v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it operates as a single operating segment and one reportable segment, as the CODM reviews financial information
presented on a consolidated basis. The CODM uses net loss for purposes of making operating decisions, allocating resources, and evaluating financial performance. Given the Company’s pre-commercialization operating stage, it currently has no concentration exposure to products, services, or customers. Segment asset information is not regularly provided to the CODM to allocate resources.
The following table presents significant expenses provided to the CODM (in millions):
Three Months Ended March 31,
20262025
Revenue$1.6 $— 
Operating expenses
Depreciation and amortization expense
7.8 4.1 
Research and development warrant expense
— 0.8 
Stock-based compensation expense
70.4 30.1 
General and administrative warrant expense
1.1 — 
Other cost of revenue0.9 — 
Other research and development expense
133.3 88.2 
Other general and administrative expense
42.7 20.8 
Total operating expenses256.2 144.0 
Loss from operations(254.6)(144.0)
Other income (expense), net20.6 42.0 
Interest income, net16.4 8.7 
Loss before income taxes(217.6)(93.3)
Income tax expense(0.1)(0.1)
Net loss$(217.7)$(93.4)