v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (293,914) $ (295,547) $ (70,657)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization expense 15,281 11,873 7,901
Amortization of debt discount and issuance costs 9,057 13,428 12,695
Accretion of discount on investments in debt securities (966) 0 0
Equity-based compensation expense 23,330 21,127 18,671
Goodwill impairment 70,636 85,000 0
Impairment of long-lived assets 53,403 0 0
Non-cash lease expense 2,200 720 597
Provision for doubtful accounts 351 228 1,739
Deferred income tax benefit (21,660) (328) (235)
Loss on extinguishment of debt 2,577 31,272 0
Increase in fair value of derivatives 92,794 107,658 7,361
Loss on sale of property and equipment 0 0 10
Changes in assets and liabilities:      
Decrease (increase) in accounts receivable 17,237 (11,753) 6,403
Decrease (increase) in contract assets 677 3,927 (3,510)
Decrease (increase) in prepaid expenses and other assets (10,370) 2,076 5,899
Decrease in accounts payable (5,698) (4,027) (4,384)
(Decrease) increase in accrued expenses (254) (2,873) 2,637
Increase (decrease) in contract liabilities 593 514 (1,143)
Increase (decrease) in other liabilities 2,775 (1,414) (2,291)
Net cash used in operating activities (41,951) (38,119) (18,307)
Cash flows from investing activities:      
Purchases of investments in debt securities (564,445) 0 0
Sales of AFS investments 191,154 0 0
Acquisition of business, net of cash acquired (229,025) 13,935 0
Purchases of property and equipment (525) (484) (2)
Capitalized software development costs (3,841) (10,630) (3,828)
Net cash (used in) provided by investing activities (606,682) 2,821 (3,830)
Cash flows from financing activities:      
Proceeds from warrant exercises 64,673 53,809 0
Proceeds from issuance of Private Placement and Registered Direct Offering shares 0 0 50,000
Payment of Private Placement and Registered Direct Offering transaction costs (551) 0 (5,724)
Proceeds from short-term borrowings 0 817 1,229
Repayment of short-term borrowings (818) (1,229) (2,059)
Proceeds from at-the-market offering 637,073 0 0
Payment of transaction costs for at-the-market offering (8,284) 0 0
Payment of debt issuance costs to third parties (4,679) (349) 0
Issuance of common stock upon ESPP purchase 2,379 1,367 1,176
Proceeds from exercise of options 3,665 421 0
Payments of tax withholding from the issuance of common stock (2,145) (2,378) (2,560)
Net cash provided by financing activities 691,313 52,458 42,062
Effect of foreign currency rate changes on cash, cash equivalents, and restricted cash (174) 424 0
Net increase in cash, cash equivalents, and restricted cash 42,506 17,584 19,925
Cash, cash equivalents, and restricted cash at the beginning of the period 50,141 32,557 12,632
Cash, cash equivalents, and restricted cash at the end of the period 92,647 50,141 32,557
Cash paid (received) during the period for:      
Interest 8,938 12,555 12,189
U.S. federal 0 0 0
U.S. state and local (28) 0 0
Foreign 0 0 0
As previously disclosed, prior to the adoption of ASU 2023-09 0 (1,506) (30)
Supplemental schedule of non-cash investing and financing activities:      
Issuance of common stock upon conversion of 2029 Notes 135,599 0 0
Issuance of common stock for paid-in-kind interest on 2029 Convertible Notes 4,095 0 0
Transfers of debt securities from held-to-maturity to available for sale 510,499 0 0
Issuance of common stock for exercise of RDO and PIPE warrants, net of cash received 49,832 0 0
Deferred purchase consideration for the acquisition of Ask Sage included in other current liabilities 5,183 0 0
Issuance of common stock as consideration for Pangiam acquisition 0 210,751 0
Reconciliation of cash, cash equivalents, and restricted cash:      
Cash and cash equivalents 87,126 50,141 32,557
Restricted cash 5,521 0 0
Cash, cash equivalents, and restricted cash at end of the period $ 92,647 $ 50,141 $ 32,557

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