v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities:    
Net loss $ (30,263) $ (5,985)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 948 701
Stock-based compensation expense 8,293 1,118
Change in fair value of contingent obligation 631 0
Other non-cash operating adjustments (742) (328)
Changes in operating assets and liabilities:    
Accounts receivable 2,658 1,931
Unbilled receivables (255) (2,699)
Inventories (570) (1,112)
Prepaid expenses and other current assets 181 675
Other assets 35 (13)
Accounts payable (1,915) 2,507
Accrued liabilities (216) (2,492)
Contract liabilities 2,071 (1,070)
Operating lease right-of-use assets 189 127
Operating lease right-of-use liabilities (204) (332)
Net cash used in operating activities (19,159) (6,972)
Cash Flows from Investing Activities:    
Purchases of available-for-sale securities (444,153) 0
Maturities of available-for-sale securities 11,400 0
Purchases of property and equipment (312) (408)
Net cash used in investing activities (433,065) (408)
Cash Flows from Financing Activities:    
Proceeds from stock options exercised 771 371
Payment of offering costs (3,306) 0
Proceeds from Business Combination, net of redemptions 528,166 0
Payment of deferred cash consideration (475) (713)
Net cash provided by (used in) financing activities 525,156 (342)
Foreign currency translation 48 763
Net increase (decrease) in cash and cash equivalents and restricted cash 72,980 (6,959)
Cash, cash equivalents and restricted cash at beginning of period 11,894 48,142
Cash, cash equivalents and restricted cash at end of period 84,874 41,183
Supplemental disclosure of cash flow information:    
Conversion of preferred stock to common stock (296,814) 0
Reclassification of deferred offering costs in connection with business combination (9,298) 0
Unpaid offering costs 786 0
Unrealized gains or losses on available-for-sale securities $ (882) $ 0