SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following table sets out the Company’s measure of profit or loss and significant segment expenses (in thousands):

	Year Ended December 31,
	2025		2024		2023
Revenues	$	35,616	$	15,092	$	15,357
Cost of revenues	9,901		4,519		2,025
Operating and other expenses
Research and development	259,892		206,910		138,273
General and administrative	138,491		75,883		61,629
Other segment items(1)	373,200		3,425		(11,007)
Net loss	$	(745,868)	$	(275,645)	$	(175,563)

(1)Other segment items are comprised of the loss on issuance of convertible preferred stock, interest income/expense and income taxes.