v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net loss $ (74,465) $ (57,225)
Adjustments to reconcile net loss to net cash used in operations:    
Depreciation and amortization 8,274 4,347
Unrealized (gain) loss on derivative liability 5,146 (3,853)
Unrealized gain on warrant liability (5,061) (2,238)
Loss on debt extinguishment 3,083 4,654
Bargain purchase gain (147)
Gain on disposal of fixed assets (171)
Impairment of operating lease right-of-use assets 9
Inventory write-downs 116
Non-cash interest expense 7,325
Amortization of debt discount and issuance costs on notes payable 10,105 9,915
Share-based compensation expense 3,449 2,248
Net accretion of premium on short-term investments (81) (284)
Change in:    
Accounts receivable (1,357) 886
Inventory 26 (5,798)
Other current and non-current assets 355 (2,170)
Accounts payable 4,525 207
Accrued liabilities 238 1,087
Contract liabilities and other current liabilities 549 32
Operating lease liabilities (3,697) (2,188)
Other long-term liabilities (120) (260)
Net cash used in operating activities (49,224) (43,315)
Cash flows from investing activities    
Sales of investment securities 42,528 26,688
Purchases of investment securities (32,878)
Cash paid for business combination (33,178)
Purchases of property and equipment (1,815) (435)
Net cash provided by (used in) investing activities 7,535 (6,625)
Cash flows from financing activities    
Principal payments under finance leases (9) (10)
Principal payments under notes payable (5,500)
Principal proceeds from notes payable, net of debt discount and issuance costs 20,624
Net proceeds from issuance of common stock and warrants 17,346 73,268
Net cash provided by financing activities 37,961 67,758
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 469
Change in cash, cash equivalents, and restricted cash (3,728) 18,287
Cash, cash equivalents, and restricted cash at beginning of period 34,064 56,247
Cash, cash equivalents, and restricted cash at end of period 30,336 74,534
Supplemental schedule of non-cash investing and financing activities    
Common stock issued in conversions of notes payable 29,244 21,980
Issuance of warrants 8,114 6,297
Acquisition of right-of-use asset 5,637 139
Foreign currency translation adjustment (35) 665
Unrealized (loss) gain on investment securities, available-for-sale (24) (14)
Accrued financing fees $ 203

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