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Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information

Note 16. Segment Information

 

The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision-maker (“CODM”), consisting of the Company’s chief executive officer and the Company’s chief technology officer as a group, in deciding how to allocate resources and assess the Company’s financial and operational performance. In addition, the Company’s CODM evaluates the Company’s financial information and resources and assesses the performance of these resources on a consolidated basis. As a result, the Company has determined that the Company’s business operates in a single operating segment. The CODM uses net loss as the measure of profit and loss to allocate resources and assess performance. The CODM regularly reviews net loss as reported on the Company's consolidated statements of operations. Financial forecasts and budget to actual results used by the CODM to assess performance and allocate resources, as well as those used for strategic decisions related to headcount and capital expenditures are also reviewed on a consolidated basis. The CODM considers the impact of the significant segment expenses in the table below on net loss.

The measure of segment assets is reported on the balance sheet as total assets. The CODM does not review segment assets at a level other than as presented in the Company's consolidated balance sheets.

The table below presents the Company's consolidated operating results including segment expenses (in thousands):

 

 

Year ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

Net revenues

 

$

18,079

 

 

$

9,065

 

 

$

4,312

 

Less:

 

 

 

 

 

 

 

 

 

Stock-based compensation expense (1)

 

 

21,843

 

 

 

23,708

 

 

 

23,675

 

Loss on joint development agreement (2)

 

 

3,785

 

 

 

—

 

 

 

—

 

Cost of revenue (excluding 1 and 2)

 

 

14,540

 

 

 

12,576

 

 

 

9,233

 

Research and development expenses (excluding 1)

 

 

72,630

 

 

 

86,010

 

 

 

85,743

 

General and administrative expenses (excluding 1)

 

 

26,859

 

 

 

27,384

 

 

 

26,630

 

Selling and marketing expenses (excluding 1)

 

 

6,019

 

 

 

6,259

 

 

 

6,819

 

Litigation settlement, net

 

 

—

 

 

 

11,500

 

 

 

—

 

Operating loss

 

 

(127,597

)

 

 

(158,372

)

 

 

(147,788

)

Financing charges (3)

 

 

—

 

 

 

—

 

 

 

(3,788

)

Fair value at issuance of Series A warrants (4)

 

 

—

 

 

 

—

 

 

 

(6,500

)

Fair value gain on settlement of share subscription liability

 

 

1,651

 

 

 

—

 

 

 

—

 

Change in fair value of warrant liabilities (5)

 

 

(21,453

)

 

 

(1,486

)

 

 

(182

)

Interest income

 

 

2,738

 

 

 

7,712

 

 

 

8,925

 

Other income (expense), net (excluding 3)

 

 

(459

)

 

 

56

 

 

 

—

 

Income tax provision

 

 

(308

)

 

 

(171

)

 

 

—

 

Net loss

 

$

(145,428

)

 

$

(152,261

)

 

$

(149,333

)

 

Revenues from External Customers

 

Revenues from customers outside the United States were 26%, 14%, and 35% of total revenues for the years ended December 31, 2025, 2024 and 2023, respectively.

 

Long-Lived Assets

 

The following table sets forth the Company’s property and equipment, net by geographic region (in thousands):

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

North America

 

$

8,135

 

 

$

6,645

 

Asia

 

 

4,710

 

 

 

3,687

 

Total

 

$

12,845

 

 

$

10,332