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Company reports as filed with the U.S. Securities and Exchange Commission.
| Metric | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Revenue | 4m | 1m |
| Cost of revenue | 5m | — |
| Research and development | 117m | 82m |
| Selling, general and administrative | 74m | 34m |
| Operating expenses | — | 116m |
| Operating income | −191m | −115m |
| Net income | −161m | −88m |
| Earnings per share | −2.08 | −1.41 |
| Earnings per share, diluted | −2.08 | −1.41 |
| Weighted average shares | 77m | 62m |
| Weighted average shares, diluted | 77m | 62m |
| Metric | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jul 31, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 34m | 32m | 45m | — | 15m | 41m | 257m | 43m |
| Short-term investments | 1.04bn | 710m |
| Metric | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Operating cash flow | −132m | −79m |
| Depreciation and amortisation | 1m | 32,000 |
| Share-based compensation | 27m | 11m |
| Capital expenditure | 134,000 | 234,000 |
| Investing cash flow | −246m | −301m |
| Financing cash flow | 154m |
Amounts in USD unless stated otherwise. Sources: Nasdaq Trader, Yahoo Finance, U.S. Securities and Exchange Commission (EDGAR)
| 635m |
| — |
| 646m |
| 647m |
| 485m |
| 497m |
| Receivables | 1m | 688,000 | 515,000 | — | — | — | 0 | — |
| Inventory | 1m | 2m | 2m | — | — | — | 0 | — |
| Current assets | 1.10bn | 759m | 696m | — | 673m | 701m | 754m | 552m |
| Property, plant and equipment | 15m | 16m | 15m | — | 253,000 | 264,000 | 272,000 | 63,000 |
| Goodwill | 10m | 10m | 13m | 10m | — | — | 0 | — |
| Total assets | 1.14bn | 792m | 730m | — | 701m | 728m | 755m | 552m |
| Current liabilities | 35m | 31m | 31m | — | 30m | 23m | 21m | 16m |
| Long-term debt | 3m | 3m | 3m | — | — | — | 0 | — |
| Total liabilities | 43m | 39m | 42m | — | 31m | 23m | 21m | 16m |
| Equity | 1.09bn | 753m | 688m | — | 670m | 705m | 733m | 537m |
| Shares outstanding | 88m | 81m | 78m | — | 76m | 76m | 76m | 68m |
| Shares issued | 88m | 81m | 78m | — | 76m | 76m | 76m | 68m |
| 628m |