v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities    
Net loss $ (660,147) $ (150,049)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization of long-term assets 1,012 473
Noncash lease expense 413 416
Amortization of debt discount 176 515
Stock-based compensation expense 14,213 25,490
Noncash change in the fair value of assets and liabilities, net 25,995 51,579
Acquisition of in-process research and development 530,000 0
Acquisition of in-process research and development (6,902) 0
Loss on disposal of fixed assets 692 0
Loss on lease termination 408 0
Loss on sale of investment held at fair value 0 2,075
Gain on dissolution of a variable interest entity 0 (1,166)
Gain on settlement of pre-existing contract 0 (5,567)
Impairment of intangible assets 33 919
Gain on other investments (3,794) (1,260)
Noncash change in the fair value of digital assets, net 1,233 0
Loss on extinguishment of debt 1,317 0
Unrealized foreign exchange (gain) (2,024) 1,078
Losses from investments in equity method investees, net of tax 0 2,000
Issuance costs allocated to pre-funded warrants 1,357 0
Noncash loss on sale of investment held at fair value 0 2,660
Other income, net (182) (2,400)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 691 (1,091)
Accounts payable (1,695) (1,872)
Accrued liabilities (6,237) (6,958)
Deferred revenue 766 721
Net cash used in operating activities (102,675) (82,437)
Cash flows from investing activities    
Proceeds from sale and maturities of securities carried at fair value 0 65,560
Proceeds from sale of other investment held at fair value 9,050 16,093
Cash received in acquisition of IntelGenx Corp. 0 359
Cash received in acquisition of Beckley Psytech Limited 4,636 0
Cash paid for securities carried at fair value (88,945) 0
Cash paid for investments (10,000) (15,000)
Cash paid for digital assets (9,967) 0
Cash paid for Psilera asset acquisition (3,000) 0
Cash paid for short-term convertible notes receivable and warrant - related party 0 (2,000)
Cash paid for short-term notes receivable - related party (10,000) (5,745)
Cash paid for capitalized internal-use software development costs 0 (6)
Cash paid for intangible asset 0 (83)
Cash paid for property and equipment (901) (6)
Net cash provided by (used in) investing activities (109,127) 59,172
Cash flows from financing activities    
Proceeds from equity offerings, net of commissions 258,128 0
Proceeds from issuance of pre-funded warrants 21,503 0
Cash paid for common stock and pre-funded warrant issuance costs (6,635) 0
Proceeds from conversion of convertible notes to common shares 7,711 0
Proceeds from issuance of shares upon exercise of stock options 10,437 535
Proceeds from debt financing 0 5,000
Cash paid for debt financing costs 0 (161)
Proceeds from other financing 148 0
Cash paid for debt extinguishment (21,811) 0
Net cash provided by financing activities 269,481 5,374
Effect of foreign exchange rate changes on cash 116 362
Net decrease in cash, cash equivalents and restricted cash 57,795 (17,529)
Cash, cash equivalents and restricted cash - beginning of the period 27,505 45,034
Cash, cash equivalents and restricted cash - end of the period 85,300 27,505
Supplemental disclosures:    
Cash paid for interest 793 2,159
Cash paid for taxes 589 411
Supplemental disclosures of noncash investing and financing information:    
Right of use asset obtained in exchange for operating lease liabilities 1,709 0
Common stock issuance costs in accounts payable and accrued liabilities 6 0
Noncash exchange of convertible promissory note modification 0 3,586
Discharge of notes receivable 0 5,356
Noncash consideration for acquisition of Beckley Psytech 519,591 0
Noncash transaction costs for services rendered to Beckley Psytech 4,036 0
Noncash consideration for variable interest deconsolidation $ 0 $ 115