v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 36,278 $ 87,126
Restricted cash 1,787 5,521
Available for sale investments, at fair value (amortized cost of $283,385 at June 30, 2026 and $200,468 at December 31, 2025) 282,913 200,461
Accounts receivable, less allowance for credit losses of $131 as of June 30, 2026 and $438 as of December 31, 2025 30,975 22,703
Contract assets 0 218
Prepaid expenses and other current assets 20,926 14,514
Total current assets 372,879 330,543
Non-current assets:    
Property and equipment, net 1,891 1,562
Goodwill 238,570 241,100
Intangible assets, net 130,844 139,470
Available for sale investments, at fair value (amortized cost of $91,010 at June 30, 2026 and $173,789 at December 31, 2025) 90,612 173,949
Right-of-use assets 5,657 7,063
Other non-current assets 859 860
Total assets 841,312 894,547
Current liabilities:    
Accounts payable 11,219 6,088
Current portion of long-term debt, net 16,643 16,560
Accrued liabilities 15,690 19,649
Contract liabilities 10,180 14,756
Current portion of long-term lease liability 846 1,095
Derivative liabilities 10,455 116,906
Other current liabilities 694 10,466
Total current liabilities 65,727 185,520
Non-current liabilities:    
Long-term debt, net 0 90,484
Long-term lease liability 5,261 6,673
Total liabilities 70,988 282,677
Commitments and contingencies (Note 14)
Stockholders’ equity    
Common stock, par value $0.0001; 1,000,000,000 shares authorized and 479,494,493 shares issued and outstanding at June 30, 2026 and 500,000,000 shares authorized and 436,955,655 shares issued and outstanding at December 31, 2025 49 46
Additional paid-in capital 1,719,285 1,534,792
Treasury stock, at cost; zero shares at June 30, 2026 and 9,952,803 shares at December 31, 2025 0 (57,350)
Accumulated deficit (948,067) (865,555)
Accumulated other comprehensive loss (943) (63)
Total stockholders’ equity 770,324 611,870
Total liabilities and stockholders’ equity $ 841,312 $ 894,547