v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 330,728 $ 296,683
Short-term investments 107,563 86,644
Accounts receivable 145,360 123,330
Inventory 25,769 24,887
Prepaid expenses and other current assets 26,890 18,140
Total current assets 636,310 549,684
Restricted cash 1,734 1,482
Long-term investments 123,030 8,105
Property and equipment, net 2,251 1,862
Operating lease right-of-use assets 12,024 8,741
Intangible assets, net 247,388 260,921
Other assets 22,244 12,018
Total assets 1,044,981 842,813
Current liabilities:    
Accounts payable 23,427 9,614
Holdback liabilities, current 24,800 0
Accrued expenses and other current liabilities 174,561 196,185
Total current liabilities 222,788 205,799
Operating lease liabilities, noncurrent 10,465 7,516
Convertible notes payable, net, noncurrent 750,079 309,797
Holdback liabilities, noncurrent 61,154 0
Other liabilities 10,917 5,011
Total liabilities 1,055,403 528,123
Commitments and contingencies
Stockholders’ (deficit) equity:    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, and no shares issued and outstanding as of June 30, 2026 and December 31, 2025 0 0
Common stock, $0.0001 par value; 200,000,000 shares authorized; 64,754,699 and 51,896,391 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 6 5
Additional paid-in capital 1,515,172 981,878
Accumulated deficit (1,524,926) (667,544)
Accumulated other comprehensive (loss) income (674) 351
Total stockholders’ (deficit) equity (10,422) 314,690
Total liabilities and stockholders’ (deficit) equity $ 1,044,981 $ 842,813