v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (37,868) $ (8,654)
Adjustments to reconcile net loss to net cash used in operating activities    
Share-based compensation 6,796 572
Depreciation of property, equipment and software 75 36
Amortization of right-of use assets 527 388
Loss from disposal of property and equipment and software 28 16
Write-off of deferred cost for planned dual listing 3,796 0
Gain on disposal of investments, equity securities (328) 0
Foreign exchange gain (173) 0
Changes in operating assets and liabilities    
Prepayments and other receivables (4,274) 1,321
Other non-current assets (60) 145
Accruals and other payables (1,388) (1,262)
Other non-current liabilities 615 0
Operating lease liability, net (672) (402)
Net cash used in operating activities (32,926) (7,840)
Cash flows from investing activities    
Proceeds from disposal of short-term and other investments 210 154,885
Purchase of short-term and other investments (210) (49,960)
Purchase of property, equipment and software (990) (7)
Proceeds from disposal of property and equipment 0 47
Proceeds from disposal of investments, equity securities 13,233 0
Net cash generated from investing activities 12,243 104,965
Cash flows from financing activities    
Proceeds from exercise of stock options 742 0
Net cash generated from financing activities 742 0
Effect of exchange rate changes on cash and cash equivalents (54) 16
Net (decrease) increase in cash and cash equivalents (19,995) 97,141
Cash and cash equivalents, beginning of period 210,632 68,263
Cash and cash equivalents, end of period 190,637 165,404
Additional ASC 842 supplemental disclosures    
Cash paid for fixed operating lease costs included in the measurement of lease obligations in operating activities 632 505
Non-cash activities    
Payables for purchase of property, equipment and software 31 0
Unrealized gain on available-for-sale debt securities $ 0 $ 3,644