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) $ (21,266) $ 11,601
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Unrealized loss on investment securities, net 246 275 [1]
Accretion of investments at amortized cost (U.S Treasury Bills) (534)
Realized loss (gain) on investment securities, net from the licensed broker dealer (14)
Stock-based compensation 11,772 14,435
Effect of deconsolidation of subsidiary 6,716
Depreciation of property and equipment 22 230
Deferred costs related to revenue 13 49
Dilution of deferred grant reimbursement (41)
Gain on deconsolidation (39,307)
Portion of loss from equity investment 4,282 420
Gain related to dilution events (61) (130)
Warrants issued as part of an investment banking deal 297
Income recognized from warrants received (1,889) (659)
Impairment of investment securities 200
Deferred revenue (20)
Change in ROU Asset 95 1,679
Change in lease liability (103) (1,705)
(Increase) decrease in -    
Grants receivable 882
Accounts receivable (100)
Related party receivables 51 (64)
Prepaid expenses and other current assets 55 11
Clearing deposits (262) (1,478)
Increase (decrease) in -    
Accounts payable 58 (252)
Accrued expenses 22 (1,033)
Related party payables (22) 23
Payables to customers 1,417 772
Payables to non-customers (1,405)
Net cash used in operating activities (5,684) (9,038)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of investment securities, at amortized cost (U.S. Treasury Bills) (17,766)
Proceeds from payments and maturities of investment securities, at amortized cost (U.S. Treasury Bills) 42,959
Accretion of equity investments (2,747)
Deferred grant reimbursement (100)
Purchases of property and equipment (49) 546
Net cash provided by (used in) investing activities (49) 22,892
CASH FLOWS FROM FINANCING ACTIVITIES:    
Acquisition of non-controlling interest 69
Net cash provided by financing activities 69
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (5,733) 13,923
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR 21,281 7,358
CASH AND CASH EQUIVALENTS - END OF YEAR 15,548 21,281
Supplemental disclosures of cash flow information:    
Income taxes 11 2
Non-cash investing and financing activities:    
Warrants received as part of an investment banking deal 657
Relinquishment of deferred costs of initial public offering from prior year 323
Investment securities, at cost less impairment, received in lieu of cash payment 100
Issuance of warrants to purchase Class A stock related to the initial public offering closed on September 20, 2023 $ 65
[1] Includes unrealized gains and losses on securities held by the broker-dealer.