v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ 4,822 $ (67,555)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 0 5
Non-cash operating lease expense 224 415
Deferred income taxes 5,118  
Stock-based compensation expense 4,899 5,504
Change in fair value of embedded derivative (50,404)  
Foreign currency (gain) loss (5) 42
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 1,019 100
Research and development incentive receivable 149  
Accounts payable and accrued expenses (10,421) 902
Income tax payable (95) 562
Lease liability (228) (417)
Other assets 1,020 143
Net cash used in operating activities (43,902) (60,299)
Cash flows from investing activities:    
Purchases of digital assets (97,000)  
Net cash used in investing activities (97,000)  
Cash flows from financing activities:    
Proceeds from April 2024 Private Placement   39,999
Payment of deferred offering costs (622) (2,948)
Priciple payments of insurance financing (440)  
Proceeds from the exercise of warrants   41
Proceeds from the exercise of stock options 16 92
Net cash provided by financing activities 107,649 37,184
Effect of exchange rate changes on cash and cash equivalents 39 (279)
Net decrease in cash and cash equivalents (33,214) (23,394)
Cash and cash equivalents at beginning of year 47,249 70,643
Cash and cash equivalents at end of year 14,035 47,249
Supplemental disclosure of non-cash financing activities:    
Remeasurement of right-of-use asset and lease liability   420
Dividend attributable to the down round feature of 2017 Warrants   $ 234
Prepayment of insurance through third-party financing 440  
Deferred offering costs included in accounts payable 638  
Issuance of common stock in exchange for stock subscription receivable 150  
Private Placement    
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of fees 57,170  
At the Market Offering    
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of fees $ 51,525