v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (106,718) $ (1,742)
Adjustments to reconcile net loss to net cash used in operating activities:    
Imputed interest expense 3 91
Change in operating lease ROU assets 82 0
Depreciation and amortization 87 0
Accretion of discount on preferred stock 9,220 0
Stock-based compensation expense 81,771 0
Change in fair value of contingent consideration 3,439 784
Impairment of investment 6,394 0
Change in operating assets and liabilities:    
Prepaid expenses (4,118) 0
Accounts payable and accrued expenses (169) 516
Accounts receivable (523) 0
Operating lease liability (18) 0
Net cash used in operating activities (10,550) (352)
Cash flows from investing activities    
Cash acquired in reverse recapitalization 398 0
Purchase of fixed assets (2) 0
Net cash provided by investing activities 396 0
Cash flows from financing activities    
Proceeds from SAFE Liability 0 100
Payment of deferred cash consideration 0 (139)
Proceeds from share subscription liability 7,500 0
Proceeds from public offering of common stock 47,011 880
Proceeds from issuance of Series C Preferred Stock 2,600 0
Net cash provided by financing activities 57,378 841
Net increase in cash and restricted cash 47,224 490
Cash and restricted cash, beginning of period 2,824 113
Cash and restricted cash, end of period 50,048 603
Supplemental disclosures of non-cash investing and financing activities:    
Acquisition of a business 0 3,545
SAFE liabilities converted to equity 3,015 0
Special Warrants converted to equity 38,000 0
Common stock issued 48 0
Net assets acquired in recapitalization 6,234 0
Conversion of Series C Preferred Stock 13,327 0
Nonrelated Party    
Cash flows from financing activities    
Proceeds from notes payable 217 0
Related Party    
Cash flows from financing activities    
Proceeds from notes payable $ 50 $ 0