v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net loss $ (48,784) $ (25,296)
Adjustments to reconcile net loss to net cash used by operating activities    
Depreciation and amortization 82 51
Non-cash lease expenses 172 54
Unrealized loss (gain) on the exchange rate changes 981 (315)
Share-based compensation 1,002 1,126
Change in fair value of derivative financial instruments (3,315) (6,341)
Deferred income tax, net (99) 0
Changes in operating assets and liabilities    
Accrued interest on financial investments, net (84) (1,497)
Accrued interest on related party loan receivable, net 0 (1,222)
Other assets (1,346) (1,285)
Related party receivables 504 206
Accounts payable (529) (2,909)
Related party payables 17,748 1,319
Other payables 8,790 296
Net cash used by operating activities (24,878) (35,813)
Cash flows from investing activities    
Redemptions of financial investments 117,000 10,000
Purchases of financial investments (98,000) (12,000)
Expenditures for property (464) (106)
Net cash provided (used) by investing activities 18,536 (2,106)
Cash flows from financing activities    
Proceeds from debt 9,455 14,966
Non-creditor debt issuance costs (178) (219)
Net cash provided by financing activities 9,277 14,747
Effect of exchange rate changes on cash and cash equivalents 209 (122)
Increase (decrease) in cash and cash equivalents 3,144 (23,294)
Cash and cash equivalents at the beginning of the period 56,366 46,882
Cash and cash equivalents at the end of the period 59,510 23,588
Cash paid for    
Interest 2,088 273
Income tax 372 949
Supplemental disclosure of other non-cash investing and financing activities    
Property expenditures in accounts payable and other payables 441 8
Right-of-use assets obtained in exchange for operating lease liabilities 16 564
Issuance of common stock for vested restricted stock units $ 0 $ 41

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