v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
CURRENT ASSETS    
Cash and cash equivalents $ 90,213 $ 156,694
Debt securities available for sale 30,882 13,631
Restricted cash - current 508 1,984
Accounts receivable, net 3,825 2,007
Inventory 12,335 13,824
Prepaid expenses and other current assets 8,619 9,877
Total current assets 146,382 198,017
NONCURRENT ASSETS    
Restricted cash - noncurrent 9,395 9,356
Operating lease right-of-use assets 66,937 54,226
Property, plant and equipment, net 660,269 657,752
Prepaid expenses and other noncurrent assets 3,024 3,315
TOTAL ASSETS 886,007 922,666
CURRENT LIABILITIES    
Accounts payable 12,837 9,247
Accrued expenses and other current liabilities 42,357 42,815
Accrued interest 6,041 7,805
Total current liabilities 85,558 87,565
NONCURRENT LIABILITIES    
Deferred revenue 5,000 5,000
Operating lease right-of-use liabilities 64,635 52,350
Other noncurrent liabilities 4,299 2,710
TOTAL LIABILITIES 568,579 572,078
COMMITMENTS AND CONTINGENCIES (NOTE 10)
MEZZANINE EQUITY    
Series B Convertible Perpetual Preferred Stock - $0.001 par value, 300 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 310,004 304,701
STOCKHOLDERS' EQUITY    
Common Stock - $0.001 par value, 450,000 shares authorized; 180,841 and 180,281 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 181 180
Additional paid-in capital 857,200 861,953
Accumulated other comprehensive loss (575) (305)
Accumulated deficit (849,382) (815,941)
TOTAL STOCKHOLDERS' EQUITY 7,424 45,887
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY 886,007 922,666
Series A Preferred Stock    
NONCURRENT LIABILITIES    
Series A Preferred Stock liability 33,308 29,606
Warrants    
CURRENT LIABILITIES    
Current portion of warrant liability 13,327 13,682
NONCURRENT LIABILITIES    
Warrant liability, less current portion 22,507 45,149
Long-term debt    
CURRENT LIABILITIES    
Current portion of long-term debt 3,426 6,446
NONCURRENT LIABILITIES    
Long-term debt, less current portion 265,386 263,355
Related Party    
CURRENT LIABILITIES    
Current portion of long-term debt 7,570 7,570
NONCURRENT LIABILITIES    
Long-term debt, less current portion $ 87,886 $ 86,343