v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net loss $ (14,828) $ (11,561)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Amortization of right-of-use assets 211 189
Depreciation 52 52
Change in carrying value of long-term investment (32,000) 5,490
Non-cash warrant revenue (2,994)
Stock-based compensation 54,799 997
Realized loss (gain) on marketable securities 1,414 (3,330)
Unrealized (gain) loss on marketable securities (5,185) 2,940
Realized and unrealized (gain) loss on note receivable (221) 1,657
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (106) (78)
Receivable from clearing brokers (13,707) (5,678)
Accounts payable and accrued expenses 1,691 (92)
Accrued salaries and benefits 65
Accrued commissions 10,948 1,877
Lease liabilities (179) (205)
Contract liabilities 1,098
Other current liabilities (92) 434
Notes receivable, at fair value - net interest accrued (20) 58
Net cash provided by (used in) operating activities 882 (7,185)
Cash flows from investing activities    
Purchase of marketable securities (13,086) (3,963)
Sale of marketable securities 6,852 11,580
Collection of principal on note receivable 1,143 500
Sale of long-term equity investments 538 3,500
Loans to employees (1,340)
Purchase of short-term and long-term investments (125)
Collection of loans to employees 285 2
Net cash (used in) provided by investing activities (4,268) 10,154
Cash flows from financing activities    
Cash paid for dividends (7,080)
Cash received from issuance of common stock 13,517
Cash received from issuance of common stock for warrants exercised 2,339
Net cash provided by financing activities 8,776
Net increase in cash and cash equivalents and restricted cash 5,390 2,969
Cash and cash equivalents, beginning of period 4,079 2,833
Cash and cash equivalents, end of period $ 9,469 $ 5,802