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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 352,436 $ 78,945
Accounts receivable, net 491 27
Inventory 956 18
Short-term investments 203,136
Accrued interest receivable 4,889
Prepaid expenses and other current assets 885 161
Total current assets 562,793 79,151
Property and equipment, net 12,675 8,212
Operating lease right-of-use assets 2,520 1,522
Intangible assets, net 7,005 8,972
Goodwill 55,573 55,573
Long-term investments 257,473
Other non-current assets 131 129
Total assets 898,170 153,559
Current liabilities:    
Accounts payable 1,170 1,372
Accrued expenses 1,500 2,134
Deferred revenue 323 79
Other current liabilities 641 974
Total current liabilities 3,634 4,559
Derivative liability 14,743 40,532
Operating lease liabilities 1,943 1,181
Total liabilities 20,320 46,272
Commitments and Contingencies (see Note 9)
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 1,550 shares Series A Preferred authorized; no shares issued and outstanding as September 30, 2025 and December 31, 2024; 3,080 shares of Series B Preferred Stock authorized; no shares issued and outstanding as of September 30, 2025 and December 31, 2024
Common stock, $0.0001 par value, 250,000 shares authorized; 186,908 and 129,012 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 19 13
Additional paid-in capital 1,095,457 307,756
Accumulated deficit (217,600) (200,482)
Accumulated other comprehensive loss (26)
Total shareholders’ equity 877,850 107,287
Total liabilities and shareholders’ equity $ 898,170 $ 153,559