v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (103,042) $ (113,470)
Adjustments to reconcile net loss to net cash used by operating activities    
Depreciation and amortization 911 189
Non-cash lease expenses 85 337
Unrealized (gain)/loss on exchange rate translation 3,197 2,216
Share-based compensation 2,253 3,139
Warrants remeasurement (gain)/loss (2,893) 6,156
Deferred income taxes (2,970) 0
Changes in operating assets and liabilities    
Accrued interest on financial investments, net (2,636) (1,192)
Other assets (3,953) (1,816)
Related party receivables (806) 468
Accounts payable (4,122) 976
Related party payables 521 5,757
Other payables (1,876) 16,717
Net cash used by operating activities (115,330) (80,523)
Cash flows from investing activities    
Redemptions of financial investments 106,000 155,000
Purchases of financial investments (165,000) (108,000)
Expenditures for capitalized software (1,022) 0
Expenditures for property, plant and equipment (1,650) (1,722)
Net cash provided (used) by investing activities (61,672) 45,278
Cash flows from financing activities    
Repayment of long-term debt principal (51,776) 0
Proceeds from debt 178,259 20,813
Non-creditor debt issuance costs (187) (178)
Tax withholding on share-based compensation (138) (157)
Net cash provided by financing activities 126,157 20,479
Effect of exchange rate changes on cash and cash equivalents 34 (65)
Decrease in cash, cash equivalents and restricted cash (50,811) (14,832)
Cash, cash equivalents and restricted cash at beginning of period 111,613 56,366
Cash, cash equivalents and restricted cash at end of period 60,802 41,534
Supplemental disclosure of cash information    
Cash paid for interest 5,998 4,329
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 2,258 591
Right-of-use assets obtained in exchange for operating lease liabilities 16 10
Issuance of common stock for vested restricted stock units $ 515 $ 941

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