v3.26.1
Condensed Consolidated Statements of Mezzanine Equity and Stockholders’ Deficit (Unaudited) - USD ($)
$ in Thousands
Series A
Preferred Stock
Previously Reported
Series A
Preferred Stock
Retroactive Application of Recapitalization
Series A
Preferred Stock
Redeemable Convertible
Preferred Stock
Previously Reported
Redeemable Convertible
Preferred Stock
Retroactive Application of Recapitalization
Redeemable Convertible
Preferred Stock
Common Stock
Previously Reported
Common Stock
Retroactive Application of Recapitalization
Common Stock
Additional Paid-In Capital
Previously Reported
Additional Paid-In Capital
Retroactive Application of Recapitalization
Additional Paid-In Capital
Accumulated Deficit
Previously Reported
Accumulated Deficit
Retroactive Application of Recapitalization
Accumulated Deficit
Previously Reported
Retroactive Application of Recapitalization
Total
Balance at Dec. 31, 2024 [1] $ 130,616 [1] $ 1 $ 7 $ 8 [1] $ 4,009 $ 130,609 $ 134,618 [1] $ (135,532) $ (135,532) [1] $ (131,522) $ (906) [1]
Balance (in Shares) at Dec. 31, 2024 [1] 17,696,748 (17,696,748) [1] 5,169,812 65,750,960 70,920,772 [1]                  
Exercise of common stock options                 10         10
Exercise of common stock options (in Shares)             38,617                  
Stock-based compensation                 513         513
Net loss                     (12,733)     (12,733)
Balance at Mar. 31, 2025         $ 0     $ 8     135,141     (148,265)     (13,116)
Balance (in shares) at Mar. 31, 2025         0     70,959,389                  
Balance at Dec. 31, 2025 [1] $ 461,963 [1] $ 1 $ 6 $ 7 [1] $ 15,491 $ 461,957 477,448 [1] $ (551,053) (551,053) [1] $ (535,561) (73,598) [1]
Balance (in Shares) at Dec. 31, 2025 [1] 17,154,902 (17,154,902) [1] 5,306,250 64,357,145 69,663,395 [1]                  
Exercise of common stock options                 226         $ 226
Exercise of common stock options (in Shares)             406,385                 406,385
Stock-based compensation                 1,295         $ 1,295
Equity-based payments to non-employees                 643         643
Issuance of common stock upon exercise of warrants                        
Issuance of common stock upon exercise of warrants (in Shares)             19,623                  
Issuance of redeemable convertible preferred stock upon exercise of warrants         $ 0                
Issuance of redeemable convertible preferred stock upon exercise of warrants (in Shares)         0                      
Conversion of Pre-PIPE Bridge and Pre-Funded PIPE Notes to Series A Preferred Stock     $ 116,931                    
Conversion of Pre-PIPE Bridge and Pre-Funded PIPE Notes to Series A Preferred Stock (in Shares)     9,754,665                          
Issuance of Series A Preferred Stock in exchange for 2024 LSA Amendment Warrants     $ 3,745                    
Issuance of Series A Preferred Stock in exchange for 2024 LSA Amendment Warrants (in Shares)     490,196                          
Issuance of Series A Preferred Stock in connection with the PIPE     $ 58,270                    
Issuance of Series A Preferred Stock in connection with the PIPE (in Shares)     11,470,590                          
Issuance of common stock in connection with the Merger             $ 1     17,265         17,266
Issuance of common stock in connection with the Merger (in Shares)             13,750,282                  
Conversion of Series A Preferred Stock to common stock     $ (32)             32         32
Conversion of Series A Preferred Stock to common stock (in Shares)     (3,571)         3,579                  
Series A Preferred Stock dividends and accretion     $ 1,417             (1,417)         (1,417)
Net loss                     (90,419)     (90,419)
Balance at Mar. 31, 2026     $ 180,331         $ 8     $ 502,351     $ (641,472)     $ (139,113)
Balance (in shares) at Mar. 31, 2026     21,711,880         84,544,557                  
[1] The shares of the Company’s common stock and mezzanine equity have been retrospectively recast to reflect the change in the capital structure as a result of the Merger as described in Note 3. Reverse Recapitalization.