v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 20,355 $ 22,841
Prepaid expenses 368 216
Other current assets 80 53
Total current assets 20,803 23,110
Non-current assets    
Property and equipment, net 518 390
Mineral interests (includes $2,275 and $2,275, respectively, related to consolidated VIEs) 23,379 23,327
Deferred offering costs 2,702 1,968
Other non-current assets 39 42
Total non-current assets 26,638 25,727
Total assets 47,441 48,837
Current liabilities    
Accounts payable (includes $86 and $362, respectively, related to consolidated VIEs) 711 1,486
Accrued expenses (includes $518 and $22, respectively, related to consolidated VIEs) 1,111 1,211
Convertible related party loan 1,226 1,123
Other current liabilities (includes $53 and $34, respectively, related to consolidated VIEs) $ 55 $ 36
Other Liability, Current, Related Party [Extensible Enumeration] us-gaap:RelatedPartyMember us-gaap:RelatedPartyMember
Total current liabilities $ 3,103 $ 3,856
Non-current liabilities    
SAFE liability 18,489 11,715
Warrant liability 13,079 4,433
Other non-current liabilities (includes $14 and $20, respectively, related to consolidated VIEs) $ 958 $ 370
Other Liability, Noncurrent, Related Party [Extensible Enumeration] us-gaap:RelatedPartyMember us-gaap:RelatedPartyMember
Total non-current liabilities $ 32,526 $ 16,518
Total liabilities 35,629 20,374
Commitments and contingencies (Note 12)
STOCKHOLDERS' EQUITY    
Preferred stock, $0.0001 par value, 1,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2026 and December 31, 2025
Common stock, $0.0001 par value, 500,000,000 shares authorized, 14,965,987 shares issued and outstanding as of March 31, 2026 and December 31, 2025 1 1
Additional paid-in-capital 46,497 46,292
Accumulated other comprehensive loss (342) (267)
Accumulated deficit (36,619) (19,838)
Equity attributable to stockholders of the Company 9,537 26,188
Noncontrolling interest 2,275 2,275
Total stockholders' equity 11,812 28,463
Total liabilities and stockholders' equity $ 47,441 $ 48,837