v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (77,166) $ (15,435)
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-cash operating lease expense   110
Deferred income taxes (5,118)  
Stock-based compensation expense 2,131 1,204
Change in fair value of embedded derivative 77,555  
Foreign currency loss   4
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 97 155
Research and development incentive receivable   (55)
Accounts payable and accrued expenses (1,574) (373)
Lease liability   (112)
Other assets 645 22
Net cash used in operating activities (3,430) (14,480)
Cash flows from investing activities:    
Other investment (5,000)  
Purchases of digital assets (4,000)  
Net cash used in investing activities (9,000)  
Cash flows from financing activities:    
Collection of stock subscription receivable 150  
Payment of deferred offering costs (638)  
Principal payments of insurance financing (182) (77)
Proceeds from the exercise of stock options   16
Net cash provided by (used in) financing activities 5,075 (61)
Effect of exchange rate changes on cash and cash equivalents 9 5
Cash and cash equivalents at beginning of period 14,035 47,249
Cash and cash equivalents at end of period 6,689 32,713
Net decrease in cash and cash equivalents (7,346) (14,536)
Supplemental disclosure of non-cash financing activities:    
Prepayment of insurance through third-party financing 646 $ 440
Issuance of common stock upon vest of restricted stock units 2  
At the Market Offering    
Cash flows from financing activities:    
Proceeds through issuance of common stock through ATM sales, net of fees $ 5,745