Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following summarizes the information reviewed by the CODM to evaluate the net income (loss) of the Company's Asset Management, Medical Device, and Corporate & Other segments for the three months ended March 31, 2026 and 2025 (amounts in thousands):


			Three Months Ended March 31, 2026 (Successor)
			Asset Management						Medical Device						Corporate & Other						Total Consolidated
Revenues:
Investment advisory fees			$	1,347					$	—					$	—					$	1,347
Medical device revenues			—						1,370						—						1,370
Other revenue			—						—						43						43
Total revenues			1,347						1,370						43						2,760

Operating expenses:
Fund management and administration			1,424						—						—						1,424
Employee compensation and benefits			1,291						5,178						6,584						13,053
General and administrative expense			637						2,270						3,031						5,938
Marketing and advertising			7						—						109						116
Depreciation and amortization			—						32						58						90
Total operating expenses			3,359						7,480						9,782						20,621

Investment gains/(losses):
Net unrealized loss on digital assets, at fair value			—						—						(295,778)						(295,778)
Net unrealized gain on investments in preferred equity, at fair value			—						—						490						490
Net investment gains/(losses)			—						—						(295,288)						(295,288)

Net operating loss			(2,012)						(6,110)						(305,027)						(313,149)

Other income/(expense):
Other income			11						205						310						526
Interest expense on long-term notes payable, at fair value			—						—						(242)						(242)
Change in fair value on long-term notes payable, at fair value			—						—						(2,165)						(2,165)
Loss on extinguishment of debt			—						—						(8,461)						(8,461)
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan			—						—						(2,594)						(2,594)
Transaction costs			—						—						(6,525)						(6,525)
Bargain purchase gain			—						—						66,704						66,704
Total other income/(expense)			11						205						47,027						47,243

Net loss before income taxes			(2,001)						(5,905)						(258,000)						(265,906)


Income tax benefit/(expense)			—						—						—						—
Net loss			$	(2,001)					$	(5,905)					$	(258,000)					$	(265,906)


			Three Months Ended March 31, 2025 (Predecessor)
			Asset Management						Medical Device						Corporate & Other						Total Consolidated
Revenues:
Investment advisory fees			$	1,416					$	—					$	—					$	1,416
Medical device revenues			—						—						—						—
Other revenue			7						—						—						7
Total revenues			1,423						—						—						1,423

Operating expenses:
Fund management and administration			1,411						—						—						1,411
Employee compensation and benefits			2,066						—						—						2,066
General and administrative expense			1,906						—						—						1,906
Marketing and advertising			61						—						—						61
Depreciation and amortization			52						—						—						52
Total operating expenses			5,496						—						—						5,496

Investment gains/(losses):
Net unrealized loss on digital assets, at fair value			—						—						—						—
Net unrealized gain on investments in preferred equity, at fair value			—						—						—						—
Net investment gains/(losses)			—						—						—						—

Net operating loss			(4,073)						—						—						(4,073)

Other income/(expense):
Other income			324						—						—						324
Interest expense on long-term notes payable, at fair value			—						—						—						—
Change in fair value on long-term notes payable, at fair value			—						—						—						—
Loss on extinguishment of debt			—						—						—						—
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan			—						—						—						—
Transaction costs			—						—						—						—
Bargain purchase gain			—						—						—						—
Total other income/(expense)			324						—						—						324

Net loss before income taxes			(3,749)						—						—						(3,749)
Income tax benefit/(expense)			—						—						—						—
Net loss			$	(3,749)					$	—					$	—					$	(3,749)

Schedule of Reconciliation of Assets from Segment to Consolidated

The total assets of the Company's operating segments are summarized as follows (in thousands):


			March 31, 2026						December 31, 2025
Asset Management			$	1,284					$	1,279
Medical Device			17,632						—
Corporate & Other			1,081,353						744,248
Total			$	1,100,269					$	745,527