0001104659-26-014708 | 10-K | XBRL Viewer

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Subsequent events (Details) - USD ($) $ in Millions			1 Months Ended
Subsequent events (Details) - USD ($) $ in Millions	Jan. 12, 2026	Jan. 09, 2026	Jan. 31, 2024	Oct. 31, 2022
Market Offering
Subsequent Event [Line Items]
Maximum aggregate offering price			$ 50.0
Loan and Security Agreement
Subsequent Event [Line Items]
Maximum borrowing capacity				$ 50.0
Subsequent events \| Market Offering \| Jefferies LLC
Subsequent Event [Line Items]
Maximum aggregate offering price	$ 50.0
Subsequent events \| Loan and Security Agreement
Subsequent Event [Line Items]
Increase in terms loans available		$ 50.0
Maximum borrowing capacity		100.0
Amount borrowed		$ 10.0

- Definition

The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Income taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Income taxes (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits that are subjected to a valuation allowance		$ 1.8
Unrecognized tax benefits, income tax penalties and interest expense	$ 0.1	0.1
Unrecognized tax benefits, Income tax penalties and interest accrued	0.6	$ 0.5
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	483.7
Tax credit carryforwards	10.3
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	9.7
Tax credit carryforwards	$ 1.9

Segment, geographic information and revenue disaggregation (Tables)

12 Months Ended

Dec. 31, 2025

Segment, geographic information, and revenue disaggregation

Schedule of Segment Reporting

We derive all our revenues from sales to customers in Europe and the U.S. The following table provides revenue by country for each location accounting for more than 10% of the total revenue for the periods indicated:


	Year ended
	December 31,
(in thousands)	2025			2024
U.S.	$	51,883		$	47,167
Europe		4,768			4,125
	$	56,651		$	51,292

Income taxes (Components of Net Deferred Tax Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income taxes
Net operating loss carryforwards	$ 111,304	$ 98,329
R&D tax credits	10,414	10,147
Capitalized R&D expenses	2,748	8,015
Non-qualified stock options	5,585	4,482
Start-up costs	225	452
Accrued vacation	140	227
Other	1,507	450
Total deferred tax assets	131,923	122,102
Valuation allowance	(131,923)	(122,102)
Net deferred tax assets	$ 0	$ 0

Stock-based compensation (Schedule of RSU Activity) (Details) - Restricted Stock $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
Number of RSUs
Granted (in shares)	393,928
Vested (in shares)	0
Canceled/Forfeited (in shares)	(10,660)
Unvested Balance at the End of the Period (in shares)	383,268
Weighted Average Grant Date Fair Value
Granted (in dollars per share) \| $ / shares	$ 12.13
Cancelled/Forfeited (in dollars per share) \| $ / shares	12.96
Unvested at the end of the Period (in dollars per share) \| $ / shares	$ 12.11
Aggregate Intrinsic Value
Balance at the End of the Period \| $	$ 2,721

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Total
Balances, Beginning at Dec. 31, 2023	$ 209	$ 553,326	$ (477,381)	$ (207)	$ 75,947
Balances, Beginning (in shares) at Dec. 31, 2023	20,879,199
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options	$ 5	2,693			$ 2,698
Exercise of stock options (in shares)	510,669				510,669
Proceeds from Employee Stock Purchase Plan	$ 1	802			$ 803
Proceeds from Employee Stock Purchase Plan (shares)	79,618
Employee stock compensation		19,050			19,050
Issuance of common stock, net of costs	$ 32	32,489			32,521
Issuance of common stock, net of costs (in shares)	3,251,198
Issuance of common stock upon net exercise of common warrants	$ 6	(6)
Issuance of common stock upon net exercise of common warrants (in shares)	604,000
Net loss			(59,965)		(59,965)
Cumulative translation adjustment				1	1
Balances, Ending at Dec. 31, 2024	$ 253	608,354	(537,346)	(206)	71,055
Balances, Ending (in shares) at Dec. 31, 2024	25,324,684
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options	$ 3	790			$ 793
Exercise of stock options (in shares)	294,804				294,804
Proceeds from Employee Stock Purchase Plan	$ 1	752			$ 753
Proceeds from Employee Stock Purchase Plan (shares)	148,657
Employee stock compensation		11,052			11,052
Issuance of common stock, net of costs	$ 6	8,968			8,974
Issuance of common stock, net of costs (in shares)	543,462
Net loss			(53,306)		(53,306)
Cumulative translation adjustment				3	3
Balances, Ending at Dec. 31, 2025	$ 263	$ 629,916	$ (590,652)	$ (203)	$ 39,324
Balances, Ending (in shares) at Dec. 31, 2025	26,311,607

Stockholders' equity

12 Months Ended

Dec. 31, 2025

Stockholders' equity

Stockholders' equity

6.	Stockholders’ equity

We had common stock warrants exercisable for 102,718 shares of common stock upon conversion at a weighted average exercise price of $12.66 per share and 103,349 shares of common stock upon conversion at a weighted average exercise price of $12.92 per share outstanding at December 31, 2025 and 2024, respectively. Johnson & Johnson Innovation – JJDC, Inc. had common stock warrants exercisable for

607,725 shares of our common stock with an exercise price of $0.16 per share that were all exercised through a net exercise transaction for 604,000 shares of common stock during the year ended December 31, 2024.

At-the-Market (“ATM”) Offering

In January 2024, we commenced an ATM offering, which allows us to issue and sell shares of our common stock having an aggregate offering price of up to $50.0 million. We issued 543,462 shares of common stock for gross proceeds of $9.5 million under the ATM offering during the year ended December 31, 2025. On November 4, 2025, we and the agent mutually agreed to terminate the Equity Distribution Agreement for the ATM, effective on November 6, 2025.

- Definition

The entire disclosure for equity.

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+ Details

Income taxes (Components of Provision for Income Taxes) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income taxes
Federal and state	$ 0	$ 0
Foreign	(18,000)	55,000
Total provision for income taxes	$ (18,000)	$ 55,000

- Definition

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

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+ Details

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Consolidated Statements of Operations and Comprehensive Loss
Revenue	$ 56,651,000	$ 51,292,000
Cost of goods sold	8,311,000	8,334,000
Gross profit	48,340,000	42,958,000
Operating expenses:
Research and development	11,132,000	11,131,000
Selling, general and administrative	88,473,000	91,317,000
Total operating expenses	99,605,000	102,448,000
Loss from operations	(51,265,000)	(59,490,000)
Interest expense	(5,827,000)	(4,397,000)
Other income, net	3,768,000	3,977,000
Loss before income taxes	(53,324,000)	(59,910,000)
Benefit (provision) for income taxes	18,000	(55,000)
Net loss	(53,306,000)	(59,965,000)
Cumulative translation adjustment	2,000	1,000
Comprehensive loss	$ (53,304,000)	$ (59,964,000)
Net loss per share, basic	$ (2.04)	$ (2.65)
Net loss per share, diluted	$ (2.04)	$ (2.65)
Weighted-average common shares used to compute net loss per share, basic	26,084,709	22,596,229
Weighted-average common shares used to compute net loss per share, diluted	26,084,709	22,596,229

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk management and strategy We rely on our information technology to operate our business and provide our Barostim Therapy to patients. We have policies and processes designed to protect our information technology systems, some of which are managed by third parties, and resolve issues in a timely manner in the event of a cybersecurity threat or incident. As part of our broader risk management framework, we have identified the potential cybersecurity risks to our business. We have designed our business applications and hosting services to minimize the impact that cybersecurity incidents could have on our business and have identified back-up systems where appropriate. We seek to further mitigate cybersecurity risks through a combination of monitoring and detection activities, use of anti-malware applications, employee training, quality audits and communication and reporting structures, among other processes. We have an incident response plan in place that outlines containment, eradication, and recovery plans in the event of a cybersecurity threat or incident. We engage a third-party consultant to assist us with designing controls and our cybersecurity risk management framework. We are also engaging with a third party to perform penetration testing. We also retain third parties to assist with the monitoring and detection of cybersecurity threats and responding to any cybersecurity threats or incidents. With respect to third parties that manage or use our information technology or data, we obtain reports to assess the security of their systems and processes. We engage in ongoing monitoring of all third-party providers to ensure compliance with our cybersecurity standards. We have not encountered cybersecurity threats or incidents that have had a material impact on our business.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	As part of our broader risk management framework, we have identified the potential cybersecurity risks to our business. We have designed our business applications and hosting services to minimize the impact that cybersecurity incidents could have on our business and have identified back-up systems where appropriate. We seek to further mitigate cybersecurity risks through a combination of monitoring and detection activities, use of anti-malware applications, employee training, quality audits and communication and reporting structures, among other processes. We have an incident response plan in place that outlines containment, eradication, and recovery plans in the event of a cybersecurity threat or incident. We engage a third-party consultant to assist us with designing controls and our cybersecurity risk management framework. We are also engaging with a third party to perform penetration testing. We also retain third parties to assist with the monitoring and detection of cybersecurity threats and responding to any cybersecurity threats or incidents.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Our Board of Directors assigned specific oversight responsibility for cybersecurity to our Audit Committee, which also oversees our general risk management. The Audit Committee reviews and discusses with management our policies, practices, and risks related to information security and cybersecurity. Our chief financial officer has primary responsibility for assessing, monitoring, and managing cybersecurity risks. Leaders of our information technology and device engineering, together with members of our finance team, comprise our Cybersecurity Committee, which meets to assess cybersecurity risks and identify new risks and assess our risk management framework on a quarterly basis. Among the members of this committee are employees who are knowledgeable about our products and systems, have prior experience managing cybersecurity risks, and maintain an active Certified Information Systems Security Professional certification. Our chief financial officer provides an update to the Audit Committee on any risks related to cybersecurity on a quarterly basis. Our incident response plan includes notifying the Audit Committee, and then the Board of Directors, of any material threats or incidents that arise.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Audit Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our chief financial officer provides an update to the Audit Committee on any risks related to cybersecurity on a quarterly basis. Our incident response plan includes notifying the Audit Committee, and then the Board of Directors, of any material threats or incidents that arise.
Cybersecurity Risk Role of Management [Text Block]	Our chief financial officer has primary responsibility for assessing, monitoring, and managing cybersecurity risks. Leaders of our information technology and device engineering, together with members of our finance team, comprise our Cybersecurity Committee, which meets to assess cybersecurity risks and identify new risks and assess our risk management framework on a quarterly basis. Among the members of this committee are employees who are knowledgeable about our products and systems, have prior experience managing cybersecurity risks, and maintain an active Certified Information Systems Security Professional certification. Our chief financial officer provides an update to the Audit Committee on any risks related to cybersecurity on a quarterly basis. Our incident response plan includes notifying the Audit Committee, and then the Board of Directors, of any material threats or incidents that arise.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	chief financial officer
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Among the members of this committee are employees who are knowledgeable about our products and systems, have prior experience managing cybersecurity risks, and maintain an active Certified Information Systems Security Professional certification.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Leaders of our information technology and device engineering, together with members of our finance team, comprise our Cybersecurity Committee, which meets to assess cybersecurity risks and identify new risks and assess our risk management framework on a quarterly basis
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2025

Summary of significant accounting policies

Summary of significant accounting policies

2.	Summary of significant accounting policies

Statement presentation and basis of consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).

The consolidated financial statements include the accounts of CVRx, Inc., and its wholly owned subsidiary, CVRx Switzerland LLC. All intercompany balances and transactions have been eliminated in consolidation.

JOBS Act accounting election

We are an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, we have elected to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies.

Use of estimates

Preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Cash and cash equivalents

Cash and cash equivalents include highly liquid investments with an original maturity of three months or less. As of December 31, 2025 and 2024, cash equivalents consisted of money market funds, which are stated at cost and approximate fair value. Additionally, as of December 31, 2025 and 2024, a majority of our cash and cash equivalents were maintained with two financial institutions in the U.S., and our current deposits are likely in excess of insured limits.

Accounts Receivable

Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Customer credit terms are established prior to shipment with the standard generally being net 30 days. We evaluate the collectability of our accounts receivable based on known collection risks and historical experience. In circumstances where we are aware of a specific customer's inability to meet its financial obligations to us, we record a specific allowance for bad debts against amounts due to reduce the carrying amount of accounts receivable to the amount we reasonably believe will be collected.

Accounts receivable, net of allowances, were $10.7 million, $9.3 million, and $7.6 million as of December 31, 2025, 2024, and 2023, respectively.

Inventory

Inventory is stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. We regularly review inventory quantities based on actual loss experiences, projected future demand and remaining shelf life to record a provision for excess and obsolete inventory when appropriate.

Leases

Operating leases are included in operating lease right-of-use (“ROU”) asset, accrued expenses, and operating lease liability – non-current portion in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We used the incremental borrowing rate based on information readily available at the time of recognition to determine the present value of the lease payments. The determination of our incremental borrowing rate requires management judgement based on information available at lease commencement.

Revenue recognition

We sell our products primarily through a direct sales force and to a lesser extent through a combination of sales agents and independent distributors. Our revenue consists primarily of the sale of our Barostim, which consists of two implantable components: a pulse generator and a stimulation lead.

Under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services it transfers to the customer. We recognize net revenue on product sales, adjusted for any applicable estimates of variable consideration, when the customer obtains control of our product, which generally occurs at a point in time upon delivery based on the contractual shipping terms of a contract. Our contracts have a single performance obligation, and our payment terms with customers are generally between 30 and 90 days. Variable consideration related to certain customer rebates is estimated based on the amounts expected to be paid under the agreement with the customer.

Stock-Based Compensation

We recognize equity-based compensation expense for awards of equity instruments to employees and non-employees based on the grant date fair value of those awards in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 718, Compensation—Stock Compensation (“ASC 718”). ASC 718 requires all equity-based compensation awards to employees and non-employee directors, including grants of restricted shares and stock options, to be recognized as expense in the consolidated statements of operations and comprehensive loss based on their grant date fair values. We estimate the grant date fair value of stock options using the Black-Scholes option pricing model, and the fair value of restricted stock units (“RSUs”) is equal to the closing price of our common stock on the grant date . We account for forfeitures as they occur. We expense the fair value of our equity-based compensation awards granted to employees on a straight-line basis over the associated service period, which is generally the period in which the related services are received.

Recent accounting pronouncements

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public business entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. This ASU was effective for our annual period ended December 31, 2025. The adoption was applied prospectively and primarily impacted income tax disclosure requirements. The adoption had no impact on our consolidated results of operations, financial position, or cash flow.

In July 2025, the FASB issued ASU 2025-05, which provides targeted relief under Topic 326 for entities estimating expected credit losses on accounts receivable and contract assets arising from revenue transactions under ASC 606. The amendment introduces a practical expedient allowing entities to assume that current conditions as of the reporting date remain unchanged over the life of the asset. The standard is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures. While the adoption is not expected to have a material impact, we will continue to assess the implications as part of our implementation planning.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net loss	$ (53,306)	$ (59,965)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	11,052	19,050
Depreciation of property and equipment	756	619
Loss on disposal of equipment	86	0
Amortization of deferred financing costs and loan discount	241	203
Changes in operating assets and liabilities:
Accounts receivable	(1,397)	(1,717)
Inventory	(98)	(1,124)
Prepaid expenses and other current assets	(543)	531
Accounts payable	1,251	698
Accrued expenses	1,788	2,561
Net cash used in operating activities	(40,170)	(39,144)
Cash flows from investing activities:
Purchase of property and equipment	(580)	(1,361)
Net cash used in investing activities	(580)	(1,361)
Cash flows from financing activities:
Proceeds from the exercise of common stock options	793	2,698
Proceeds from Employee Stock Purchase Plan	753	803
Proceeds from the issuance of common stock	8,974	32,521
Proceeds from debt financing	0	20,000
Debt financing costs	0	(152)
Net cash provided by financing activities	10,520	55,870
Effect of currency exchange on cash and cash equivalents	5	(1)
Net change in cash and cash equivalents	(30,225)	15,364
Cash and cash equivalents at beginning of year	105,933	90,569
Cash and cash equivalents at end of period	75,708	105,933
Supplemental Information:
Cash paid for interest	$ 5,045	$ 3,614

Stockholders' equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Common Stock Warrants
Warrants exercisable		102,718	103,349
Warrant exercise price		$ 12.66	$ 12.92
At-the-Market ("ATM") Offering
Issuance of common stock		$ 8,974	$ 32,521
JJDC
Common Stock Warrants
Warrants exercisable			607,725
Warrant exercise price			$ 0.16
Warrants exercised for shares of common stock			604,000
Market Offering
At-the-Market ("ATM") Offering
Maximum aggregate offering price	$ 50,000
Shares issued		543,462
Issuance of common stock		$ 9,500

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Loss Per Share

Basic and Diluted Net Loss per Share

Basic and diluted net loss per share attributable to common stockholders was calculated for the periods indicated (in thousands, except share and per share data):


			Year Ended
			December 31,
			2025		2024
Numerator:
Net loss			$	(53,306)	$	(59,965)
Denominator:
Weighted average common shares outstanding — basic and diluted				26,084,709		22,596,229
Net loss per share attributable to common stockholders — basic and diluted			$	(2.04)	$	(2.65)

Antidilutive Securities Excluded from Computation of Earnings Per Share


		Year Ended
		December 31,
		2025		2024
Options		5,834,448		5,550,419
RSUs		383,268		—
Warrants		102,718		103,349
		6,320,434		5,653,768

Selected balance sheet information (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Depreciation	$ 756	$ 619
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2025	Feb. 06, 2026	Jun. 30, 2025
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2025
Securities Act File Number	001-40545
Entity Registrant Name	CVRx, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-1983744
Entity Address, Address Line One	9201 West Broadway Avenue
Entity Address, Address Line Two	Suite 650
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55445
City Area Code	763
Local Phone Number	416-2840
Title of 12(b) Security	Common stock,
Trading Symbol	CVRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 112.4
Entity Common Stock, Shares Outstanding		26,311,607
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Minneapolis, Minnesota
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0001235912
Amendment Flag	false

Income taxes (Changes to Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income taxes
Gross unrecognized tax benefits at beginning of year	$ 2,346	$ 2,221
Gross increases: Prior year tax positions		0
Gross increases: Current year tax positions	135	182
Gross decreases: Prior year tax positions	(80)	(57)
Gross unrecognized tax benefits at end of year	$ 2,401	$ 2,346

Selected balance sheet information (Schedule of Inventory) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Selected balance sheet information
Raw material	$ 8,628	$ 6,857
Work-in-process	473	353
Finished goods	3,104	4,897
Total inventory	$ 12,205	$ 12,107

Stock-based compensation

12 Months Ended

Dec. 31, 2025

Stock-based compensation

Stock-based compensation

7.	Stock-based compensation

Summary of plans and activity

In June 2001, our Board of Directors and stockholders established the 2001 Stock Incentive Award Plan (“2001 Plan”). Under the 2001 Plan, as amended, 2,674,749 shares of common stock had been reserved for the issuance of incentive stock options granted to employees, non-employee directors, consultants, or independent contractors. Options granted under the 2001 Plan have vesting terms that range from the date of grant to four years and expire within a maximum term of 10 years from the grant date.

In 2021, our Board of Directors and stockholders established the 2021 Equity Incentive Plan (“2021 Plan”). The number of shares of common stock initially reserved for issuance under the 2021 Plan was 1,854,490 newly reserved shares in addition to the 600,737 shares that remained available for issuance under the 2001 Plan. The shares available for issuance under the 2021 Plan automatically increase on the first day of each year, commencing January 1, 2022, and ending on (and including) January 1, 2031, in an amount equal to 5% of the total number of shares of our common stock outstanding on the last day of the calendar month before the date of each automatic increase, or such lesser number of shares as determined by the Board of Directors. The annual increase resulted in an additional 1,043,959 shares being reserved for issuance under the 2021 Plan as of January 1, 2024. The 2021 Plan provides for the issuance of stock options, stock appreciation rights, restricted stock awards, stock unit awards and other stock-based awards and cash incentive awards to employees, consultants and non-employee directors of the Company and its subsidiaries. Awards granted under the 2021 Plan will have such vesting schedules and other terms as determined by the Compensation Committee and stock options and stock appreciation rights have a maximum term of 10 years from the grant date. No further awards can be made under the 2001 Plan following the adoption of the 2021 Plan. As of December 31, 2025, there were 1,447,051 shares available for future issuance under the 2021 Plan.

Stock Options

Options are granted at exercise prices not less than the fair market value of our common stock on the date of grant. Prior to our IPO, the fair market value of our common stock was determined by our Board of Directors, and following our IPO, the fair market value of our common stock is based on the closing price of our common stock on the date of grant.

During the years 2008 through the IPO, the Board of Directors authorized the grant of stock options for the purchase of shares of common stock to the employers of certain non-employee directors. The options were not granted under the 2001 Plan or the 2021 Plan, but terms are substantially the same as our standard form of option agreement for non-employee directors as they have an exercise price not less than the fair market value on the grant date and vest over 48 months from the date of grant.

The following is a summary of stock option activity:


				Weighted
		Number		Average			Aggregate
		of		Exercise			Intrinsic
		Options		Price			Value
							(in thousands)
Balance as of December 31, 2023		4,488,845		$	9.77			$	97,266
Granted		3,237,758		$	12.77
Cancelled / Forfeited		(1,665,515)		$	10.16
Exercised		(510,669)		$	5.28
Balance as of December 31, 2024		5,550,419		$	11.81			$	18,771
Granted		1,050,622		$	11.56
Cancelled / Forfeited		(471,789)		$	15.10
Exercised		(294,804)		$	2.69
Balance as of December 31, 2025		5,834,448		$	11.96			$	2,459
Options exercisable as of December 31, 2025		3,693,233		$	11.24			$	2,386

As of December 31, 2025, stock options outstanding included 4,363 options that were not granted under the 2001 Plan or the 2021 Plan. For options outstanding as of December 31, 2025, the weighted average remaining contractual life was 6.6 years. For options exercisable as of December 31, 2025, the weighted average remaining contractual life was 5.6 years. As of December 31, 2025, unrecognized compensation expense related to unvested stock-based compensation arrangements for stock options was $18.2 million. As of December 31, 2025, the related weighted average period over which the expense is expected to be recognized is approximately 2.4 years

Restricted Stock Units

RSUs are share awards that entitle the holder to receive freely tradable shares of our common stock upon vesting. The RSUs cannot be transferred and the awards are subject to forfeiture if the holder’s service terminates prior to vesting other than for death, disability, or other qualifying terminations.

The following is a summary of RSU activity:


				Weighted
		Number		Average			Aggregate
		of		Grant Date			Intrinsic
		RSUs		Fair Value			Value
							(in thousands)
Unvested Balance as of December 31, 2024		—		$	—		$	—
Granted		393,928			12.13
Vested		—			—
Cancelled / Forfeited		(10,660)			12.96
Unvested Balance as of December 31, 2025		383,268		$	12.11		$	2,721

The aggregate intrinsic value of unvested RSUs is based on our closing stock price on the last trading day of the period. No RSUs were vested as of December 31, 2025. As of December 31, 2025, the unrecognized compensation expense related to unvested stock-based compensation arrangements for RSUs was $3.7 million. As of December 31, 2025, the related weighted average period over which the expense is expected to be recognized is approximately 3.2 years.

Employee Stock Purchase Plan

Our Board of Directors and stockholders also established an Employee Stock Purchase Plan (the “ESPP”). The number of shares of common stock initially reserved for issuance under the ESPP was 278,170. The shares available for issuance under the ESPP automatically increase on the first day of each year,

commencing January 1, 2022, and ending on (and including) January 1, 2031, in an amount equal to 1% of the total number of shares of our common stock outstanding on the last day of the calendar month before the date of each automatic increase, or such lesser number of shares as determined by the Board of Directors. The annual increase resulted in an additional 253,246 shares being reserved for issuance under the ESPP as of January 1, 2025. The ESPP permits certain of our U.S. employees to purchase shares of our common stock at a price per share not less than 85% of the lower of (i) the closing market price per share of our common stock on the first day of the applicable purchase period or (ii) the closing market price per share of our common stock on the purchase date at the end of the applicable six-month purchase period. For the year ended December 31, 2025, 148,657 shares of common stock were purchased under the ESPP for $0.8 million of employee contributions. As of December 31, 2025, there were 737,396 shares available for issuance under the ESPP.

Stock-based compensation expense

We use the Black-Scholes option pricing model to determine the fair value of stock options and ESPP purchase rights on the grant date. The fair value of RSUs is determined based on the closing stock price of our common stock on the grant date. We measure stock-based compensation expense based on the grant date fair value of the award and recognize compensation expense over the requisite service period, which is generally the vesting period for stock options and RSUs, and the offering period for ESPP purchase rights. The amount of stock-based compensation expense recognized for stock option and RSU awards during a period is based on the portion of the awards that are ultimately expected to vest. The amount of stock-based compensation expense recognized for ESPP purchase rights during a period is based on the estimated purchase rights as of the grant date. We account for forfeitures as they occur.

The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes option pricing model for the years ended December 31, 2025 and 2024:


			December 31,
			2025		2024
Weighted average fair value of options granted		$	9.17		$	10.31
Expected term (in years) — non-officer employees			5.5 to 6.1			5.0 to 6.1
Expected term (in years) — officer employees			6.1 to 6.1			2.5 to 6.1
Expected volatility			95.0% to 103.1	%		87.7% to 98.9	%
Expected dividend yield			—	%		—	%
Risk-free interest rate			3.78% to 4.47	%		3.67% to 4.71	%

The following table provides the weighted average fair value of ESPP purchase rights and the related assumptions used in the Black-Scholes option pricing model for the years ended December 31, 2025 and 2024:


		December 31,
			2025			2024
Weighted average fair value per ESPP purchase right		$	3.28		$	5.23
Expected term (in years)			0.5			0.5
Expected volatility			112.3% to 133.4	%		74.0% to 96.9	%
Expected dividend yield			—	%		—	%
Risk-free interest rate			4.25% to 4.29	%		5.24% to 5.37	%

We review these assumptions on a periodic basis and adjust them, as necessary. We utilize the simplified method to develop the estimate of the expected term for stock option awards and ESPP purchase rights. The expected volatility is based upon our historical stock price. The expected dividend yield is assumed to be

zero, as we have never paid dividends and have no current plans to do so. The risk-free interest rate is based on the yield on U.S. Treasury securities for a period approximating the expected term of the options being valued.

The following table presents the components and classification of stock-based compensation expense for the periods indicated:


		Year Ended
		December 31,
(in thousands)		2025		2024
Stock options		$	9,664	$	18,633
RSUs			900		—
Employee Stock Purchase Plan			488		417
Total stock-based compensation expense		$	11,052	$	19,050

Selling, general & administrative		$	9,810	$	17,746
Research & development			1,088		1,174
Cost of goods sold			154		130
		$	11,052	$	19,050

On January 30, 2024, we amended the terms and conditions of certain stock option award agreements granted under the 2001 Plan and 2021 Plan between us and our former Chief Executive Officer in connection with his retirement, which occurred on February 11, 2024. The option agreements were amended to provide that, if not already vested at the time of termination of his employment due to retirement, the options will continue to vest on the previously scheduled vesting dates following his retirement, subject to his compliance with certain covenants. Additionally, the option agreements were modified so that the options may be exercised, to the extent vested, by our former Chief Executive Officer until the earlier of (a) five years following his retirement date, or (b) the applicable option expiration date. The modification of these option awards resulted in an additional $8.4 million of non-cash stock-based compensation expense recognized during the year ended December 31, 2024.

Subsequent events

12 Months Ended

Dec. 31, 2025

Subsequent events

Subsequent events

13.

Subsequent events

On January 9, 2026, we entered into an Amendment to our existing Loan Agreement. Pursuant to the Amendment, the terms loans available were increased by $50.0 million, to an aggregate principal amount of up to $100.0 million, subject to our achievement of certain milestones, and the maturity date was extended to 2031. On the closing date, we borrowed an additional $10.0 million under the Loan Agreement.

On January 12, 2026, we entered into a Sale Agreement with Jefferies LLC, as agent. Pursuant to the terms of the Sale Agreement, we may offer and sell, from time to time at our sole discretion, shares of common stock having an aggregate offering price up to $50.0 million in an ATM offering, to or through the agent.

We have evaluated subsequent events through the filing of this Form 10-K with the SEC, and determined that there have been no other events that have occurred that would require adjustments to our disclosures in the consolidated financial statements.

Loss Per Share (Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded potential common shares from the computation of diluted net loss per share	6,320,434	5,653,768
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded potential common shares from the computation of diluted net loss per share	5,834,448	5,550,419
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded potential common shares from the computation of diluted net loss per share	383,268	0
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded potential common shares from the computation of diluted net loss per share	102,718	103,349

Stock-based compensation (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2001	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2021	Dec. 31, 2008	Jan. 01, 2024	Jul. 02, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average remaining contractual life, outstanding (in years)		6 years 7 months 6 days
Expiration period		5 years 7 months 6 days
Expected dividend yield		0.00%
2001 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved for future issuance	2,674,749
Vesting Period	4 years
Number of shares available for grant				600,737
Expiration period	10 years
2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved for future issuance		1,447,051		1,854,490		1,043,959
Annual incremental percentage				5.00%
2021 \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period				10 years
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved for future issuance		737,396				253,246	278,170
Annual incremental percentage							1.00%
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense		$ 18.2
Expiration period		2 years 4 months 24 days
Expected dividend yield		0.00%	0.00%
Employee Stock Option \| Employers of certain non-employee directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting Period					48 months

Income taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income taxes

Components of Provision for Income Taxes

The components of our provision for income taxes are as follows for the periods indicated:


		Year Ended
		December 31,
(in thousands)		2025		2024
Current
Federal and state	$	—	$	—
Foreign		(18)		55
Total provision for income taxes	$	(18)	$	55

Reconciliation of Taxes at the Federal Statutory Rate


		Year Ended			Year Ended
		December 31,			December 31,
		2025		2024	2025			2024
U.S. federal statutory tax rate	$	(11,198)	$	(12,581)	21.0	%		21.0	%
State and local income taxes, net of federal income tax effect⁽¹⁾		(28)		(26)	0.1			—
Foreign tax effects		3		5	—			—
Effect of cross-border tax laws		—		1	—			—
Tax credits		(313)		(550)	0.5			0.9
Changes in valuation allowances		10,152		11,930	(19.0)			(19.9)
Nontaxable or nondeductible items
Share-based payment awards		1,008		874	(1.9)			(1.5)
Meals and entertainment		332		269	(0.7)			(0.4)
Changes in unrecognized tax benefits		26		133	—			(0.2)
Total	$	(18)	$	55	0.0	%		(0.1)	%

Components of Net Deferred Tax Assets


		Year Ended
		December 31,
(in thousands)		2025		2024
Deferred tax assets
Net operating loss carryforwards	$	111,304	$	98,329
R&D tax credits		10,414		10,147
Capitalized R&D expenses		2,748		8,015
Non-qualified stock options		5,585		4,482
Start-up costs		225		452
Accrued vacation		140		227
Other		1,507		450
Total deferred tax assets		131,923		122,102
Valuation allowance		(131,923)		(122,102)
Net deferred tax assets	$	—	$	—

Changes to Gross Unrecognized Tax Benefits

The changes to our gross unrecognized tax benefits were as follows for the periods indicated:


		Year Ended
		December 31,
(in thousands)		2025		2024
Gross unrecognized tax benefits at beginning of year	$	2,346	$	2,221
Gross increases:
Prior year tax positions		—		—
Current year tax positions		135		182
Gross decreases:
Prior year tax positions		(80)		(57)
Gross unrecognized tax benefits at end of year	$	2,401	$	2,346

Selected balance sheet information (Tables)

12 Months Ended

Dec. 31, 2025

Selected balance sheet information

Schedule of Inventory

Inventory consists of the following at:


		December 31,			December 31,
(in thousands)		2025			2024
Raw material		$	8,628		$	6,857
Work-in-process			473			353
Finished goods			3,104			4,897
		$	12,205		$	12,107

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following at:


		December 31,			December 31,
(in thousands)		2025			2024
Office furniture and equipment		$	512		$	512
Lab equipment			3,533			3,144
Computer equipment and software			1,194			994
Leasehold improvements			827			542
Capital equipment in process			325			720
			6,391			5,912
Less: Accumulated depreciation and amortization			4,148			3,407
		$	2,243		$	2,505

Schedule of Accrued Expenses

Accrued expenses consist of the following at:


		December 31,			December 31,
(in thousands)		2025			2024
Bonuses		$	5,200		$	3,621
401(k) employer match			1,136			1,106
Paid time off			630			947
Customer rebates			801			592
Accrued interest payable			403			437
Operating lease liability, current portion			352			282
Clinical trial and other professional fees			116			182
Taxes			93			135
Other			753			878
		$	9,484		$	8,180

Debt

12 Months Ended

Dec. 31, 2025

Debt

Debt

4. Debt

Innovatus Loan Agreement

On October 31, 2022, we entered into a Loan and Security Agreement (the “Loan Agreement”) with Innovatus Life Sciences Fund I, LP, as the collateral agent and a lender, allowing us to borrow, subject to our achievement of certain milestones, up to a total of $50.0 million in a series of term loans (collectively, the “Term Loans”). We had $50.0 million in outstanding Term Loans under the Loan Agreement as of December 31, 2025. The Loan Agreement initially required interest only payments through November 2027, followed by three monthly principal and interest payments, of which a principal payment of $16.7 million each is due in December 2027 and two principal payments of $16.7 million each are due in January 2028. As of December 31, 2025, a final payment of $2.3 million, equal to 4.5% of the original borrowed principal, was due in January 2028. The Term Loans bear interest at a floating rate per annum equal to the sum of (a) the greater of (i) the prime rate and (ii) 5.50%; plus (b) 2.65%. The Term Loans are secured by substantially all of our personal property. A performance covenant took effect upon the third tranche funding, requiring that we achieve 50% of the trailing twelve months revenue target set in the Board-approved revenue plan in effect for such period. The Loan Agreement requires the payment of certain penalties if the Term Loans are paid off prior to maturity for any reason, including pursuant to an acceleration clause, and includes various restrictive covenants, including a restriction on the payment of dividends or making other distributions or payments on our capital stock, subject to limited exceptions. We were in compliance with these covenants as of December 31, 2025.

In connection with the Loan Agreement, we recorded $1.1 million of debt issuance costs and discounts as a reduction of long-term debt.

On January 9, 2026, we entered into an Amendment to our existing Loan Agreement. See Note 13 “Subsequent Events” for further information.

The annual principal maturities of debt under the Loan Agreement as of December 31, 2025 were as follows:


		December 31,
(in thousands)		2025
2026		$	—
2027			16,667
2028			33,333
			50,000
Less: Unamortized debt costs and discounts			(486)
Long-term debt		$	49,514

- Definition

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

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+ Details

Loss Per Share

12 Months Ended

Dec. 31, 2025

Loss Per Share

Loss Per Share

9. Loss Per Share

Basic and diluted net loss per share attributable to common stockholders was calculated for the periods indicated (in thousands, except share and per share data):


			Year Ended
			December 31,
			2025		2024
Numerator:
Net loss			$	(53,306)	$	(59,965)
Denominator:
Weighted average common shares outstanding — basic and diluted				26,084,709		22,596,229
Net loss per share attributable to common stockholders — basic and diluted			$	(2.04)	$	(2.65)

Our potentially dilutive securities, which include stock options, RSUs, and warrants to purchase shares of common stock, have been excluded from the computation of diluted net loss per share attributable to common stockholders, as the effect would be to reduce the net loss per share attributable to common stockholders. Therefore, the weighted average number of common shares outstanding used to calculate both

basic and diluted net loss per share attributable to common stockholders is the same. We excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


		Year Ended
		December 31,
		2025		2024
Options		5,834,448		5,550,419
RSUs		383,268		—
Warrants		102,718		103,349
		6,320,434		5,653,768

Debt (Narrative) (Details) $ in Thousands	Oct. 31, 2022 USD ($) payment	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Amount outstanding		$ 50,000
Loan and Security Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000
Amount outstanding		$ 50,000
Number of monthly payments of principal plus interest \| payment	3
Percentage of final payment of the funded amount	4.50%
Interest rate ( as a percent)	2.65%
Variable interest rate (as a percent)	5.50%
Debt issuance costs and discounts	$ 1,100
Loan and Security Agreement \| Payment due December 2027
Debt Instrument [Line Items]
Principal payment	16,700
Loan and Security Agreement \| Payment Due January 2028
Debt Instrument [Line Items]
Principal payment	$ 16,700
Number of principal payments \| payment	2
Loan and Security Agreement \| Final payment
Debt Instrument [Line Items]
Principal payment	$ 2,300
Loan and Security Agreement \| Tranche Three
Debt Instrument [Line Items]
Percentage of trailing twelve months revenue goal	50.00%

Employee benefit plans

12 Months Ended

Dec. 31, 2025

Employee benefit plans

Employee benefit plans

11.

Employee benefit plans

We sponsor a voluntary defined-contribution employee retirement plan (the “401(k) plan”) for our U.S. employees. The 401(k) plan provides that each participant may contribute pre-tax or post-tax compensation up to the statutory limit allowable. Under the 401(k) plan, each participant is fully vested in his or her deferred salary contributions when contributed. Beginning January 1, 2024, we adopted a policy to match a portion of employee contributions for all qualified employees participating in the 401(k) plan. We recorded an expense for matching contributions of $1.1 million for the years ended December 31, 2025 and 2024, respectively.

Stock-based compensation (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Options
Balance at the Beginning of period (in shares)	5,550,419	4,488,845
Granted (in shares)	1,050,622	3,237,758
Cancelled / Forfeited (in shares)	(471,789)	(1,665,515)
Exercised (in shares)	(294,804)	(510,669)
Balance at the of End of period (in shares)	5,834,448	5,550,419
Options exercisable at the end of the period (in shares)	3,693,233
Weighted Average Exercise Price
Balance at the Beginning of period (in dollars per share)	$ 11.81	$ 9.77
Granted (in dollars per share)	11.56	12.77
Cancelled / Forfeited (in dollars per share)	15.1	10.16
Exercised (in dollars per share)	2.69	5.28
Balance at the End of period (in dollars per share)	11.96	$ 11.81
Options Exercisable at the End of the Period (in dollars per share)	$ 11.24
Aggregate Intrinsic Value
Aggregate intrinsic value at the beginning of the period	$ 18,771	$ 97,266
Aggregate intrinsic value at the end of the period	2,459	$ 18,771
Options exercisable at the end of the period	$ 2,386
Weighted average remaining contractual life, outstanding (in years)	6 years 7 months 6 days
Options not granted under the 2001 or 2021 Plans
Number of Options
Balance at the of End of period (in shares)	4,363

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 75,708	$ 105,933
Accounts receivable, net of allowances of $871 and $780, respectively	10,665	9,268
Inventory	12,205	12,107
Prepaid expenses and other current assets	3,069	2,505
Total current assets	101,647	129,813
Property and equipment, net	2,243	2,505
Operating lease right-of-use asset	878	1,069
Other non-current assets	26	27
Total assets	104,794	133,414
Current liabilities:
Accounts payable	3,833	2,582
Accrued expenses	9,484	8,180
Total current liabilities	13,317	10,762
Long-term debt	49,514	49,273
Operating lease liability, non-current portion	638	877
Other long-term liabilities	2,001	1,447
Total liabilities	65,470	62,359
Commitments and contingencies (Note 10)
Stockholders' equity:
Common stock, $0.01 par value, 200,000,000 authorized as of December 31, 2025 and 2024; 26,311,607 and 25,324,684 shares issued and outstanding as of December 31, 2025 and 2024, respectively	263	253
Additional paid-in capital	629,916	608,354
Accumulated deficit	(590,652)	(537,346)
Accumulated other comprehensive loss	(203)	(206)
Total stockholders' equity	39,324	71,055
Total liabilities and stockholders' equity	$ 104,794	$ 133,414

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (53,306)	$ (59,965)

- Definition

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

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+ Details

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt

Schedule of Annual Principal Maturities of Debt

The annual principal maturities of debt under the Loan Agreement as of December 31, 2025 were as follows:


		December 31,
(in thousands)		2025
2026		$	—
2027			16,667
2028			33,333
			50,000
Less: Unamortized debt costs and discounts			(486)
Long-term debt		$	49,514

Debt (Maturities of debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Long-Term Debt, Fiscal Year Maturity [Abstract]
2027	$ 16,667
2028	33,333
Total	50,000
Less: Unamortized debt costs and discounts	(486)
Long-term debt	$ 49,514	$ 49,273

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

Selected balance sheet information (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Selected balance sheet information
Bonuses	$ 5,200	$ 3,621
401(k) employer match	1,136	1,106
Paid time off	630	947
Customer rebates	801	592
Accrued interest payable	403	437
Operating lease liability, current portion	$ 352	$ 282
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses	Total accrued expenses
Taxes	$ 93	$ 135
Clinical trial and other professional fees	116	182
Other	753	878
Total accrued expenses	$ 9,484	$ 8,180

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Stock-based compensation (Assumptions Used in Determine the Grant Date Fair Value of Stock Options) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	0.00%
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value of options granted	$ 9.17	$ 10.31
Expected volatility, Minimum	95.00%	87.70%
Expected volatility, Maximum	103.10%	98.90%
Expected dividend yield	0.00%	0.00%
Risk-free interest rate, Minimum	3.78%	3.67%
Risk-free interest rate, Maximum	4.47%	4.71%
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value of options granted	$ 3.28	$ 5.23
Expected term (in years)	6 months	6 months
Expected volatility, Minimum	112.30%	74.00%
Expected volatility, Maximum	133.40%	96.90%
Risk-free interest rate, Minimum	4.25%	5.24%
Risk-free interest rate, Maximum	4.29%	5.37%
Non officer employees \| Employee Stock Option \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	5 years
Non officer employees \| Employee Stock Option \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days
Officer employees \| Employee Stock Option \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	2 years 6 months
Officer employees \| Employee Stock Option \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days

Selected balance sheet information (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,391	$ 5,912
Less: Accumulated depreciation and amortization	4,148	3,407
Property and equipment, net	2,243	2,505
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	512	512
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,533	3,144
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,194	994
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	827	542
Capital equipment in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 325	$ 720

Leases (Details) $ in Thousands		12 Months Ended
Leases (Details) $ in Thousands	May 20, 2025 ft²	Dec. 31, 2025 USD ($) ft²	Dec. 31, 2024 USD ($)	Nov. 07, 2023 ft²	Apr. 21, 2023
Right-of-use assets:
Operating lease right-of-use asset		$ 878	$ 1,069
Operating lease liabilities:
Accrued expenses		$ 352	$ 282
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Accrued expenses	Accrued expenses
Operating lease liability, non-current portion		$ 638	$ 877
Present value of lease liability		$ 990	1,159
Remaining lease term		2 years 7 months 6 days
Discount rate		7.10%
Operating cash outflows		$ 600	$ 500
Office space in Minneapolis, Minnesota
Lessee, Lease, Description [Line Items]
Area of land leased \| ft²		35,183
Lessee, operating lease, renewal term		3 years			49 months
Additional area of land leased \| ft²	3,678			7,615
Additional renewal term option	40 months
Lessee, Operating Lease, Existence of Option to Extend [true false]		true

Income taxes (Reconciliation of Taxes at the Federal Statutory Rate) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Effective Income Tax Rate Reconciliation, Amount
U.S. federal statutory tax rate	$ (11,198,000)	$ (12,581,000)
State and local income taxes, net of federal income tax effect	(28,000)	(26,000)
Foreign tax effects	3,000	5,000
Effect of cross-border tax laws		1,000
Tax credits	(313,000)	(550,000)
Changes in valuation allowances	10,152,000	11,930,000
Nontaxable or nondeductible items
Share-based payment awards	1,008,000	874,000
Meals and entertainment	332,000	269,000
Total provision for income taxes	$ (18,000)	$ 55,000
Effective Income Tax Rate Reconciliation, Percent
U.S. federal statutory tax rate (in percent)	21.00%	21.00%
State and local income taxes, net of federal income tax effect (in percent)	0.10%
Foreign tax effects (in percent)
Tax credits (in percent)	(0.50%)	(0.90%)
Change in valuation allowance (in percent)	(19.00%)	(19.90%)
Nontaxable or nondeductible items
Share-based payment awards (in percent)	(1.90%)	(1.50%)
Meals and entertainment (in percent)	(0.70%)	(0.40%)
Changes in unrecognized tax benefits	$ 26,000	$ 133,000
Changes in unrecognized tax benefits (in percent)		(0.20%)
Total provision for income taxes (in Percent)	0.00%	(0.10%)

Segment, geographic information and revenue disaggregation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	1
Total revenues	$ 56,651	$ 51,292
U.S.
Segment Reporting Information [Line Items]
Total revenues	51,883	47,167
Germany
Segment Reporting Information [Line Items]
Total revenues	$ 4,768	$ 4,125

- Definition

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

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+ Details

Income taxes

12 Months Ended

Dec. 31, 2025

Income taxes

Income taxes

8.	Income taxes

As of December 31, 2025 and 2024, a valuation allowance was recorded against all deferred tax assets due to our cumulative net loss position.

The components of our loss from continuing operations before income taxes are as follows for the periods indicated:


		Year Ended
		December 31,
(in thousands)		2025		2024
Domestic	$	(53,324)	$	(59,922)
Foreign		—		12
Loss from continuing operations before taxes	$	(53,324)	$	(59,910)

The components of our provision for income taxes are as follows for the periods indicated:


		Year Ended
		December 31,
(in thousands)		2025		2024
Current
Federal and state	$	—	$	—
Foreign		(18)		55
Total provision for income taxes	$	(18)	$	55

The reconciliation of taxes at the federal statutory rate to our provision for income taxes are as follows for the periods indicated:


		Year Ended			Year Ended
		December 31,			December 31,
		2025		2024	2025			2024
U.S. federal statutory tax rate	$	(11,198)	$	(12,581)	21.0	%		21.0	%
State and local income taxes, net of federal income tax effect⁽¹⁾		(28)		(26)	0.1			—
Foreign tax effects		3		5	—			—
Effect of cross-border tax laws		—		1	—			—
Tax credits		(313)		(550)	0.5			0.9
Changes in valuation allowances		10,152		11,930	(19.0)			(19.9)
Nontaxable or nondeductible items
Share-based payment awards		1,008		874	(1.9)			(1.5)
Meals and entertainment		332		269	(0.7)			(0.4)
Changes in unrecognized tax benefits		26		133	—			(0.2)
Total	$	(18)	$	55	0.0	%		(0.1)	%

As of December 31, 2025 and 2024, the U.S. federal corporate income tax rate of 21% was used as the applicable statutory rate. Minnesota makes up the majority (greater than 50 percent) of the state income tax expense, net of federal income tax effect.

Significant components of net deferred tax assets were as follows for the periods indicated:


		Year Ended
		December 31,
(in thousands)		2025		2024
Deferred tax assets
Net operating loss carryforwards	$	111,304	$	98,329
R&D tax credits		10,414		10,147
Capitalized R&D expenses		2,748		8,015
Non-qualified stock options		5,585		4,482
Start-up costs		225		452
Accrued vacation		140		227
Other		1,507		450
Total deferred tax assets		131,923		122,102
Valuation allowance		(131,923)		(122,102)
Net deferred tax assets	$	—	$	—

As of December 31, 2025, we had federal and state net operating loss carryforwards (“NOLs”) of approximately $483.7 million and $9.7 million, respectively. The federal NOLs began expiring in 2021 and the state NOLs began expiring in 2020. As of December 31, 2025, we had federal and state tax credit carryforwards of approximately $10.3 million and $1.9 million, respectively. The federal tax credit carryforwards began expiring in 2021 and the state tax credits will begin expiring in 2028.

Utilization of NOLs may be subject to an annual limitation due to the ownership change limitations provided by Section 382 of the Internal Revenue Code of 1986, as amended, and similar state provisions. We have not performed a detailed analysis to determine whether an ownership change has occurred. Such a change of ownership would limit our utilization of the NOLs and could be triggered by subsequent sales of securities by us or our stockholders.

The changes to our gross unrecognized tax benefits were as follows for the periods indicated:


		Year Ended
		December 31,
(in thousands)		2025		2024
Gross unrecognized tax benefits at beginning of year	$	2,346	$	2,221
Gross increases:
Prior year tax positions		—		—
Current year tax positions		135		182
Gross decreases:
Prior year tax positions		(80)		(57)
Gross unrecognized tax benefits at end of year	$	2,401	$	2,346

All of these unrecognized tax benefits, if recognized, would impact the effective tax rate before taking consideration of the valuation allowance. The amount of unrecognized tax benefits subjected to the valuation allowance was $1.8 million for the each of the years ended December 31, 2025 and 2024. We recognized a nominal amount and approximately $0.1 million of interest or penalties for each of the years ended December 31, 2025 and 2024. Total accrued interest and penalties were $0.6 million and $0.5 million for the years ended December 31, 2025 and 2024, respectively. We recognize accrued interest and penalties related to unrecognized tax positions as a component of income tax expense. We do not expect a significant change in the amount of unrecognized tax benefits in the next year.

We are subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. Tax years from 2006 through present remain open for audit under the applicable statute of limitations due to the carryover of the unused NOLs and tax credit carryforwards. We do not have any tax audits or other proceedings pending.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant tax-related provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions, including the deduction of certain R&D costs. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The impacts of the OBBBA were taken into account in our provision for income taxes for fiscal year 2025. Because a valuation allowance has been recorded against all deferred tax assets, the impacts of the OBBBA were not material to our consolidated financial statements or related disclosures.

- Definition

The entire disclosure for income tax.

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+ Details

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	Dec. 31, 2025	Dec. 31, 2024
Income taxes
Domestic	$ (53,324)	$ (59,922)
Foreign		12
Loss before income taxes	$ (53,324)	$ (59,910)

- Definition

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

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Segment, geographic information and revenue disaggregation

12 Months Ended

Dec. 31, 2025

Segment, geographic information, and revenue disaggregation

Segment, geographic information, and revenue disaggregation

12.

Segment, geographic information and revenue disaggregation

We have determined that we have a single reportable and operating segment structure. We have one business activity and there are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Our chief operating decision maker is our Chief Executive Officer. Our Chief Executive Officer evaluates performance based primarily on revenue in the geographic locations in which we operate and consolidated net loss. The Chief Executive Officer reviews financial information presented on a consolidated basis, including consolidated net loss, accompanied by information about revenue by geographic region, for purposes of allocating resources and evaluating financial performance. Further, the financial information on expenses provided to the Chief Executive Officer is presented on a consolidated basis, as reported in the consolidated statements of operations and comprehensive loss in this Annual Report on Form 10-K.


	Year ended
	December 31,
(in thousands)	2025			2024
U.S.	$	51,883		$	47,167
Europe		4,768			4,125
	$	56,651		$	51,292

As of December 31, 2025 and 2024, long-lived assets were located primarily in the U.S.

- Definition

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

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+ Details

Stock-based compensation (Employee Stock Purchase Plan) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Jan. 01, 2024	Jul. 02, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Proceeds from Employee Stock Purchase Plan	$ 753	$ 803
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved for future issuance	737,396		253,246	278,170
Annual incremental percentage				1.00%
Minimum Percentage				85.00%
Shares issued/purchased under ESPP	148,657
Proceeds from Employee Stock Purchase Plan	$ 800

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

+ Details

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Summary of significant accounting policies
Accounts receivable, net of allowances	$ 10,665	$ 9,268	$ 7,600

Leases (Maturities of lease liability) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2026	$ 410
2027	424
2028	253
Total undiscounted lease payments	1,087
Less: imputed interest	(97)
Present value of lease liability	$ 990	$ 1,159

Business organization

12 Months Ended

Dec. 31, 2025

Business organization

Business organization

1.	Business organization

CVRx, Inc. (the “Company”) was incorporated in Delaware and is headquartered in Minneapolis, Minnesota. The Company has developed and is marketing a medical device, Barostim, for heart failure (“HF”) and resistant hypertension. The Company is focused on the sale of its product in the U.S. and Europe.

Management expects that operating losses and negative cash flows from operations could continue in the foreseeable future. There is no assurance that the Company will generate sufficient product sales to produce positive earnings or cash flows.

Selected balance sheet information

12 Months Ended

Dec. 31, 2025

Selected balance sheet information

Selected balance sheet information

3.	Selected balance sheet information

Inventory consists of the following at:


		December 31,			December 31,
(in thousands)		2025			2024
Raw material		$	8,628		$	6,857
Work-in-process			473			353
Finished goods			3,104			4,897
		$	12,205		$	12,107

Property and equipment, net consists of the following at:


		December 31,			December 31,
(in thousands)		2025			2024
Office furniture and equipment		$	512		$	512
Lab equipment			3,533			3,144
Computer equipment and software			1,194			994
Leasehold improvements			827			542
Capital equipment in process			325			720
			6,391			5,912
Less: Accumulated depreciation and amortization			4,148			3,407
		$	2,243		$	2,505

Depreciation is determined using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the lease. Depreciation expense was $0.8 million and $0.6 million for the years ended December 31, 2025 and 2024, respectively.

Accrued expenses consist of the following at:


		December 31,			December 31,
(in thousands)		2025			2024
Bonuses		$	5,200		$	3,621
401(k) employer match			1,136			1,106
Paid time off			630			947
Customer rebates			801			592
Accrued interest payable			403			437
Operating lease liability, current portion			352			282
Clinical trial and other professional fees			116			182
Taxes			93			135
Other			753			878
		$	9,484		$	8,180

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Consolidated Balance Sheets
Allowance for accounts receivable, net	$ 871	$ 780
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	26,311,607	25,324,684
Common stock, shares outstanding	26,311,607	25,324,684

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b51 Arr Modified [Flag]	false
Rule 10b51 Arr Modified [Flag]	false

Stock-based compensation (Recognized Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 11,052	$ 19,050
stock-based compensation expense		8,400
Employee
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Optionee's termination date	5 years
Employee Stock Option
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 9,664	18,633
Unrecognized compensation expense	18,200
Restricted Stock
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	900
Unrecognized compensation expense	3,700
ESPP
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	488	417
Selling, general & administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	9,810	17,746
Research & development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,088	1,174
Cost of goods sold
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 154	$ 130

Summary of significant accounting policies (Policies)	12 Months Ended
Summary of significant accounting policies (Policies)	Dec. 31, 2025
Summary of significant accounting policies
Statement presentation and basis of consolidation	Statement presentation and basis of consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of CVRx, Inc., and its wholly owned subsidiary, CVRx Switzerland LLC. All intercompany balances and transactions have been eliminated in consolidation.
JOBS Act accounting election	JOBS Act accounting election We are an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, we have elected to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies.
Use of estimates	Use of estimates Preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents include highly liquid investments with an original maturity of three months or less. As of December 31, 2025 and 2024, cash equivalents consisted of money market funds, which are stated at cost and approximate fair value. Additionally, as of December 31, 2025 and 2024, a majority of our cash and cash equivalents were maintained with two financial institutions in the U.S., and our current deposits are likely in excess of insured limits.
Accounts Receivable	Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Customer credit terms are established prior to shipment with the standard generally being net 30 days. We evaluate the collectability of our accounts receivable based on known collection risks and historical experience. In circumstances where we are aware of a specific customer's inability to meet its financial obligations to us, we record a specific allowance for bad debts against amounts due to reduce the carrying amount of accounts receivable to the amount we reasonably believe will be collected. Accounts receivable, net of allowances, were $10.7 million, $9.3 million, and $7.6 million as of December 31, 2025, 2024, and 2023, respectively.
Inventory	Inventory Inventory is stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. We regularly review inventory quantities based on actual loss experiences, projected future demand and remaining shelf life to record a provision for excess and obsolete inventory when appropriate.
Leases	Leases Operating leases are included in operating lease right-of-use (“ROU”) asset, accrued expenses, and operating lease liability – non-current portion in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We used the incremental borrowing rate based on information readily available at the time of recognition to determine the present value of the lease payments. The determination of our incremental borrowing rate requires management judgement based on information available at lease commencement.
Revenue recognition	Revenue recognition We sell our products primarily through a direct sales force and to a lesser extent through a combination of sales agents and independent distributors. Our revenue consists primarily of the sale of our Barostim, which consists of two implantable components: a pulse generator and a stimulation lead. Under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services it transfers to the customer. We recognize net revenue on product sales, adjusted for any applicable estimates of variable consideration, when the customer obtains control of our product, which generally occurs at a point in time upon delivery based on the contractual shipping terms of a contract. Our contracts have a single performance obligation, and our payment terms with customers are generally between 30 and 90 days. Variable consideration related to certain customer rebates is estimated based on the amounts expected to be paid under the agreement with the customer.
Stock-Based Compensation	Stock-Based Compensation We recognize equity-based compensation expense for awards of equity instruments to employees and non-employees based on the grant date fair value of those awards in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 718, Compensation—Stock Compensation (“ASC 718”). ASC 718 requires all equity-based compensation awards to employees and non-employee directors, including grants of restricted shares and stock options, to be recognized as expense in the consolidated statements of operations and comprehensive loss based on their grant date fair values. We estimate the grant date fair value of stock options using the Black-Scholes option pricing model, and the fair value of restricted stock units (“RSUs”) is equal to the closing price of our common stock on the grant date . We account for forfeitures as they occur. We expense the fair value of our equity-based compensation awards granted to employees on a straight-line basis over the associated service period, which is generally the period in which the related services are received.
Recent accounting pronouncements	Recent accounting pronouncements In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public business entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. This ASU was effective for our annual period ended December 31, 2025. The adoption was applied prospectively and primarily impacted income tax disclosure requirements. The adoption had no impact on our consolidated results of operations, financial position, or cash flow. In July 2025, the FASB issued ASU 2025-05, which provides targeted relief under Topic 326 for entities estimating expected credit losses on accounts receivable and contract assets arising from revenue transactions under ASC 606. The amendment introduces a practical expedient allowing entities to assume that current conditions as of the reporting date remain unchanged over the life of the asset. The standard is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures. While the adoption is not expected to have a material impact, we will continue to assess the implications as part of our implementation planning.

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases

Schedule of lease balances within the balance sheets

The following table presents the lease balances within the consolidated balance sheets:


		December 31,		December 31,
(in thousands)		2025		2024
Right-of-use assets:
Operating lease right-of-use asset		$	878	$	1,069
Operating lease liabilities:
Accrued expenses			352		282
Operating lease liability, non-current portion			638		877
Total operating lease liabilities		$	990	$	1,159

Maturities of lease liability

Maturities of our lease liability for our operating lease are as follows as of December 31, 2025:


	December 31,
(in thousands)	2025
2026		410
2027		424
2028		253
Total undiscounted lease payments		1,087
Less: imputed interest		(97)
Present value of lease liability	$	990

Employee benefit plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee benefit plans (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Employee benefit plans
Matching contributions expense	$ 1.1	$ 1.1

Stock-based compensation (Restricted Stock Units Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period	5 years 7 months 6 days
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense	$ 3.7
Expiration period	3 years 2 months 12 days

- 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

Stock-based compensation (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Stock Option Activity

The following is a summary of stock option activity:


				Weighted
		Number		Average			Aggregate
		of		Exercise			Intrinsic
		Options		Price			Value
							(in thousands)
Balance as of December 31, 2023		4,488,845		$	9.77			$	97,266
Granted		3,237,758		$	12.77
Cancelled / Forfeited		(1,665,515)		$	10.16
Exercised		(510,669)		$	5.28
Balance as of December 31, 2024		5,550,419		$	11.81			$	18,771
Granted		1,050,622		$	11.56
Cancelled / Forfeited		(471,789)		$	15.10
Exercised		(294,804)		$	2.69
Balance as of December 31, 2025		5,834,448		$	11.96			$	2,459
Options exercisable as of December 31, 2025		3,693,233		$	11.24			$	2,386

Schedule of RSU Activity


				Weighted
		Number		Average			Aggregate
		of		Grant Date			Intrinsic
		RSUs		Fair Value			Value
							(in thousands)
Unvested Balance as of December 31, 2024		—		$	—		$	—
Granted		393,928			12.13
Vested		—			—
Cancelled / Forfeited		(10,660)			12.96
Unvested Balance as of December 31, 2025		383,268		$	12.11		$	2,721

Recognized Stock-Based Compensation Expense

The following table presents the components and classification of stock-based compensation expense for the periods indicated:


		Year Ended
		December 31,
(in thousands)		2025		2024
Stock options		$	9,664	$	18,633
RSUs			900		—
Employee Stock Purchase Plan			488		417
Total stock-based compensation expense		$	11,052	$	19,050

Selling, general & administrative		$	9,810	$	17,746
Research & development			1,088		1,174
Cost of goods sold			154		130
		$	11,052	$	19,050

ESPP

Schedule of Assumptions Used to Determine the Grant-Date Fair Value of Stock Options


		December 31,
			2025			2024
Weighted average fair value per ESPP purchase right		$	3.28		$	5.23
Expected term (in years)			0.5			0.5
Expected volatility			112.3% to 133.4	%		74.0% to 96.9	%
Expected dividend yield			—	%		—	%
Risk-free interest rate			4.25% to 4.29	%		5.24% to 5.37	%

Employee Stock Option

Schedule of Assumptions Used to Determine the Grant-Date Fair Value of Stock Options


			December 31,
			2025		2024
Weighted average fair value of options granted		$	9.17		$	10.31
Expected term (in years) — non-officer employees			5.5 to 6.1			5.0 to 6.1
Expected term (in years) — officer employees			6.1 to 6.1			2.5 to 6.1
Expected volatility			95.0% to 103.1	%		87.7% to 98.9	%
Expected dividend yield			—	%		—	%
Risk-free interest rate			3.78% to 4.47	%		3.67% to 4.71	%

Loss Per Share (Basic and Diluted Net Loss per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Numerator:
Net Income (Loss)	$ (53,306)	$ (59,965)
Denominator:
Weighted average common shares outstanding - basic	26,084,709	22,596,229
Weighted average common shares outstanding - diluted	26,084,709	22,596,229
Net loss per share attributable to common stockholders - basic	$ (2.04)	$ (2.65)
Net loss per share attributable to common stockholders - diluted	$ (2.04)	$ (2.65)

- Definition

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

+ References

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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

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

+ References

+ Details

Commitments and contingencies (Narrative) (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Commitments and contingencies
Contingent liabilities accrual amount	$ 0	$ 0

Leases

12 Months Ended

Dec. 31, 2025

Leases

Leases

5. Leases

We lease 35,183 square feet of office space in Minneapolis, Minnesota, which houses our principal executive offices and our manufacturing facility. We lease this space under an operating lease agreement that commenced December 1, 2008, and was scheduled to expire August 31, 2024. On April 21, 2023, we extended the operating lease for our office space in Minneapolis, Minnesota for an additional 49 consecutive months through August 31, 2028. On November 7, 2023, we expanded our existing office space with the addition of 7,615 square feet of property adjacent to our principal executive offices and our manufacturing facility. On May 20, 2025, we further increased our office space by leasing an additional 3,678 square feet of the contiguous property. The term on this expanded property is for 40 consecutive months that will run concurrently with the term on the existing lease. We intend to add new facilities as we grow, and we believe that suitable additional or substitute space will be available as needed to accommodate any such expansion of our operations. Our operating lease agreement includes an option to renew for one additional period of three years. The exercise of the lease renewal option is at our sole discretion and was not included in the lease term for the calculation of the ROU asset and lease liability, as it is not reasonably certain of exercise.

In addition to base rent, we also pay our proportionate share of operating expenses, as defined in the lease. These payments are made monthly and are adjusted annually to reflect actual charges incurred for operating expenses, such as common area maintenance, taxes, and insurance.

The following table presents the lease balances within the consolidated balance sheets:


		December 31,		December 31,
(in thousands)		2025		2024
Right-of-use assets:
Operating lease right-of-use asset		$	878	$	1,069
Operating lease liabilities:
Accrued expenses			352		282
Operating lease liability, non-current portion			638		877
Total operating lease liabilities		$	990	$	1,159

Maturities of our lease liability for our operating lease are as follows as of December 31, 2025:


	December 31,
(in thousands)	2025
2026		410
2027		424
2028		253
Total undiscounted lease payments		1,087
Less: imputed interest		(97)
Present value of lease liability	$	990

As of December 31, 2025, the remaining lease term was 2.6 years, and the weighted average discount rate was 7.1%. The operating cash outflows from our operating lease were $0.6 million and $0.5 million for the years ended December 31, 2025 and 2024, respectively.

Commitments and contingencies

12 Months Ended

Dec. 31, 2025

Commitments and contingencies

Commitments and contingencies

10.

Commitments and contingencies

From time to time, we may have certain contingent liabilities that arise in the ordinary course of business. We accrue a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. There have been no contingent liabilities requiring accrual or disclosure as of December 31, 2025 or December 31, 2024.