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Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 510,575 $ 189,825
Restricted cash 6,338 6,352
Accounts receivable 1,859 1,694
Prepaid expenses and other current assets 13,019 12,866
Total current assets 531,791 210,737
Property and equipment, net 321 521
Finance lease right-of-use asset, net 0 703
Operating lease right-of-use asset 2,120 2,739
Other assets 95 96
Total assets 534,327 214,796
Current liabilities:    
Accounts payable 2,206 3,608
Accrued liabilities 11,054 13,348
Accrued indirect tax liabilities 14,935 26,045
Accrued compensation and benefits 2,626 4,911
Current portion of finance lease liability 0 264
Current portion of operating lease liability 1,497 1,378
Total current liabilities 32,318 49,554
Long-term finance lease liability 0 310
Long-term operating lease liability 836 1,624
Total liabilities 33,154 51,488
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Preferred stock
Common stock, $0.0001 par value; 100,000,000 shares authorized at June 30, 2025 and 50,000,000 shares authorized at December 31, 2024; 23,234,839 shares issued and outstanding at June 30, 2025 and 10,946,635 shares issued and outstanding at December 31, 2024 2 1
Additional paid-in capital 1,161,627 774,565
Accumulated deficit (660,456) (611,258)
Total stockholders’ equity 501,173 163,308
Total liabilities and stockholders’ equity 534,327 214,796
Series A Convertible Preferred Stock    
Stockholders’ equity:    
Preferred stock 0 0
Series X Convertible Preferred Stock    
Stockholders’ equity:    
Preferred stock $ 0 $ 0