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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 805,955 $ 890,190
Restricted cash 126,508 0
Accounts receivable-net [1] 513,682 270,342
Inventories-net 282,514 131,165
Prepaid expenses and other current assets [2] 163,395 18,759
Deferred other costs-current [3] 49,520 14,124
Total current assets 1,941,574 1,324,580
Property, plant and equipment-net 80,925 55,602
Goodwill 914,957 71,582
Deferred other costs-non-current [3] 784,214 234,215
Deferred tax assets 110,410 38,699
Other long-term assets 35,809 29,990
Total Assets 5,265,708 1,766,881
Current liabilities:    
Accounts payable [4] 97,794 41,287
Accrued expenses [5] 311,768 148,780
Income taxes payable 49,590 10,834
Accrued distributor termination fees 252,953 0
Accrued promotional allowance [6] 234,068 135,948
Contingent consideration 25,000 0
Deferred revenue-current [7] 25,557 9,513
Other current liabilities 32,258 19,173
Total current liabilities 1,028,988 365,535
Long-term debt 861,472 0
Deferred revenue-non-current [8] 387,432 157,714
Other long term liabilities 24,431 19,215
Total Liabilities 2,302,323 542,464
Commitments and contingencies (Note 16)
Stockholders’ equity:    
Common stock, $0.001 par value per share; 400,000 shares authorized, 257,784 and 235,014 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 101 79
Additional paid-in capital 1,035,021 297,579
Accumulated other comprehensive income (loss) 2,508 (3,250)
Retained earnings 165,480 105,521
Total Stockholders’ Equity 1,203,110 399,929
Total Liabilities, Mezzanine Equity and Stockholders’ Equity 5,265,708 1,766,881
Series A Convertible Preferred Stock    
Mezzanine equity:    
Series A convertible preferred stock, $0.001 par value per share, 1,467 shares issued and outstanding as of September 30, 2025 and December 31, 2024 and Series B convertible preferred stock, $0.001 par value per share, 390 shares issued and 0 outstanding as of September 30, 2025 [3] 852,355 824,488
Series B Convertible Preferred Stock    
Mezzanine equity:    
Series A convertible preferred stock, $0.001 par value per share, 1,467 shares issued and outstanding as of September 30, 2025 and December 31, 2024 and Series B convertible preferred stock, $0.001 par value per share, 390 shares issued and 0 outstanding as of September 30, 2025 [3] 907,920 0
Customer relationships-net    
Current assets:    
Intangible assets, net (excluding goodwill) 117,466 11,306
Brands-net    
Current assets:    
Intangible assets, net (excluding goodwill) $ 1,280,353 $ 907
[1] Includes $192.3 million and $168.2 million from a related party as of September 30, 2025 and December 31, 2024, respectively.
[2] Includes $126.6 million from a related party as of September 30, 2025 and no related party balance as of December 31, 2024.
[3] Amounts in this line item are associated with a related party for all periods presented.
[4] Includes $2.3 million and $1.7 million due to a related party as of September 30, 2025 and December 31, 2024, respectively.
[5] Includes $0.3 million and $0.2 million due to a related party as of September 30, 2025 and December 31, 2024, respectively.
[6] Includes $95.3 million and $75.1 million due to a related party as of September 30, 2025 and December 31, 2024, respectively.
[7] Includes $24.5 million and $9.5 million due to a related party as of September 30, 2025 and December 31, 2024, respectively.
[8] Includes $387.4 million and $157.7 million due to a related party as of September 30, 2025 and December 31, 2024, respectively.