v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 1,594,103 $ 788,445
Marketable debt securities 614,506 439,526
Prepaid and other current assets 17,049 25,798
Total current assets 2,225,658 1,253,769
Marketable debt securities, net of current portion 328,289 184,568
Property, plant and equipment, net 95,615 42,312
Operating lease right-of-use assets 2,528 1,384
Indefinite-lived intangible assets 27,500 27,500
Goodwill 6,621 6,621
Other assets 17,298 12,303
Total assets 2,703,509 1,528,457
Current liabilities:    
Accounts payable 14,209 4,145
Accrued expenses and other 21,896 20,497
Operating lease liabilities 1,031 904
Total current liabilities 37,136 25,546
Operating lease liabilities, net of current portion 1,589 546
Right of first refusal liability 25,000 25,000
Deferred tax liabilities 1,155 1,155
Total liabilities 64,880 52,247
Commitments and contingencies
Stockholders' equity:    
Class A common stock, $0.0001 par value – 500,000,000 shares authorized; 173,867,839 and 160,514,103 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 17 16
Additional paid-in capital 2,913,931 1,715,787
Accumulated deficit (273,837) (240,772)
Accumulated other comprehensive (loss) income (1,482) 1,179
Total stockholders’ equity 2,638,629 1,476,210
Total liabilities and stockholders’ equity $ 2,703,509 $ 1,528,457