeds for the Company (the “Private Placement”). Pursuant to the terms of the Securities Purchase Agreement, the Company agreed to issue and sell to the Investors in the Private Placement an aggregate of 2,867,089 shares (the “Shares”) of common stock of the Company, par value $0.001 per share (the “Common Stock”), at $4.883 per Share. The closing of the Private Placement occurred on March 16, 2026. The Company intends to use the net proceeds from the Private Placement for general corporate purposes, including sales and marketing, research and development activities, general and administrative matters, working capital and capital expenditures. In connection with the Private Placement, the Company entered into a registration rights agreement, dated March 16, 2026 (the “Registration Rights Agreement”), with the Investors, pursuant to which, among other things, the Company will (i) prepare and file with the Securities and Exchange Commission (the “SEC”) a registration statement to register for resale the Shares within 90 days after the closing of the Private Placement, and (ii) use commercially reasonable efforts to have such registration statement declared effective as soon as reasonably practicable following the filing thereof with the SEC. The Registration Rights Agreement contains customary terms and conditions for a transaction of this type. On April 22, 2026, the SEC declared effective the registration of the Shares sold in the Private Placement.

NET LOSS PER SHARE

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

NET LOSS PER SHARE

13. NET LOSS PER SHARE


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss – basic and diluted	$	(7,481)	$	(4,625)	$	(14,514)	$	(10,000)
Denominator:
Weighted-average number of shares of common stock outstanding – basic and diluted	49,937,525		2,292,230		48,704,069		2,225,301
Net loss per share – basic and diluted	$	(0.15)	$	(2.02)	$	(0.30)	$	(4.49)

Basic net loss per share is the same as diluted net loss per share as the inclusion of potential common shares outstanding would have been anti-dilutive. The Company's convertible preferred stock Series constitute participating securities; however, as a result of the net loss position, they are excluded from the calculation of basic net loss per share.

Potentially dilutive securities that were not included in the preceding calculations because they would be anti-dilutive were as follows.


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Convertible preferred stock (all series)	—	38,665,583	—	38,665,583
Warrants on common stock	168,898	—	168,898	—
Options on common stock	2,619,994	2,152,354	2,326,204	2,164,030
Restricted Stock Units	24,137	—	13,878	—
Total	2,813,029	40,817,937	2,508,980	40,829,613

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Long-Lived Assets (Details)	Jun. 30, 2026
Property, Plant, and Equipment [Line Items]
Leasehold improvements	Leasehold Improvements [Member]
Machinery and equipment
Property, Plant, and Equipment [Line Items]
Useful life	5 years
Computer equipment and office equipment \| Minimum
Property, Plant, and Equipment [Line Items]
Useful life	3 years
Computer equipment and office equipment \| Maximum
Property, Plant, and Equipment [Line Items]
Useful life	5 years
Purchased software \| Minimum
Property, Plant, and Equipment [Line Items]
Useful life	3 years
Purchased software \| Maximum
Property, Plant, and Equipment [Line Items]
Useful life	5 years

- 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/2009/role/commonPracticeRef
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+ Details

STOCK-BASED COMPENSATION - Restricted Stock Units (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Restricted Stock Units
Outstanding, beginning balance (in shares)	0
Granted (in shares)	24,270
Vested (in shares)	(12,132)
Outstanding, ending balance (in shares)	12,138
Weighted Average Grant Date Fair Value per Share
Granted (in dollars per share) \| $ / shares	$ 6.18

STOCK-BASED COMPENSATION - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 563	$ 170	$ 911	$ 322
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	11	1	36	5
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	365	109	594	203
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	146	57	236	100
Location, Statement of Income, Balance [Axis]: us-gaap:SellingAndMarketingExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 41	$ 3	$ 45	$ 14

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

These unaudited interim condensed financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission ("SEC"). Any reference in these notes as it concerns U.S. GAAP is meant to refer to authoritative pronouncements as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”).

These unaudited interim condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to effect fair presentation of financial position as of June 30, 2026, the results of operations for the three and six months ended June 30, 2026 and 2025, and cash flows for the six months ended June 30, 2026 and 2025. The condensed balance sheet at December 31, 2025 was derived from the audited annual financial statements but does not contain all of the footnote disclosures from the audited annual financial statements. These interim financial results are not necessarily indicative of results expected for the full fiscal year or for any subsequent interim period and should be read in conjunction with the audited annual financial statements.

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business.

Reporting Entity

The Company’s organizational structure reflects a single incorporated entity, CapsoVision, Inc.. This single entity has a foreign branch and physical presence in Taiwan, Republic of China, which is an extension of the U.S. corporation.

Private Placement Issuance Costs

The Company accounts for costs directly attributable to the issuance of equity securities in a private placement as a reduction to the gross proceeds received from the offering, in accordance with ASC 340-10 and ASC 505-10. These costs typically include legal, accounting, advisory, and other professional fees, as well as regulatory and filing fees, that are incremental and would not have been incurred absent the private placement transaction.

Issuance costs are initially recorded as deferred assets within prepaid expenses and other current assets on the balance sheet until the closing of the private placement. Upon closing, the total amount of issuance costs incurred is reclassified as a reduction to additional paid-in capital (APIC) within stockholders’ equity. This treatment ensures that the net proceeds from the private placement reflect the actual funds available to the Company after all directly related costs.

The Company's legal and advisory cost directly attributable to the Private Placement and other incremental costs associated with the SEC registration of shares issued as a result of the Private Placement totaling approximately $600 are qualified as issuance costs and recorded to stockholder's equity as a reduction to the gross proceeds from the offering in the period when they are incurred.

Reverse Stock Split

On July 2, 2025, the Company amended and restated its amended and restated certificate of incorporation to effect a 1-for-3.33 reverse stock split of the Company's common stock, which automatically resulted in reciprocal adjustments (reductions) to the conversion ratios of each of the Company's series of convertible preferred stock (the "Reverse Stock Split"). The par values per share of the common and convertible preferred stock were not adjusted as a result of the Reverse Stock Split. All amounts for issued and outstanding common stock, convertible preferred stock, options to purchase common stock, warrants on common stock, and reserves related to common stock, as well as related per-share amounts, contained in the financial statements have been retroactively adjusted to give effect to the Reverse Stock Split for all periods presented. No fractional shares were issued as a result of the reverse stock split.

Foreign Currency

The reporting currency for the financial statements of the Company is the United States Dollar. The functional currency of the U.S. corporation, and its foreign branch which is an extension of the U.S. corporation, is the U.S. Dollar. The assets, liabilities, and expenses of the Company’s foreign branch recorded in local currency are remeasured into the U.S. Dollar each period, with associated gains and losses included in operating expenses (as a component of general and administrative expenses). Monetary assets and liabilities denominated in currencies other than the functional currency are translated at exchange rates in effect at the balance sheet date with associated gains and losses included in operating expenses (as a component of general and administrative expenses). For the three months ended June 30, 2026 and 2025, the Company recorded $(22) and $177, respectively, and for six months ended June 30, 2026 and 2025, the Company recorded $(15) and $171, respectively, of net foreign exchange (losses) gains as components of general and administrative expenses.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires the making and usage of estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and the

related disclosure of contingent assets and liabilities, if any. The Company bases its estimates on historical experience when available and on other assumptions that management believes are reasonable under the circumstances. The Company seeks to moderate the influence of subjectivity and estimation uncertainty through reliance on useful information from market participants and peers wherever possible. Estimates and assumptions affect various financial statement amounts and their related disclosures, including, but not limited to, the recognition of revenue, underwriters' warrants valuation, stock based compensation, research and development expenses, income tax-related amounts, lease-related amounts, and allowances for credit losses. Actual results could materially differ from estimates.

Segments

The Company is organized as, and managed as, one operating (and reportable) segment. Its chief operating decision maker is its Chief Executive Officer.

Fair Value Measurements

Where required, certain assets and liabilities are carried at fair value. 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. A framework is used for measuring fair value utilizing a three-tier hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the three levels of the hierarchy:

•Level 1 - defined as observable inputs, such as quoted prices unadjusted in active markets for identical assets or liabilities

•Level 2 - defined as inputs other than quoted prices included in Level 1 that are either directly or indirectly observable

•Level 3 - defined as significant unobservable inputs for which little or no market data exists, therefore necessitating entity-specific assumptions

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. An asset or liability’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value.

The carrying amounts of the Company’s financial assets (which include cash and accounts receivable) and liabilities (which include accounts payable) approximate fair value due to their insensitivity to interest rates and/or close proximity to maturity and qualify as Level 1 measurements.

Concentration Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of demand deposits at well-known financial institutions and accounts receivable. At times, the Company’s cash deposits may exceed U.S. Federal deposit insurance limits.

The Company's sales to customers are typically originated with trade credit terms and receivables are uncollateralized, with limited exceptions for prepayments required for certain customers or credit card sales. The Company historically has experienced insignificant levels of bad debt; allowances for credit losses on accounts receivable were insignificant for all periods presented.

The Company’s concentration risk related to revenues relates primarily to its product revenues being derived from a single product.

The following table summarizes the information about the Company’s concentration of customers:


	Customer A
Revenues, customer concentration risk
Three Months Ended June 30, 2026	11	%
Six Months Ended June 30, 2026	11	%

Accounts receivable, customer concentration risk
As of June 30, 2026	25	%
As of December 31, 2025	22	%

The Company’s supply concentration risk relates primarily to its materials procurement and contract manufacturing being substantially concentrated with vendors located in Asia.

Comprehensive Income (Loss)

Comprehensive income (loss) comprises net income (loss) and other comprehensive income (loss), which is defined as all changes in stockholders’ equity (deficit) other than net income (loss) and those resulting from investments by and distributions to stockholders. Historically, and for all periods presented, there are no differences between net loss and comprehensive loss.

Revenue Recognition

Revenue is recognized in accordance with ASC 606, Revenue from Contracts with Customers. The core principle is that an entity should recognize revenue to depict the transfer of control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company recognizes revenue using a five-step model resulting in revenue being recognized as performance obligations within a contract are satisfied. The steps within that model include: (i) identifying the existence of a contract with a customer; (ii) identifying the performance obligations within the contract; (iii) determining the contract’s transaction price; (iv) allocating the transaction price to the contract’s performance obligations; and (v) recognizing revenue as the contract’s performance obligations are satisfied. Judgment is required to apply the model and make certain estimates and assumptions about the Company’s contracts with its customers, including, among others, the nature and extent of its performance obligations, its transaction price amounts and any allocations thereof (including estimates of standalone selling prices), the events which constitute satisfaction of its performance obligations, and when control of any promised goods or services is transferred to customers. The guidance also requires certain incremental costs incurred to obtain or fulfill a contract to be deferred and amortized on a systematic basis consistent with the transfer of goods or services to a customer.

The Company generates (i) product revenue from the sale of capsule medical devices, (ii) service revenue from the provision of reading services for videos, and (iii) product or service revenue depending on which video delivery option is utilized by the customer to download and view capsule videos. The customer’s delivery options include (1) a capsule data reading device shipped to the customer which works together with downloadable software installed locally on a customer’s computer (classified as product revenue), or (2) a software-as-a-service offering which involves the customer mailing capsule devices to an off-site Company-operated facility which processes uploads of video content to a cloud platform the customer can access via a web browser or a smart device application in order to view videos and generate reports (classified as service revenue).

The Company’s contracts with customers contain fixed consideration reflecting prices negotiated with customers and immaterial variable consideration. For contracts with variable consideration, the Company uses the most likely amount method to estimate the transaction price. Variable consideration is constrained to the extent that it is

deemed probable that a significant reversal of the amount of revenue recognized will not occur. Where products or services are not sold separately or experience a range of selling prices, the Company estimates standalone selling prices using a cost-plus-expected margin approach and utilizes the resultant standalone selling prices to allocate transaction prices at transaction inception on a relative standalone selling price basis. The Company recognizes revenue for its product and reading service performance obligations at a point in time, that being when the performance obligations are satisfied and control is transferred to the customer (generally upon shipment for products, or conveyance of final deliverable for services). For the software-as-a-service video delivery offering performance obligation, the associated revenue is recognized over time, typically less than one fiscal quarter, representing the estimate of the typical period of time in which customers derive utility from the cloud-based service.

The Company does not have any significant financing components as payment is received at or shortly after sale. Standard trade credit terms are typically 30 to 60 days from invoice date. Costs incurred to obtain or fulfill a contract are expensed as incurred when the amortization period is less than one year, which is the case for the Company. The Company considers all shipping and handling to be fulfillment activities and not a separate performance obligation. Shipping and handling costs are recorded as costs of revenue. The Company has elected an accounting policy to exclude sales taxes and other similar taxes from the measurement of the transaction price.

The Company has certain U.S. customers characterized as group purchasing organizations that function as procurement agents for their underlying medical practice, clinic, or hospital members; these group purchasing organizations typically charge the Company percentage-based fees in exchange for the right to do business with the group purchasing organization. Such fees, which do not provide a distinct separate benefit to the Company, are recorded as reductions to revenue in the same period as the recognition of the related revenue.

The Company’s products are sold with the same limited quality assurance warranties offered to all customers; the Company typically does not allow returns of products, except for cases of damage or defect, whereby products would be replaced. Actual product returns have historically been immaterial given the one-time-use nature of capsule devices; estimated product returns (periodically adjusted to reflect actual experience), if warranted, are accounted for as reductions to revenue with offsets to a product return liability included within accrued expenses and other current liabilities in the balance sheet.

Contract Assets and Contract Liabilities; Accounts Receivable and Related Allowance

The Company records contract assets when it has completed performance obligations prior to receiving consideration from the customer and where such amounts are unbilled; where billed, amounts are reflected as trade accounts receivable. The Company promptly invoices its accounts receivable; therefore, the Company’s contract assets were zero for all periods presented.

Contract liabilities, portrayed as deferred revenue, reflect (i) obligations to provide goods for which the Company has already received consideration (generally arising from up-front payments received) and (ii) performance obligations to provide services which are not yet satisfied in the context of a particular contract (principally consisting of video delivery obligations related to the Company’s off-premise cloud-based video delivery offering).

Trade accounts receivable are recorded at invoiced amounts and do not bear interest. The Company grants trade credit to most of its customers in the normal course of business and generally does not require collateral. An allowance for credit losses arises subsequent to the origination of a sale for estimated uncollectible receivables based on the Company's assessment of the collectability of customer accounts. A provision (or a reversal of the allowance) is recorded as a component of general and administrative expenses. In determining the amount of the allowance, the Company considers aging of accounts, historical credit losses, customer-specific information, the current economic environment, supportable forecasts, and other relevant factors. Uncollectible receivables are written off against the allowance when all attempts to collect have been exhausted. Allowances for credit losses were insignificant for all periods presented.

Costs of Revenue

Costs of revenue include materials, direct labor, and manufacturing overhead costs related to sold products, as well as certain period costs such as non-allocated overhead, scrap, and outbound freight costs, fees paid to physicians for providing reading services, and the costs of operating the Company’s cloud-based software-as-a-service offering for video delivery such as shipping costs, processing costs, and data storage costs. Shipping and handling costs directly related to bringing products to their final point of sale are included in costs of revenue and were $33 and $26 for the three months ended June 30, 2026 and 2025, respectively, and $68 and $43 for the six months ended June 30, 2026 and 2025, respectively.

Selling, General and Administrative Expenses

Selling and marketing expenses include costs directly attributable to actively marketing the Company’s products and services using both direct employees and outside contractors or vendors. These costs include, but are not limited to, salaries, bonuses, benefits, stock-based compensation, sales commissions, travel costs and expense reimbursements, and the costs of sponsoring programs, events, and conferences. Advertising costs were nil for all periods presented.

General and administrative expenses consist primarily of salaries, bonuses, benefits, and stock-based compensation related to the Company’s executive, administrative, finance, human resources, and other supporting functions. Also included are professional fees for legal services, consulting services, tax matters and audits, information technology, office expenses, rent, insurance, and foreign exchange gains (losses).

Research and Development Expenses (including Clinical Trial Expenses)

Research and development ("R&D") costs are expensed as incurred in accordance with ASC 730, Research and Development. Research and development expenses include costs directly attributable to the conduct of research and development programs, including salaries, bonuses, benefits, and stock-based compensation for employees focused on research and development or clinical trials, costs of independent contractors and outside vendors, costs of supplies consumed in or product inventory utilized in clinical trials, and the costs of clinical trial activities as charged within the negotiated budgets by trial sites or vendors responsible for multiple trial sites.

The Company capitalizes prepayments for goods or services, including trial device inventory, that will be used, consumed, or rendered for future research and development activities and recognizes expense as the related goods are delivered or services are performed. The Company also records expenses and accruals for estimated costs of research and development activities, including third party services for clinical trials. The Company bases its estimates on information available at the time. Costs for certain clinical trial activities are recognized based on the pattern of performance of the individual arrangements, which may differ from the pattern of billings incurred, and are reflected in the balance sheet as prepaid expenses or as accrued expenses. The Company recognizes R&D expenses for non-recurring engineering services from outside vendors calculated as an estimated percentage of completion based on management's estimated total effort for the programs.

For the three months ended June 30, 2026 and 2025, the Company incurred $2,371 and $1,054, respectively, and for the six months ended June 30, 2026 and 2025, the Company incurred $4,005 and $1,751, respectively, of expenses related to ongoing clinical trial activities which are included within research and development expenses.

Net Loss Per Share

Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period without consideration of potentially dilutive securities. Diluted net loss per share reflects the potential dilution that could occur if options or warrants on common stock were exercised or convertible preferred stock shares were converted into common stock. Diluted net loss per share is the same as basic net loss per common share since the effect of the potentially dilutive securities are anti-dilutive. Potential

dilutive common share equivalents consist of incremental common shares issuable upon exercise of vested stock options, common stock warrants, and the Company’s various series of convertible preferred stock. Upon completion of the IPO in July 2025, all outstanding shares of preferred stock were converted into shares of Company's common stock (after giving effect to the 1-for-3.33 reverse stock split). Subsequent to the conversion, only common stock remains outstanding. Accordingly, the two-class method is no longer applicable for periods after the IPO.

Cash and cash equivalents

Cash and cash equivalents comprises demand deposits in the form of checking accounts and money market accounts (which may be deposited into and withdrawn at will with no restrictions as to investment or redemption) and includes cash balances denominated in the Euro and New Taiwan Dollar, for which fluctuations in exchange rates result in gains or losses reported within operating expenses as a component of general and administrative expenses.

Inventory

Inventories, consisting of materials, direct labor and manufacturing overhead, are subdivided into raw materials, work in process, and finished goods and are stated at the lower of cost (average cost) or net realizable value.

The Company evaluates inventories as to (i) net realizable value and (ii) circumstances or indicators of loss, damage, insufficient time to expiry (determined by battery life), excess quantities, or obsolescence and provisions accordingly via direct charges against the carrying value of inventory.

Long-Lived Assets

Property and equipment is recorded at historical cost, less accumulated depreciation. The Company capitalizes major improvements and expenses repairs and maintenance as incurred. Depreciation is recorded using the straight-line method based on the estimated useful lives of the depreciable property or, for leasehold improvements, the remaining term of the lease, whichever is shorter. Useful lives are as follows.


Asset Class			Estimated Useful Life
Machinery & equipment			5 years
Computer equipment and office equipment			3 to 5 years
Purchased software			3 to 5 years
Leasehold improvements			Shorter of remaining lease term or useful life

Upon disposal (retirement or sale) of property and equipment, as applicable, the cost and related accumulated depreciation are removed and any resulting gain or loss is reflected within operating expenses. Such amounts were insignificant for all periods presented.

Long-lived assets are evaluated for impairment as warranted by triggering events related to changes in facts and circumstances. There have historically been no impairments and there were none for all periods presented.

Leases

The Company has operating leases for office and storage space in California and office space in Taiwan, Republic of China. The Company determines if an arrangement is a lease at inception and classifies its leases at commencement. Operating leases are presented as right-of-use (“ROU”) assets and the corresponding lease liabilities are depicted in operating lease liabilities, current and operating lease liabilities, non-current in the

balance sheet. ROU assets represent the right to use an underlying asset, and lease liabilities represent the obligation for lease payments in exchange for the ability to use the asset for the duration of the lease term.

ROU assets and lease liabilities are recognized at commencement date and determined using the present value of the future minimum lease payments over the lease term. The Company utilizes an incremental borrowing rate when assessing lease classification and measuring lease liabilities. The estimated incremental borrowing rate considers credit rating practices applied by well known statistical rating organizations to borrowers, Company-specific factors, and the actual lease term at commencement date. The lease term may include options to extend when it is reasonably certain that the Company will exercise that option. The Company recognizes operating lease expense on a straight-line basis over a lease's term.

The Company has lease agreements which contain both lease and non-lease components, which it has elected to account for as a single lease component. Variable lease payments that are not dependent on an index or rate are not included in lease measurements and are accounted for as incurred.

Stock-Based Compensation

The Company accounts for employee and nonemployee equity compensation awards in accordance with ASC 718, Compensation - Stock Compensation (“ASC 718”). In accordance therewith, the Company accounts for stock-based compensation for awards granted to nonemployees in a similar fashion to stock-based compensation awards to employees. ASC 718 requires the recognition of stock-based compensation expense, using a fair-value based method, for costs related to all stock-based compensation awards.

Stock-based compensation awards issued under the Company’s 2005 Stock Plan (the “2005 Plan”) and the Company’s 2025 Equity Incentive Plan (the “2025 Plan”) take the form of stock options (non-qualified or incentive stock options), restricted stock or restricted stock units (the "RSUs"). The 2025 Plan also provides for the grant of stock appreciation rights, stock bonuses, stock units and other forms of awards including cash awards to the Company’s officers, directors, employees, consultants and advisors. The Black-Scholes option-pricing model is used to determine the fair value of options; application of the model requires judgment to develop assumptions input into the model, some of which are more subjective, including: (i) the fair value of the underlying common stock on the date of grant; (ii) the expected term of the award; (iii) the expected volatility of the underlying common stock; (iv) the risk-free interest rate; and (v) expected dividends. Income and market approaches to valuation are judgmentally weighted and combined to determine a composite value representing the fair value of the underlying common stock. In estimating the fair value of the underlying common stock prior to IPO, the Company utilized a third party professional valuation firm whose analyses supported management's concluded estimate. Post IPO the fair value of the underlying common stock is based on the Company’s closing stock price on the date of grant. An expected volatility assumption is based on stock price volatility of a peer group of comparable public companies over a similar expected term. The risk-free rate is based on U.S. Treasury yields in effect at the time of grant for periods corresponding with the expected term; no dividends are assumed.

The Company’s employee and nonemployee stock-based compensation awards granted on or before June 30, 2026 contain only service conditions for vesting. The Company recognizes stock-based compensation cost as a component of the related functional expense (costs of revenue or category of operating expenses) on a straight-line basis over the requisite service period, which is explicitly stated in the case of awards issued to employees and implicitly understood to be the period over which services are provided for nonemployees. The Company recognizes forfeitures as they occur and reverses any previously recognized compensation cost associated with pre-vesting forfeitures.

Stock-based compensation awards in the form of the restricted stock units (the "RSUs") are issued to the Directors of CapsoVision, Inc, who are not employed by the Company ("Non-Employee Directors"). These RSUs are issued in lieu of annual cash compensation (annual base retainer). Each RSU granted to the Non-Employee Directors represents a right to receive one share of the Company common stock when the RSU vests. The Company estimates compensation cost based on the grant date fair value and recognizes the expense on a

graded vesting basis over the vesting period of the award. Please, see Note 10. STOCK-BASED COMPENSATION for details.

Warrants

In connection with the IPO, offering costs related to legal, accounting, and underwriting costs were net with the proceeds and recorded as a reduction in additional paid in capital, in the stockholders’ equity section of the balance sheet. The Company also issued Underwriters Warrants (as defined in Note 9. COMMON STOCK) for services provided during the IPO to purchase 168,898 shares of common stock. The Underwriters Warrants are accounted for as equity instruments and are included in the Stockholders’ Equity section of the balance sheet. The fair value of the Underwriters Warrants has been estimated using the Black-Scholes option pricing model.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”), which requires that the asset and liability method be used. Deferred tax assets and liabilities are determined based on the differences between financial reporting (book basis) and the tax reporting (tax basis) amounts of assets and liabilities; these pre-tax differences are measured and reflected after-tax using the enacted tax rates and law that will be in effect when the differences are expected to reverse.

ASC 740 requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. The Company evaluates the realizability of its deferred tax assets at least annually and more frequently as warranted by changes in facts and circumstances and adjusts the amount of the valuation allowance accordingly. Factors considered include the presence of reversing taxable temporary differences as a source of taxable income, forecasts of future taxable income, and available tax planning strategies that could be implemented and are both prudent and feasible. The Company has recorded a full valuation allowance with respect to all of its deferred tax assets based upon the significant negative evidence presented by its accumulated deficit position, its operating losses and negative operating cash flows, and the uncertainty associated with the timing and amount of future profits and therefore taxable income that enable realization. In future periods, if the Company generates book income and taxable income, changes in judgment may reduce or eliminate the valuation allowance.

The Company accounts for uncertain tax positions in accordance with a two-step model. Firstly, a recognition threshold must be met; a tax benefit from an uncertain tax position may only be recognized if the tax position would, more likely than not, be sustained by the taxing authority assuming an examination and the application of typical practices and precedents. Secondly, a measurement rule is applied; the amount of tax benefit that can be recognized is the portion that is greater than 50% likely of being realized upon a settlement. The determination as to whether a tax benefit will, more likely than not, be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances, without consideration of detection risk. As of June 30, 2026 and 2025 the Company’s uncertain tax positions were principally related to the non-recognition of a portion of Federal and U.S. state research and development tax credits. The Company recognizes any interest and penalties associated with its income tax positions in the provision for income taxes.

Accounting Pronouncements Issued and Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"). The new guidance requires more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in certain expense captions presented on the face of the statement of operations. ASU is effective for public business entities for annual periods beginning after December 15, 2026, and for quarters in the years beginning after December 15, 2027; early adoption is permitted. The new guidance may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to all prior periods

presented in the financial statements. The Company is currently evaluating the impact ASU 2024-03 will have on its disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends certain aspects of the accounting for and disclosure of internal-use software costs. The amendments are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted and the amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date, retrospectively to any or all prior periods presented in the financial statements, or through a modified prospective transition approach which is based on the status of the project and whether software costs were capitalized before the date of adoption. The Company is currently evaluating the impact ASU 2025-06 will have on its disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which provides clarity about current interim disclosure requirements and adds a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, for public business entities and for interim reporting periods within annual reporting periods beginning after December 15, 2028, for entities other than public business entities. Early adoption is permitted for all entities. The amendments in this Update can be applied either (1) prospectively or (2) retrospectively to any or all prior periods presented in the financial statements. At the same time, the FASB issued ASU 2025-12 - Codification Improvements. The amendments are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. If an entity adopts the amendments in this Update in an interim period, it must adopt them as of the beginning of the annual reporting period that includes that interim reporting period. An entity may elect to early adopt the amendments on an issue-by-issue basis. The Company is currently evaluating the impact ASU 2025-11 and ASU 2025-12 will have on its disclosures.

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	12. INCOME TAXES The provision for income taxes for the six months ended June 30, 2026 and 2025 was not material. The Company continues to incur operating losses. The Company had an approximately zero effective tax rate for each of the six months ended June 30, 2026 and 2025, respectively. The effective tax rates differ significantly from the U.S. statutory tax rate, primarily due to the Company’s maintenance of a full valuation allowance against its net deferred tax assets in all periods presented.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12C
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SAB Topic 11.C)
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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+ Details

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

10. STOCK-BASED COMPENSATION

2025 Stock Plan

The 2025 Plan, which was adopted by the Company's Board of Directors in May 2025 and approved by the Company's stockholders in June 2025, became effective upon the consummation of the IPO. Upon the effectiveness of the 2025 Plan, the 2005 Plan was terminated and no further grants may be made under the 2005 Plan. The Company's 2025 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, stock bonuses, restricted stock, stock units and other forms of awards including cash awards to its officers, directors, employees, consultants and advisors of the Company.

A total of 4,204,204 shares of the Company’s common stock were initially authorized for issuance with respect to awards granted under the 2025 Plan. Shares subject to outstanding awards granted under the 2005 Plan that are not paid, delivered or exercised before they expire or are canceled or terminated will be available for award grants under the 2025 Plan. In addition, per the terms of the 2025 Plan, the share limit will automatically increase on the first trading day in January of each year (commencing with 2026) by an amount equal to (1) 4% of the total number of shares of our common stock that are issued and outstanding on the last trading day in December in the prior year, or (2) lesser number as determined by the Company’s Board of Directors. Any shares subject to awards granted under the 2025 Plan that are not paid, delivered or exercised before they expire or are canceled or terminated, fail to vest, as well as shares used to pay the purchase or exercise price of awards or related tax withholding obligations, will become available for new award grants under the 2025 Plan. As of June 30, 2026, a total of 3,638,505 shares is available for award purposes under the 2025 Plan, including automatic increase on January 2, 2026 for 1,874,602 shares.

Amended and Restated 2005 Stock Plan

Pursuant to the 2005 Plan, the Company granted equity-based incentive awards prior to the IPO to the Company’s employees, directors, and consultants. The 2005 Plan permitted the grant of stock options (either Incentive Stock Options (“ISO” – employees only) or Non-Qualified Stock Options (“NQSO”)) and restricted stock awards (“RSA”); only ISOs and NQSOs were outstanding during the periods presented. Upon the effectiveness of the 2025 Plan, the 2005 Plan was terminated and no new awards were granted under the 2005 Plan after the IPO, and there were no shares of common stock available for new award grants as of June 30, 2026 under the 2005 Plan.

Options granted to employees and non-employees contain only service vesting conditions, with typical grants vesting over a four-years period (vesting 25% on the first anniversary of the award and 1/48th each month thereafter) but may be granted with different vesting profiles, including options that are vested-at-grant (immediate vesting) and that are subject to different vesting schedules. Options granted to employees and non-employees expire no more than 10 years from the date of grant.

Stock Options

Stock option activity for the six months ended June 30, 2026 was as follows.


	Options on Common Stock	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Aggregate Intrinsic Value
Outstanding (vested and expected to vest) as of December 31, 2025	1,975,648	$	1.74	7.47	$	17,869
Granted	2,050,158	6.63
Exercised	(287,876)	0.42			2,061
Forfeited, canceled, or expired	(3,662)	0.57
Outstanding (vested and expected to vest) as of June 30, 2026	3,734,268	$	4.53	8.8	$	11,822
Exercisable as of June 30, 2026	769,657	$	0.63	6.0	$	5,349

The aggregate intrinsic values are calculated as the differences between the exercise prices of the underlying options and the fair value of the Company’s common stock for options that were in the money. The Company had 2,964,611 unvested stock options outstanding as of June 30, 2026.

During the six months ended June 30, 2026 and 2025, 287,876 and 353,223 stock options were exercised and satisfied with newly-issued shares, resulting in cash proceeds of $121 and $129, respectively.

The following table summarizes the weighted-average assumptions used in the Black-Scholes option pricing model for stock options granted during the three and six months ended June 30, 2026 and 2025.


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Risk-free interest rate	4.26 %	3.87 %	4.19 %	3.87 %
Expected term	6.08 years	5.99 years	6.01 years	5.99 years
Volatility of common stock	76.0 %	78.2 %	76.2 %	78.2 %
Expected dividend rate	— %	— %	— %	— %
Fair value per share of common stock	$6.90	$2.00	$6.63	$2.00

In estimating the fair value of the underlying common stock prior to IPO, the Company utilized a third party valuation firm whose analyses supported management's concluded estimate. Post IPO the fair value of the underlying common stock is based on the Company’s closing stock price on the date of grant.

Restricted Stock Units

On March 19, 2026 the Company granted a total of 24,270 restricted stock units (RSUs) to its six Non-Employee Directors utilizing a fair market value (FMV) of $6.18 per share of the Company's common stock on the grant date. These RSUs are scheduled to vest as to 50% of the RSUs on June 30, 2026 and as to the remaining 50% of the RSUs on December 31, 2026 subject to the Non-Employee Director's continued service on the Board through such vesting date.


	Restricted Stock Units	Weighted Average Grant Date Fair Value per Share
Outstanding (expected to vest) as of December 31, 2025	—
Granted	24,270	$	6.18
Vested	(12,132)

Outstanding (expected to vest) as of June 30, 2026	12,138

For the three and six months ended June 30, 2026, the Company recorded $37 and $75, respectively, in stock-based compensation related to RSUs. The total fair value of RSUs vested during the six months ended June 30, 2026 was approximately $92.

As of June 30, 2026, unrecognized stock-based compensation expense related to RSUs was $75 and expected to be recognized over a weighted-average period of six months.

Stock-Based Compensation Expense

Stock-based compensation, measured at the grant date, is recognized ratably over the requisite service period, using the straight-line method of expense attribution. Forfeitures are accounted for as a reduction in expense in the period in which they occur; no compensation cost is recorded for awards that do not vest. The Company

recognized total stock-based compensation expense for employees and non-employees as components of the statement of operations and comprehensive loss as follows.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Costs of revenue	$	11	$	1	$	36	$	5
Selling and marketing	41		3		45		14
Research and development	146		57		236		100
General and administrative	365		109		594		203
Total stock-based compensation expense	$	563	$	170	$	911	$	322

RELATED PARTIES	6 Months Ended
RELATED PARTIES	Jun. 30, 2026
Related Party Transactions [Abstract]
RELATED PARTIES	14. RELATED PARTIES On February 12, 2026 the Company signed a consulting agreement with Wen-Hung Tsai, one of the Company's shareholders and a former member of the Company's Board of Directors (until February 26, 2024). Per the consulting agreement Mr. Wen-Hung Tsai will provide strategic advice, help with industrial affiliation and partnerships, as well as work on the supply chain establishment for new products. As compensation for his services, the Company granted to Mr. Wen-Hung Tsai on February 12, 2026 an option to purchase 250,000 shares of the Company's Common Stock under the Company’s 2025 Equity Incentive Plan. Eighty percent (80%) of the option grant is scheduled to vest and become exercisable on February 12, 2027. The remaining portion of the option grant is scheduled to vest and become exercisable in three (3) equal monthly installments on the same day of each successive calendar month following February 12, 2027. For the three and six months ended June 30, 2026, the Company recorded $157 and $240, respectively, stock based compensation expenses associated with this award as a component of general and administrative expenses. On March 16, 2026, the Company closed the Private Placement as described in Note 1. DESCRIPTION OF BUSINESS AND ORGANIZATIONAL STRUCTURE and issued and sold to the Investors in the Private Placement 2,867,089 shares of common stock at $4.883 per share. Three out of four participating Investors were the Company's shareholders at the time of this transaction and invested $13.5 million in 2,764,693 Company's shares through the Private Placement. For the three and six months ended June 30, 2026, the Company's other material transactions with related parties related to certain R&D expenses ($265 and $502 for the three and six months ended June 30, 2026, respectively) for non-recurring engineering services with an R&D and manufacturing services vendor that holds an insignificant percentage of the Company's capital stock. The outstanding balance for the non-recurring services was included in Accrued Expenses and Other Current Liabilities in the condensed balance sheet as of June 30, 2026. There were no amounts due from related parties at June 30, 2026. There were no amounts due from or to related parties at December 31, 2025.

- Definition

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

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+ Details

LEASES - Total Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Operating lease expense	$ 118	$ 119	$ 237	$ 237
Short-term lease expense	11	9	21	18
Total lease expense	$ 129	$ 128	$ 258	$ 255

SEGMENTS (Details)	6 Months Ended
SEGMENTS (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

BALANCE SHEET COMPONENTS - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Machinery and equipment	$ 993	$ 928
Computer equipment, office equipment, and purchased software	101	101
Leasehold improvements	157	157
Accumulated depreciation and amortization	(689)	(575)
Property and equipment, net	$ 562	$ 611

- Definition

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

+ References + Details

- Definition

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

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+ Details

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (14,514)	$ (10,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	114	107
Loss on disposal of property and equipment	0	0
Amortization of operating lease right-of-use assets	192	171
Unrealized foreign exchange losses (gains)	15	(158)
Stock-based compensation	911	322
Bad debt expense	0	11
Changes in operating assets and liabilities:
Accounts receivable	245	167
Inventory	(1,717)	(413)
Prepaid expenses and other current assets	(162)	(939)
Other long-term assets	(35)	0
Accounts payable	(685)	408
Accrued expenses and other current liabilities	1,404	1,019
Deferred revenue	(37)	(35)
Operating lease liabilities	(200)	(172)
Net cash used in operating activities	(14,469)	(9,512)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(48)	(70)
Net cash used in investing activities	(48)	(70)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from promissory note issuance	0	1,000
Proceeds from Private Placement	14,000	0
Payment of Private Placement issuance costs	(600)	0
Payment of constructive dividend	(12)	0
Proceeds from exercises of options on common stock and warrants	121	202
Net cash provided by financing activities	13,509	1,202
Net decrease in cash and cash equivalents	(1,008)	(8,380)
Effect of exchange rate changes on cash and cash equivalents	(27)	127
Cash and cash equivalents at beginning of period	10,112	9,319
Cash and cash equivalents at end of period	9,077	1,066
SUPPLEMENTAL CASH FLOW DISCLOSURES
Cash paid for income taxes	$ 11	$ 7

BALANCE SHEET COMPONENTS - Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Finished goods	$ 162	$ 107
Work in process	1,983	994
Raw materials	2,559	1,886
Inventory	$ 4,704	$ 2,987

LEASES - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Cash payments related to operating leases	$ 122	$ 119	$ 244	$ 237

BALANCE SHEET COMPONENTS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation and amortization	$ 58	$ 55	$ 114	$ 107

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

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+ Details

SUBSEQUENT EVENTS (Details) - Subsequent Event - At The Market Equity Offering Sales Agreement	Aug. 13, 2026 USD ($)
Subsequent Event [Line Items]
Subsequent event date	Aug. 13, 2026
Common Stock \| Maximum
Subsequent Event [Line Items]
Aggregate offering price	$ 100,000,000

CONDENSED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	50,032,148	46,865,051
Common stock, shares outstanding (in shares)	50,032,148	46,865,051
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

- Definition

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

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- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

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

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

LEASES

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

LEASES

7. LEASES

The Company has operating leases for office and manufacturing space in California and office space in Taiwan, Republic of China, with remaining lease terms ranging from under one year to approximately one year, six months as of June 30, 2026.

Leases with an initial term of twelve months or less are not accounted for in the balance sheet; these are limited to minor leases in Taiwan, which are excluded from amounts presented in the following tables. The operating leases include certain variable payments related to operating expenses, which are billed by the landlord, as is customary with these types of charges for office space.

The Company’s existing leases contain escalation clauses and renewal options. The Company has evaluated several factors in assessing whether it is reasonably certain that the Company will exercise a contractual renewal option. For leases with renewal options that are reasonably certain to be exercised, the Company includes the renewal term in the total lease term used in deriving the right-of-use asset and lease liability. The Company’s main office lease includes a renewal option of three years, which was excluded after evaluation of those factors.

Amounts comprising total lease expense, reflected in general and administrative expenses and costs of revenue (including amounts capitalized as overhead to inventory), were as follows.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease expense	$	118	$	119	$	237	$	237
Short-term lease expense	11		9		21		18
Total lease expense	$	129	$	128	$	258	$	255

Lease-related amounts reflected in the balance sheet and data related thereto were as follows.


	June 30, 2026			December 31, 2025
Operating lease right-of-use assets	$	651		$	843

Operating lease liabilities - current	$	442		$	410
Operating lease liabilities – long-term	245			477
Total operating lease liabilities	$	687		$	887

Weighted average remaining lease term	1.5 years			2.0 years
Weighted average discount rate	11.8		%	11.8		%


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Cash payments related to operating leases	$	122	$	119	$	244	$	237

Future minimum lease payments under non-cancellable leases are as follows as of June 30, 2026.



2026	$	244
2027	503

Less: interest	(60)
Total operating lease liabilities	$	687

REVENUE AND DEFERRED REVENUE - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Net revenue	$ 3,643	$ 3,315	$ 6,435	$ 6,098
Deferred revenue	140		140		$ 177
Revenue recognized			177	132
Fees paid to group purchasing organizations	10	23	19	45
Services \| United States
Disaggregation of Revenue [Line Items]
Net revenue	200	200	466	432
Services \| United States \| Recognized over time
Disaggregation of Revenue [Line Items]
Net revenue	150	139	318	286
Services \| United States \| Recognized at point in time
Disaggregation of Revenue [Line Items]
Net revenue	50	61	148	146
Products \| United States
Disaggregation of Revenue [Line Items]
Net revenue	2,526	2,353	4,275	4,269
Products \| France
Disaggregation of Revenue [Line Items]
Net revenue	407	370	719	622
Products \| Germany
Disaggregation of Revenue [Line Items]
Net revenue	$ 157	$ 129	$ 412	$ 288

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	8. COMMITMENTS AND CONTINGENCIES Purchase Commitments The Company, post-acquisition of raw materials, relies significantly upon third-party contract manufacturers located in Taiwan. Management believes that supply risks related to dependence on fewer key suppliers or contract manufacturers, and political risk, can potentially be hedged with the use of more than one supplier and a readiness to quickly adjust the supply chain (and geographic sourcing within Asia). Purchase commitments to raw materials suppliers were $1.0 million as of June 30, 2026. On July 15, 2025, the Company entered into a development agreement with Canon Inc., a Japanese corporation, for the development of complementary metal-oxide-semiconductor (“CMOS”) image sensor samples to allow the Company to evaluate functionality and performance, conduct clinical evaluation of capsule endoscopies that incorporate Canon image sensors and obtain FDA 510(k) clearance thereof. Under the Agreement, the Company agreed to pay Canon a fee of approximately $4.1 million for Canon’s development efforts, which is comprised of (a) an initial fee of $1.0 million that was paid in cash on July 31, 2025 upon the Agreement’s effectiveness, and (b) following delivery of a specified number of CMOS image sensors meeting agreed specifications within the required timeframe, a remaining development fee of approximately $3.1 million. Additionally, due to the changes in the development scope by the end of fiscal year 2025, Canon and the Company agreed to increase the development fee by $1.0 million and executed an amendment to the original development agreement in March 2026. For the three and six months ended June 30, 2026, we recognized $470 and $940, respectively, in R&D expenses for Canon development effort. The outstanding balance due to Canon was $2.3 million and included in Accrued Expenses and Other Current Liabilities in the balance sheet as of June 30, 2026. The outstanding purchase commitment for this agreement as of June 30, 2026 is $1.8 million. Litigation and Legal Matters The Company may be the subject of adverse litigation as a defendant, arbitration, claims, or proceedings related to things such as intellectual property infringement or disputes, commercial contract breaches or disputes, employment matters, or other matters in the ordinary course of business. Such matters are subject to many uncertainties and outcomes may be unpredictable. Such matters may be fully or partially mitigated by the effect of insurance coverage in place or counter-party indemnitors. The Company provides for liabilities via a charge to operating expenses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company is not a party to any material litigation, arbitration, claims or proceedings and therefore did not have any contingency-related liabilities as of June 30, 2026 and December 31, 2025.

BALANCE SHEET COMPONENTS - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation	$ 514	$ 568
Accrued clinical trial expenses	376	83
Accrued R&D expenses	2,820	1,448
Accrued sales taxes	61	79
Other	330	519
Accrued expenses and other current liabilities	$ 4,101	$ 2,697

COMMON STOCK (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Black-Scholes Option Pricing Model Weighted-Average Assumptions

The Black-Scholes option-pricing model was used to estimate the fair value of the warrants with the following assumptions:


	Initial Placement Underwriters' Warrants		Over-allotment Exercise Underwriters' Warrants
Risk-free interest rate	3.94	%	3.96	%
Expected term	5 years		4.96 years
Volatility of common stock	78.83	%	78.94	%
Expected dividend rate	—	%	—	%

The following table summarizes the weighted-average assumptions used in the Black-Scholes option pricing model for stock options granted during the three and six months ended June 30, 2026 and 2025.


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Risk-free interest rate	4.26 %	3.87 %	4.19 %	3.87 %
Expected term	6.08 years	5.99 years	6.01 years	5.99 years
Volatility of common stock	76.0 %	78.2 %	76.2 %	78.2 %
Expected dividend rate	— %	— %	— %	— %
Fair value per share of common stock	$6.90	$2.00	$6.63	$2.00

Common Stock Reserved for Future Issuance


	June 30, 2026	December 31, 2025

Exercises of stock options under 2005 Plan	1,335,559	1,627,097
Exercises of stock options under 2025 Plan	2,398,709	348,551
Restricted Stock Units under 2025 Plan	12,138	—
Exercises of warrants	168,898	168,898

Reserved for future grants under 2025 Plan	3,638,505	3,838,331
Total reserved shares of common stock	7,553,809	5,982,877

RELATED PARTIES (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		6 Months Ended
	Apr. 22, 2026	Mar. 16, 2026	Feb. 12, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Related Party Transaction [Line Items]
Terms of award						(vesting 25% on the first anniversary of the award and 1/48th each month thereafter) but may be granted with different vesting profiles, including options that are vested-at-grant (immediate vesting) and that are subject to different vesting schedules.
Stock-based compensation expense				$ 563	$ 170	$ 911	$ 322
Promissory note and certain R&D expenses				265		502
Private Placement
Related Party Transaction [Line Items]
Sale of stock, effectiveness date	Apr. 22, 2026	Mar. 16, 2026
Shares sold in offering (in shares)		2,867,089
Offering price per share (in dollars per share)		$ 4.883
Net proceeds		$ 14,000
Private Placement \| Three Investors
Related Party Transaction [Line Items]
Shares sold in offering (in shares)		2,764,693
Net proceeds		$ 13,500
Options on common stock
Related Party Transaction [Line Items]
Vesting percentage to occur on February 12, 2027			80.00%
Options on common stock \| Other Affiliates
Related Party Transaction [Line Items]
Terms of award			As compensation for his services, the Company granted to Mr. Wen-Hung Tsai on February 12, 2026 an option to purchase 250,000 shares of the Company's Common Stock under the Company’s 2025 Equity Incentive Plan. Eighty percent (80%) of the option grant is scheduled to vest and become exercisable on February 12, 2027. The remaining portion of the option grant is scheduled to vest and become exercisable in three (3) equal monthly installments on the same day of each successive calendar month following February 12, 2027
Number of shares authorized			250,000
Stock-based compensation expense				$ 157		$ 240

INCOME TAXES (Details)	6 Months Ended
INCOME TAXES (Details)	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Total effective tax rate	0.00%	0.00%

CONDENSED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in-Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024	38,665,583
Beginning balance at Dec. 31, 2024	$ 143,625
Ending balance (in shares) at Mar. 31, 2025	38,665,583
Ending balance at Mar. 31, 2025	$ 143,625
Beginning balance (in shares) at Dec. 31, 2024		2,090,945
Beginning balance at Dec. 31, 2024	(129,510)	$ 2	$ 838	$ (130,350)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercises of stock options (in shares)		87,549
Issuance of common stock upon exercises of stock options	34		34
Stock-based compensation	152		152
Net loss	(5,375)			(5,375)
Ending balance (in shares) at Mar. 31, 2025		2,178,494
Ending balance at Mar. 31, 2025	$ (134,699)	$ 2	1,024	(135,725)
Beginning balance (in shares) at Dec. 31, 2024	38,665,583
Beginning balance at Dec. 31, 2024	$ 143,625
Ending balance (in shares) at Jun. 30, 2025	38,665,583
Ending balance at Jun. 30, 2025	$ 143,625
Beginning balance (in shares) at Dec. 31, 2024		2,090,945
Beginning balance at Dec. 31, 2024	$ (129,510)	$ 2	838	(130,350)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercises of stock options (in shares)	353,223
Net loss	$ (10,000)
Ending balance (in shares) at Jun. 30, 2025		2,459,183
Ending balance at Jun. 30, 2025	$ (138,986)	$ 2	1,362	(140,350)
Beginning balance (in shares) at Mar. 31, 2025	38,665,583
Beginning balance at Mar. 31, 2025	$ 143,625
Ending balance (in shares) at Jun. 30, 2025	38,665,583
Ending balance at Jun. 30, 2025	$ 143,625
Beginning balance (in shares) at Mar. 31, 2025		2,178,494
Beginning balance at Mar. 31, 2025	(134,699)	$ 2	1,024	(135,725)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercises of stock options (in shares)		265,674
Issuance of common stock upon exercises of stock options	95		95
Issuance of common stock upon exercises of warrants (in shares)		15,015
Issuance of common stock upon exercises of warrants	73		73
Stock-based compensation	170		170
Net loss	(4,625)			(4,625)
Ending balance (in shares) at Jun. 30, 2025		2,459,183
Ending balance at Jun. 30, 2025	$ (138,986)	$ 2	1,362	(140,350)
Beginning balance (in shares) at Dec. 31, 2025	0
Beginning balance at Dec. 31, 2025	$ 0
Ending balance (in shares) at Mar. 31, 2026	0
Ending balance at Mar. 31, 2026	$ 0
Beginning balance (in shares) at Dec. 31, 2025	46,865,051	46,865,051
Beginning balance at Dec. 31, 2025	$ 13,260	$ 47	168,878	(155,665)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon Private Placement, net of issuance cost (in shares)		2,867,089
Issuance of common stock upon Private Placement, net of issuance cost	13,620	$ 3	13,617
Issuance of common stock upon exercises of stock options (in shares)		106,727
Issuance of common stock upon exercises of stock options	39		39
Stock-based compensation	334		334
Net loss	(7,033)			(7,033)
Ending balance (in shares) at Mar. 31, 2026		49,838,867
Ending balance at Mar. 31, 2026	$ 20,220	$ 50	182,868	(162,698)
Beginning balance (in shares) at Dec. 31, 2025	0
Beginning balance at Dec. 31, 2025	$ 0
Ending balance (in shares) at Jun. 30, 2026	0
Ending balance at Jun. 30, 2026	$ 0
Beginning balance (in shares) at Dec. 31, 2025	46,865,051	46,865,051
Beginning balance at Dec. 31, 2025	$ 13,260	$ 47	168,878	(155,665)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercises of stock options (in shares)	287,876
Net loss	$ (14,514)
Ending balance (in shares) at Jun. 30, 2026	50,032,148	50,032,148
Ending balance at Jun. 30, 2026	$ 13,166	$ 50	183,295	(170,179)
Beginning balance (in shares) at Mar. 31, 2026	0
Beginning balance at Mar. 31, 2026	$ 0
Ending balance (in shares) at Jun. 30, 2026	0
Ending balance at Jun. 30, 2026	$ 0
Beginning balance (in shares) at Mar. 31, 2026		49,838,867
Beginning balance at Mar. 31, 2026	20,220	$ 50	182,868	(162,698)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Private Placement issuance cost	(220)		(220)
Constructive Dividend	(12)		(12)
Issuance of common stock upon exercises of stock options (in shares)		181,149
Issuance of common stock upon exercises of stock options	82		82
Issuance of common stock upon vesting of restricted stock units (in shares)		12,132
Stock-based compensation	577		577
Net loss	$ (7,481)			(7,481)
Ending balance (in shares) at Jun. 30, 2026	50,032,148	50,032,148
Ending balance at Jun. 30, 2026	$ 13,166	$ 50	$ 183,295	$ (170,179)

LEASES - Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Leases [Abstract]
2026	$ 244
2027	503
Less: interest	(60)
Total minimum lease payments	$ 687

NET LOSS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss – basic and diluted	$	(7,481)	$	(4,625)	$	(14,514)	$	(10,000)
Denominator:
Weighted-average number of shares of common stock outstanding – basic and diluted	49,937,525		2,292,230		48,704,069		2,225,301
Net loss per share – basic and diluted	$	(0.15)	$	(2.02)	$	(0.30)	$	(4.49)

Schedule of Antidilutive Securities

Potentially dilutive securities that were not included in the preceding calculations because they would be anti-dilutive were as follows.


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Convertible preferred stock (all series)	—	38,665,583	—	38,665,583
Warrants on common stock	168,898	—	168,898	—
Options on common stock	2,619,994	2,152,354	2,326,204	2,164,030
Restricted Stock Units	24,137	—	13,878	—
Total	2,813,029	40,817,937	2,508,980	40,829,613

STOCK-BASED COMPENSATION - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Options on Common Stock
Beginning balance (in shares)	1,975,648
Granted (in shares)	2,050,158
Exercised (in shares)	(287,876)	(353,223)
Forfeited, canceled, or expired (in shares)	(3,662)
Ending balance (in shares)	3,734,268		1,975,648
Exercisable (in shares)	769,657
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 1.74
Granted (in dollars per share)	6.63
Exercised (in dollars per share)	0.42
Forfeited, canceled, or expired (in dollars per share)	0.57
Ending balance (in dollars per share)	4.53		$ 1.74
Exercisable (in dollars per share)	$ 0.63
Weighted Average Remaining Contractual Life (years)
Outstanding	8 years 9 months 18 days		7 years 5 months 19 days
Exercisable	6 years
Aggregate Intrinsic Value
Beginning balance	$ 17,869
Exercised	2,061
Ending balance	11,822		$ 17,869
Exercisable	$ 5,349

BALANCE SHEET COMPONENTS - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepayment for insurance	$ 72	$ 324
Advance payments for inventory purchases	595	300
Other	567	448
Prepaid expenses and other current assets	$ 1,234	$ 1,072

DESCRIPTION OF BUSINESS AND ORGANIZATIONAL STRUCTURE (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 22, 2026	Mar. 16, 2026	Jun. 30, 2026	Dec. 31, 2025
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.001	$ 0.001
Private Placement
Subsidiary, Sale of Stock [Line Items]
Sale of stock, transaction date		Mar. 16, 2026
Net proceeds		$ 14
Shares sold in offering (in shares)		2,867,089
Common stock, par value (in dollars per share)		$ 0.001
Offering price per share (in dollars per share)		$ 4.883
Sale of stock, effectiveness date	Apr. 22, 2026	Mar. 16, 2026
Sale of stock, registration rights agreement date		Mar. 16, 2026

LEASES - Additional Information (Details)	Jun. 30, 2026
Lessee, Lease, Description [Line Items]
Renewal term	3 years
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year 6 months

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration Risk (Details) - Customer A - Customer Concentration Risk	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Dec. 31, 2025
Revenues, customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%	11.00%
Accounts receivable, customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage		25.00%	22.00%

- 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/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 18
-Subparagraph (d)
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 954
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

REVENUE AND DEFERRED REVENUE - Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Net revenue	$ 3,643	$ 3,315	$ 6,435	$ 6,098
Products \| United States
Disaggregation of Revenue [Line Items]
Net revenue	2,526	2,353	4,275	4,269
Products \| Outside United States
Disaggregation of Revenue [Line Items]
Net revenue	917	762	1,694	1,397
Services \| United States
Disaggregation of Revenue [Line Items]
Net revenue	$ 200	$ 200	$ 466	$ 432

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Section 55
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

NET LOSS PER SHARE - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,813,029	40,817,937	2,508,980	40,829,613
Convertible preferred stock (all series)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	38,665,583	0	38,665,583
Warrants on common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	168,898	0	168,898	0
Options on common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,619,994	2,152,354	2,326,204	2,164,030
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	24,137	0	13,878	0

REVENUE AND DEFERRED REVENUE

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

REVENUE AND DEFERRED REVENUE

6. REVENUE AND DEFERRED REVENUE

Total revenue disaggregated by geographic source, type of customer, and products or services was as follows.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
United States (medical practice, clinic, and hospital customers):
Products (capsules and capsule reading devices)	$	2,526	$	2,353	$	4,275	$	4,269


Services (cloud-based video delivery and reading services)	200		200		466		432
Outside United States (distributor customers):
Products (capsules and capsule reading devices)	917		762		1,694		1,397
Total revenue	$	3,643	$	3,315	$	6,435	$	6,098

For the three months ended June 30, 2026 and 2025, U.S. service revenues included (i) $150 and $139, respectively, from the Company’s cloud-based software-as-a-service video delivery offering (recognized over time commencing with the shipment of capsules) and (ii) $50 and $61, respectively, of revenue from the provision of video reading to customers (recognized at a point in time upon provision of deliverables).

For the six months ended June 30, 2026 and 2025, U.S. service revenues included (i) $318 and $286, respectively, from the Company’s cloud-based software-as-a-service video delivery offering (recognized over time commencing with the shipment of capsules) and (ii) $148 and $146, respectively, of revenue from the provision of video reading to customers (recognized at a point in time upon provision of deliverables).

Product revenues outside the United States are attributable to individual foreign countries based upon shipment destination. The Company’s distributor customers outside the United States typically serve the countries in which they are domiciled (and may distribute to adjacent countries or territories). Outside the United States, for the three and six months ended June 30, 2026, product revenues included $407 and $719 attributable to France, respectively, and $157 and $412 attributable to Germany, respectively, with the balance attributable to other countries; for the three and six months ended June 30, 2025 product revenues included $370 and $622 attributable to France, respectively, and $129 and $288 attributable to Germany, respectively, with the balance attributable to other countries.

Deferred revenue (contract liabilities, all of which are current in nature) consists of upfront purchases by customers related to the cloud-based software-as-a-service video delivery offering and prepaid video reading services. Deferred revenue represents the excess of amounts invoiced over amounts recognized as revenues. For each component of deferred revenue, the recognition of deferrals as revenue occurred within three months.

The Company's deferred revenue balance was $140, $177 and $132 as of June 30, 2026, December 31, 2025 and December 31, 2024, respectively. During the six months ended June 30, 2026, the Company recognized $177 of revenue that was included in deferred revenue as of December 31, 2025. During the six months ended June 30, 2025, the Company recognized $132 of revenue that was included in deferred revenue as of December 31, 2024.

Fees paid to group purchasing organizations and recorded as reductions to revenue were $10 and $23 for the three months ended June 30, 2026 and 2025, respectively.

Fees paid to group purchasing organizations and recorded as reductions to revenue were $19 and $45 for the six months ended June 30, 2026 and 2025, respectively.

- Definition

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

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+ Details

COMMON STOCK - Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2026	Dec. 31, 2025	Jul. 03, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved shares of common stock	7,553,809	5,982,877
2005 Plan \| Exercises of stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved shares of common stock	1,335,559	1,627,097
2005 Plan \| Warrants on common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved shares of common stock	168,898	168,898
2005 Plan \| Future grants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved shares of common stock	0
2025 Plan \| Exercises of stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved shares of common stock	2,398,709	348,551
2025 Plan \| Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved shares of common stock	12,138	0
2025 Plan \| Future grants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved shares of common stock	3,638,505	3,838,331	4,204,204

- Definition

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

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+ Details

LEASES (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Total Lease Expense and Supplemental Cash Flows

Amounts comprising total lease expense, reflected in general and administrative expenses and costs of revenue (including amounts capitalized as overhead to inventory), were as follows.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease expense	$	118	$	119	$	237	$	237
Short-term lease expense	11		9		21		18
Total lease expense	$	129	$	128	$	258	$	255


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Cash payments related to operating leases	$	122	$	119	$	244	$	237

Lease-related amounts reflected in the balance sheet and data related thereto were as follows.


	June 30, 2026			December 31, 2025
Operating lease right-of-use assets	$	651		$	843

Operating lease liabilities - current	$	442		$	410
Operating lease liabilities – long-term	245			477
Total operating lease liabilities	$	687		$	887

Weighted average remaining lease term	1.5 years			2.0 years
Weighted average discount rate	11.8		%	11.8		%

Future Minimum Lease Payments under Non-Cancellable Leases

Future minimum lease payments under non-cancellable leases are as follows as of June 30, 2026.



2026	$	244
2027	503

Less: interest	(60)
Total operating lease liabilities	$	687

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Jul. 31, 2025	Jul. 15, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Purchase commitments			$ 1,000		$ 1,000
Research and development			5,309	$ 3,392	9,744	$ 6,499
Accrued expenses and other current liabilities			4,101		4,101		$ 2,697
Purchase Provision Terms
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Development agreement, origination date		Jul. 15, 2025
Development arrangement, fee		$ 4,100
Development agreement, initial fee		1,000
Development agreement, initial fee payment date	Jul. 31, 2025
Development agreement, development fee		$ 3,100
Development agreement, development fee increase					1,000
Research and development			470		940
Accrued expenses and other current liabilities			2,300		2,300
Outstanding purchase commitment			$ 1,800		$ 1,800

COMMON STOCK - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands						6 Months Ended
	Apr. 22, 2026	Mar. 16, 2026	Jul. 18, 2025	Jul. 03, 2025	Jul. 01, 2025	Jun. 30, 2026	Dec. 31, 2025
Subsidiary or Equity Method Investee [Line Items]
Common stock, par value (in dollars per share)						$ 0.001	$ 0.001
Common stock, shares authorized (in shares)						300,000,000	300,000,000
Common stock, shares outstanding (in shares)						50,032,148	46,865,051
Common stock, shares issued (in shares)						50,032,148	46,865,051
Additional Paid-in-Capital
Subsidiary or Equity Method Investee [Line Items]
Issuance of Underwriters Warrants						$ 519
Private Placement
Subsidiary or Equity Method Investee [Line Items]
Sale of stock, effectiveness date	Apr. 22, 2026	Mar. 16, 2026
Shares sold in offering (in shares)		2,867,089
Sale of stock, transaction date		Mar. 16, 2026
Offering price per share (in dollars per share)		$ 4.883
Common stock, par value (in dollars per share)		$ 0.001
IPO
Subsidiary or Equity Method Investee [Line Items]
Shares sold in offering (in shares)				5,500,000
Sale of stock, transaction date				Jul. 03, 2025
Offering price per share (in dollars per share)			$ 5.00	$ 5.00
Warrants issued (in shares)				168,898
IPO \| Underwriter
Subsidiary or Equity Method Investee [Line Items]
Sale of stock, effectiveness date					Jul. 01, 2025
Shares sold in offering (in shares)			129,978
Warrants issued (in shares)				3,898
Warrant term				5 years
Warrant exercise price (in dollars per share)				$ 6.25
Exercise date of warrants				from the first day of the seventh month after July 3, 2025 (the “Original Closing Date”)
Warrants maturity date				Jul. 01, 2030
Over-Allotment Option \| Underwriter
Subsidiary or Equity Method Investee [Line Items]
Sale of stock, effectiveness date			Jul. 18, 2025
Shares sold in offering (in shares)				825,000

COVER PAGE - shares	6 Months Ended
COVER PAGE - shares	Jun. 30, 2026	Aug. 12, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-42705
Entity Registrant Name	CAPSOVISION, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3369494
Entity Address, Address Line One	18805 Cox Avenue, Suite 250
Entity Address, City or Town	Saratoga
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95070
City Area Code	408
Local Phone Number	624 1488
Title of 12(b) Security	common stock, $0.001 par value per share
Trading Symbol	CV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		50,046,913
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001378325
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

BALANCE SHEET COMPONENTS (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventory

Inventory comprised the following amounts:


	June 30, 2026		December 31, 2025
Finished goods	$	162	$	107
Work in process	1,983		994
Raw materials	2,559		1,886
Inventory	$	4,704	$	2,987

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets comprised the following amounts:


	June 30, 2026		December 31, 2025
Prepayment for insurance	$	72	$	324
Advance payments for inventory purchases	595		300

Other	567		448
Prepaid expenses and other current assets	$	1,234	$	1,072

Property, Plant and Equipment, Net

Useful lives are as follows.


Asset Class			Estimated Useful Life
Machinery & equipment			5 years
Computer equipment and office equipment			3 to 5 years
Purchased software			3 to 5 years
Leasehold improvements			Shorter of remaining lease term or useful life

Property and equipment comprised the following amounts:


	June 30, 2026		December 31, 2025
Machinery and equipment	$	993	$	928
Computer equipment, office equipment, and purchased software	101		101
Leasehold improvements	157		157
Accumulated depreciation and amortization	(689)		(575)
Property and equipment, net	$	562	$	611

Accrued Expense and Other Current Liabilities

Accrued expenses and other current liabilities comprised the following:


	June 30, 2026		December 31, 2025
Accrued compensation	$	514	$	568
Accrued clinical trial expenses	376		83
Accrued R&D expenses	2,820		1,448
Accrued sales taxes	61		79
Other	330		519
Accrued expenses and other current liabilities	$	4,101	$	2,697

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock Option Activity

Stock option activity for the six months ended June 30, 2026 was as follows.


	Options on Common Stock	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Aggregate Intrinsic Value
Outstanding (vested and expected to vest) as of December 31, 2025	1,975,648	$	1.74	7.47	$	17,869
Granted	2,050,158	6.63
Exercised	(287,876)	0.42			2,061
Forfeited, canceled, or expired	(3,662)	0.57
Outstanding (vested and expected to vest) as of June 30, 2026	3,734,268	$	4.53	8.8	$	11,822
Exercisable as of June 30, 2026	769,657	$	0.63	6.0	$	5,349

Schedule of Black-Scholes Option Pricing Model Weighted-Average Assumptions

The Black-Scholes option-pricing model was used to estimate the fair value of the warrants with the following assumptions:


	Initial Placement Underwriters' Warrants		Over-allotment Exercise Underwriters' Warrants
Risk-free interest rate	3.94	%	3.96	%
Expected term	5 years		4.96 years
Volatility of common stock	78.83	%	78.94	%
Expected dividend rate	—	%	—	%

The following table summarizes the weighted-average assumptions used in the Black-Scholes option pricing model for stock options granted during the three and six months ended June 30, 2026 and 2025.


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Risk-free interest rate	4.26 %	3.87 %	4.19 %	3.87 %
Expected term	6.08 years	5.99 years	6.01 years	5.99 years
Volatility of common stock	76.0 %	78.2 %	76.2 %	78.2 %
Expected dividend rate	— %	— %	— %	— %
Fair value per share of common stock	$6.90	$2.00	$6.63	$2.00

Stock-based Compensation Expense for Employees and Non-employees

The Company

recognized total stock-based compensation expense for employees and non-employees as components of the statement of operations and comprehensive loss as follows.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Costs of revenue	$	11	$	1	$	36	$	5
Selling and marketing	41		3		45		14
Research and development	146		57		236		100
General and administrative	365		109		594		203
Total stock-based compensation expense	$	563	$	170	$	911	$	322

Schedule of Restricted Stock Units


	Restricted Stock Units	Weighted Average Grant Date Fair Value per Share
Outstanding (expected to vest) as of December 31, 2025	—
Granted	24,270	$	6.18
Vested	(12,132)

Outstanding (expected to vest) as of June 30, 2026	12,138

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation / Reporting Entity

Basis of Presentation

Reporting Entity

Private Placement Issuance Costs

The Company is organized as, and managed as, one operating (and reportable) segment. Its chief operating decision maker is its Chief Executive Officer.

Fair Value Measurements

•Level 1 - defined as observable inputs, such as quoted prices unadjusted in active markets for identical assets or liabilities

•Level 2 - defined as inputs other than quoted prices included in Level 1 that are either directly or indirectly observable

•Level 3 - defined as significant unobservable inputs for which little or no market data exists, therefore necessitating entity-specific assumptions

Concentration Risk

The Company’s concentration risk related to revenues relates primarily to its product revenues being derived from a single product.

The following table summarizes the information about the Company’s concentration of customers:


	Customer A
Revenues, customer concentration risk
Three Months Ended June 30, 2026	11	%
Six Months Ended June 30, 2026	11	%

Accounts receivable, customer concentration risk
As of June 30, 2026	25	%
As of December 31, 2025	22	%

The Company’s supply concentration risk relates primarily to its materials procurement and contract manufacturing being substantially concentrated with vendors located in Asia.

Comprehensive Income (Loss)

Revenue Recognition

Contract Assets and Contract Liabilities; Accounts Receivable and Related Allowance

Costs of Revenue

Selling, General and Administrative Expenses

Research and Development Expenses (including Clinical Trial Expenses)

Net Loss Per Share

Cash and cash equivalents

Inventory

Long-Lived Assets


Asset Class			Estimated Useful Life
Machinery & equipment			5 years
Computer equipment and office equipment			3 to 5 years
Purchased software			3 to 5 years
Leasehold improvements			Shorter of remaining lease term or useful life

Leases

Stock-Based Compensation

graded vesting basis over the vesting period of the award. Please, see Note 10. STOCK-BASED COMPENSATION for details.

Warrants

Income Taxes

Accounting Pronouncements Issued and Not Yet Adopted

presented in the financial statements. The Company is currently evaluating the impact ASU 2024-03 will have on its disclosures.

LEASES - Lease-Related Amounts Reflected in the Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Leases [Abstract]
Operating lease right-of-use assets	$ 651	$ 843
Operating lease liabilities - current	442	410
Operating lease liabilities – long-term	245	477
Total operating lease liabilities	$ 687	$ 887
Weighted average remaining lease term	1 year 6 months	2 years
Weighted average discount rate	11.80%	11.80%

COMMON STOCK - Black-Scholes Option-Pricing Model (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.26%	3.87%	4.19%	3.87%
Expected term	6 years 29 days	5 years 11 months 26 days	6 years 3 days	5 years 11 months 26 days
Volatility of common stock	76.00%	78.20%	76.20%	78.20%
Expected dividend rate	0.00%	0.00%	0.00%	0.00%
Underwriter \| IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate			3.94%
Expected term			5 years
Volatility of common stock			78.83%
Expected dividend rate			0.00%
Underwriter \| Over-Allotment Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate			3.96%
Expected term			4 years 11 months 15 days
Volatility of common stock			78.94%
Expected dividend rate			0.00%

- 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

REVENUE AND DEFERRED REVENUE (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Total revenue disaggregated by geographic source, type of customer, and products or services was as follows.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
United States (medical practice, clinic, and hospital customers):
Products (capsules and capsule reading devices)	$	2,526	$	2,353	$	4,275	$	4,269


Services (cloud-based video delivery and reading services)	200		200		466		432
Outside United States (distributor customers):
Products (capsules and capsule reading devices)	917		762		1,694		1,397
Total revenue	$	3,643	$	3,315	$	6,435	$	6,098

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)		3 Months Ended		6 Months Ended
	Jul. 02, 2025	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) segment	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Jul. 03, 2025 shares
Concentration Risk [Line Items]
Reverse stock split	1-for-3.33
Net foreign exchange gains (losses)		$ (22,000)	$ 177,000	$ (15,000)	$ 171,000
Number of operating segments \| segment				1
Number of reportable segments \| segment				1
Contract assets		0		$ 0		$ 0
Costs of revenue		1,772,000	1,504,000	3,235,000	2,793,000
Advertising costs				0	0
Research and development		5,309,000	3,392,000	9,744,000	6,499,000
Impairment of long-lived assets		0	0	0	0
IPO
Concentration Risk [Line Items]
Warrants issued (in shares) \| shares							168,898
Private Placement
Concentration Risk [Line Items]
Private Placement issuance costs in accounts payable and accruals				600,000
Shipping and handling
Concentration Risk [Line Items]
Costs of revenue		33,000	26,000	68,000	43,000
Healthcare clinical trial activities
Concentration Risk [Line Items]
Research and development		$ 2,371,000	$ 1,054,000	$ 4,005,000	$ 1,751,000

GOING CONCERN	6 Months Ended
GOING CONCERN	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	2. GOING CONCERN The Company has incurred operating losses and negative cash flows from operations since its inception. Since the launch of CapsoCam Plus® in 2016, the Company has been able to fund increasing portions of its operating expenses from sales. However, the Company has continued to incur operating losses, net losses, and negative operating cash flows. The Company expects to continue to experience similar circumstances until existing and future products’ sales yield further growth in revenues, achievement of break-even, and realization of future operating income, net income, and positive operating cash flows. As of June 30, 2026, the Company had cash and cash equivalents of $9,077. For the six months ended June 30, 2026, the Company had an operating loss of $14,673, a net loss and comprehensive loss of $14,514, and net cash used in operating activities of $14,469. The Company, having evaluated the extant facts and circumstances, concluded that the facts and circumstances raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date of issuance of these financial statements. While the Company raised approximately $14 million in gross proceeds resulting from the Private Placement described in Note 1. DESCRIPTION OF BUSINESS AND ORGANIZATIONAL STRUCTURE and further discussed in Note 9. COMMON STOCK, it is not probable that these funds are sufficient to fund expenditures necessary to achieve sales growth and innovation objectives. The Company intends to consummate additional capital raising activities, but there is no certainty as to such capital raising activities occurring at all, or occurring with sufficient timing or magnitude, sufficient to alleviate such substantial doubt.

- Definition

The entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.

+ References + Details

GOING CONCERN (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
GOING CONCERN (Details) - USD ($) $ in Thousands	Mar. 16, 2026	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Subsidiary, Sale of Stock [Line Items]
Cash and cash equivalents		$ 9,077				$ 9,077		$ 10,112
Operating loss		7,580		$ 4,651		14,673	$ 10,033
Net loss		$ 7,481	$ 7,033	$ 4,625	$ 5,375	14,514	10,000
Cash used in operating activities						$ 14,469	$ 9,512
Private Placement
Subsidiary, Sale of Stock [Line Items]
Net proceeds	$ 14,000

- 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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The net result for the period of deducting operating expenses from operating revenues.

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