v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Operating activities              
Net Income (Loss) $ (114,986) $ (45,650) $ (44,048) $ (26,080) $ (160,636) $ (70,128)  
Adjustments to reconcile net loss to net cash used for operating activities:              
Depreciation and amortization         5,708 2,013  
Amortization of debt issuance costs and debt discount         2,015 0  
Non-cash operating lease cost         771 357  
Non-cash expense from repurchase of preferred shares of Vivasor         1,147 0  
Stock-based compensation         7,224 6,593  
Vivasor - stock-based compensation warrants         1,164 0  
Loss on disposition of property and equipment         26 0  
(Gain) loss on derivative liability 6,644   12,375   (19,065) 1,966  
Loss on compound derivative of Scilex-St. James Loans         28,759 0  
Financing costs and allocated expense for financial instruments at fair value         0 4,057  
Loss on fair value of debt and liability instruments 232   8,366   3,029 14,480  
Change in fair value of Aardvark contingent consideration         1,535 0  
In-process research and development expense         0 4,916  
Unrealized loss on digital assets, net         27,322 0  
Unrealized loss on equity method investments carried at fair value, net         82,447 0  
Realized gain on equity method investments carried at fair value, net         (37,084) 0  
Realized loss on securities         3,066 0  
Allowances for expected credit losses         873 0  
Non- cash revenue         (1,131) 0  
Gain from property in kind dividend         (525) 0  
Other         733 77  
Changes in operating assets and liabilities:              
Accounts receivables, net         8,732 9,675  
Inventory         617 (88)  
Prepaid expenses and other         (1,000) 1,466  
Other long-term assets         (994)  
Accounts payable         19,591 6,856  
Accrued Payroll         838 128  
Accrued expenses         (4,357) 599  
Accrued rebates and fees         24,301 30,423  
Operating lease liability         508 (343)  
Other current liabilities         (3,657)  
Other long-term liabilities         199 10  
Net cash (used for) proceeds from operating activities         (7,844) 13,057  
Investing activities              
Cash paid for in-process research and development, net         0 (200)  
Purchase of patent         (2,900) 0  
Acquisition consideration paid in cash for Romeg intangible asset acquisition         (300) (300)  
Payment made for PA OPS investment         (500) 0  
Purchases of Bitcoin         (18,700) 0  
Purchases of Digital Assets         (49) 0  
Repayments on promissory note         (1,410) 0  
Purchases of property and equipment         (593) 0  
Proceeds from sale of property and equipment         15 0  
Purchase of preferred shares of Vivasor         (300) 0  
Issuance of convertible note receivable for QScan         (20,000) 0  
Sale of Datavault shares for cash, net         47,333 0  
Payment made for Datavault Licenses         (6,250) 0  
Sale of Marketable Securities         2,945 0  
Purchase of convertible promissory note from Denali         0 (48)  
Net cash used for investing activities         (709) (548)  
Financing activities              
Installment payment of Tranche B Note         (6,319) (8,874)  
Payments on purchased revenue liability         (1,192) (1,156)  
Payments for Vivasor debt         (2,475)  
Acquisition of controlling interest in Vivasor         1,500  
Repurchase of preferred shares of Vivasor         (2,376)  
Proceeds from issuance of St James Loan, net of issuance costs         15,502  
Proceeds from stock options exercised and ESPP         21 17  
Transaction costs paid in connection with share repurchase         (696)  
Excise tax paid in connection with share repurchase         (709)  
Payments of deferred transaction costs related to Semnur Business Combination         (263)  
Payments in lieu of fractional shares for Reverse Stock Split         (1)  
Net cash provided by (used for) financing activities         4,661 (11,682)  
Effect of exchange rate changes on cash         (497)  
Net change in cash and cash equivalents         (4,389) 827  
Cash and cash equivalents at beginning of period   $ 4,955   $ 3,272 4,955 3,272 $ 3,272
Cash and cash equivalents at end of period $ 566   $ 4,099   566 4,099 $ 4,955
Non-cash investing and financing activities              
Settlement of St James Loans for Datavault shares         66,296 0  
Purchase of preferred shares of Vivasor included in accrued expenses         750 0  
Repurchase of common stock shares of Vivasor included in accrued expenses         748 0  
Reclassification of prepayment related to QScan investment         2,500    
Stock dividend declared in 2024, and canceled in February 2026         1 0  
Semnur dividend distribution of Semnur Pharmaceuticals shares         4,230 0  
Interest expense accrued and added to principal balance of promissory notes         70 0  
Deferred transaction costs related to Semnur Business Combination included in accrued expenses and account payable         0 2,209  
Additions to intangible assets included in accrued expenses         0 1,000  
Acquisition of interest in joint venture in accrued expenses         $ 0 $ 1,100