Parsing the key line
The tool works on the public key line, isolating the base64 data: for standard single-line keys this is the second whitespace-separated field, after the algorithm word (ssh-rsa, ssh-ed25519) and before the optional comment. It decodes that field to the binary SSH wire blob - a length-prefixed algorithm string plus the key integers, for RSA the exponent and modulus, for ed25519 a 32-byte public value.