v3.25.4
Condensed Consolidated Statement of Changes in Stockholders' Equity (Deficit) - USD ($)
$ in Thousands
Total
Common Stock [Member]
Preferred Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
Treasury Stock [Member]
Beginning balance, value at Jun. 30, 2025 $ (597) $ 0 $ 0 $ 0 $ (597) $ 0
Beginning Balance, Shares at Jun. 30, 2025   0 0     0
Member cash contribution to Rorschach 296     296    
Net Loss (13,398)     0 (13,398)  
Ending balance, value at Sep. 30, 2025 (13,699) $ 0 $ 0 296 (13,995) $ 0
Ending Balance, Shares at Sep. 30, 2025   0 0     0
Beginning balance, value at Jun. 30, 2025 (597) $ 0 $ 0 0 (597) $ 0
Beginning Balance, Shares at Jun. 30, 2025   0 0     0
Net Loss (317,861)          
Ending balance, value at Dec. 31, 2025 589,765 $ 1,270 $ 2 917,094 (318,458) $ (10,143)
Ending Balance, Shares at Dec. 31, 2025   124,093,048 166,173     2,941,557
Beginning balance, value at Sep. 30, 2025 (13,699) $ 0 $ 0 296 (13,995) $ 0
Beginning Balance, Shares at Sep. 30, 2025   0 0     0
Member cash contribution to Rorschach 454     454 0  
Equity issued related to acquisition of Sonnet, value 39,572 $ 37 $ 0 39,535 0 $ 0
Equity issued related to acquisition of Sonnet, shares   3,680,346 0     0
PIPE financing, net of offering costs, value 878,044 $ 1,233 $ 2 876,809 0 $ 0
PIPE financing, net of offering costs, shares   123,354,259 166,173     0
Acquisition of treasury stock, value (10,143) $ 0 $ 0 0 0 $ (10,143)
Acquisition of treasury stock, shares   (2,941,557) 0     2,941,557
Net Loss (304,463)     0 (304,463)  
Ending balance, value at Dec. 31, 2025 $ 589,765 $ 1,270 $ 2 $ 917,094 $ (318,458) $ (10,143)
Ending Balance, Shares at Dec. 31, 2025   124,093,048 166,173     2,941,557