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 income (loss) before noncontrolling interest $ 24,134 $ (6,217)
Adjustments to reconcile net income (loss) before noncontrolling interest to net cash provided by (used) in operating activities:    
Depreciation expense 1 9
Share-based compensation expense 1,388 813
Changes in assets and liabilities:    
Prepaid expenses 222 450
Other current assets 17 60
Other assets 0 33
Accounts payable and accrued expenses 264 (836)
Contract liabilities (16,839) 0
Other liabilities 0 (44)
Net cash provided by (used in) operating activities 9,154 (5,687)
Net increase (decrease) in cash and cash equivalents 9,154 (5,687)
Total cash and cash equivalents, beginning of period 88,932 36,746
Total cash and cash equivalents, end of period 98,086 31,059
Related Party    
Adjustments to reconcile net income (loss) before noncontrolling interest to net cash provided by (used) in operating activities:    
Change in fair value of warrants (24) 28
Nonrelated Party    
Adjustments to reconcile net income (loss) before noncontrolling interest to net cash provided by (used) in operating activities:    
Change in fair value of warrants $ (9) $ 17