v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2026 and 2025 (amounts in thousands):
Three Months Ended June 30, 2026 (Successor)
Asset ManagementMedical DeviceCorporate & OtherTotal Consolidated
Revenues:
Investment advisory fees$1,512 $— $— $1,512 
Medical device revenues— 1,388 — 1,388 
Other revenue— — 41 41 
Total revenues1,512 1,388 41 2,941 
Operating expenses:
Fund management and administration1,489 — — 1,489 
Employee compensation and benefits1,535 3,671 11,108 16,314 
General and administrative expense639 2,899 2,890 6,428 
Marketing and advertising4 3 72 79 
Depreciation and amortization— 31 55 86 
Total operating expenses3,667 6,604 14,125 24,396 
Investment losses:
Net unrealized loss on digital assets, at fair value— — (228,031)(228,031)
Net unrealized loss on investments in preferred equity, at fair value— — (5,962)(5,962)
Other investment loss— — (2,801)(2,801)
Total investment losses— — (236,794)(236,794)
Net operating loss(2,155)(5,216)(250,878)(258,249)
Other income/(expense):
Other income— 270 685 955 
Interest expense on long-term notes payable, at fair value— — (40)(40)
Change in fair value on long-term notes payable, at fair value— — (299)(299)
Gain on extinguishment of debt— — 30 30 
Total other income/(expense)— 270 376 646 
Net loss before income taxes(2,155)(4,946)(250,502)(257,603)
Income tax benefit/(expense)— — — — 
Net loss$(2,155)$(4,946)$(250,502)$(257,603)
Three Months Ended June 30, 2025 (Predecessor)
Asset ManagementMedical DeviceCorporate & OtherTotal Consolidated
Revenues:
Investment advisory fees$1,488 $— $— $1,488 
Other revenue— — 23 23 
Total revenues1,488 — 23 1,511 
Operating expenses:
Fund management and administration1,588 — — 1,588 
Employee compensation and benefits1,245 — 760 2,005 
General and administrative expense514 — 938 1,452 
Marketing and advertising17 — 85 102 
Depreciation and amortization— — 54 54 
Total operating expenses3,364 — 1,837 5,201 
Investment gains/(losses):
Net unrealized loss on digital assets, at fair value— — — — 
Net unrealized loss on investments in preferred equity, at fair value— — — — 
Net investment gains/(losses)— — — — 
Net operating loss(1,876)— (1,814)(3,690)
Other income/(expense):
Other income21 — 231 252 
Transaction costs— — (5,437)(5,437)
Total other income/(expense)21 — (5,206)(5,185)
Net loss before income taxes(1,855)— (7,020)(8,875)
Income tax benefit/(expense)— — — — 
Net loss$(1,855)$— $(7,020)$(8,875)
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 six months ended June 30, 2026 and 2025 (amounts in thousands):
Six Months Ended June 30, 2026 (Successor)
Asset ManagementMedical DeviceCorporate & OtherTotal Consolidated
Revenues:
Investment advisory fees$2,859 $— $— $2,859 
Medical device revenues— 2,758 — 2,758 
Other revenue— — 84 84 
Total revenues2,859 2,758 84 5,701 
Operating expenses:
Fund management and administration2,913 — — 2,913 
Employee compensation and benefits2,826 8,849 17,692 29,367 
General and administrative expense1,276 5,169 5,921 12,366 
Marketing and advertising11 3 181 195 
Depreciation and amortization— 63 113 176 
Total operating expenses7,026 14,084 23,907 45,017 
Investment losses:
Net unrealized loss on digital assets, at fair value— — (523,809)(523,809)
Net unrealized loss on investments in preferred equity, at fair value— — (5,472)(5,472)
Other investment loss— — (2,801)(2,801)
Total investment losses— — (532,082)(532,082)
Net operating loss(4,167)(11,326)(555,905)(571,398)
Other income/(expense):
Other income11 475 995 1,481 
Interest expense on long-term notes payable, at fair value— — (282)(282)
Change in fair value on long-term notes payable, at fair value— — (2,464)(2,464)
Loss on extinguishment of debt— — (8,431)(8,431)
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan— — (2,594)(2,594)
Transaction costs— — (6,525)(6,525)
Bargain purchase gain— — 66,704 66,704 
Total other income/(expense)11 475 47,403 47,889 
Net loss before income taxes(4,156)(10,851)(508,502)(523,509)
Income tax benefit/(expense)— — — — 
Net loss$(4,156)$(10,851)$(508,502)$(523,509)
Six Months Ended June 30, 2025 (Predecessor)
Asset ManagementMedical DeviceCorporate & OtherTotal Consolidated
Revenues:
Investment advisory fees$2,904 $— $— $2,904 
Other revenue7 — 23 30 
Total revenues2,911 — 23 2,934 
Operating expenses:
Fund management and administration2,999 — — 2,999 
Employee compensation and benefits3,311 — 760 4,071 
General and administrative expense2,420 — 938 3,358 
Marketing and advertising78 — 85 163 
Depreciation and amortization52 — 54 106 
Total operating expenses8,860 — 1,837 10,697 
Investment gains/(losses):
Net unrealized loss on digital assets, at fair value— — — — 
Net unrealized loss on investments in preferred equity, at fair value— — — — 
Net investment gains/(losses)— — — — 
Net operating loss(5,949)— (1,814)(7,763)
Other income/(expense):
Other income345 — 231 576 
Transaction costs— — (5,437)(5,437)
Total other income/(expense)345 — (5,206)(4,861)
Net loss before income taxes(5,604)— (7,020)(12,624)
Income tax benefit/(expense)— — — — 
Net loss$(5,604)$— $(7,020)$(12,624)
Schedule of Reconciliation of Assets from Segment to Consolidated
The total assets of the Company's operating segments are summarized as follows (in thousands):
June 30,
2026		December 31,
2025
Asset Management$1,295 $1,279 
Medical Device18,199 — 
Corporate & Other1,357,615 744,248 
Total$1,377,109 $745,527