Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2026
Jun. 30, 2026
Dec. 31, 2025
Current assets:      
Cash and cash equivalents $ 299,383   $ 82,982
Short-term investments 0   50,617
Prepaid expenses and other current assets 10,464   5,272
Total current assets 309,847   138,871
Property and equipment, net 1,008   1,922
Finance lease right-of-use assets 12,364   15,700
Operating lease right-of-use assets 4,706   3,431
Other assets 8,566   5,159
Total Assets 336,491   165,083
Current liabilities:      
Accounts payable 9,045   6,636
Accrued and other current liabilities 20,353   19,298
Finance lease liabilities, current portion 13,684   20,758
Operating lease liabilities, current portion 4,250   3,461
Total current liabilities 47,332   50,153
Finance lease liabilities, net of current portion 4,738   2,879
Operating lease liabilities, net of current portion 502   0
Total Liabilities 52,572   53,032
Commitments and contingencies (see Notes 5 and 6)  
Stockholders’ equity:      
Preferred stock, $0.00001 par value: 10,000,000 shares authorized as of September 30, 2026 and December 31, 2025; no shares issued or outstanding at June 30, 2026 and December 31, 2025 0   0
Voting and non-voting common stock, $0.00001 par value: 600,000,000 (593,590,481 voting and 6,409,519 non-voting) shares authorized as of September 30, 2026 and 300,000,000 (293,590,481 voting and 6,409,519 non-voting) shares authorized as December 31, 2025; 215,720,392 voting shares issued and outstanding as of September 30, 2026 and 100,479,323 voting shares issued and outstanding as of December 31, 2025 2   1
Additional paid-in capital 948,460   628,982
Accumulated other comprehensive income 0   25
Accumulated deficit (664,543)   (516,957)
Total stockholders’ equity 283,919 $ 210,593 112,051
Total liabilities and stockholders’ equity $ 336,491   $ 165,083