0001005286-26-000033 | 10-Q | XBRL Viewer | Lifecore Biomedical INC DE

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Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Supplier Finance Program [Line Items]
Accrued compensation	$ 4,367	$ 4,548
Contract liabilities, related party	5,279	8,660
Accrued professional fees	1,576	1,444
Current portion of debt, related party	970	954
Other	1,915	1,756
Accrued expenses and other current liabilities	14,107	17,362
Related party
Supplier Finance Program [Line Items]
Contract liabilities, related party	3,005	5,642
Current portion of debt, related party	773	773
Nonrelated party
Supplier Finance Program [Line Items]
Contract liabilities, related party	2,274	3,018
Current portion of debt, related party	$ 197	$ 181

Segment reporting for single reportable segment

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment reporting for single reportable segment

The following table presents the components of net income or loss, which is the measure of profit or loss used for the Company’s single reportable segment:


	Three months ended				Six months ended
	June 30, 2026		May 25, 2025		June 30, 2026		May 25, 2025
Revenues	$	34,167	$	36,444	$	57,360	$	71,598
Personnel costs(1)	10,952		12,820		22,469		25,128
Materials and non-depreciation overhead(2)	12,902		12,070		22,026		27,335
Depreciation	2,515		1,913		4,825		3,990
Stock-based compensation	2,085		1,815		3,783		4,367
Reorganization costs	1,247		2,179		2,789		4,426
Loss on sale or disposal of assets	—		91		—		7,727
All other operating expenses(3)	1,899		229		3,573		2,327
Interest expense, net	7,607		5,521		14,827		11,002
Change in fair value of debt derivative liability	1,203		1,091		4,358		1,691
Other income, net	(110)		(171)		(220)		(504)
Income tax expense	23		33		66		25

Net loss	$	(6,156)	$	(1,147)	$	(21,136)	$	(15,916)

(1)Includes all wages and salary, bonus, employer taxes, and employee benefit plan expenses

(2)Represents cost of sales, excluding direct labor and all personnel cost and depreciation allocations

(3)Includes expenses for accounting, legal and other professional services, software licensing, insurance costs, public company costs and board fees.

For the three months ended June 30, 2026, the Company earned revenue of approximately 70% in the United States, 20% in Belgium and 10% in all other countries combined. For the three months ended May 25, 2025, the Company earned revenue of approximately 60% in the United States, 25% in Belgium and 15% in all other countries combined. For the six months ended June 30, 2026, the Company earned revenue of approximately 75% in the United States, 10% in Belgium and 15% in all other countries combined. For the six months ended May 25, 2025, the Company earned revenue of approximately 55% in the United States, 30% in Belgium and 15% in all other countries combined.

- Definition

The entire disclosure for segment reporting.

+ References

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

Income or loss per share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Income or loss per share

Due to the Company’s net loss for all periods presented, the inclusion of dilutive securities would be antidilutive because it would reduce the amount of loss incurred per share. As a result, no additional dilutive shares were included in diluted loss per share, and there were no differences between basic and diluted loss per share.

The following securities on an as-converted basis were excluded from the computations of diluted loss per share:


	Three months ended		Six months ended
	June 30, 2026	May 25, 2025	June 30, 2026	May 25, 2025
Redeemable Convertible Preferred Stock	7,681,847	7,091,531	7,681,847	7,091,531
Stock options	1,293,036	1,260,299	1,293,036	1,260,299
RSUs	1,695,376	1,519,287	1,695,376	1,519,287
PSUs	2,283,000	2,545,000	2,283,000	2,545,000
Total	12,953,259	12,416,117	12,953,259	12,416,117

See note 10 for more information about Redeemable Convertible Preferred Stock and note 12 for more information about stock options, restricted stock units (“RSUs”) and performance share units (“PSUs”).

Fair value of financial instruments - Narrative (Details) $ in Thousands	Jun. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Customer deposit, agreement term	4 years 6 months	2 years
Weighted average discount rate \| Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Leaseback liability, measurement input	0.055	0.051
Customer deposit, measurement input	0.067	0.060
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan	$ 150,365	$ 149,400
Derivative liability	30,922	26,564
Customer deposits, fair value		4,515
Fair value \| Leaseback liability with related party \| Financial Liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	5,410	5,798
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan	143,871	130,563
Customer deposits, fair value	4,751	4,515
Carrying value \| Leaseback liability with related party \| Financial Liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 5,410	$ 5,798

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	May 25, 2025
Leases [Abstract]
Operating cash flows from operating leases	$ 205	$ 203
Operating cash flows from finance leases	257	264
Financing cash flows from finance leases	$ 89	$ 74

Commitments and contingencies (Details) $ in Thousands	Jun. 30, 2025 USD ($)	Mar. 21, 2025 USD ($)	Dec. 23, 2024 officer director	Oct. 18, 2024 defendant	Nov. 03, 2020 USD ($)	Sep. 02, 2020 USD ($)	Jun. 30, 2026 trial	Apr. 22, 2026 claim
22NW investor dispute
Loss Contingencies [Line Items]
Number of former officers \| officer			2
Number of directors \| director			5
Number of pending claims \| claim								2
Compliance matters
Loss Contingencies [Line Items]
Damages sought						$ 10,000
Number of trials \| trial							2
Number of defendants \| defendant				1
Damages awarded		$ 1,177
Compliance matters \| Awards against defendant
Loss Contingencies [Line Items]
Damages awarded		902
Compliance matters \| Recoverable costs
Loss Contingencies [Line Items]
Damages awarded		$ 275
Compliance matters \| Minimum
Loss Contingencies [Line Items]
Damages sought					$ 80,000
Compliance matters, complaint 2
Loss Contingencies [Line Items]
Damages sought	$ 15,000

Commitments and contingencies	6 Months Ended
Commitments and contingencies	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies In the ordinary course of business, the Company is involved in various legal proceedings and claims. The Company makes a provision for a liability relating to legal matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least each quarter and adjusted to reflect the impacts of negotiations, estimated settlements, legal rulings, advice of legal counsel and other information and events pertaining to a particular matter. Legal fees are expensed in the period in which they are incurred. Investor dispute On December 23, 2024, 22NW Fund, L.P. (“22NW”), a holder of shares of the Company’s Common Stock and Series A Redeemable Convertible Preferred Stock (see note 10), filed a complaint against the Company, two former officers, and five former or current directors in the Commercial Division of the Supreme Court of the State of New York, New York County. The complaint seeks money damages (including compensatory damages, court costs, and attorneys’ fees) for (i) alleged material misrepresentations by the Company on which 22NW allegedly relied when purchasing shares of the Series A Redeemable Convertible Preferred Stock and Common Stock, (ii) alleged breaches of certain express representations in the stock purchase agreement through which 22NW acquired its shares, and (iii) registration delay fees owed under a registration rights agreement entered into in connection with the issuance of the Series A Redeemable Convertible Preferred Stock. The complaint also seeks the equitable remedy of specific performance under the aforementioned stock purchase agreement, requesting an order compelling the Company to file a proxy statement with the SEC and to hold a stockholder meeting to seek the approval of the removal of the current cap on the conversion of Series A Redeemable Convertible Preferred Stock into Common Stock as set forth in the Certificate of Designations related to the Redeemable Convertible Preferred Stock, which the Company has since satisfied. On February 24, 2025, the Company filed a motion to dismiss all claims against it except for the claims relating to the registration delay fees, which the Company subsequently paid to 22NW in full in November 2025. On that same day, the individual defendants also filed a separate motion to dismiss the complaint against them in its entirety. On April 22, 2026, the Court granted the Company’s motion to dismiss in part and the individual defendants’ motion to dismiss in its entirety. With respect to the Company, all but two claims were dismissed: the claim for alleged breaches of certain express representations in the Series A stock purchase agreement and the claim for failure to pay registration delay fees. At the prior oral argument on the motions, 22NW’s counsel agreed on the record that the registration delay fees claim was mooted by the Company’s prior payments. The Company intends to vigorously defend itself against these remaining claims. Any potential remaining loss arising from these claims is not currently probable or estimable. Class action complaint On July 29, 2024, a putative class action complaint was filed on behalf of stockholders of the Company in the United States District Court of Minnesota against the Company and certain of its named executive officers. The complaint generally alleges that statements made to the Company’s stockholders between October 7, 2020, and March 19, 2024 regarding the Company’s financial results, internal controls, remediation efforts, periodic reporting, and financial prospects were false and misleading in violation of Section 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and that the individual defendants are liable for such statements because they are controlling persons under Section 20(a) of the Exchange Act. The complaint seeks compensatory damages, court costs, and attorneys’ fees. On November 15, 2024, the Court appointed co-lead plaintiffs and their respective counsel. The co-lead plaintiffs filed an amended complaint on January 24, 2025, which contained substantially similar allegations and claims as those set forth in the original complaint. The Company filed a motion to dismiss the complaint on March 25, 2025, and the plaintiffs filed their opposition to the motion to dismiss on May 23, 2025. In November 2025, the Company and individual defendants entered into an agreement in principle with the plaintiffs to settle this matter, without any admission of wrongdoing, which was subject to court approval. On March 13, 2026, the Court granted preliminary approval of the proposed settlement, and the final approval hearing was held on July 28, 2026. If final approval of the proposed settlement is granted by the court in its current form, this settlement is expected to be covered by the Company’s insurance policies with no material loss incurred by the Company. The Company continues to believe that the claims are without merit and intends to vigorously defend against them if the settlement is not so approved. SEC subpoena On February 16, 2024, the Chicago Regional Office of the SEC issued a subpoena to the Company seeking documents and information concerning the financial statement restatement. The Company cooperated with the SEC during its review of the matter. On March 9, 2026, the Company received notice from the SEC’s Division of Enforcement that it had concluded its investigation with no action taken against the Company. Yucatan litigation On December 1, 2018, the Company acquired all of the voting interests and substantially all of the assets of Yucatan Foods L.P. (“Yucatan”, collectively the “Yucatan Acquisition”), which owned a guacamole manufacturing plant in Mexico called Procesadora Tanok, S de RL de C.V. (“Tanok”). On September 2, 2020, one of the former owners of Yucatan filed a lawsuit against the Company in Los Angeles County Superior Court for breach of employment agreement, breach of holdback agreement, declaratory relief and accounting. The Plaintiff sought over $10,000 in damages, including delivery of shares of his stock held in escrow for Company’s indemnification claims to recover the cost of a portion of the liabilities that were incurred by the Company in connection with certain compliance matters arising from facts and circumstances prior to the closing of the Yucatan Acquisition. On November 3, 2020, the Company filed an answer and cross-complaint against the Plaintiff and other former equity holders of Yucatan for fraud, indemnification, and other claims, and seeking no less than $80,000 in damages. The Company previously reached settlements with several of the cross-defendants, pursuant to which the settling cross-defendants agreed that certain of the shares of escrowed stock they received when the Company acquired Yucatan either be sold and the proceeds paid to the Company, or that those shares be released to the Company. The trial for the remaining defendants was severed into two trials by the Court: •The first trial involved claims by and against one defendant only. This trial concluded on October 18, 2024, and final judgment was entered on March 21, 2025, with offsetting verdicts that resulted in a net award in the Company’s favor of $902 against the defendant and an award of recoverable costs of $275 for a total judgment of $1,177. The Company filed a notice of appeal on June 9, 2025 and the Plaintiff filed a notice of cross-appeal on July 1, 2025. •The second trial for the other defendants will involve only the Company’s claims against them, and there are no claims made by those defendants against the Company. That second trial has been stayed by the Court pending a final judgment, including any appeal, in the first trial. •The Plaintiff filed a new complaint seeking over $15,000 in damages and delivery of shares of his stock held in escrow, and served it on the Company on June 30, 2025. The Plaintiff’s new lawsuit arises out of the same allegations as his earlier lawsuit, asserts the same claims, and seeks the same damages. The Company’s motion to dismiss the new complaint on the grounds it is duplicative of the first lawsuit was denied by the trial court, but the Company appealed the trial court’s decision on February 17, 2026. The ultimate outcome of these matters or any other investigations, legal actions, or potential claims that may arise from these matters remains uncertain. The Company cannot reasonably predict the timing or outcomes, or estimate the amount of final judgments, or the effect, if any, they may have on its financial statements. Separately, future rulings from the Court will affect pending claims against the severed defendants for indemnification under provisions in the purchase agreement for the Yucatan Acquisition. Because recovery of amounts is still contingent upon the resolution of certain issues, no amounts have been recorded as recoverable costs through June 30, 2026.

Organization, basis of presentation, and summary of significant accounting policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Supplemental Cash Flow Information

The following table presents supplemental cash flow information:


	Six months ended
	June 30, 2026		May 25, 2025
Cash paid (refunded) for income taxes, net	$	19	$	(81)
Cash paid for interest	1,155		609
Non-cash investing and financing activities:
Purchases of property, plant and equipment in accounts payable	306		1,539
Non-cash portion of sale of property, plant and equipment via note receivable	—		9,590

Capitalization of non-cash interest to property, plant and equipment	77		1,594
Dividends paid-in-kind on Redeemable Convertible Preferred Stock	1,831		1,689

Property, plant, and equipment, net (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Property, Plant and Equipment

The following table presents the components of property, plant and equipment:


	June 30, 2026		December 31, 2025
Land and land improvements	$	3,491	$	3,491
Buildings and building improvements	86,078		82,021
Machinery and equipment	82,596		82,139
Computer equipment and software	9,634		7,852
Furniture and fixtures	1,422		1,422
Construction in process	3,627		9,539
Property, plant, and equipment, gross	186,848		186,464
Less: accumulated depreciation	(63,134)		(59,160)
Property, plant, and equipment, net	$	123,714	$	127,304

Accounts and note receivable - Schedule of Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	May 25, 2025
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 1,044	$ 561
Provision (reversal of provision)	(209)	808
Charge-offs	0	(18)
Ending balance	$ 835	$ 1,351

Fair value of financial instruments (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities

The debt derivative liability is currently the only financial instrument recorded at fair value on a recurring basis in the accompanying balance sheets. The following table presents information about those measurements:

Type of measurement

Measurement date

Type of measurement

Level 1

Level 2

Level 3

Liabilities

Debt derivative liability

Recurring

June 30, 2026

—

30,922

Debt derivative liability

Recurring

December 31, 2025

—

26,564

Schedule of Fair Value Reconciliation of Level 3

The following table presents the rollforward reconciliation of this level 3 recurring fair value measurement:


	Three months ended				Six months ended
	June 30, 2026		May 25, 2025		June 30, 2026		May 25, 2025
Balance at beginning of period	$	29,719	$	23,900	$	26,564	$	23,300
Change in fair value recorded in earnings	1,203		1,091		4,358		1,691
Balance at end of period	$	30,922	$	24,991	$	30,922	$	24,991

Schedule of Derivative Liabilities Assumptions

Key inputs used to develop the fair value measurement were as follows:


	June 30, 2026		December 31, 2025
Probability of change in control event	80.0	%	80.0	%
Weighted average discount rate	20.7	%	17.6	%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Segment reporting for single reportable segment - Narrative (Details) - segment	3 Months Ended		6 Months Ended
	Jun. 30, 2026	May 25, 2025	Jun. 30, 2026	May 25, 2025
Concentration Risk [Line Items]
Number of reportable segments			1
Number of operating segments			1
United States \| Revenues \| Geographic concentration risk
Concentration Risk [Line Items]
Concentration risk percentage	70.00%	60.00%	75.00%	55.00%
Belgium \| Revenues \| Geographic concentration risk
Concentration Risk [Line Items]
Concentration risk percentage	20.00%	25.00%	10.00%	30.00%
All other countries \| Revenues \| Geographic concentration risk
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	15.00%	15.00%	15.00%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

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

+ References + Details

Organization, basis of presentation, and summary of significant accounting policies - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	May 25, 2025	Jun. 30, 2026	May 25, 2025
Accounting Policies [Abstract]
Cash paid (refunded) for income taxes, net			$ 19	$ (81)
Cash paid for interest			1,155	609
Non-cash investing and financing activities:
Purchases of property, plant and equipment in accounts payable			306	1,539
Non-cash portion of sale of property, plant and equipment via note receivable			0	9,590
Capitalization of non-cash interest to property, plant and equipment	$ 52	$ 796	77	1,594
Dividends paid-in-kind on Redeemable Convertible Preferred Stock			$ 1,831	$ 1,689

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Components of Lease Cost and Supplemental Cash Flow Information

The components of lease cost were as follows:


	Six months ended
	June 30, 2026		May 25, 2025
Finance lease cost:
Amortization of leased assets	$	79	$	79
Interest on lease liabilities	257		264
Operating lease cost	148		148


Total lease cost	$	484	$	491

Supplemental cash flow information related to leases are as follows:


	Six months ended
	June 30, 2026		May 25, 2025
Operating cash flows from operating leases	$	205	$	203
Operating cash flows from finance leases	257		264
Financing cash flows from finance leases	89		74

Schedule of Maturity Analysis of Operating Lease Liability

The Company’s maturity analysis of operating and finance lease liabilities as of June 30, 2026 are as follows:


	Operating leases		Finance leases
Remainder of 2026	$	205	$	346
2027	$	414	$	708
2028	144		725
2029	148		729
2030	153		724

Thereafter	347		5,975
Total lease payments	1,411		9,207
Less: interest	(104)		(3,420)
Present value of lease liabilities	$	1,307	$	5,787
Classification on consolidated balance sheet:
Accounts payable	$	379	$	—
Accrued expenses and other current liabilities (see note 7)	—		197
Debt, net of current portion	—		5,590
Other liabilities	928		—
Present value of lease liabilities	$	1,307	$	5,787

Schedule of Maturity Analysis of Finance Lease Liability

The Company’s maturity analysis of operating and finance lease liabilities as of June 30, 2026 are as follows:


	Operating leases		Finance leases
Remainder of 2026	$	205	$	346
2027	$	414	$	708
2028	144		725
2029	148		729
2030	153		724

Thereafter	347		5,975
Total lease payments	1,411		9,207
Less: interest	(104)		(3,420)
Present value of lease liabilities	$	1,307	$	5,787
Classification on consolidated balance sheet:
Accounts payable	$	379	$	—
Accrued expenses and other current liabilities (see note 7)	—		197
Debt, net of current portion	—		5,590
Other liabilities	928		—
Present value of lease liabilities	$	1,307	$	5,787

Accounts and note receivable

6 Months Ended

Jun. 30, 2026

Receivables [Abstract]

Accounts and note receivable

Accounts receivable

Two of the Company’s customers had accounts receivable concentrations of 10% or greater as of June 30, 2026, with those customers comprising 54% and 19% of accounts receivable. Two of the Company’s customers had accounts receivable concentrations of 10% or greater as of December 31, 2025, with those customers comprising 48% and 10% of accounts receivable.

Changes in the allowance for credit losses related to accounts receivable are as follows:


	Six months ended
	June 30, 2026		May 25, 2025
Beginning balance	$	1,044	$	561
Provision (reversal of provision)	(209)		808
Charge-offs	—		(18)
Ending balance	$	835	$	1,351

Note receivable

On January 7, 2025, the Company accepted a $10,000 note as a portion of the proceeds from the sale of certain excess equipment described in note 6. The note would have matured on July 7, 2026 and was payable by the note holder in whole or in part at any time prior to maturity without penalty or premium. Otherwise, it was scheduled to be collected as follows: $4,000 on July 7, 2025, $4,000 on January 7, 2026 and $2,000 on July 7, 2026.

The note was interest-free through July 7, 2025, and thereafter principal would have earned interest at the U.S. prime rate plus 1% until repayment. Management concluded that interest should have been imputed for the full duration of the note at an effective interest rate of 8.5%, representing the stated rate. As a result, the Company recorded an initial discount of $410 as an offset to the noncurrent portion of the note based on its maturity date at that time. In June 2025, the note holder paid the note in full.

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following table presents the components of debt:


	June 30, 2026		December 31, 2025
Debt principal:
Term loan credit facility with related party	$	192,725	$	184,087

Leaseback liability with related party	5,410		5,798
Finance lease liability	5,787		5,875
Debt principal	203,922		195,760
Unamortized debt discount on term loan credit facility with related party	(48,854)		(53,524)
Total debt, net of discounts	$	155,068	$	142,236
Classification on consolidated balance sheet:
Accrued expenses and other current liabilities	$	970	$	954
Debt, net of current portion	5,590		5,694
Debt, net of current portion, related party	148,508		135,588
Total debt, net of discounts	$	155,068	$	142,236

The following table presents the classification of interest in the consolidated financial statements:


	Three months ended				Six months ended
	June 30, 2026		May 25, 2025		June 30, 2026		May 25, 2025
Expensed in statement of operations	7,751		5,727		15,099		11,316
Capitalized to property, plant and equipment	52		796		77		1,594
Total interest incurred	$	7,803	$	6,523	$	15,176	$	12,910

Schedule of Maturities of Long-term Debt

The following table presents future minimum principal payments at June 30, 2026:


Remainder of 2026	$	479
2027	987
2028	1,023
2029	193,774
2030	1,068
Thereafter	6,591
Debt principal	$	203,922

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

+ Details

Segment reporting for single reportable segment - Schedule of Segment Profit or Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	May 25, 2025	Jun. 30, 2026	May 25, 2025
Segment Reporting [Line Items]
Revenues	$ 34,167	$ 36,444	$ 57,360	$ 71,598
Depreciation	2,515	1,913	4,825	3,990
Stock-based compensation	2,085	1,815	3,783	4,367
Loss on sale or disposal of assets			0	7,727
Other income, net	(110)	(171)	(220)	(504)
Income tax expense	23	33	66	25
Net loss	(6,156)	(1,147)	(21,136)	(15,916)
Reportable Segment
Segment Reporting [Line Items]
Revenues	34,167	36,444	57,360	71,598
Personnel costs	10,952	12,820	22,469	25,128
Materials and non-depreciation overhead	12,902	12,070	22,026	27,335
Depreciation	2,515	1,913	4,825	3,990
Stock-based compensation	2,085	1,815	3,783	4,367
Reorganization costs	1,247	2,179	2,789	4,426
Loss on sale or disposal of assets	0	91	0	7,727
All other operating expenses	1,899	229	3,573	2,327
Interest expense, net	7,607	5,521	14,827	11,002
Change in fair value of debt derivative liability	1,203	1,091	4,358	1,691
Other income, net	(110)	(171)	(220)	(504)
Income tax expense	23	33	66	25
Net loss	$ (6,156)	$ (1,147)	$ (21,136)	$ (15,916)

Property, plant, and equipment, net - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 07, 2025	Jun. 30, 2026	May 25, 2025	Jun. 30, 2026	May 25, 2025
Property, Plant, and Equipment [Line Items]
Proceeds from sale of equipment				$ 0	$ 7,000
Depreciation		$ 2,515	$ 1,913	$ 4,825	$ 3,990
Disposed of by Sale \| Isolator filler
Property, Plant, and Equipment [Line Items]
Aggregate purchase price	$ 17,000
Proceeds from sale of equipment	7,000
Fees paid	752
Discontinued operation, current payables	800
Discontinued operation, noncurrent payables	200
Loss on disposal of equipment	6,400
Construction in process \| Disposed of by Sale \| Isolator filler
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, disposal	$ 21,239

Inventory (Tables)

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

The following table presents the components of inventory:


	June 30, 2026		December 31, 2025
Finished goods	$	2,667	$	11,845
Raw materials	9,254		10,092
Work in process	13,554		7,148


Inventory	$	25,475	$	29,085

Income taxes (Details)	3 Months Ended		6 Months Ended
Income taxes (Details)	Jun. 30, 2026	May 25, 2025	Jun. 30, 2026	May 25, 2025
Income Tax Disclosure [Abstract]
Effective tax rate	(1.00%)	(3.00%)	1.00%	(1.00%)

Fair value of financial instruments - Schedule of Derivative Liability Assumptions (Details)	Jun. 30, 2026	Dec. 31, 2025
Probability of change in control event
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.800	0.800
Weighted average discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.207	0.176

- 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

Organization, basis of presentation, and summary of significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) for interim financial information, the instructions for Form 10-Q and Regulation S-X of the Securities and Exchange Commission (the “SEC”). In the opinion of management, all adjustments (which were of a normal recurring nature) have been made which are necessary to present fairly the financial position of the Company at June 30, 2026, and the results of operations and cash flows for all periods presented. Although the Company believes that the disclosures in these financial statements are adequate to make the information presented not misleading, certain information normally included in the notes to the financial statements prepared following U.S. GAAP may have been condensed or omitted per the rules and regulations of the SEC. The accompanying financial data should be reviewed in conjunction with the audited financial statements and accompanying notes included in the Company’s Transition Report on Form 10-KT for the transition period ended December 31, 2025.
Fiscal period	On August 1, 2025, the Company’s Board of Directors approved changing its fiscal year from a fiscal year ending on the last Sunday of May to a calendar year (the “Fiscal Year Change”), and the Company has reported calendar periods since September 30, 2025. In accordance with SEC rules,
Comparability	the Company is presenting current period results compared to the most closely-comparable prior periods that can be derived from previously-reported results, which for this report were the three and six months ended May 25, 2025. With the exception of certain statements of operations, the Company did not previously report these periods on a standalone basis; rather, those periods were generally derived from the audited financial statements in the Company’s Form 10-K for the year ended May 25, 2025, less the unaudited results reported in its Forms 10-Q for the nine months ended February 23, 2025 and the six months ended November 24, 2024, respectively. In deriving the comparative period results, the Company reclassified certain amounts from previously-reported results to present them on a basis consistent with the current period presentation and, in some cases, the previously audited annual results. It was not practicable or cost-justifiable for the Company to prepare equivalent calendar-based comparative periods because the Company’s previous fiscal calendar does not align to the new calendar periods. The Company will begin providing calendar-based comparative periods beginning with its reporting as of and for the periods ended September 30, 2026.
Basis of consolidation	Basis of consolidation The consolidated financial statements have been prepared in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated.
Use of estimates	Use of estimates The preparation of financial statements and the notes to the financial statements in accordance with U.S. GAAP requires management to make estimates and judgments that affect the amounts reported. The accounting estimates that require management’s most significant and subjective judgments include revenue recognition for development services; the establishment of valuation allowances on deferred income tax assets; evaluating assets for reserves and potential impairment; and the valuation of the debt derivative liability. Actual results may differ from management’s estimates.
Recent accounting pronouncements	Recent accounting pronouncements In November 2024, the Financial Accounting Standards Board (“FASB”) issued accounting standards update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which was subsequently clarified by accounting standards update 2025-01, to require more detailed disclosures related to certain costs and expenses. The guidance requires entities to disclose amounts of certain expense categories included in expense captions presented on the face of the income statement, including purchases of inventory, employee compensation, depreciation, and intangible asset amortization. This guidance is effective for public entities for annual periods beginning after December 15, 2026, which for Lifecore begins with the year ending December 31, 2027, and for interim reporting periods following that year. Management is currently evaluating the impact that the adoption of this update will have on its financial statements. In September 2025, the FASB issued accounting standards update 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, to modernize the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. This guidance is effective for annual periods beginning after December 15, 2027, which for Lifecore begins with the year ending December 31, 2028, and interim periods therein. Early adoption is permitted as of the beginning of an annual reporting period. Management is currently evaluating the impact that the adoption of this update may have on its financial statements. Management has evaluated recently issued accounting pronouncements outside of those mentioned above and does not believe that any of these pronouncements will have a significant impact on the Company’s consolidated financial statements and related disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income or loss per share (Details) - shares	3 Months Ended		6 Months Ended
Income or loss per share (Details) - shares	Jun. 30, 2026	May 25, 2025	Jun. 30, 2026	May 25, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amount of securities excluded from computation of earnings per share (in shares)	12,953,259	12,416,117	12,953,259	12,416,117
Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amount of securities excluded from computation of earnings per share (in shares)	7,681,847	7,091,531	7,681,847	7,091,531
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amount of securities excluded from computation of earnings per share (in shares)	1,293,036	1,260,299	1,293,036	1,260,299
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amount of securities excluded from computation of earnings per share (in shares)	1,695,376	1,519,287	1,695,376	1,519,287
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amount of securities excluded from computation of earnings per share (in shares)	2,283,000	2,545,000	2,283,000	2,545,000

Fair value of financial instruments - Schedule of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 0	$ 0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 30,922	$ 26,564

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
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+ Details

Debt - Schedule of Future Minimum Principal Payments of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
Remainder of 2026	$ 479
2027	987
2028	1,023
2029	193,774
2030	1,068
Thereafter	6,591
Debt principal	$ 203,922	$ 195,760

Revenue recognition

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue recognition

The following tables present disaggregated revenues:


	Three months ended				Six months ended
	June 30, 2026		May 25, 2025		June 30, 2026		May 25, 2025
CDMO	$	15,552	$	23,516	$	31,327	$	44,305
HA manufacturing	18,615		12,928		26,033		27,293
Total	$	34,167	$	36,444	$	57,360	$	71,598

Revenues recognized over time	$	4,462	$	5,691	$	8,685	$	11,196
Revenues recognized at a point in time	29,705		30,753		48,675		60,402
Total	$	34,167	$	36,444	$	57,360	$	71,598

During the three months ended June 30, 2026, the Company had revenue concentrations of 10% or greater from two customers, with those customers comprising 66% and 10% of revenue. During the three months ended May 25, 2025, the Company had revenue concentrations of 10% or greater from two customers, with those customers comprising 46% and 16% of revenue.

During the six months ended June 30, 2026, the Company had revenues concentrations of 10% or greater from two customers, accounting for 55% and 15%. During the six months ended May 25, 2025, the Company had revenues concentrations of 10% or greater from two customers, accounting for 50% and 17%.

The following table presents changes in contract assets and liabilities:


	Contract assets		Contract liabilities
Balance at December 31, 2025	$	7,655	$	(8,660)
Changes to the beginning balance arising from:
Amounts billed as accounts receivable as the result of rights to consideration becoming unconditional	(6,343)		—
Recognition of revenue as the result of performance obligations satisfied	—		5,297
Estimated credit loss	(170)		—
Net change to contract balances recognized after the comparative balance sheet date due to amounts billed, recognition of revenue, changes in estimate, and interest from significant financing component	6,426		(1,916)
Balance at June 30, 2026	$	7,568	$	(5,279)

- Definition

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

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+ Details

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Finished goods	$ 2,667	$ 11,845
Raw materials	9,254	10,092
Work in process	13,554	7,148
Inventory	$ 25,475	$ 29,085

Stock-based compensation - Schedule of Stock Options Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares
Shares
Options outstanding, beginning balance (in shares) \| shares	1,377,054
Granted (in shares) \| shares	8,775
Forfeited (in shares) \| shares	(69,843)
Expired (in shares) \| shares	(22,950)
Options outstanding, ending balance (in shares) \| shares	1,293,036
Options exercisable (in shares) \| shares	658,060
Weighted-average exercise price per share
Options outstanding, beginning balance (in dollars per share) \| $ / shares	$ 7.83
Granted (in dollars per share) \| $ / shares	7.88
Forfeited (in dollars per share) \| $ / shares	6.74
Expired (in dollars per share) \| $ / shares	10.01
Options outstanding, ending balance (in dollars per share) \| $ / shares	7.85
Options exercisable (in dollars per share) \| $ / shares	$ 8.92
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual term, options outstanding	4 years 8 months 12 days
Weighted average remaining contractual term, options exercisable	3 years 4 months 24 days
Aggregate intrinsic value, options outstanding \| $	$ 18
Aggregate intrinsic value, options exercisable \| $	$ 8

Revenue recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	May 25, 2025	Jun. 30, 2026	May 25, 2025
Segment Reporting [Line Items]
Revenues	$ 34,167	$ 36,444	$ 57,360	$ 71,598
Revenues recognized over time
Segment Reporting [Line Items]
Revenues	4,462	5,691	8,685	11,196
Revenues recognized at a point in time
Segment Reporting [Line Items]
Revenues	29,705	30,753	48,675	60,402
CDMO
Segment Reporting [Line Items]
Revenues	15,552	23,516	31,327	44,305
HA manufacturing
Segment Reporting [Line Items]
Revenues	$ 18,615	$ 12,928	$ 26,033	$ 27,293

- Definition

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

+ References

+ Details

- Definition

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

+ References

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+ Details

Stock-based compensation - Schedule of Weighted Average Assumptions, Stock Options (Details) - Stock options - $ / shares	6 Months Ended
	Jun. 30, 2026	May 25, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value (in dollars per share)	$ 5.28	$ 4.49
Expected life	4 years 4 months 24 days	4 years 4 months 24 days
Risk-free interest rate	3.60%	4.00%
Volatility	88.00%	84.00%
Dividend yield	0.00%	0.00%

- Definition

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

+ References

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+ Details

Debt - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended
Debt - Narrative (Details) - USD ($)	May 22, 2023	Jun. 30, 2026	May 25, 2025	Jun. 30, 2026	May 25, 2025	May 22, 2026
Line of credit
Debt Instrument [Line Items]
Average outstanding amount		$ 0	$ 2,500,000	$ 0	$ 3,500,000
Weighted average interest rate			8.80%		8.80%
Line of credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, available borrowing capacity		21,600,000		21,600,000
Line of credit outstanding		$ 0		$ 0
Commitment fee percentage				0.375%
Line of credit \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				2.00%
Line of credit \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				2.50%
Financial Liability
Debt Instrument [Line Items]
Debt instrument, face amount	$ 7,730,000
Stated interest rate	6.00%
Quarterly principal payment amount	$ 193,000
Term Loan Credit Agreement
Debt Instrument [Line Items]
Debt instrument, face amount	$ 142,270,000
Stated interest rate	10.00%					3.00%
Guarantor obligations				$ 4,000,000
Term Loan Credit Agreement \| Line of credit
Debt Instrument [Line Items]
Effective interest rate		20.90%		20.90%
Term Loan Credit Agreement \| Voluntary prepayments
Debt Instrument [Line Items]
Prepayment percentage	110.00%
Term Loan Credit Agreement \| Prepayment upon a change in control
Debt Instrument [Line Items]
Prepayment percentage	115.00%
Term Loan Credit Agreement \| Prepayment upon uncured material default of supply agreement
Debt Instrument [Line Items]
Prepayment percentage	120.00%
Revolving Credit Agreement \| Line of credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 40,000,000		$ 40,000,000
Debt instrument covenant fixed charge coverage ratio				1.00
Revolving Credit Agreement, FILO Tranche \| Line of credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 2,500,000		$ 2,500,000

Equity	6 Months Ended
Equity	Jun. 30, 2026
Equity [Abstract]
Equity	Equity Common stock The Company is authorized to issue up to 75,000,000 shares of common stock, $0.001 par value (“Common Stock”). The Company is generally not permitted to pay cash dividends to common stockholders due to prohibitions and restrictions arising from the Term Loan Credit Facility, the Revolving Credit Facility and the Redeemable Convertible Preferred Stock, as defined below. Redeemable Convertible Preferred Stock On January 9, 2023, the Company issued 38,750 shares of Series A Convertible Preferred Stock, par value $0.001 per share, that is in certain cases redeemable for cash and/or convertible into shares of Common Stock at the election of the holders, each as discussed further below (the “Redeemable Convertible Preferred Stock”). The Redeemable Convertible Preferred Stock ranks senior to the Common Stock with respect to dividends, distributions and payments on liquidation, winding-up and dissolution. The Company received proceeds of $38,750 at issuance, net of issuance costs of $668. The deduction for issuance costs was being amortized through June 29, 2026 as a charge to additional paid-in capital. The Company is generally not permitted to pay cash to holders of the Series A Convertible Preferred Stock, including in connection with distributions or redemptions, pursuant to the prohibitions on restricted payments under the Term Loan Credit Facility and the Revolving Credit Facility, without the consent of the lenders. As of June 30, 2026 and December 31, 2025, the aggregate liquidation preference of the Redeemable Convertible Preferred Stock was equal to the Conversion Amount (defined below) of $50,187 and $48,356, respectively. Dividends The holders of Redeemable Convertible Preferred Stock are entitled to dividends at a rate of 7.5% per annum, or $75 per share, payable in-kind and compounding quarterly. The holders are also entitled to participate in dividends declared or paid on the Common Stock on an as-converted basis. At June 30, 2026, there were $924 of dividends in arrears that had not yet been paid-in-kind in the form of additional shares of Redeemable Convertible Preferred Stock, representing $18.75 per preferred share. Conversion Each holder has the right, any time at its option, to convert its Redeemable Convertible Preferred Stock, in whole or in part, into an amount of fully paid and non-assessable shares of Common Stock equal to $1,000 per share of Redeemable Convertible Preferred Stock, plus accrued and unpaid dividends in arrears (the “Conversion Amount”), divided by the conversion price. The initial conversion price of $7.00 per share was subsequently reduced to approximately $6.53 per share following the issuance of Common Stock for less than its conversion price in 2024. The Redeemable Convertible Preferred Stock continues to be subject to customary anti-dilution adjustments, including in the event of any future stock split, stock dividend, recapitalization or similar events, and in the event of any subsequent offerings of Common Stock or convertible securities by the Company for less than the conversion price. As of June 30, 2026, the Redeemable Convertible Preferred Stock was convertible into 7,681,847 shares of Common Stock. The Company may also elect to convert the Redeemable Convertible Preferred Stock if, for at least 20 consecutive trading days during the respective measuring period, the Company's closing stock price equals or exceeds $10.50 per share and certain other conditions are satisfied. Redemption Holders had the right to request that the Company redeem all or part of their Redeemable Convertible Preferred Stock beginning on June 29, 2026. As of June 30, 2026, the Company had received notices of redemption for all 49,263 shares of Redeemable Convertible Preferred Stock. Pursuant to the terms of the Redeemable Convertible Preferred Stock, the redemption date and payment of the redemption price for all shares of the Redeemable Convertible Preferred Stock would occur on December 28, 2026. To make such cash redemption payments the Company would be required to obtain a consent to such cash redemption payments or waiver of the restriction on cash dividends and/or redemptions set forth in each of the Company’s credit agreements. To the extent consents or waivers are not obtained under each of the Company’s credit agreements, the Company would be in breach thereof if such payments in cash were made. On such date the Company would be required to pay in cash an amount equal to $1,000 per share of Redeemable Convertible Preferred Stock to be redeemed plus accrued and unpaid dividends on such shares through the date of redemption. To the extent that the Company does not or cannot redeem all of the Redeemable Convertible Preferred Shares submitted for redemption, the Company would be subject to interest on the unpaid balance at a rate of 1% per month from the redemption date until paid in full, in addition to its continuing obligation to accrue dividends paid in kind at 7.5% per annum. Holders retain their right to convert the Redeemable Convertible Preferred Stock even while the Company is under notice of redemption, so the instrument does not meet the definition of mandatorily redeemable under GAAP. As a result, the Company continues to present the Redeemable Convertible Preferred Stock as temporary equity on the consolidated balance sheets. Voting Each holder is entitled to vote with the holders of the shares of Common Stock on all matters submitted for a vote of holders of shares of Common Stock, with certain limited exceptions. Each holder is entitled to the whole number of votes equal to the number of shares of Common Stock into which such holder’s shares of Redeemable Convertible Preferred Stock would be convertible on the record date for the vote. The holders of the Redeemable Convertible Preferred Stock are also entitled to elect two directors to serve on the Company's board of directors so long as at least 30% of the initial shares of Redeemable Convertible Preferred Stock remain outstanding. Registration rights The holders of the Redeemable Convertible Preferred Stock also entered into a registration rights agreement with the Company. This agreement required the Company to file an initial registration statement covering sufficient shares of Common Stock into which the Redeemable Convertible Preferred Stock may be converted, which the Company filed in 2023. The agreement contains monetary penalties if the Company fails to maintain the effectiveness of that registration statement. The agreement has no specified termination date and no specified maximum amount of penalties. The Company has paid a total of $5,238 pursuant to the registration rights agreement, including $4,703 in November 2025 due to a lapse in the effectiveness of the initial registration statement following the Company’s failure to timely file periodic reports with the SEC in 2023 and 2024.

- Definition

The entire disclosure for equity.

+ References

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

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Jul. 29, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	000-27446
Entity Registrant Name	LIFECORE BIOMEDICAL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3025618
Entity Address, Address Line One	3515 Lyman Boulevard
Entity Address, City or Town	Chaska,
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55318
City Area Code	(952)
Local Phone Number	368-4300
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	LFCR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,853,060
Entity Central Index Key	0001005286
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Debt principal	$ 203,922	$ 195,760
Unamortized debt discount on term loan credit facility with related party	(48,854)	(53,524)
Total debt, net of discounts	155,068	142,236
Current portion of debt, related party	970	954
Nonrelated party
Debt Instrument [Line Items]
Current portion of debt, related party	197	181
Debt, net of current portion	5,590	5,694
Related party
Debt Instrument [Line Items]
Current portion of debt, related party	773	773
Debt, net of current portion	148,508	135,588
Term loan credit facility with related party \| Line of credit
Debt Instrument [Line Items]
Debt principal	192,725	184,087
Leaseback liability with related party \| Financial Liability
Debt Instrument [Line Items]
Debt principal	5,410	5,798
Finance lease liability \| Financial Liability
Debt Instrument [Line Items]
Debt principal	$ 5,787	$ 5,875

Income taxes	6 Months Ended
Income taxes	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The effective tax rate was approximately (1)% for the three months ended June 30, 2026, compared to approximately (3)% for the three months ended May 25, 2025. For both the six months ended June 30, 2026 and May 25, 2025, the effective tax rate was approximately (1)%. The effective tax rates were lower than the U.S. federal statutory tax rate in all periods primarily due to the Company’s valuation allowance on its deferred tax assets.

- Definition

The entire disclosure for income tax.

+ References

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

Debt - Schedule of Classification of Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	May 25, 2025	Jun. 30, 2026	May 25, 2025
Debt Disclosure [Abstract]
Expensed in statement of operations	$ 7,751	$ 5,727	$ 15,099	$ 11,316
Capitalized to property, plant and equipment	52	796	77	1,594
Total interest incurred	$ 7,803	$ 6,523	$ 15,176	$ 12,910

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

Accounts and note receivable - Narrative (Details) - USD ($) $ in Thousands					6 Months Ended	12 Months Ended
	Jul. 07, 2026	Jan. 07, 2026	Jul. 07, 2025	Jan. 07, 2025	Jun. 30, 2026	Dec. 31, 2025
Concentration Risk [Line Items]
Note receivable				$ 10,000
Proceeds from collection of notes receivable		$ 4,000	$ 4,000
Note receivable, variable interest rate				1.00%
Note receivable, effective interest rate				8.50%
Note receivable, discount				$ 410
Subsequent event
Concentration Risk [Line Items]
Proceeds from collection of notes receivable	$ 2,000
Customer A \| Accounts receivable \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk percentage					54.00%	48.00%
Customer B \| Accounts receivable \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk percentage					19.00%	10.00%

Property, plant, and equipment, net - Schedule of Components of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, gross	$ 186,848	$ 186,464
Less: accumulated depreciation	(63,134)	(59,160)
Property, plant, and equipment, net	123,714	127,304
Land and land improvements
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, gross	3,491	3,491
Buildings and building improvements
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, gross	86,078	82,021
Machinery and equipment
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, gross	82,596	82,139
Computer equipment and software
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, gross	9,634	7,852
Furniture and fixtures
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, gross	1,422	1,422
Construction in process
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, gross	$ 3,627	$ 9,539

Fair value of financial instruments

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair value of financial instruments

Term Loan Credit Facility and debt derivative liability

The Term Loan Credit Facility contains various features that meet the definition of an embedded derivative and require bifurcation. These features, which were necessary for the Company to accept in order for Alcon to agree to provide the term loan financing, comprise various options for early prepayment of the term loans at stated premiums above par if certain future events were to occur, as described more fully in note 9. These embedded derivatives were initially recorded at fair value as a noncurrent liability (“debt derivative liability”) offset by a discount to the carrying value of the Term Loan Credit Facility that is being amortized to interest expense over the term of that facility. The debt derivative liability is being subsequently remeasured at fair value every reporting period with changes in fair value reported as a non-operating item on the statement of operations.

The disclosed fair value of the term loan and the recorded fair value of the debt derivative liability are estimated using a discounted cash flow method (a level 3 measurement) that includes annually weighted probabilities that the lender exercises its option to require payment of the term loans upon a qualifying change in control or that the debt is held to maturity and refinanced. As of June 30, 2026, the fair value of the term loan, excluding the value of the embedded debt derivative liability, was $150,365 with a carrying value of $143,871; the fair value of the debt derivative liability was $30,922, which was the same as its carrying value. As of December 31, 2025, the fair value of the term loan, excluding the value of the embedded debt derivative liability, was $149,400 with a carrying value of $130,563; the fair value of the debt derivative liability was $26,564, which was the same as its carrying value.

Type of measurement

Measurement date

Type of measurement

Level 1

Level 2

Level 3

Liabilities

Debt derivative liability

Recurring

June 30, 2026

—

30,922

Debt derivative liability

Recurring

December 31, 2025

—

26,564

The following table presents the rollforward reconciliation of this level 3 recurring fair value measurement:


	Three months ended				Six months ended
	June 30, 2026		May 25, 2025		June 30, 2026		May 25, 2025
Balance at beginning of period	$	29,719	$	23,900	$	26,564	$	23,300
Change in fair value recorded in earnings	1,203		1,091		4,358		1,691
Balance at end of period	$	30,922	$	24,991	$	30,922	$	24,991

The key inputs to the valuation model are (i) the probability and timing of a change in control event occurring over the remaining term of the debt; and (ii) the discount rate, which can be influenced by changes in the risk-free rate, the Company's credit rating and/or changes in the overall credit market. Factors that can affect the estimate of fair value at each reporting date, and therefore the amount of gain or loss recorded for a particular period, include imprecision in estimating unobservable market inputs and the selection of particular methodologies and assumptions used to determine the fair value.

Key inputs used to develop the fair value measurement were as follows:


	June 30, 2026		December 31, 2025
Probability of change in control event	80.0	%	80.0	%
Weighted average discount rate	20.7	%	17.6	%

The weighted average discount rate was calculated based on the individual discount rate used for each future payment and weighted by both the present value of the future payments and the probability of each scenario.

Cash and Revolving Credit Facility

Cash and outstanding borrowings under the Company's Revolving Credit Facility, if any, are carried at cost, which approximates fair value due to their short duration and variable rates of interest (a level 2 measurement).

Leaseback liability with related party

As discussed further in note 9, the Company maintains a financial liability for an equipment sale and leaseback with Alcon for which control of the asset was deemed not to have transferred.

In accordance with U.S. GAAP, the Company presents supplemental fair value information based on market conditions of the underlying financial instrument. The fair value information does not change the stated rate or carrying value of the instrument. The fair value of the leaseback liability was estimated using a discounted cash flow method (a level 3 measurement) that assumes a weighted-average discount rate of 5.5% and 5.1% as of June 30, 2026 and December 31, 2025, respectively. As of June 30, 2026 and December 31, 2025, the fair value of the leaseback liability approximated its carrying value of $5,410 and $5,798, respectively.

Customer deposit

A significant customer of the Company agreed to provide an upfront cash deposit in order to finance working capital requirements for the duration of its commercial supply agreement with the Company. The deposit bears no interest and is to be repaid after a wind-up period following expiration or termination of the commercial supply agreement. Prior to the most recent amendment, the commercial supply agreement had automatically extended to December 31, 2027. In June 2026, it was amended and extended to December 31, 2030.

In accordance with U.S. GAAP, the Company presents supplemental fair value information based on market conditions of the underlying financial instrument. The fair value information does not change the stated rate or carrying value of the instrument. The fair value of the deposit is estimated using a discounted cash flow method (a level 3 measurement) that includes assumed discount rates of 6.7% and 6.0% as of June 30, 2026 and December 31, 2025, respectively. The fair value assumed repayment in 4.5 years and 2.0 years as of June 30, 2026 and December 31, 2025, respectively, which was the remaining contractual term of the agreement as of each measurement date. As of June 30, 2026 and December 31, 2025, the fair value of the deposit approximated its carrying value of $4,751 and $4,515, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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+ Details

Accrued expenses and other current liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Schedule of Components of Accrued Expenses and Other Current Liabilities

The following table presents the components of accrued expenses and other current liabilities:


	June 30, 2026		December 31, 2025
Accrued compensation	$	4,367	$	4,548
Contract liabilities, related party	3,005		5,642
Contract liabilities	2,274		3,018
Accrued professional fees	1,576		1,444
Current portion of debt, related party	773		773
Current portion of debt	197		181
Other	1,915		1,756
Accrued expenses and other current liabilities	$	14,107	$	17,362

Property, plant, and equipment, net

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Property, plant, and equipment, net

Property, plant and equipment, net

All property, plant and equipment is located in the United States. The following table presents the components of property, plant and equipment:


	June 30, 2026		December 31, 2025
Land and land improvements	$	3,491	$	3,491
Buildings and building improvements	86,078		82,021
Machinery and equipment	82,596		82,139
Computer equipment and software	9,634		7,852
Furniture and fixtures	1,422		1,422
Construction in process	3,627		9,539
Property, plant, and equipment, gross	186,848		186,464
Less: accumulated depreciation	(63,134)		(59,160)
Property, plant, and equipment, net	$	123,714	$	127,304

On January 7, 2025, the Company entered into an agreement for the sale of certain excess equipment. The aggregate purchase price was $17,000. Lifecore received $7,000 cash and paid fees of $752 at closing. Lifecore also accepted a note for the remainder of the proceeds (see note 4) and recorded current and noncurrent payables of $800 and $200, respectively, for selling fees due to a third-party broker. The note and the payables were each cash-settled in June 2025. The sale resulted in a $21,239 reduction in idle construction in process. The Company recorded a loss on the sale of the equipment of $6,400, which is included in loss on sale or disposal of assets, net of portion classified as cost of sales, within the statement of operations.

Depreciation expense for property, plant and equipment for the three months ended June 30, 2026 and May 25, 2025 was $2,515 and $1,913, respectively. Depreciation expense for property, plant and equipment for the six months ended June 30, 2026 and May 25, 2025 was $4,825 and $3,990, respectively.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
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-URI https://asc.fasb.org/1943274/2147482099/360-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482130/360-10-45-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.CC)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480091/360-10-S99-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

Fair value of financial instruments - Fair Value Reconciliation of Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	May 25, 2025	Jun. 30, 2026	May 25, 2025
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of period	$ 29,719	$ 23,900	$ 26,564	$ 23,300
Change in fair value recorded in earnings	1,203	1,091	4,358	1,691
Balance at end of period	$ 30,922	$ 24,991	$ 30,922	$ 24,991

Equity (Details) $ / shares in Units, $ in Thousands		1 Months Ended	6 Months Ended
Equity (Details) $ / shares in Units, $ in Thousands	Jan. 09, 2023 USD ($) $ / shares shares	Nov. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) director trading_day $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 $ / shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares) \| shares			75,000,000	75,000,000
Common stock, par value (in dollars per share)			$ 0.001	$ 0.001
Redeemable convertible preferred stock, par value (in dollars per share)			$ 0.001	$ 0.001
Redeemable convertible preferred stock, liquidation preference redemption value \| $			$ 50,187	$ 48,356
Temporary equity, liquidation preference (in dollars per share)	$ 1,000		$ 1,000
Preferred stock, conversion price (in dollars per share)	$ 7.00				$ 6.53
Preferred stock, convertible, maximum shares issuable (in shares) \| shares			7,681,847
Preferred stock, stock price threshold (in dollars per share)			$ 10.50
Preferred stock, unpaid balance, interest rate			1.00%
Preferred stock, convertible, dividends paid in kind, interest rate			7.50%
Temporary equity, number of directors \| director			2
Temporary equity, directors, stock outstanding threshold			30.00%
Registration rights agreement penalty, amount paid \| $		$ 5,238
Registration rights agreement penalty, failure to file timely, amount paid \| $		$ 4,703
Series A Preferred Stock
Class of Stock [Line Items]
Proceeds of convertible preferred stock, net of issuance costs (in shares) \| shares	38,750
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.001
Proceeds from issuance of convertible preferred stock \| $	$ 38,750
Stock issuance costs \| $	$ 668
Dividend percentage rate			7.50%
Dividend rate (in dollars per share)			$ 75
Dividends in arrears \| $			$ 924
Dividends in arrears (in dollars per share)			$ 18.75
Mandatory conversion right, threshold trading days \| trading_day			20

Leases - Narrative (Details) $ in Thousands	1 Months Ended
Leases - Narrative (Details) $ in Thousands	Oct. 31, 2024 USD ($)	Jun. 30, 2026 USD ($) facility	Jan. 31, 2021
Lessee, Lease, Description [Line Items]
Number of active facilities \| facility		2
Chaska, Minnesota Facility
Lessee, Lease, Description [Line Items]
Finance lease, liability, buyout		$ 3,100
Consideration received for lease adjustment	$ 2,400
Weighted average discount rate		9.00%
Chanhassen, Minnesota Warehouse and Office
Lessee, Lease, Description [Line Items]
Weighted average discount rate			3.00%

Revenue recognition - Narrative (Details) - Revenues - Customer concentration risk	3 Months Ended		6 Months Ended
	Jun. 30, 2026	May 25, 2025	Jun. 30, 2026	May 25, 2025
Customer one
Related Party Transaction [Line Items]
Concentration risk percentage	66.00%	46.00%	55.00%	50.00%
Customer two
Related Party Transaction [Line Items]
Concentration risk percentage	10.00%	16.00%	15.00%	17.00%

- Definition

+ References + Details

- Definition

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

+ References

+ Details

Revenue recognition - Schedule of Contract Assets and Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Contract assets
Beginning balance	$ 7,655
Amounts billed as accounts receivable as the result of rights to consideration becoming unconditional	(6,343)
Recognition of revenue as the result of performance obligations satisfied	0
Estimated credit loss	(170)
Net change to contract balances recognized after the comparative balance sheet date due to amounts billed, recognition of revenue, changes in estimate, and interest from significant financing component	6,426
Ending balance	7,568
Contract liabilities
Beginning balance	(8,660)
Amounts billed as accounts receivable as the result of rights to consideration becoming unconditional	0
Recognition of revenue as the result of performance obligations satisfied	5,297
Estimated credit loss	0
Net change to contract balances recognized after the comparative balance sheet date due to amounts billed, recognition of revenue, changes in estimate, and interest from significant financing component	(1,916)
Ending balance	$ (5,279)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 17,241	$ 17,469
Contract assets	7,568	7,655
Inventory	25,475	29,085
Prepaid expenses and other current assets	2,952	1,921
Total current assets	83,691	82,292
Property, plant and equipment, net	123,714	127,304
Goodwill	13,881	13,881
Other assets	8,214	8,700
Total assets	229,500	232,177
Current liabilities:
Accounts payable	7,534	6,211
Accrued expenses and other current liabilities	14,107	17,362
Total current liabilities	21,641	23,573
Debt derivative liability, related party	30,922	26,564
Other liabilities	6,746	6,698
Total liabilities	213,407	198,117
Commitments and contingencies, see note 8
Series A Redeemable Convertible Preferred Stock, $0.001 par value; 2,000,000 shares authorized; 49,263 and 47,466 shares issued and outstanding, redemption value $50,187 and $48,356	50,187	48,262
Stockholders’ (deficit) equity:
Common Stock, $0.001 par value; 75,000,000 shares authorized; 37,697,012 and 37,477,386 shares issued and outstanding	38	37
Additional paid-in capital	210,205	208,962
Accumulated deficit	(244,337)	(223,201)
Total stockholders’ deficit	(34,094)	(14,202)
Total liabilities, convertible preferred stock and stockholders’ deficit	229,500	232,177
Nonrelated party
Current assets:
Accounts receivable, net	13,728	13,233
Current liabilities:
Debt, net of current portion	5,590	5,694
Related party
Current assets:
Accounts receivable, net	16,727	12,929
Current liabilities:
Debt, net of current portion	$ 148,508	$ 135,588

Stock-based compensation - Schedule of Other Information about Stock-Based Awards (Details) - $ / shares	6 Months Ended
	Jun. 30, 2026	May 25, 2025
RSUs and PSUs
Weighted-average assumptions used to determine grant-date fair value of PSUs:
Expected life		5 years
Risk-free interest rate		4.00%
Volatility		84.00%
Dividend yield		0.00%
RSUs
Weighted-average fair value per share as of transaction date:
Granted (in dollars per share)	$ 6.65	$ 6.54
Weighted-average assumptions used to determine grant-date fair value of PSUs:
Fair value of RSUs vested (in dollars per share)	7.24	6.25
PSUs
Weighted-average fair value per share as of transaction date:
Granted (in dollars per share)	0	$ 5.06
Weighted-average assumptions used to determine grant-date fair value of PSUs:
Fair value of RSUs vested (in dollars per share)	$ 0

Leases - Schedule of Maturity Analysis of Operating and Finance Lease Liabilities (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Operating leases
Remainder of 2026	$ 205
2027	414
2028	144
2029	148
2030	153
Thereafter	347
Total lease payments	1,411
Less: interest	(104)
Present value of lease liabilities	1,307
Operating lease, current	$ 379
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable
Operating lease, noncurrent	$ 928
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities
Finance leases
Remainder of 2026	$ 346
2027	708
2028	725
2029	729
2030	724
Thereafter	5,975
Total lease payments	9,207
Less: interest	(3,420)
Present value of lease liabilities	5,787
Finance lease, current	$ 197
Finance lease, liability, current, statement of financial position, extensible enumeration	Accrued expenses and other current liabilities
Finance lease, noncurrent	$ 5,590
Finance lease, liability, noncurrent, statement of financial position, extensible enumeration	Debt, net of current portion

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	May 25, 2025	Jun. 30, 2026	May 25, 2025
Statement [Line Items]
Revenues	$ 34,167	$ 36,444	$ 57,360	$ 71,598
Cost of sales	22,092	22,462	40,823	47,771
Gross profit	12,075	13,982	16,537	23,827
Research and development expenses	1,537	2,103	2,754	4,148
Selling, general, and administrative expenses	7,971	8,980	15,888	19,073
Restructuring recovery	0	(2,519)	0	(2,634)
Loss on sale or disposal of assets, net of portion classified as cost of sales	0	91	0	6,942
Operating income (loss)	2,567	5,327	(2,105)	(3,702)
Interest income	144	206	272	314
Change in fair value of debt derivative liability, related party	(1,203)	(1,091)	(4,358)	(1,691)
Other income, net	110	171	220	504
Loss before income taxes	(6,133)	(1,114)	(21,070)	(15,891)
Income tax expense	(23)	(33)	(66)	(25)
Net loss	(6,156)	(1,147)	(21,136)	(15,916)
Preferred stock dividends	(924)	(852)	(1,831)	(1,689)
Accretion of preferred stock to redemption value	(47)	(48)	(94)	(96)
Loss available to common stockholders	$ (7,127)	$ (2,047)	$ (23,061)	$ (17,701)
Loss per share, basic and diluted
Basic (in dollars per share)	$ (0.19)	$ (0.06)	$ (0.61)	$ (0.48)
Diluted (in dollars per share)	$ (0.19)	$ (0.06)	$ (0.61)	$ (0.48)
Weighted average shares outstanding, basic and diluted
Basic (in shares)	37,574,538	37,007,838	37,526,230	37,014,204
Diluted (in shares)	37,574,538	37,007,838	37,526,230	37,014,204
Nonrelated party
Statement [Line Items]
Revenues	$ 11,480	$ 19,768	$ 25,716	$ 36,001
Interest expense	(480)	(604)	(934)	(1,460)
Related party
Statement [Line Items]
Revenues	22,687	16,676	31,644	35,597
Interest expense	$ (7,271)	$ (5,123)	$ (14,165)	$ (9,856)

Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt

The following table presents the components of debt:


	June 30, 2026		December 31, 2025
Debt principal:
Term loan credit facility with related party	$	192,725	$	184,087

Leaseback liability with related party	5,410		5,798
Finance lease liability	5,787		5,875
Debt principal	203,922		195,760
Unamortized debt discount on term loan credit facility with related party	(48,854)		(53,524)
Total debt, net of discounts	$	155,068	$	142,236
Classification on consolidated balance sheet:
Accrued expenses and other current liabilities	$	970	$	954
Debt, net of current portion	5,590		5,694
Debt, net of current portion, related party	148,508		135,588
Total debt, net of discounts	$	155,068	$	142,236

The following table presents future minimum principal payments at June 30, 2026:


Remainder of 2026	$	479
2027	987
2028	1,023
2029	193,774
2030	1,068
Thereafter	6,591
Debt principal	$	203,922

The following table presents the classification of interest in the consolidated financial statements:


	Three months ended				Six months ended
	June 30, 2026		May 25, 2025		June 30, 2026		May 25, 2025
Expensed in statement of operations	7,751		5,727		15,099		11,316
Capitalized to property, plant and equipment	52		796		77		1,594
Total interest incurred	$	7,803	$	6,523	$	15,176	$	12,910

As of June 30, 2026, the Company was in compliance with all financial covenants under the Term Loan Credit Facility and Revolving Credit Facility.

Term Loan Credit Facility

On May 22, 2023, the Company entered into a Credit and Guaranty Agreement (the “Term Loan Credit Facility”) with Alcon Research, LLC (“Alcon”). The Term Loan Credit Facility refinanced in full all obligations of the Company and its subsidiaries under its prior term loan credit facility. This facility has been amended from time to time, including for the purpose of (i) enhancing and clarifying certain reporting requirements; (ii) providing limited waivers of potential events of default and permitting the Company to retain cash proceeds from the recent sale of certain excess equipment (see note 6); and (iii) most recently, on November 6, 2025, making certain changes to reporting requirements to correspond to the Fiscal Year Change and providing the Company with flexibility regarding the investment of excess cash and alignment on making certain third party payments.

The Company initially made $142,270 of term loan borrowings under the facility. Interest was at a fixed rate of 10% per annum payable-in-kind until May 22, 2026, following which interest is now payable at a fixed rate of 3% per annum in cash with the remainder payable-in-kind. The Company may elect to pay any amount of interest in cash instead of in-kind. The obligations under the Term Loan Credit Facility mature on May 22, 2029.

Term loan principal generally cannot be repaid prior to the maturity date except as follows: (i) the Company is permitted to make voluntary prepayments beginning May 22, 2028 at a rate of 110%; (ii) Alcon or the Company can require prepayment upon a change in control at a rate of 115%; (iii) Alcon can require prepayment upon uncured material default of its supply agreement with the Company at a rate of 120%; (iv) sales of certain collateral assets, with specific exception, require the Company to prepay the term loans in the amount of proceeds received.

The Term Loan Credit Facility contains customary affirmative covenants including, but not limited to, financial reporting requirements and maintenance of existence requirements, and negative covenants, including, but not limited to, limitations on the incurrence of debt, liens, investments, restricted payments, restricted debt payments, and affiliate transactions. The Term Loan Credit Facility contains one financial covenant, a minimum liquidity covenant, requiring $4,000 of Consolidated Liquidity (as defined in the Term Loan Credit Facility) as of the end of each quarter. See also note 10, “Redeemable Convertible Preferred Stock — Redemption” for more information.

As of June 30, 2026, the Company’s effective annual interest rate under the Term Loan Credit Facility was 20.9%.

Borrowings are guaranteed and secured by substantially all of the Company’s consolidated assets. Pursuant to an intercreditor agreement between Alcon and BMO (as defined below), Alcon is generally entitled to a priority claim with respect to property, plant and equipment, intellectual property and all other collateral to which BMO does not have a priority claim, as described further below. The facility contains customary financial covenants and events of default under which the obligations thereunder could be accelerated and/or the interest rate increased in specified circumstances.

Revolving Credit Facility

On December 31, 2020, the Company entered into a revolving credit agreement with BMO Harris Bank, N.A. (“BMO,” collectively the “Revolving Credit Facility”). The Revolving Credit Facility has been amended from time to time, including for the purpose of (i) providing limited waivers from historical events of default; (ii) as a result of discontinued operations, reducing the maximum committed amount to its current level of $40,000; (iii) creating an additional $2,500 borrowing tranche, which was repaid in June 2025; (iv) extending the maturity date to November 26, 2027, reducing the applicable interest rates and making certain other changes to the financial and reporting covenants; and (v) most recently, on November 6, 2025, making certain changes to reporting requirements to correspond to the Fiscal Year Change and providing the Company with flexibility regarding the investment of excess cash and alignment on making certain third party payments.

The Company can borrow under the facility in an amount up to the lesser of (i) the maximum committed amount and (ii) a specified borrowing base calculated as of the end of each month. The monthly borrowing base is determined using specified percentages of qualifying accounts receivable and inventory that serve as collateral under the facility, net of reserves. As of June 30, 2026, the Company's borrowing base was $21,600, and the Company had no outstanding borrowings. These borrowings, when outstanding, bear interest based on an average daily SOFR rate plus a spread of 2.00% to 2.50% per annum based on average availability. The facility also bears a commitment fee on the unused portion of the maximum committed amount of 0.375% per annum.

Average borrowings under the facility were not material for the three and six months ended June 30, 2026. For the three and six months ended May 25, 2025, average borrowings were approximately $2,500 and $3,500, respectively, and the weighted average interest rate on those borrowings was approximately 8.8% and 8.8%, respectively.

The Revolving Credit Facility contains customary affirmative covenants including, but not limited to, financial reporting requirements and maintenance of existence requirements, and negative covenants, including, but not limited to, limitations on the incurrence of debt, liens, investments, restricted payments, restricted debt payments and affiliate transactions. The Revolving Credit Facility contains one financial covenant, a minimum Consolidated Fixed Charge Coverage Ratio of 1.00 to 1.00, which is generally tested only when an event of default has occurred and is continuing or when availability falls below $2,500. See also note 10, “Redeemable Convertible Preferred Stock — Redemption” for more information.

Borrowings are guaranteed and secured by substantially all of the Company’s consolidated assets. Pursuant to an intercreditor agreement between Alcon and BMO, BMO is generally entitled to a priority claim with respect to cash and cash equivalents, accounts receivable and inventory, subject to certain specific exclusions. The facility contains customary financial covenants and events of default under which the obligations thereunder could be accelerated and/or the interest rate increased in specified circumstances.

Leaseback liability with related party

On May 22, 2023, the Company entered into an equipment sale and leaseback transaction with Alcon. The sale and leaseback did not meet the requirements for sale-leaseback accounting, which resulted in the creation of a $7,730 leaseback liability representing the Company's total payment obligation under the lease. The lease expires on the earlier of May 22, 2033 or the date on which the Company exercises its option to repurchase the leased equipment. The Company may exercise that option beginning on the earlier of May 22, 2030 or completion of an agreed expansion of the Company's HA production capacity, in which case the repurchase price equals the remaining unpaid balance of the liability. If the Company does not exercise the option, the equipment transfers to the Company automatically upon expiration for a nominal amount.

During the lease term, the Company is obligated to make quarterly principal payments to Alcon of $193 plus interest at a rate of 6% per annum on the unpaid principal balance.

The lease contains terms and provisions that are generally customary for a commercial lease of this nature, including obligations relating to the use, operation and maintenance of the equipment. During the term of the lease, Alcon is not permitted to sell or encumber the equipment. Alcon is only entitled to cancel the lease in the event of insolvency, liquidation or bankruptcy; its remedies for other breaches of the lease are limited to monetary damages.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-8

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
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+ Details

Accrued expenses and other current liabilities

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Accrued expenses and other current liabilities

The following table presents the components of accrued expenses and other current liabilities:


	June 30, 2026		December 31, 2025
Accrued compensation	$	4,367	$	4,548
Contract liabilities, related party	3,005		5,642
Contract liabilities	2,274		3,018
Accrued professional fees	1,576		1,444
Current portion of debt, related party	773		773
Current portion of debt	197		181
Other	1,915		1,756
Accrued expenses and other current liabilities	$	14,107	$	17,362

Related party transactions	6 Months Ended
Related party transactions	Jun. 30, 2026
Related Party Transactions [Abstract]
Related party transactions	Related party transactions Alcon has been and continues to be the Company's largest customer, comprising 55% and 50% of its revenues for the six months ended June 30, 2026 and May 25, 2025, respectively. On May 22, 2023, Alcon entered into the Term Loan Credit Facility with the Company as described in note 9. This relationship as the Company's largest creditor, combined with its position as the Company's largest customer, caused management to conclude that Alcon has the ability to exert significant influence over the Company and therefore meets the definition of a related party beginning in May 2023 through the present. Alcon’s transactions with the Company are as follows: •Customary current financial positions for a customer of Alcon's size, including accounts receivable, contract assets and liabilities, and revenue, each as presented in the consolidated balance sheets and statements of operations and the notes thereto. Alcon has provided the Company guaranteed contractual minimum purchasing commitments through 2031, and the Company is required to maintain certain manufacturing capacity levels through 2033; •A significant individual prepayment that Alcon made to the Company in May 2024 of $5,500. The prepayment was accounted for as a contract liability and initially discounted to present value due to the existence of a significant financing component. The discount is being amortized over the life of the contract liability via charges to interest expense, related party. This contract liability is being derecognized beginning January 2026 by delivering goods to Alcon at a discount equal to twelve monthly credit memos totaling $5,500. As of June 30, 2026, the remaining contract liability balance of $2,688 which is net of the unamortized discount, is included in accrued expenses and other current liabilities on the consolidated balance sheet; •Proceeds of $142,270 from term loans issued in May 2023 that were used to repay prior borrowings. The term loan principal plus accrued interest has grown to $192,725 through June 30, 2026 as a result of interest paid-in-kind, which decreased from 10% to 7% beginning May 2026. Cash interest paid to Alcon for the three and six months ended June 30, 2026 was $605. See note 9 for additional information; •Alcon purchased equipment in May 2023 for $7,730 that it is leasing back to the Company in exchange for quarterly payments over a ten-year period. Payments to Alcon under the lease were $277 and $292 for the three months ended June 30, 2026 and May 25, 2025, respectively, and $557 and $587 for the six months ended June 30, 2026 and May 25, 2025, respectively. See note 9 for additional information; •Interest expense incurred from the Alcon instruments noted above, net of capitalized interest, was $14,165 and $9,856 for the six months ended June 30, 2026 and May 25, 2025, respectively. Included in those amounts was non-cash interest expense of $13,386 and $9,659 for the six months ended June 30, 2026 and May 25, 2025, respectively; and •Contract assets, net of contract liabilities, from development projects of $3,005 and $728 as of June 30, 2026 and December 31, 2025, respectively, for the recognition of revenue as the result of performance obligations satisfied in advance of billing the customer.

- Definition

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

+ References

+ Details

Stock-based compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	May 25, 2025	Jun. 30, 2026	May 25, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 2,085	$ 1,815	$ 3,783	$ 4,367
Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	241	425	457	609
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	144	1	(98)	1
Income Statement Location [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 1,700	$ 1,389	$ 3,424	$ 3,757

- 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

Organization, basis of presentation, and summary of significant accounting policies - Narrative (Details)	6 Months Ended
	Jun. 30, 2026
Series A Preferred Stock
Class of Stock [Line Items]
Dividend percentage rate	7.50%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-based compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Weighted Average Assumptions

The following table presents information about stock options:


	Six months ended
	June 30, 2026			May 25, 2025
Information about stock options granted:
Weighted-average grant date fair value per share	$	5.28		$	4.49
Weighted-average assumptions used to determine grant-date fair value:
Expected life	4.4 years			4.4 years
Risk-free interest rate	3.6		%	4.0		%
Volatility	88		%	84		%
Dividend yield	—		%	—		%

Schedule of Other Information about Stock-Based Awards

The following table presents information about other stock-based awards:


	Six months ended
	June 30, 2026		May 25, 2025
Information about awards granted:
Weighted-average fair value per share as of transaction date:
RSUs granted	$	6.65	$	6.54
PSUs granted	—		5.06
Weighted-average assumptions used to determine grant-date fair value of PSUs:
Expected life	—		5.0 years
Risk-free interest rate	—		4.0		%
Volatility	—		84		%
Dividend yield	—		—		%
Fair value of RSUs vested	7.24		6.25

The following table summarizes stock-based compensation by income statement line item:


	Three months ended				Six months ended
	June 30, 2026		May 25, 2025		June 30, 2026		May 25, 2025
Cost of sales	$	241	$	425	$	457	$	609
Research and development expense	144		1		(98)		1
Selling, general and administrative expense	1,700		1,389		3,424		3,757
Stock-based compensation expense	$	2,085	$	1,815	$	3,783	$	4,367

Schedule of Stock Option Activity

The following table presents information about stock option balances and activity:


	Shares	Weighted-average exercise price per share		Weighted-average remaining contractual term	Aggregate intrinsic value







Outstanding at December 31, 2025	1,377,054	$	7.83
Granted	8,775	7.88

Forfeited	(69,843)	6.74
Expired	(22,950)	10.01
Outstanding at June 30, 2026	1,293,036	7.85		4.7 years	$	18
Exercisable at June 30, 2026	658,060	8.92		3.4 years	$	8

Schedule of Stock-based Compensation Activity

The following table presents information about recent RSU and PSU activity:


	RSUs			PSUs
	Shares	Weighted-average grant date fair value per share		Shares	Weighted-average grant date fair value per share






Outstanding at December 31, 2025	1,440,419	$	6.46	2,283,000	$	4.25
Granted	676,911	6.65		—	—
Vested	(346,916)	7.24		—	—
Forfeited	(75,038)	7.78		—	—
Outstanding at June 30, 2026	1,695,376	6.32		2,283,000	4.25

Stock-based compensation - Schedule of RSU and PSU Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2026	May 25, 2025
RSUs
Shares
Beginning balance (in shares)	1,440,419
Granted (in shares)	676,911
Vested (in shares)	(346,916)
Forfeited (in shares)	(75,038)
Ending balance (in shares)	1,695,376
Weighted-average grant date fair value per share
Beginning balance (in dollars per share)	$ 6.46
Granted (in dollars per share)	6.65	$ 6.54
Vested (in dollars per share)	7.24	6.25
Forfeited (in dollars per share)	7.78
Ending balance (in dollars per share)	$ 6.32
PSUs
Shares
Beginning balance (in shares)	2,283,000
Granted (in shares)	0
Vested (in shares)	0
Forfeited (in shares)	0
Ending balance (in shares)	2,283,000
Weighted-average grant date fair value per share
Beginning balance (in dollars per share)	$ 4.25
Granted (in dollars per share)	0	$ 5.06
Vested (in dollars per share)	0
Forfeited (in dollars per share)	0
Ending balance (in dollars per share)	$ 4.25

Inventory

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Inventory

The following table presents the components of inventory:


	June 30, 2026		December 31, 2025
Finished goods	$	2,667	$	11,845
Raw materials	9,254		10,092
Work in process	13,554		7,148


Inventory	$	25,475	$	29,085

Organization, basis of presentation, and summary of significant accounting policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Organization, basis of presentation, and summary of significant accounting policies

Organization, basis of presentation and summary of significant accounting policies

Organization

Lifecore Biomedical, Inc. and its subsidiaries (“Lifecore” or the “Company”) is a fully integrated contract development and manufacturing organization (“CDMO”) that provides services in the development, fill and finish of complex sterile injectable pharmaceutical products in syringes, vials and cartridges.

Basis of presentation

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) for interim financial information, the instructions for Form 10-Q and Regulation S-X of the Securities and Exchange Commission (the “SEC”). In the opinion of management, all adjustments (which were of a normal recurring nature) have been made which are necessary to present fairly the financial position of the Company at June 30, 2026, and the results of operations and cash flows for all periods presented.

Although the Company believes that the disclosures in these financial statements are adequate to make the information presented not misleading, certain information normally included in the notes to the financial statements prepared following U.S. GAAP may have been condensed or omitted per the rules and regulations of the SEC. The accompanying financial data should be reviewed in conjunction with the audited financial statements and accompanying notes included in the Company’s Transition Report on Form 10-KT for the transition period ended December 31, 2025.

The accounting policies underlying the accompanying consolidated financial statements are set forth in note 1 to the consolidated financial statements included in the Company’s Transition Report on Form 10-KT for the transition period ended December 31, 2025. There have been no material changes in the Company’s significant accounting policies during the six months ended June 30, 2026.

On August 1, 2025, the Company’s Board of Directors approved changing its fiscal year from a fiscal year ending on the last Sunday of May to a calendar year (the “Fiscal Year Change”), and the Company has reported calendar periods since September 30, 2025. In accordance with SEC rules, the Company is presenting current period results compared to the most closely-comparable prior periods that can be derived from previously-reported results, which for this report were the three and six months ended May 25, 2025. With the exception of certain statements of operations, the Company did not previously report these periods on a standalone basis; rather, those periods were generally derived from the audited financial statements in the Company’s Form 10-K for the year ended May 25, 2025, less the unaudited results reported in its Forms 10-Q for the nine months ended February 23, 2025 and the six months ended November 24, 2024, respectively. In deriving the comparative period results, the Company reclassified certain amounts from previously-reported results to present them on a basis consistent with the current period presentation and, in some cases, the previously audited annual results. It was not practicable or cost-justifiable for the Company to prepare equivalent calendar-based comparative periods because the Company’s previous fiscal calendar does not align to the new calendar periods. The Company will begin providing calendar-based comparative periods beginning with its reporting as of and for the periods ended September 30, 2026.

Basis of consolidation

The consolidated financial statements have been prepared in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated.

Use of estimates

The preparation of financial statements and the notes to the financial statements in accordance with U.S. GAAP requires management to make estimates and judgments that affect the amounts reported. The accounting estimates that require management’s most significant and subjective judgments include revenue recognition for development services; the establishment of valuation allowances on deferred income tax assets; evaluating assets for reserves and potential impairment; and the valuation of the debt derivative liability. Actual results may differ from management’s estimates.

Supplemental disclosures of cash flow information

The following table presents supplemental cash flow information:


	Six months ended
	June 30, 2026		May 25, 2025
Cash paid (refunded) for income taxes, net	$	19	$	(81)
Cash paid for interest	1,155		609
Non-cash investing and financing activities:
Purchases of property, plant and equipment in accounts payable	306		1,539
Non-cash portion of sale of property, plant and equipment via note receivable	—		9,590

Capitalization of non-cash interest to property, plant and equipment	77		1,594
Dividends paid-in-kind on Redeemable Convertible Preferred Stock	1,831		1,689

Recent accounting pronouncements

In November 2024, the Financial Accounting Standards Board (“FASB”) issued accounting standards update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which was subsequently clarified by accounting standards update 2025-01, to require more detailed disclosures related to certain costs and expenses. The guidance requires entities to disclose amounts of certain expense categories included in expense captions presented on the face of the income statement, including purchases of inventory, employee compensation, depreciation, and intangible asset amortization. This guidance is effective for public entities for annual periods beginning after December 15, 2026, which for Lifecore begins with the year ending December 31, 2027, and for interim reporting periods following that year. Management is currently evaluating the impact that the adoption of this update will have on its financial statements.

In September 2025, the FASB issued accounting standards update 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, to modernize the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. This guidance is effective for annual periods beginning after December 15, 2027, which for Lifecore begins with the year ending December 31, 2028, and interim periods therein. Early adoption is permitted as of the beginning of an annual reporting period. Management is currently evaluating the impact that the adoption of this update may have on its financial statements.

Management has evaluated recently issued accounting pronouncements outside of those mentioned above and does not believe that any of these pronouncements will have a significant impact on the Company’s consolidated financial statements and related disclosures.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Feb. 23, 2025	Jun. 30, 2026	May 25, 2025
Cash flows from operating activities:
Net loss		$ (21,136)	$ (15,916)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		4,825	3,990
Stock-based compensation		3,783	4,367
Non-cash interest expense, inclusive of related party		13,941	10,606
Change in fair value of debt derivative liability, related party		4,358	1,691
Loss on sale or disposal of assets		0	7,727
Gain on settlement of lease liability	$ (2,642)	0
Other, net		(209)	190
Changes in operating assets and liabilities:
Accounts receivable, inclusive of related party		(4,084)	(4,891)
Contract assets		87	(1,281)
Inventory		3,610	6,923
Other assets		(845)	1,517
Accounts payable		1,788	(2,461)
Accrued expenses and other liabilities		(3,607)	(3,272)
Net cash provided by operating activities		2,511	6,548
Cash flows from investing activities:
Purchases of property, plant, and equipment		(1,631)	(7,553)
Proceeds from sale of equipment		0	7,000
Net cash used in investing activities		(1,631)	(553)
Cash flows from financing activities:
Payments on revolving credit facility		(64,400)	(66,493)
Proceeds from revolving credit facility		64,400	60,493
Payments related to employee stock plans		(614)	(297)
Other financing activities		(494)	(888)
Net cash used in financing activities		(1,108)	(7,185)
Net decrease in cash and cash equivalents		(228)	(1,190)
Cash and cash equivalents, beginning of period	$ 9,455	17,469	9,455
Cash and cash equivalents, end of period		$ 17,241	$ 8,265

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Redeemable convertible preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Redeemable convertible preferred stock, shares issued (in shares)	49,263	47,466
Redeemable convertible preferred stock, shares outstanding (in shares)	49,263	47,466
Redeemable convertible preferred stock, liquidation preference redemption value	$ 50,187	$ 48,356
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	37,697,012	37,477,386
Common stock, shares outstanding (in shares)	37,697,012	37,477,386

Accounts and note receivable (Tables)

6 Months Ended

Jun. 30, 2026

Receivables [Abstract]

Schedule of Accounts Receivable

Changes in the allowance for credit losses related to accounts receivable are as follows:


	Six months ended
	June 30, 2026		May 25, 2025
Beginning balance	$	1,044	$	561
Provision (reversal of provision)	(209)		808
Charge-offs	—		(18)
Ending balance	$	835	$	1,351

Income or loss per share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following securities on an as-converted basis were excluded from the computations of diluted loss per share:


	Three months ended		Six months ended
	June 30, 2026	May 25, 2025	June 30, 2026	May 25, 2025
Redeemable Convertible Preferred Stock	7,681,847	7,091,531	7,681,847	7,091,531
Stock options	1,293,036	1,260,299	1,293,036	1,260,299
RSUs	1,695,376	1,519,287	1,695,376	1,519,287
PSUs	2,283,000	2,545,000	2,283,000	2,545,000
Total	12,953,259	12,416,117	12,953,259	12,416,117

Stock-based compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

The Company provides stock-based compensation to its employees under two plans:

•The 2019 Stock Incentive Plan is a seven-year plan that became effective upon stockholder approval at the Company’s 2019 annual meeting held on October 16, 2019 and has been subsequently amended with stockholder approval, most recently at the Annual Meeting held on August 15, 2024. This plan provides for the grant of stock options, stock grants, stock units and stock appreciation rights to employees, consultants and directors. Under the plan, no recipient may receive awards during any fiscal year that exceed 500,000 stock options, 250,000 stock grants or stock units, or 500,000 stock appreciation rights, nor may any non-employee director be granted awards in excess of $350. As of June 30, 2026, the Company had 1,308,040 common shares reserved for new awards under the 2019 Stock Incentive Plan. The plan expires October 16, 2026. A replacement plan, the 2026 Stock Incentive Plan, was approved by stockholders at the 2026 annual meeting held on June 4, 2026. The 2026 Stock Incentive Plan will become effective by its terms on October 16, 2026.

•The Equity Inducement Plan became effective on March 20, 2024. This plan provides for the grant of equity awards to individuals that were not previously employees or directors of the Company as an inducement material to the individual’s entry into employment with the Company. As of June 30, 2026, the Company had 140,474 common shares reserved for new awards under the Equity Inducement Plan.

The following table presents information about stock options:


	Six months ended
	June 30, 2026			May 25, 2025
Information about stock options granted:
Weighted-average grant date fair value per share	$	5.28		$	4.49
Weighted-average assumptions used to determine grant-date fair value:
Expected life	4.4 years			4.4 years
Risk-free interest rate	3.6		%	4.0		%
Volatility	88		%	84		%
Dividend yield	—		%	—		%

There were no stock option exercises during either of the periods presented.

The following table presents information about other stock-based awards:


	Six months ended
	June 30, 2026		May 25, 2025
Information about awards granted:
Weighted-average fair value per share as of transaction date:
RSUs granted	$	6.65	$	6.54
PSUs granted	—		5.06
Weighted-average assumptions used to determine grant-date fair value of PSUs:
Expected life	—		5.0 years
Risk-free interest rate	—		4.0		%
Volatility	—		84		%
Dividend yield	—		—		%
Fair value of RSUs vested	7.24		6.25

The following table presents information about stock option balances and activity:


	Shares	Weighted-average exercise price per share		Weighted-average remaining contractual term	Aggregate intrinsic value







Outstanding at December 31, 2025	1,377,054	$	7.83
Granted	8,775	7.88

Forfeited	(69,843)	6.74
Expired	(22,950)	10.01
Outstanding at June 30, 2026	1,293,036	7.85		4.7 years	$	18
Exercisable at June 30, 2026	658,060	8.92		3.4 years	$	8

The following table presents information about recent RSU and PSU activity:


	RSUs			PSUs
	Shares	Weighted-average grant date fair value per share		Shares	Weighted-average grant date fair value per share






Outstanding at December 31, 2025	1,440,419	$	6.46	2,283,000	$	4.25
Granted	676,911	6.65		—	—
Vested	(346,916)	7.24		—	—
Forfeited	(75,038)	7.78		—	—
Outstanding at June 30, 2026	1,695,376	6.32		2,283,000	4.25

Stock-based compensation expense

The following table summarizes stock-based compensation by income statement line item:


	Three months ended				Six months ended
	June 30, 2026		May 25, 2025		June 30, 2026		May 25, 2025
Cost of sales	$	241	$	425	$	457	$	609
Research and development expense	144		1		(98)		1
Selling, general and administrative expense	1,700		1,389		3,424		3,757
Stock-based compensation expense	$	2,085	$	1,815	$	3,783	$	4,367

Most of the stock-based compensation expense for the current period and going forward arises from RSU awards to the Company’s named executive officers under the Equity Inducement Plan and the Company’s directors. The RSU awards to named executive officers vest annually and are expensed ratably over their five-year lives (three-year in one case) since date of hire. The annual RSU awards granted to directors vest in full one year from the grant date and are expensed ratably over the same one-year vesting period.

The Company has also issued PSU awards to its named executive officers, for which most of the expense has already been recognized through December 31, 2025. These awards are divided into ten equal tranches that will vest, if at all, based upon closing stock price milestones over a five-year performance period, and to the extent a PSU award tranche vests based on stock price performance, 50% of the shares for each tranche will be issued immediately, and 50% of the shares will be issued on the one-year anniversary of the performance vesting date.

As of June 30, 2026, there was $11,444 of total unrecognized compensation expense related to unvested equity compensation awards granted under the Lifecore incentive stock plans. This total expense is expected to be recognized over a weighted-average period of 1.9 years.

Segment reporting for single reportable segment (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Profit or Loss

The following table presents the components of net income or loss, which is the measure of profit or loss used for the Company’s single reportable segment:


	Three months ended				Six months ended
	June 30, 2026		May 25, 2025		June 30, 2026		May 25, 2025
Revenues	$	34,167	$	36,444	$	57,360	$	71,598
Personnel costs(1)	10,952		12,820		22,469		25,128
Materials and non-depreciation overhead(2)	12,902		12,070		22,026		27,335
Depreciation	2,515		1,913		4,825		3,990
Stock-based compensation	2,085		1,815		3,783		4,367
Reorganization costs	1,247		2,179		2,789		4,426
Loss on sale or disposal of assets	—		91		—		7,727
All other operating expenses(3)	1,899		229		3,573		2,327
Interest expense, net	7,607		5,521		14,827		11,002
Change in fair value of debt derivative liability	1,203		1,091		4,358		1,691
Other income, net	(110)		(171)		(220)		(504)
Income tax expense	23		33		66		25

Net loss	$	(6,156)	$	(1,147)	$	(21,136)	$	(15,916)

(1)Includes all wages and salary, bonus, employer taxes, and employee benefit plan expenses

(2)Represents cost of sales, excluding direct labor and all personnel cost and depreciation allocations

(3)Includes expenses for accounting, legal and other professional services, software licensing, insurance costs, public company costs and board fees.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated deficit
Redeemable convertible preferred stock, beginning balance (in shares) at Nov. 24, 2024	44,068
Redeemable convertible preferred stock, beginning balance at Nov. 24, 2024	$ 44,312
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends paid-in-kind (in shares)	1,668
Dividends paid-in-kind	$ 1,689
Accretion to redemption value	$ 96
Redeemable convertible preferred stock, ending balance (in shares) at May. 25, 2025	45,736
Redeemable convertible preferred stock, ending balance at May. 25, 2025	$ 46,097
Beginning balance (in shares) at Nov. 24, 2024		36,980,790
Beginning balance at Nov. 24, 2024	15,449	$ 37	$ 204,736	$ (189,324)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock, net of fees	8		8
Dividends paid-in-kind	(1,689)		(1,689)
Accretion to redemption value	(96)		(96)
Settlement of stock-based awards (in shares)		121,958
Settlement of stock-based awards	(297)		(297)
Retirement of shares (in shares)		(76,514)
Retirement of shares	(490)		(490)
Stock-based compensation	4,367		4,367
Net loss	(15,916)			(15,916)
Ending balance (in shares) at May. 25, 2025		37,026,234
Ending balance at May. 25, 2025	$ 1,336	$ 37	206,539	(205,240)
Redeemable convertible preferred stock, beginning balance (in shares) at Feb. 23, 2025	44,894
Redeemable convertible preferred stock, beginning balance at Feb. 23, 2025	$ 45,197
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends paid-in-kind (in shares)	842
Dividends paid-in-kind	$ 852
Accretion to redemption value	$ 48
Redeemable convertible preferred stock, ending balance (in shares) at May. 25, 2025	45,736
Redeemable convertible preferred stock, ending balance at May. 25, 2025	$ 46,097
Beginning balance (in shares) at Feb. 23, 2025		37,025,331
Beginning balance at Feb. 23, 2025	2,221	$ 37	206,277	(204,093)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends paid-in-kind	(852)		(852)
Accretion to redemption value	(48)		(48)
Settlement of stock-based awards (in shares)		77,417
Settlement of stock-based awards	(163)		(163)
Retirement of shares (in shares)		(76,514)
Retirement of shares	(490)		(490)
Stock-based compensation	1,815		1,815
Net loss	(1,147)			(1,147)
Ending balance (in shares) at May. 25, 2025		37,026,234
Ending balance at May. 25, 2025	$ 1,336	$ 37	206,539	(205,240)
Redeemable convertible preferred stock, beginning balance (in shares) at Dec. 31, 2025	47,466
Redeemable convertible preferred stock, beginning balance at Dec. 31, 2025	$ 48,262
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends paid-in-kind (in shares)	1,797
Dividends paid-in-kind	$ 1,831
Accretion to redemption value	$ 94
Redeemable convertible preferred stock, ending balance (in shares) at Jun. 30, 2026	49,263
Redeemable convertible preferred stock, ending balance at Jun. 30, 2026	$ 50,187
Beginning balance (in shares) at Dec. 31, 2025	37,477,386	37,477,386
Beginning balance at Dec. 31, 2025	$ (14,202)	$ 37	208,962	(223,201)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends paid-in-kind	(1,831)		(1,831)
Accretion to redemption value	(94)		(94)
Settlement of stock-based awards (in shares)		219,626
Settlement of stock-based awards	(614)	$ 1	(615)
Stock-based compensation	3,783		3,783
Net loss	$ (21,136)			(21,136)
Ending balance (in shares) at Jun. 30, 2026	37,697,012	37,697,012
Ending balance at Jun. 30, 2026	$ (34,094)	$ 38	210,205	(244,337)
Redeemable convertible preferred stock, beginning balance (in shares) at Mar. 31, 2026	48,356
Redeemable convertible preferred stock, beginning balance at Mar. 31, 2026	$ 49,216
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends paid-in-kind (in shares)	907
Dividends paid-in-kind	$ 924
Accretion to redemption value	$ 47
Redeemable convertible preferred stock, ending balance (in shares) at Jun. 30, 2026	49,263
Redeemable convertible preferred stock, ending balance at Jun. 30, 2026	$ 50,187
Beginning balance (in shares) at Mar. 31, 2026		37,477,386
Beginning balance at Mar. 31, 2026	(28,438)	$ 37	209,706	(238,181)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends paid-in-kind	(924)		(924)
Accretion to redemption value	(47)		(47)
Settlement of stock-based awards (in shares)		219,626
Settlement of stock-based awards	(614)	$ 1	(615)
Stock-based compensation	2,085		2,085
Net loss	$ (6,156)			(6,156)
Ending balance (in shares) at Jun. 30, 2026	37,697,012	37,697,012
Ending balance at Jun. 30, 2026	$ (34,094)	$ 38	$ 210,205	$ (244,337)

Revenue recognition (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following tables present disaggregated revenues:


	Three months ended				Six months ended
	June 30, 2026		May 25, 2025		June 30, 2026		May 25, 2025
CDMO	$	15,552	$	23,516	$	31,327	$	44,305
HA manufacturing	18,615		12,928		26,033		27,293
Total	$	34,167	$	36,444	$	57,360	$	71,598

Revenues recognized over time	$	4,462	$	5,691	$	8,685	$	11,196
Revenues recognized at a point in time	29,705		30,753		48,675		60,402
Total	$	34,167	$	36,444	$	57,360	$	71,598

Schedule of Contract Assets and Liabilities

The following table presents changes in contract assets and liabilities:


	Contract assets		Contract liabilities
Balance at December 31, 2025	$	7,655	$	(8,660)
Changes to the beginning balance arising from:
Amounts billed as accounts receivable as the result of rights to consideration becoming unconditional	(6,343)		—
Recognition of revenue as the result of performance obligations satisfied	—		5,297
Estimated credit loss	(170)		—
Net change to contract balances recognized after the comparative balance sheet date due to amounts billed, recognition of revenue, changes in estimate, and interest from significant financing component	6,426		(1,916)
Balance at June 30, 2026	$	7,568	$	(5,279)

Related party transactions (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	Jan. 31, 2026	May 31, 2024	May 31, 2023	Jun. 30, 2026	May 25, 2025	Jun. 30, 2026	May 25, 2025	May 31, 2026	Dec. 31, 2025
Related Party Transaction [Line Items]
Contract liabilities, related party				$ 5,279		$ 5,279			$ 8,660
Debt principal				203,922		203,922			195,760
Cash paid for interest						1,155	$ 609
Proceeds from sale of equipment						0	7,000
Operating cash flows from operating leases						205	203
Non-cash interest expense, inclusive of related party						13,941	10,606
Term loan credit facility with related party \| Line of credit
Related Party Transaction [Line Items]
Debt principal				$ 192,725		$ 192,725			184,087
Stated interest rate				10.00%		10.00%		7.00%
Cash paid for interest						$ 605
Related party
Related Party Transaction [Line Items]
Contract liabilities, related party				$ 3,005		3,005			5,642
Interest expense				7,271	$ 5,123	14,165	9,856
Non-cash interest expense, inclusive of related party						13,386	9,659
Contract asset				3,005		3,005			$ 728
Alcon \| Related party
Related Party Transaction [Line Items]
Debt Instrument term	12 months
Credit memo	$ 5,500
Contract liabilities, related party				2,688		2,688
Proceeds from term borrowings			$ 142,270
Proceeds from sale of equipment			$ 7,730
Operating lease, term of contract			10 years
Operating cash flows from operating leases				$ 277	$ 292	$ 557	$ 587
Alcon \| Contract liability prepayment
Related Party Transaction [Line Items]
Related party transaction, amount		$ 5,500
Customer one \| Revenues \| Customer concentration risk
Related Party Transaction [Line Items]
Concentration risk percentage				66.00%	46.00%	55.00%	50.00%

Stock-based compensation - Narrative (Details) $ in Thousands		6 Months Ended
	Oct. 16, 2019 USD ($) shares	Jun. 30, 2026 USD ($) plan tranche shares	May 25, 2025 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans \| plan		2
Exercise of stock options, net (in shares)		0	0
Unrecognized compensation expense \| $		$ 11,444
Weighted-average period		1 year 10 months 24 days
2019 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	7 years
Shares reserved for future issuance (in shares)		1,308,040
Equity Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)		140,474
Nonemployee \| 2019 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum recipient award amount \| $	$ 350
Stock options \| 2019 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares per employee (in shares)	500,000
RSUs \| 2019 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares per employee (in shares)	250,000
RSUs \| Equity Inducement Plan \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		1 year
RSUs \| Equity Inducement Plan \| Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		5 years
RSUs \| Equity Inducement Plan \| Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Stock appreciation rights \| 2019 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares per employee (in shares)	500,000
PSUs \| Equity Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches \| tranche		10
Performance period		5 years
PSUs \| Equity Inducement Plan \| Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		50.00%
PSUs \| Equity Inducement Plan \| Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		1 year
Award vesting percentage		50.00%

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	May 25, 2025
Finance lease cost:
Amortization of leased assets	$ 79	$ 79
Interest on lease liabilities	257	264
Operating lease cost	148	148
Total lease cost	$ 484	$ 491

Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

Substantially all current lease activity comes from two active facilities near the Company’s owned headquarters facility in Chaska, Minnesota.

In January 2016, a lease commenced for the Company’s warehouse and final packaging building in Chaska, Minnesota. The lease has since been amended twice to accomplish the following: (i) to extend the term of the lease to September 2034, (ii) to add a purchase option equal to the balance of the lessor’s mortgage loan, valued at $3,100 as of June 30, 2026; and (iii) to provide a $2,400 cash payment to the Company in October 2024 in exchange for an increased rent payment schedule and the updated purchase option. The lease is classified as a finance lease and has a discount rate of 9%, which was the Company’s incremental borrowing rate at the time of the most recent amendment to the lease in August 2024.

In January 2021, a lease commenced for the Company’s warehouse and office space in Chanhassen, Minnesota. The lease expires in March 2028 with an option to extend through March 2033 that the Company is reasonably certain to exercise. The lease is classified as an operating lease and has a discount rate of 3%, which was the Company’s incremental borrowing rate at lease inception.

The components of lease cost were as follows:


	Six months ended
	June 30, 2026		May 25, 2025
Finance lease cost:
Amortization of leased assets	$	79	$	79
Interest on lease liabilities	257		264
Operating lease cost	148		148


Total lease cost	$	484	$	491

The Company’s maturity analysis of operating and finance lease liabilities as of June 30, 2026 are as follows:


	Operating leases		Finance leases
Remainder of 2026	$	205	$	346
2027	$	414	$	708
2028	144		725
2029	148		729
2030	153		724

Thereafter	347		5,975
Total lease payments	1,411		9,207
Less: interest	(104)		(3,420)
Present value of lease liabilities	$	1,307	$	5,787
Classification on consolidated balance sheet:
Accounts payable	$	379	$	—
Accrued expenses and other current liabilities (see note 7)	—		197
Debt, net of current portion	—		5,590
Other liabilities	928		—
Present value of lease liabilities	$	1,307	$	5,787

Supplemental cash flow information related to leases are as follows:


	Six months ended
	June 30, 2026		May 25, 2025
Operating cash flows from operating leases	$	205	$	203
Operating cash flows from finance leases	257		264
Financing cash flows from finance leases	89		74

Leases

Substantially all current lease activity comes from two active facilities near the Company’s owned headquarters facility in Chaska, Minnesota.

The components of lease cost were as follows:


	Six months ended
	June 30, 2026		May 25, 2025
Finance lease cost:
Amortization of leased assets	$	79	$	79
Interest on lease liabilities	257		264
Operating lease cost	148		148


Total lease cost	$	484	$	491

The Company’s maturity analysis of operating and finance lease liabilities as of June 30, 2026 are as follows:


	Operating leases		Finance leases
Remainder of 2026	$	205	$	346
2027	$	414	$	708
2028	144		725
2029	148		729
2030	153		724

Thereafter	347		5,975
Total lease payments	1,411		9,207
Less: interest	(104)		(3,420)
Present value of lease liabilities	$	1,307	$	5,787
Classification on consolidated balance sheet:
Accounts payable	$	379	$	—
Accrued expenses and other current liabilities (see note 7)	—		197
Debt, net of current portion	—		5,590
Other liabilities	928		—
Present value of lease liabilities	$	1,307	$	5,787

Supplemental cash flow information related to leases are as follows:


	Six months ended
	June 30, 2026		May 25, 2025
Operating cash flows from operating leases	$	205	$	203
Operating cash flows from finance leases	257		264
Financing cash flows from finance leases	89		74