v3.26.1
Condensed Consolidated Statements of Changes in Mezzanine Equity and Stockholders’ Equity (Deficit) (Unaudited) - USD ($)
$ in Thousands
Total
Series C Preferred Stock
Series A Preferred Stock
Special Warrants
Previously Reported
Retroactive application of recapitalization
Series A Preferred Shares
Series A Preferred Shares
Series A Preferred Stock
Series A Preferred Shares
Previously Reported
Series A Preferred Shares
Retroactive application of recapitalization
Common Shares
Common Shares
Series C Preferred Stock
Common Shares
Series A Preferred Stock
Common Shares
Special Warrants
Common Shares
Previously Reported
Common Shares
Retroactive application of recapitalization
Additional Paid-In Capital
Additional Paid-In Capital
Series C Preferred Stock
Additional Paid-In Capital
Special Warrants
Additional Paid-In Capital
Previously Reported
Additional Paid-In Capital
Retroactive application of recapitalization
Accumulated Deficit
Accumulated Deficit
Previously Reported
Accumulated Deficit
Retroactive application of recapitalization
Beginning balance (in shares) at Dec. 31, 2024 0       0 0                                    
Beginning balance at Dec. 31, 2024 $ 0       $ 0 $ 0                                    
Increase (Decrease) in Temporary Equity [Roll Forward]                                                
Issuance of Preferred Stock for cash (in shares) 413                                              
Ending balance (in shares) at Mar. 31, 2025 413                                              
Ending balance at Mar. 31, 2025 $ 0                                              
Preferred stock, beginning balance (in shares) at Dec. 31, 2024             0   0 0                            
Common stock, beginning balance (in shares) at Dec. 31, 2024                     31,586,850       76,500,000 (44,913,150)                
Beginning balance at Dec. 31, 2024 (5,228)       $ (5,228) $ 0 $ 0   $ 0 $ 0 $ 32       $ 8 $ 24 $ 189     $ 213 $ (24) $ (5,449) $ (5,449) $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                
Common stock issued at Blackboxstocks Inc. merger (in shares)                     5,780,600                          
Common stock issued at Blackboxstocks Inc. merger 6                   $ 6           4,833              
Issuance of stock (in shares)                     2,064,500                          
Issuance of stock 771                   $ 2           769              
Issuance of common shares for services (in shares)                     1,858,050                          
Imputed interest treated as a capital contribution 91                               91              
Net loss (1,742)                                         (1,742)    
Preferred stock, ending balance (in shares) at Mar. 31, 2025             0                                  
Common stock, ending balance (in shares) at Mar. 31, 2025                     41,290,000                          
Ending balance at Mar. 31, 2025 $ (1,269)           $ 0       $ 40           5,882         (7,191)    
Beginning balance (in shares) at Dec. 31, 2024 0       0 0                                    
Beginning balance at Dec. 31, 2024 $ 0       $ 0 $ 0                                    
Ending balance (in shares) at Jun. 30, 2025 413                                              
Ending balance at Jun. 30, 2025 $ 0                                              
Preferred stock, beginning balance (in shares) at Dec. 31, 2024             0   0 0                            
Common stock, beginning balance (in shares) at Dec. 31, 2024                     31,586,850       76,500,000 (44,913,150)                
Beginning balance at Dec. 31, 2024 (5,228)       $ (5,228) $ 0 $ 0   $ 0 $ 0 $ 32       $ 8 $ 24 189     213 (24) (5,449) (5,449) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                
Net loss (3,943)                                              
Net loss (3,943)                                              
Preferred stock, ending balance (in shares) at Jun. 30, 2025             0                                  
Common stock, ending balance (in shares) at Jun. 30, 2025                     41,290,000                          
Ending balance at Jun. 30, 2025 $ (3,378)           $ 0       $ 40           5,973         (9,391)    
Beginning balance (in shares) at Mar. 31, 2025 413                                              
Beginning balance at Mar. 31, 2025 $ 0                                              
Ending balance (in shares) at Jun. 30, 2025 413                                              
Ending balance at Jun. 30, 2025 $ 0                                              
Preferred stock, beginning balance (in shares) at Mar. 31, 2025             0                                  
Common stock, beginning balance (in shares) at Mar. 31, 2025                     41,290,000                          
Beginning balance at Mar. 31, 2025 (1,269)           $ 0       $ 40           5,882         (7,191)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                
Imputed interest treated as a capital contribution 91                               91              
Net loss (2,200)                                         (2,200)    
Preferred stock, ending balance (in shares) at Jun. 30, 2025             0                                  
Common stock, ending balance (in shares) at Jun. 30, 2025                     41,290,000                          
Ending balance at Jun. 30, 2025 $ (3,378)           $ 0       $ 40           5,973         (9,391)    
Beginning balance (in shares) at Dec. 31, 2025 684       2,000 (1,316)                                    
Beginning balance at Dec. 31, 2025 $ 1,506       $ 1,506 $ 0                                    
Increase (Decrease) in Temporary Equity [Roll Forward]                                                
Issuance of Preferred Stock for cash (in shares) 4,442                                              
Issuance of Preferred Stock for cash $ 2,600                                              
Accretion of discount on issuance of Series C preferred stock $ 9,220                                              
Conversion of Series C preferred stock (in shares) (5,126)                                              
Conversion of Series C preferred stock $ (13,326)                                              
Ending balance (in shares) at Mar. 31, 2026         0                                      
Ending balance at Mar. 31, 2026         $ 0                                      
Preferred stock, beginning balance (in shares) at Dec. 31, 2025 0           0   0 0                            
Common stock, beginning balance (in shares) at Dec. 31, 2025 49,293,557                   49,293,557       119,383,766 (70,090,209)                
Beginning balance at Dec. 31, 2025 $ 35,834           $ 0   $ 0 $ 0 $ 49       $ 12 $ 37 116,939     116,976 (37) (81,125) (81,125) 0
Beginning balance, adjustment at Dec. 31, 2025 35,863       $ 35,863 $ 0                                    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                
Issuance of Preferred Stock for cash (in shares)             3,269,998                                  
Issuance of Preferred Stock for cash 3           $ 3                                  
Commitment shares issued for cash (in shares)                     1,077,353                          
Commitment shares issued for cash 1                   $ 1                          
Stock issued during period, conversion of SAFE agreement (in shares)                     160,606                          
Issuance of Common Stock under SAFE 3,015                               3,015              
Common stock issued at Blackboxstocks Inc. merger (in shares)                     4,480,437                          
Common stock issued at Blackboxstocks Inc. merger 6,234                   $ 4           6,230              
Conversion of warrants and stock (in shares)                       1,374,018   2,093,664                    
Conversion of warrants and stock   $ 13,326   $ 38,000               $ 1   $ 2       $ 13,325 $ 37,998          
Issuance of stock (in shares)                     2,702,702                          
Issuance of stock 47,011                   $ 3           47,008              
Stock-based compensation expense 64,830                               64,830              
Exercise of stock options (in shares)                     32,200                          
Imputed interest treated as a capital contribution 3                               3              
Net loss (106,718)                                         (106,718)    
Preferred stock, ending balance (in shares) at Mar. 31, 2026             3,269,998                                  
Common stock, ending balance (in shares) at Mar. 31, 2026                     61,214,537                          
Ending balance at Mar. 31, 2026             $ 3       $ 60           289,348         (187,843)    
Ending balance, adjustment at Mar. 31, 2026 $ 101,568                                              
Beginning balance (in shares) at Dec. 31, 2025 684       2,000 (1,316)                                    
Beginning balance at Dec. 31, 2025 $ 1,506       $ 1,506 $ 0                                    
Ending balance (in shares) at Jun. 30, 2026 0       0                                      
Ending balance at Jun. 30, 2026 $ 0       $ 0                                      
Preferred stock, beginning balance (in shares) at Dec. 31, 2025 0           0   0 0                            
Common stock, beginning balance (in shares) at Dec. 31, 2025 49,293,557                   49,293,557       119,383,766 (70,090,209)                
Beginning balance at Dec. 31, 2025 $ 35,834           $ 0   $ 0 $ 0 $ 49       $ 12 $ 37 116,939     $ 116,976 $ (37) (81,125) $ (81,125) $ 0
Beginning balance, adjustment at Dec. 31, 2025 35,863       $ 35,863 $ 0                                    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                
Net loss (143,536)                                              
Net loss $ (143,536)                                              
Preferred stock, ending balance (in shares) at Jun. 30, 2026 1,634,999           1,634,999                                  
Common stock, ending balance (in shares) at Jun. 30, 2026 68,782,077                   68,782,077                          
Ending balance at Jun. 30, 2026 $ 190,604           $ 1       $ 68           415,196         (224,661)    
Ending balance, adjustment at Jun. 30, 2026 $ 190,604                                              
Beginning balance (in shares) at Mar. 31, 2026         0                                      
Beginning balance at Mar. 31, 2026         $ 0                                      
Ending balance (in shares) at Jun. 30, 2026 0       0                                      
Ending balance at Jun. 30, 2026 $ 0       $ 0                                      
Preferred stock, beginning balance (in shares) at Mar. 31, 2026             3,269,998                                  
Common stock, beginning balance (in shares) at Mar. 31, 2026                     61,214,537                          
Beginning balance at Mar. 31, 2026             $ 3       $ 60           289,348         (187,843)    
Beginning balance, adjustment at Mar. 31, 2026 101,568                                              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                
Conversion of warrants and stock (in shares)               (550,000)         550,000                      
Conversion of warrants and stock     $ 0         $ (1)         $ 1                      
Issuance of stock (in shares)                     7,017,540                          
Issuance of stock 95,400                   $ 7           95,393              
Reacquisition and cancellation of Series A preferred stock (in shares)               (1,084,999)                                
Reacquisition and cancellation of Series A preferred stock 54             $ (1)                 55              
Stock-based compensation expense 30,398                               30,398              
Capital contribution for imputed interest 2                               2              
Net loss (36,818)                                         (36,818)    
Net loss $ (36,818)                                              
Preferred stock, ending balance (in shares) at Jun. 30, 2026 1,634,999           1,634,999                                  
Common stock, ending balance (in shares) at Jun. 30, 2026 68,782,077                   68,782,077                          
Ending balance at Jun. 30, 2026 $ 190,604           $ 1       $ 68           $ 415,196         $ (224,661)    
Ending balance, adjustment at Jun. 30, 2026 $ 190,604