v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 77,112 $ 87,126
Restricted cash 1,687 5,521
Available for sale investments, at fair value (amortized cost of $209,456 at September 30, 2026 and $200,468 at December 31, 2025) 208,678 200,461
Accounts receivable, less allowance for credit losses of $131 as of September 30, 2026 and $438 as of December 31, 2025 40,471 22,703
Contract assets 1,257 218
Prepaid expenses and other current assets 21,298 14,514
Total current assets 350,503 330,543
Non-current assets:    
Property and equipment, net 1,923 1,562
Goodwill 161,665 241,100
Intangible assets, net 124,391 139,470
Available for sale investments, at fair value (amortized cost of $114,345 at September 30, 2026 and $173,789 at December 31, 2025) 113,185 173,949
Right-of-use assets 5,413 7,063
Other non-current assets 902 860
Total assets 757,982 894,547
Current liabilities:    
Accounts payable 8,224 6,088
Current portion of long-term debt, net 16,685 16,560
Accrued liabilities 16,893 19,649
Contract liabilities 21,232 14,756
Current portion of long-term lease liability 706 1,095
Derivative liabilities 6,227 116,906
Other current liabilities 1,253 10,466
Total current liabilities 71,220 185,520
Non-current liabilities:    
Long-term debt, net 0 90,484
Long-term lease liability 5,121 6,673
Total liabilities 76,341 282,677
Commitments and contingencies (Note 14)
Stockholders’ equity    
Common stock, par value $0.0001; 1,000,000,000 shares authorized and 480,428,208 shares issued and outstanding at September 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 1,723,521 1,534,792
Treasury stock, at cost; zero shares at September 30, 2026 and 9,952,803 shares at December 31, 2025 0 (57,350)
Accumulated deficit (1,039,921) (865,555)
Accumulated other comprehensive loss (2,008) (63)
Total stockholders’ equity 681,641 611,870
Total liabilities and stockholders’ equity $ 757,982 $ 894,547