Balance Sheet Components (Tables)
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6 Months Ended |
Jun. 30, 2026 |
|---|
| Property, Plant, and Equipment [Abstract] |
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| Schedule of Property and equipment |
Property and equipment, net consists of the following (in thousands):
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|
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June 30, |
|
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December 31, |
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|
|
2026 |
|
|
2025 |
|
Construction in progress |
|
$ |
908 |
|
|
$ |
909 |
|
Furniture |
|
|
147 |
|
|
|
139 |
|
Computers and equipment |
|
|
84 |
|
|
|
75 |
|
Leasehold improvements |
|
|
3,971 |
|
|
|
3,746 |
|
Machinery and lab equipment |
|
|
8,675 |
|
|
|
8,192 |
|
Land and Buildings |
|
|
914 |
|
|
|
859 |
|
Property and equipment, gross |
|
|
14,699 |
|
|
|
13,920 |
|
Less: Accumulated depreciation |
|
|
(1,933 |
) |
|
|
(321 |
) |
Property and equipment, net |
|
$ |
12,766 |
|
|
$ |
13,599 |
|
|
| Schedule of condensed balance sheets |
The table below summarizes the amounts shown on our unaudited condensed consolidated balance sheets as of June 30, 2026 (in thousands except units of digital assets):
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June 30, 2026 |
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Units |
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Cost Basis |
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Fair Value |
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Bitcoin |
|
|
955 |
|
|
$ |
95,591 |
|
|
$ |
56,087 |
|
Stablecoins |
|
|
50,583 |
|
|
|
51 |
|
|
|
51 |
|
Dream Bowl Tokens |
|
|
252,400,093 |
|
|
|
0 |
|
|
N/A |
|
Total Digital assets |
|
|
252,451,631 |
|
|
$ |
95,642 |
|
|
$ |
56,138 |
|
|
| 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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|
|
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June 30, 2026 |
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Beginning digital assets balance at fair value December 31, 2025 |
|
$ |
64,711 |
|
Additions |
|
|
18,749 |
|
Unrealized loss on digital assets |
|
|
(27,322 |
) |
Ending balance at fair value June 30, 2026 |
|
$ |
56,138 |
|
|
| Summary of Financial Data for Investments |
The following is a summary of financial data for investments accounted for under the equity method of accounting, reporting on a one-quarter lag basis (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 |
|
ASSETS |
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Current assets: |
|
$ |
106,268 |
|
|
$ |
142,873 |
|
Total assets |
|
$ |
250,113 |
|
|
$ |
274,704 |
|
LIABILITIES |
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|
|
|
|
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Current liabilities: |
|
$ |
23,024 |
|
|
$ |
26,881 |
|
Total liabilities |
|
$ |
30,085 |
|
|
$ |
36,730 |
|
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Income Statement |
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|
|
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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 |
|
Loss from operations |
|
$ |
30,950 |
|
|
$ |
9,431 |
|
Net loss |
|
$ |
53,131 |
|
|
$ |
9,563 |
|
|
| Schedule of Accrued Expenses |
Accrued expenses consists of the following (in thousands):
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|
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June 30, |
|
|
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Accrued professional service fees |
|
$ |
— |
|
|
$ |
356 |
|
Accrued research and development costs |
|
|
10,215 |
|
|
|
13,058 |
|
Accrued tax payable |
|
|
65 |
|
|
|
50 |
|
Accrued advisor fees related to Semnur Business Combination |
|
|
14,000 |
|
|
|
14,000 |
|
Accrued Datavault licenses |
|
|
2,500 |
|
|
|
30,000 |
|
Accrued Vivasor secondary purchase |
|
|
1,498 |
|
|
|
— |
|
Accrued interest |
|
|
7,341 |
|
|
|
6,862 |
|
Accrued others |
|
|
3,369 |
|
|
|
2,088 |
|
Accrued expenses |
|
$ |
38,988 |
|
|
$ |
66,414 |
|
|
| Schedule Of Net Gross Revenue |
The gross-to-net revenue adjustment of approximately $8.1 million and $29.6 million for the three months ended June 30, 2026 and 2025, respectively, and $25.2 million and $42.3 million for the six months ended June 30, 2026 and 2025, respectively, were primarily attributable to the following:
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Three Months Ended |
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|
June 30, |
|
|
June 30, |
|
|
|
2026 |
|
|
2025 |
|
Gross-to-Net Revenue Adjustments |
|
|
|
|
|
|
Sales rebates |
|
$ |
4,302 |
|
|
$ |
22,082 |
|
Service fees |
|
$ |
1,207 |
|
|
$ |
3,937 |
|
Estimated sales returns, discounts, co-payment assistance and coupon |
|
$ |
2,027 |
|
|
$ |
2,001 |
|
Chargebacks |
|
$ |
583 |
|
|
$ |
1,622 |
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Total |
|
$ |
8,119 |
|
|
$ |
29,642 |
|
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Six Months Ended |
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|
|
June 30, |
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June 30, |
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|
2026 |
|
|
2025 |
|
Gross-to-Net Revenue Adjustments |
|
|
|
|
|
|
Sales rebates |
|
$ |
16,219 |
|
|
$ |
31,243 |
|
Service fees |
|
|
3,438 |
|
|
|
5,941 |
|
Estimated sales returns, discounts, co-payment assistance and coupon |
|
|
3,663 |
|
|
|
2,650 |
|
Chargebacks |
|
|
1,920 |
|
|
|
2,507 |
|
Total |
|
$ |
25,240 |
|
|
$ |
42,341 |
|
|
| 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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June 30, |
|
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December 31, |
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|
|
2026 |
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|
2025 |
|
Other current liabilities: |
|
|
|
|
|
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Accrued rebates |
|
$ |
243,097 |
|
|
$ |
220,693 |
|
Other accruals |
|
|
12,960 |
|
|
|
11,063 |
|
Total accrued rebates and other sales-related accruals |
|
$ |
256,057 |
|
|
$ |
231,756 |
|
|
| Schedule of leases Supplemental Quantitative Information |
Supplemental quantitative information related to leases includes the following:
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Six Months Ended June 30, |
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|
2026 |
|
|
2025 |
|
Cash paid for amounts included in the measurement of lease liabilities: |
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|
|
|
|
Operating cash flows from operating leases (in thousands) |
|
$ |
(1,417 |
) |
|
$ |
(227 |
) |
Weighted average remaining lease term in years — operating leases |
|
|
10.2 |
|
|
|
2.5 |
|
Weighted average discount rate — operating leases |
|
|
13.4 |
% |
|
|
11.0 |
% |
|
| Schedule of Lease Maturities of Lease Liabilities |
Approximate future minimum lease payments under operating leases were as follows (in thousands):
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|
Amount |
|
2026 (Remainder of 2026) |
|
$ |
2,269 |
|
2027 |
|
|
5,270 |
|
2028 |
|
|
4,163 |
|
2029 |
|
|
4,118 |
|
2030 |
|
|
4,263 |
|
Thereafter |
|
|
34,639 |
|
Total lease payments |
|
|
54,722 |
|
Less imputed interest |
|
|
39,972 |
|
Total lease liabilities |
|
|
14,750 |
|
Less current portion of lease liability |
|
|
2,241 |
|
Lease liability, net of current portion |
|
$ |
12,509 |
|
|