Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 255,841 $ 79,381
Accounts receivable, net 24,992 29,783
Inventory 9,292 9,624
Prepaid expenses and other current assets 4,839 4,895
Total current assets 295,480 123,841
Property, plant and equipment, net 2,426 2,519
Operating lease right-of-use asset, net 11,822 12,302
Restricted cash 1,220 1,220
Equity investments, at fair value 18,707 17,660
Intangible assets, net 26,479 27,605
Other assets 740 401
Total assets 356,874 185,548
Current liabilities    
Accounts payable and accrued expenses 92,986 47,125
Income taxes payable 5,418 356
Common stock warrant liabilities 0 1
Operating lease liabilities, short-term 2,221 2,127
Partner company notes payable, short-term 2,500 0
Other current liabilities 268 135
Total current liabilities 103,393 49,744
Notes payable, long-term 36,878 52,417
Operating lease liabilities, long-term 12,028 12,672
Partner company redeemable perpetual preferred liability 0 7,085
Other long-term liabilities 2,201 1,447
Total liabilities 154,500 123,365
Commitments and contingencies (Note 14)
Stockholders' equity (deficit)    
Cumulative redeemable perpetual preferred stock, $0.001 par value, 15,000,000 authorized, 5,000,000 designated Series A shares, 3,427,138 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively, liquidation value of $25.00 per share 3 3
Common stock, $0.001 par value, 200,000,000 shares authorized, 33,186,671 and 31,364,094 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 33 31
Additional paid-in-capital 785,851 783,891
Accumulated deficit (623,679) (734,052)
Total stockholders' equity attributed to the Company 162,208 49,873
Non-controlling interests 40,166 12,310
Total stockholders' equity 202,374 62,183
Total liabilities and stockholders' equity 356,874 185,548
Related party    
Current assets    
Other receivables $ 516 $ 158