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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net loss $ (113,470) $ (61,684)
Adjustments to reconcile net loss to net cash used by operating activities    
Depreciation and amortization 189 109
Non-cash lease expenses 337 87
Unrealized loss (gain) on exchange rate changes 2,216 (2,173)
Share-based compensation 3,139 1,726
Change in fair value of derivative financial instruments 6,156 (8,408)
Changes in operating assets and liabilities    
Accrued interest on financial investments, net (1,192) (2,016)
Accrued interest on related party loan receivable, net 0 (2,445)
Other assets (1,816) (2,520)
Related party receivables 468 544
Accounts payable 976 (1,701)
Related party payables 5,757 6,234
Other payables 16,717 5,678
Net cash used by operating activities (80,523) (66,568)
Cash flows from investing activities    
Redemptions of financial investments 155,000 47,000
Purchases of financial investments (108,000) (27,000)
Expenditures for property (1,722) (765)
Net cash provided by investing activities 45,278 19,235
Cash flows from financing activities    
Proceeds from issuance of debt 20,813 29,484
Non-creditor debt issuance costs (178) (491)
Tax withholding on share-based compensation (157) 0
Net cash provided by financing activities 20,479 28,993
Effect of exchange rate changes on cash and cash equivalents (65) (779)
Decrease in cash and cash equivalents (14,832) (19,119)
Cash and cash equivalents at beginning of period 56,366 46,882
Cash and cash equivalents at end of period 41,534 27,763
Cash paid for    
Interest 4,329 720
Income tax 1,015 1,753
Supplemental disclosure of other non-cash investing and financing activities    
Property expenditures in accounts payable and other payables 591 772
Right-of-use assets obtained in exchange for operating lease liabilities 10 616
Issuance of common stock for vested restricted stock units $ 941 $ 878

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