v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 122,777 $ 59,343
Short-term investments 325 330
Accounts receivable, net 1,342 368
Prepaid expenses and other current assets 5,570 3,328
Capitalized transaction costs (Note 2) 7,562
Total current assets 130,014 70,931
Property and equipment, net 10,285 7,108
Operating lease right-of-use assets, net 2,401 979
Restricted Cash 2,569
Deposits 107 1,564
Total assets 145,376 80,582
Current liabilities:    
Accounts payable 6,855 3,154
Accrued expenses 6,343 7,937
Long-term debt, current portion, net ($19,175 at fair value and $96 at amortized cost, net as of December 31, 2025) (Note 8) 19,271
Convertible promissory notes (Note 8) 29,107
Contract loss provision 738 4,173
Operating lease liabilities, current 977 657
Total current liabilities 14,913 64,299
Long-term debt, non-current portion, net ($12,207 at fair value and $577 at amortized cost, net as of December 31, 2025) (Note 8) 12,784
Operating lease liabilities, non-current 1,442 331
Warrant liabilities (Note 9) 87,803 76,766
Total liabilities 104,158 154,180
Commitments and contingencies (Note 14)
Stockholders’ deficit:    
Common stock: $0.0001 par value; 800,000,000 and 138,655,675 shares authorized; 84,544,557 and 70,959,389 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 8 7
Additional paid-in capital 502,351 477,448
Accumulated deficit (641,472) (551,053)
Balance (139,113) (73,598) [1]
Total liabilities, mezzanine equity, and stockholders’ deficit 145,376 80,582
Series A    
Current liabilities:    
Preferred Stock Value 180,331
Redeemable Convertible    
Current liabilities:    
Preferred Stock Value
[1] The shares of the Company’s common stock and mezzanine equity have been retrospectively recast to reflect the change in the capital structure as a result of the Merger as described in Note 3. Reverse Recapitalization.