Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Operations

v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue      
Operating expenses: $ 53,425 $ 136 $ 1,032
Operating expenses:      
Cost of Revenue 29,328 67 200
Research and development 581,101 477,156 367,049
Selling, general and administrative 162,587 119,667 105,877
Total operating expenses 773,016 596,890 473,126
Loss from operations (719,591) (596,754) (472,094)
Interest and other income, net 43,164 42,822 45,561
Loss on common stock issuance in private placement (40,258) 0 0
Loss from change in fair value of warrants, earnout shares and contingent consideration (211,850) (53,973) (86,378)
Total other loss, net (208,944) (11,151) (40,817)
Loss before income taxes (928,535) (607,905) (512,911)
Income tax expense 1,307 129 139
Net loss $ (929,842) $ (608,034) $ (513,050)
Net loss per share, basic (in dollars per share) $ (1.13) $ (0.87) $ (0.79)
Net loss per share, diluted (in dollars per share) $ (1.13) $ (0.87) $ (0.79)
Weighted-average common shares outstanding, basic (in shares) 826,240,955 699,794,747 647,907,598
Weighted-average common shares outstanding, diluted (in shares) 826,240,955 699,794,747 647,907,598