Balance Sheet Components (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Property, Plant and Equipment [Abstract] |
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| Summary of financial data for investments accounted for under the equity method of accounting |
The following is a summary of financial data for investments accounted for under the equity method of accounting (in thousands):
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Balance Sheet |
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Datavault AI Inc. |
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March 31,
2026 |
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December 31,
2025 |
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ASSETS |
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Current assets: |
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$ |
106,268 |
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$ |
142,873 |
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Total assets |
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$ |
250,113 |
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$ |
274,704 |
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LIABILITIES |
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Current liabilities: |
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$ |
23,024 |
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$ |
26,881 |
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Total liabilities |
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$ |
30,085 |
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$ |
36,730 |
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Income Statement |
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Datavault AI Inc. |
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Three months ended March 31, |
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2026 |
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2025 |
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Loss from operations |
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$ |
30,950 |
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$ |
9,431 |
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Net loss |
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$ |
53,131 |
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$ |
9,563 |
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| Schedule of Property and equipment |
Property and equipment, net consists of the following (in thousands):
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March 31, |
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December 31, |
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2026 |
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2025 |
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Construction in progress |
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$ |
905 |
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$ |
909 |
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Furniture |
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145 |
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139 |
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Computers and equipment |
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78 |
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75 |
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Leasehold improvements |
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3,909 |
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3,746 |
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Machinery and lab equipment |
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8,562 |
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8,192 |
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Land and Buildings |
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899 |
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859 |
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Property and equipment, gross |
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14,498 |
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13,920 |
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Less: Accumulated depreciation |
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(1,119 |
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(321 |
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Property and equipment, net |
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$ |
13,379 |
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$ |
13,599 |
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| Schedule of Accrued Expenses |
Accrued expenses consists of the following (in thousands):
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March 31, |
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December 31, |
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2026 |
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2025 |
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Accrued professional service fees |
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$ |
732 |
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$ |
356 |
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Accrued research and development costs |
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10,934 |
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13,058 |
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Accrued tax payable |
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144 |
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50 |
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Accrued advisor fees related to Semnur Business Combination |
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14,000 |
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14,000 |
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Accrued Datavault licenses |
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25,000 |
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30,000 |
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Accrued interest |
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6,766 |
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6,862 |
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Accrued others |
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2,461 |
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2,088 |
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Accrued expenses |
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$ |
60,037 |
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$ |
66,414 |
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| Schedule Of Net Gross Revenue |
The gross-to-net revenue adjustment of approximately $17.1 million and $12.7 million for the three months ended March 31, 2026 and 2025, respectively, was primarily attributable to the following:
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March 31, |
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March 31, |
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2026 |
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2025 |
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Gross-to-Net Revenue Adjustments |
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Sales rebates |
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$ |
11,917 |
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$ |
9,161 |
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Service fees |
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2,231 |
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2,004 |
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Estimated sales returns, discounts, co-payment assistance and coupon |
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1,636 |
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649 |
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Chargebacks |
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1,337 |
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885 |
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Total |
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$ |
17,121 |
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$ |
12,699 |
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| Schedule of accrued rebates |
The accruals for Medicare, Medicaid and related state program and contractual rebates, chargebacks, sales allowances and sales returns and cash discounts are as follows:
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March 31, |
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December 31, |
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2026 |
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2025 |
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Other current liabilities: |
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Accrued rebates |
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$ |
235,549 |
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$ |
220,693 |
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Other accruals |
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11,965 |
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11,063 |
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Total accrued rebates and other sales-related accruals |
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$ |
247,514 |
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$ |
231,756 |
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| Schedule of condensed balance sheets |
The table below summarizes the amounts shown on our unaudited condensed consolidated balance sheets as of March 31, 2026 (in thousands except units of digital assets):
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March 31, 2026 |
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Units |
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Cost Basis |
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Fair Value |
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Bitcoin |
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955 |
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$ |
95,591 |
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$ |
65,345 |
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Total Digital assets |
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955 |
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$ |
95,591 |
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$ |
65,345 |
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| Schedule of digital assets |
The following table summarizes the activity in the Company’s digital assets (in thousands) for the period indicated:
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March 31, 2026 |
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Beginning Bitcoin balance at fair value December 31, 2025 |
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$ |
64,709 |
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Additions |
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$ |
18,700 |
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Unrealized loss on digital assets |
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(18,064 |
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Ending balance at fair value March 31, 2026 |
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$ |
65,345 |
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