v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net (loss) income $ (4,050) $ 16,982
Adjustments to reconcile net (loss) income to net cash used in operations    
Depreciation and intangibles amortization 1,972 975
Change in fair value of derivative liability (3,176) (23,630)
Provision for credit losses (23)
Amortization of operating lease right-of-use assets 350 104
Stock-based compensation expense 1,246 1,387
Stock-based compensation expense for services 18
Change in operating assets and liabilities    
Accounts receivable (56) 7
Inventory (690) (113)
Accrued interest receivable (1,678)
Prepaid expenses and other current assets (3,199) (499)
Other non-current assets (142)
Accounts payable 1,176 650
Deferred revenue 220 4
Accrued expenses and other current liabilities (1,037) (196)
Operating lease liabilities (336) (104)
Other long-term liabilities (16)
Net cash used in operating activities (9,423) (4,431)
Cash flows from investing activities:    
Purchase of property and equipment (1,822) (1,733)
Purchases of available-for-sale debt securities (710,658)
Proceeds from sales of available-for-sale debt securities 21,300
Proceeds from maturities of available-for-sale debt securities 316,859
LSI acquisition (97,499)
NuCrypt acquisition, net of cash acquired (2,433)
Net cash used in investing activities (474,253) (1,733)
Cash flows from financing activities:    
Proceeds from exercise of warrants 12
Proceeds from issuance of common stock 3,507 93,636
Net cash provided by financing activities 3,507 93,648
Net (decrease) increase in cash (480,169) 87,484
Cash and cash equivalents, beginning of period 737,880 78,945
Cash and cash equivalents, end of period 257,711 166,429
Supplemental disclosures of cash flow information:    
Cash paid for interest 16
Non-cash investing and financing activities:    
Common stock awards issued related to employee bonuses 1,486
Fair value of unissued common stock equity consideration related to business combination $ 2,038