v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 33,109 $ 42,619
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 2,615 1,829
Stock-based compensation 5,890 4,174
Change in fair value of earn-out liabilities   (8,837)
Change in fair value of derivative warrant liabilities (53,697) (53,262)
Accretion of available-for-sale securities (1,388) (1,423)
Non-cash lease expense 419 384
Changes in operating assets and liabilities:    
Accounts receivable (1,825) 1,359
Prepaid expenses, other current assets and other assets (2,998) 1,379
Deferred revenue 217 34
Accounts payable 1,615 747
Accrued expenses and operating lease liabilities (173) (2,654)
Net cash used in operating activities (16,216) (13,651)
Cash flows from investing activities:    
Purchases of property and equipment (4,411) (2,547)
Purchases of available-for-sale securities (100,779) (44,062)
Maturities of available-for-sale securities 125,000 23,000
Net cash provided by (used in) investing activities 19,810 (23,609)
Cash flows from financing activities:    
Payments of offering costs   (73)
Net proceeds from tax withholdings on sell-to-cover equity award transactions   6,272
Proceeds from issuance of common stock upon exercise of stock options 51 327
Proceeds from issuance of common stock upon exercise of warrants 30 409
Net cash provided by financing activities 81 6,935
Effects of exchange rate changes on cash and cash equivalents (380) (187)
Net increase (decrease) in cash and cash equivalents 3,295 (30,512)
Cash and cash equivalents - beginning of period 44,851 67,674
Cash and cash equivalents - end of period 48,146 37,162
Non-cash investing and financing activities:    
Purchases of property and equipment recorded in accounts payable 1,222 1,408
Purchases of property and equipment recorded in accrued expenses   74
Non-cash addition to operating lease right-of-use asset and liability 62  
Reclassification of earn-out liabilities to additional paid-in capital for vesting of Promote Sponsor Vesting Shares   32,946
Reclassification of derivative liabilities to additional paid-in capital due to exercise of Public Warrants 22 257
Purchases of deferred offering costs in accounts payable   122
Unrealized loss on short term investments $ (1,312) $ (8)