v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash $ 1,778 $ 191
Prepaid expenses and other current assets 541 69
Digital assets 1,445
Total current assets 3,764 260
Deferred offering costs 2,757
Property and equipment, net 8
Other non-current assets 3 56
Total assets 3,775 3,073
Current liabilities:    
Accounts payable 7,345 4,954
Excise tax payable 1,953
Accrued expenses and other current liabilities 5,981 3,968
Convertible notes payable (including notes payable to related parties of $4,160 and $25,056 as of December 31, 2025 and 2024, respectively) 4,202 45,921
Promissory notes and other (including notes payable to related parties of $400 and $850 as of December 31, 2025 and 2024, respectively) 1,346 910
PPP loan 1,390 1,376
Total current liabilities 22,258 57,129
Warrant liabilities at fair value 298
Loans payable at fair value 7,877
Total liabilities 30,433 57,129
Commitments and contingencies (Note 7)
Convertible Preferred Stock:    
Total convertible preferred stock 65,149
Stockholders’ Deficit:    
Common stock: $0.0001 par value – 600,000,000 authorized shares at December 31, 2025 and 2024, and 1,232,052 and 25,844 shares issued and outstanding at December 31, 2025 and 2024, respectively
Additional paid-in capital 134,123 5,753
Accumulated deficit (160,781) (124,958)
Total stockholders’ deficit (26,658) (119,205)
Total liabilities and stockholders’ deficit 3,775 3,073
Series A convertible preferred stock    
Convertible Preferred Stock:    
Convertible preferred stock 5,231
Series B convertible preferred stock    
Convertible Preferred Stock:    
Convertible preferred stock 13,701
Series C/C-1 convertible preferred stock    
Convertible Preferred Stock:    
Convertible preferred stock 46,217
Undesignated preferred stock    
Stockholders’ Deficit:    
Undesignated preferred stock: $0.0001 par value – 1,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2025 and 2024
Related Party    
Current liabilities:    
Due to related party $ 41