v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities    
Net loss $ (160,416) $ (4,690)
Adjustments to reconcile net loss to net cash used for operating activities:    
Stock-based compensation 142,435 660
Changes in operating assets and liabilities:    
Prepaid expenses (586) 0
Other assets 9,851 0
Accounts payable 2,145 0
Accrued expenses 704 (861)
Net cash used in operating activities (5,867) (4,891)
Financing activities    
Proceeds from Business Combination 27 0
Proceeds from related party loan 5,848 4,891
Net cash provided by financing activities 5,875 4,891
Net change in cash and cash equivalents 8 0
Cash and cash equivalents at beginning of period 12 12
Cash and cash equivalents at end of period 20 12
Supplemental disclosure of non-cash investing and financing activities:    
Net liabilities assumed in Business Combination 12,914 0
Related party loan settled in preferred stock pursuant to Debt Exchange Agreement 54,236 0
Related party loan settled in common stock 1,000 0
Promissory notes settled in common stock 125 0
Related Party    
Supplemental disclosure of non-cash investing and financing activities:    
Purchase of equipment through related party loan 61  
Deferred offering costs paid through related party loan 7,602 $ 5,981
Payment of promissory notes through related party loan $ 961