v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 10,099 $ 22,841
Short-term investments 66,640 0
Prepaid expenses 1,201 216
Other current assets 72 53
Total current assets 78,012 23,110
Non-current assets    
Property and equipment, net 739 390
Mineral interests (includes $2,275 and $2,275, respectively, related to consolidated VIEs) 23,421 23,327
Deferred offering costs 0 1,968
Other non-current assets 210 42
Total non-current assets 24,370 25,727
Total assets 102,382 48,837
Current liabilities    
Accounts payable (includes $841 and $362, respectively, related to consolidated VIEs) 1,574 1,486
Accrued expenses (includes $254 and $22, respectively, related to consolidated VIEs) 736 1,211
Convertible related party loan 0 1,123
Other current liabilities (includes $133 and $34, respectively, related to consolidated VIEs) $ 143 $ 36
Other Liability, Current, Related Party [Extensible Enumeration] us-gaap:RelatedPartyMember us-gaap:RelatedPartyMember
Total current liabilities $ 2,453 $ 3,856
Non-current liabilities    
SAFE liability 0 11,715
Warrant liability 11,675 4,433
Other non-current liabilities (includes $64 and $20, respectively, related to consolidated VIEs) $ 968 $ 370
Other Liability, Noncurrent, Related Party [Extensible Enumeration] us-gaap:RelatedPartyMember us-gaap:RelatedPartyMember
Total non-current liabilities $ 12,643 $ 16,518
Total liabilities 15,096 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 June 30, 2026 and December 31, 2025
Common stock, $0.0001 par value, 500,000,000 shares authorized, 19,953,892 and 14,965,987 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 2 1
Additional paid-in-capital 134,910 46,292
Accumulated other comprehensive loss (492) (267)
Accumulated deficit (49,409) (19,838)
Equity attributable to stockholders of the Company 85,011 26,188
Noncontrolling interest 2,275 2,275
Total stockholders' equity 87,286 28,463
Total liabilities and stockholders' equity $ 102,382 $ 48,837