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 $ (90,419) $ (12,733)
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation 417 381
Stock-based compensation 1,295 513
Equity-based payments to non-employees 643
Amortization of right-of-use assets 209 183
Non-cash interest expense 41 401
Gain on disposal of property and equipment (2)
Change in fair value of warrant liabilities (26,555) (46)
Change in fair value of convertible promissory notes 87,824
Loss on foreign currency exchange rate 127 63
Change in fair value of long-term debt 1,514
Write-off of capitalized transactions costs related to issuance of PIPE Warrants 1,226
Change in operating assets and liabilities:    
Accounts receivable (974) (32)
Prepaid expenses and other current assets (2,245) (507)
Deposits (63) 1
Accounts payable 3,699 (336)
Accrued expenses 3,253
Deferred revenue (112)
Contract loss provision (3,435) (672)
Operating lease liabilities (201) (183)
Net cash used in operating activities (23,644) (13,081)
Cash flows from investing activities    
Additions of property and equipment (2,159) (94)
Proceeds from sales of property and equipment 15
Net cash used in investing activities (2,159) (79)
Cash flows from financing activities    
Proceeds from issuance of warrants 48,195
Proceeds from issuance of Series A Preferred Stock in connection with PIPE 71,805
Repayments of long-term debt (33,639) (1,557)
Issuance of common stock in connection with the Merger 26,290
Payment of transaction costs related to issuance of Series A Preferred Stock in connection with PIPE (10,482)
Payment of transaction costs related to issuance of common stock in connection with the Merger (8,528)
Payment of costs directly attributable to the Merger (2,061)
Proceeds from exercise of common stock options 226 10
Net cash provided by financing activities 91,806 (1,547)
Net increase (decrease) in cash, cash equivalents, and restricted cash 66,003 (14,707)
Cash, cash equivalents, and restricted cash at beginning of period 59,343 37,195
Cash, cash equivalents, and restricted cash at end of period 125,346 22,488
Supplemental disclosure of cash flow information    
Interest 957 1,194
Taxes 4 1
Supplemental non-cash investing and financing activities    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 1,632
Property and equipment obtained for deposits paid in 2025 1,457
Issuance of redeemable convertible preferred stock upon exercise of warrants 6,859
Conversion of Pre-PIPE Bridge and Pre-Funded PIPE Notes to Series A Preferred Stock 116,931
Issuance of Series A Preferred Stock in exchange for 2024 LSA Amendment Warrants 3,745
Costs directly attributable to the Merger paid in 2025 2,714
Conversion Of Series A Preferred Stocks To Common Stock 32
Series A Preferred Stock dividends and accretion $ 1,417