Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities:    
Net income (loss) $ 137,162 $ (24,691)
Reconciliation of net income (loss) to net cash used in operating activities:    
Depreciation expense 93 126
Bad debt expense 30 195
Amortization of debt discount 1,455 295
Gain on termination of partner company lease 0 (394)
Amortization of acquired intangible assets 1,126 1,065
Settlement of partner company payables (76) (701)
Reduction in the carrying amount of operating lease right-of-use assets 480 485
Stock-based compensation expense 1,756 6,289
Change in fair value of investment (1,047) 0
Change in fair value of partner company derivative liability 7,085 0
Change in fair value of partner companies' warrant liabilities (1) 47
Increase (decrease) in cash and cash equivalents resulting from changes in operating assets and liabilities:    
Accounts receivable 4,761 (7,989)
Inventory 332 1,935
Other receivables - related party (358) (138)
Prepaid expenses and other current assets 56 2,376
Other assets (339) 265
Accounts payable and accrued expenses 45,937 1,251
Income taxes payable 5,062 20
Lease liabilities (550) (589)
Other long-term liabilities 887 590
Net cash provided by (used in) operating activities 203,851 (19,563)
Cash Flows from Investing Activities:    
Proceeds from sale of property and equipment 0 1,165
Net cash provided by investing activities 0 1,165
Cash Flows from Financing Activities:    
Proceeds from issuance of common stock for at-the-market offering, net 0 1,009
Proceeds from issuance of common stock under ESPP 0 99
Exercise of warrants for cash 1,218 17
Proceeds from partner companies' ESPP 148 0
Partner company's dividends declared and paid 0 (166)
Exchange of partner company preferred shares (165) (150)
Redemption of partner company preferred shares (14,170) 0
Proceeds from partner companies' equity offerings and warrant exercises, net 0 45,218
Proceeds from partner companies' at-the-market offering, net 0 6,740
Proceeds from exercise of partner company's options, net 72 0
Repayment of Oaktree Note and debt issuance costs (14,494) 0
Repayment of partner company installment payments - licenses 0 (625)
Net cash provided by (used in) financing activities (27,391) 52,142
Net increase in cash and cash equivalents and restricted cash 176,460 33,744
Cash and cash equivalents and restricted cash at beginning of period 80,601 58,815
Cash and cash equivalents and restricted cash at end of period 257,061 92,559
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,759 3,324
Supplemental disclosure of non-cash financing and investing activities:    
Unpaid partner company's offering cost $ 0 $ 235