v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net loss $ (161,094) $ (160,336)
Adjustments to reconcile net loss to net cash used by operating activities    
Depreciation and amortization 1,408 542
Non-cash lease expenses 132 469
Unrealized (gain)/loss on exchange rate translation 3,231 3,279
Share-based compensation 3,001 3,225
(Gain) Loss from warrant liability (3,890) (285)
Changes in operating assets and liabilities    
Accrued interest on financial investments, net 2,477 (1,216)
Other assets (3,854) (2,997)
Related party receivables (316) 409
Accounts payable (1,089) (1,421)
Related party payables (16,155) 10,138
Other payables 9,211 13,696
Net cash used by operating activities (166,936) (134,498)
Cash flows from investing activities    
Redemptions of financial investments 284,000 221,000
Purchases of financial investments (234,000) (317,000)
Expenditures for capitalized software (3,101) 0
Expenditures for property, plant and equipment (3,022) (8,454)
Net cash provided (used) by investing activities 43,878 (104,454)
Cash flows from financing activities    
Repayment of long-term debt principal (52,814) 0
Proceeds from issuance of common stock 0 226,336
Non-investor equity issuance costs 0 (8,932)
Proceeds from debt 192,692 33,272
Non-creditor debt issuance costs (252) (178)
Tax withholding on share-based compensation (149) (157)
Net cash provided by financing activities 139,478 250,342
Effect of exchange rate changes on cash and cash equivalents (416) (329)
Increase in cash, cash equivalents and restricted cash 16,004 11,060
Cash, cash equivalents and restricted cash at beginning of period 111,613 56,366
Cash, cash equivalents and restricted cash at end of period 127,617 67,426
Supplemental disclosure of cash information    
Cash paid for interest 10,054 6,697
Cash paid for income tax 0 1,015
Supplemental disclosure of other non-cash investing and financing activities    
Property expenditures in accounts payable and other payables 1,709 2,863
Right-of-use assets obtained in exchange for operating lease liabilities (7) 35
Issuance of common stock for vested restricted stock units $ 543 $ 941

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