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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (37,777) $ (32,078)
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-cash operating lease expense   224
Deferred income taxes (3,205)  
Stock-based compensation expense 4,290 2,693
Change in fair value of embedded derivative 31,562  
Foreign currency transaction (gain) loss (1) 6
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 602 67
Research and development incentive receivable 631 (59)
Accounts payable and accrued expenses (2,455) 596
Income tax payable (396) (227)
Lease liability   (227)
Deposits 627 39
Net cash used in operating activities (6,122) (28,966)
Cash flows from investing activities:    
Other investment (5,000)  
Purchases of digital assets (13,544)  
Net cash used in investing activities (18,544)  
Cash flows from financing activities:    
Proceeds through issuance of common stock through ATM sales, net of fees 19,189  
Collection of stock subscription receivable 150  
Payment of deferred offering costs (638)  
Principal payments of insurance financing (459) (196)
Proceeds from the exercise of stock options   16
Net cash provided by (used in) financing activities 18,242 (180)
Effect of exchange rate changes on cash and cash equivalents 13 27
Net decrease in cash and cash equivalents (6,411) (29,119)
Cash and cash equivalents at beginning of period 14,035 47,249
Cash and cash equivalents at end of period 7,624 18,130
Supplemental disclosure of non-cash financing activities:    
Prepayment of insurance through third-party financing 646 $ 440
Issuance of common stock upon vest of restricted stock units 2  
Amortization of deferred ATM offering costs $ 53