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Balance Sheet Components (Tables) | 3 Months Ended
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Mar. 31, 2026
Property, Plant and Equipment [Abstract] |
Summary of financial data for investments accounted for under the equity method of accounting | The following is a summary of financial data for investments accounted for under the equity method of accounting (in thousands):
Balance Sheet |  |  |  |  |  |
Datavault AI Inc. |  |  |  |  |  |
|  | March 31, 2026 |  |  | December 31, 2025 |
ASSETS |  |  |  |  |  |
Current assets: |  | $ | 106,268 |  |  | $ | 142,873 |
Total assets |  | $ | 250,113 |  |  | $ | 274,704 |
LIABILITIES |  |  |  |  |  |
Current liabilities: |  | $ | 23,024 |  |  | $ | 26,881 |
Total liabilities |  | $ | 30,085 |  |  | $ | 36,730 |
Income Statement |  |  |  |  |  |
Datavault AI Inc. |  |  |  |  |  |
|  | Three months ended March 31, |
|  | 2026 |  |  | 2025 |
Loss from operations |  | $ | 30,950 |  |  | $ | 9,431 |
Net loss |  | $ | 53,131 |  |  | $ | 9,563 |
Schedule of Property and equipment | Property and equipment, net consists of the following (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
Construction in progress |  | $ | 905 |  |  | $ | 909 |
Furniture |  |  | 145 |  |  |  | 139 |
Computers and equipment |  |  | 78 |  |  |  | 75 |
Leasehold improvements |  |  | 3,909 |  |  |  | 3,746 |
Machinery and lab equipment |  |  | 8,562 |  |  |  | 8,192 |
Land and Buildings |  |  | 899 |  |  |  | 859 |
Property and equipment, gross |  |  | 14,498 |  |  |  | 13,920 |
Less: Accumulated depreciation |  |  | (1,119 | ) |  |  | (321 | )
Property and equipment, net |  | $ | 13,379 |  |  | $ | 13,599 |
Schedule of Accrued Expenses | Accrued expenses consists of the following (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
Accrued professional service fees |  | $ | 732 |  |  | $ | 356 |
Accrued research and development costs |  |  | 10,934 |  |  |  | 13,058 |
Accrued tax payable |  |  | 144 |  |  |  | 50 |
Accrued advisor fees related to Semnur Business Combination |  |  | 14,000 |  |  |  | 14,000 |
Accrued Datavault licenses |  |  | 25,000 |  |  |  | 30,000 |
Accrued interest |  |  | 6,766 |  |  |  | 6,862 |
Accrued others |  |  | 2,461 |  |  |  | 2,088 |
Accrued expenses |  | $ | 60,037 |  |  | $ | 66,414 |
Schedule Of Net Gross Revenue | The gross-to-net revenue adjustment of approximately $17.1 million and $12.7 million for the three months ended March 31, 2026 and 2025, respectively, was primarily attributable to the following:
|  | March 31, |  |  | March 31, |
|  | 2026 |  |  | 2025 |
Gross-to-Net Revenue Adjustments |  |  |  |  |  |
Sales rebates |  | $ | 11,917 |  |  | $ | 9,161 |
Service fees |  |  | 2,231 |  |  |  | 2,004 |
Estimated sales returns, discounts, co-payment assistance and coupon |  |  | 1,636 |  |  |  | 649 |
Chargebacks |  |  | 1,337 |  |  |  | 885 |
Total |  | $ | 17,121 |  |  | $ | 12,699 |
Schedule of accrued rebates | The accruals for Medicare, Medicaid and related state program and contractual rebates, chargebacks, sales allowances and sales returns and cash discounts are as follows:
|  | March 31, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
Other current liabilities: |  |  |  |  |  |
Accrued rebates |  | $ | 235,549 |  |  | $ | 220,693 |
Other accruals |  |  | 11,965 |  |  |  | 11,063 |
Total accrued rebates and other sales-related accruals |  | $ | 247,514 |  |  | $ | 231,756 |
Schedule of condensed balance sheets | The table below summarizes the amounts shown on our unaudited condensed consolidated balance sheets as of March 31, 2026 (in thousands except units of digital assets):
|  | March 31, 2026 |
|  | Units |  |  | Cost Basis |  |  | Fair Value |
Bitcoin |  |  | 955 |  |  | $ | 95,591 |  |  | $ | 65,345 |
Total Digital assets |  |  | 955 |  |  | $ | 95,591 |  |  | $ | 65,345 |
Schedule of digital assets | The following table summarizes the activity in the Company’s digital assets (in thousands) for the period indicated:
|  | March 31, 2026 |
Beginning Bitcoin balance at fair value December 31, 2025 |  | $ | 64,709 |
Additions |  | $ | 18,700 |
Unrealized loss on digital assets |  |  | (18,064 | )
Ending balance at fair value March 31, 2026 |  | $ | 65,345 |

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