v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 9,248 $ 21,081
Restricted cash $ 131 $ 74
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration] Related Party Related Party
Due from affiliates $ 6,937 $ 7,147
Prepaid expenses $ 1,606 $ 1,619
Financing Receivable, after Allowance for Credit Loss, Related Party [Extensible Enumeration] Related Party Related Party
Notes receivable $ 13,069 $ 12,500
Other current assets, net 2,651 1,569
Total current assets 33,642 43,990
Investments in Sponsored Programs 1,371 1,248
Property, software and equipment, net 28,783 35,082
Operating lease assets 2,915 3,359
Other assets, net 3,370 3,614
Total assets 70,081 87,293
Current liabilities:    
Accounts payable 528 947
Accrued expenses 7,769 8,686
Due to stockholders 0 1,449
Operating lease liabilities, current 1,049 1,023
Loan payable, current 0 2,690
Other current liabilities 1,451 457
Total current liabilities 10,797 15,252
Operating lease liabilities, non-current 3,426 4,153
Other liabilities 292 275
Total liabilities 14,515 19,680
Commitments and contingencies (Note 17)
Series A convertible preferred stock, $0.0001 par value; 15,000,000 shares authorized; 11,865,046 shares issued and outstanding; with an aggregate liquidation preference of $25,951 25,018 25,018
STOCKHOLDERS’ EQUITY    
Additional paid-in capital 200,586 200,811
Accumulated deficit (182,298) (169,846)
Total stockholders’ equity before non-controlling interests 18,291 30,968
Non-controlling interests in consolidated entity 12,257 11,627
Total stockholders’ equity 30,548 42,595
Total liabilities and stockholders’ equity 70,081 87,293
Common Stock Class A    
STOCKHOLDERS’ EQUITY    
Common stock, value, issued 0 0
Common Stock Class B    
STOCKHOLDERS’ EQUITY    
Common stock, value, issued 2 2
Common Class F    
STOCKHOLDERS’ EQUITY    
Common stock, value, issued $ 1 $ 1