v3.26.1
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Schedule of Investment Securities Broker Dealer

  

   June 30, 2026   December 31, 2025 
Investment securities, at fair value:          
Common stock of publicly traded companies  $806   $2,571 
Warrants of publicly traded companies   1,911    3,937 

Related party warrants of publicly traded companies

   223    - 
Warrants of non-publicly traded companies   609    658 
Investment securities, at fair value  $3,549   $7,166 
Schedule of Investment Securities Non-Broker Dealer

  

   June 30, 2026   December 31, 2025 
Investment securities, at fair value:          
Common stock of publicly traded companies  $158   $235 
Investment securities, at fair value  $158   $235 
Schedule of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026, except for the Level 3 investment that is recorded at cost (in thousands):

  

Assets  Classification  Level 1   Level 2   Level 3   Total 
                    
Investment Securities, at fair value, held by the licensed broker dealer  Equity securities–- common stock  $806   $-   $-   $806 
                        
Investment Securities, at fair value, held by the non-licensed broker dealer  Equity securities–- common stock   158    -    -    158 
                        

Investment Securities (held by our licensed broker dealer)

 

Warrants

   -    822    1,698    2,520 
                        
Related party investment Securities (held by our licensed broker dealer)  Warrants   -    -    223    223 
                        
Total assets measured at fair value (held by our licensed broker dealer and non-licensed broker dealer)     $964   $822   $1,921   $3,707 
The following table sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025, except for the Level 3 investment that is recorded at cost (in thousands):

 

Assets  Classification  Level 1   Level 2   Level 3   Total 
                    
Investment Securities, at fair value, held by the licensed broker dealer  Equity securities—–- common stock  $2,571   $-   $-   $2,571 
                        
Investment Securities, at fair value, held by the non-licensed broker dealer  Equity securities–- common stock  $235   $-   $-   $235 
                        
Investment Securities (held by our licensed broker dealer)  Warrants   -    132    4,463    4,595 
                        
Total assets measured at fair value (held by our licensed broker dealer)     $2,806   $132   $4,463   $7,401 
 
Schedule of Reconciliation of Fair Value Measurements Within Level 3 of Fair Value Hierarchy

Reconciliation of fair value measurements categorized within Level 3 of the fair value hierarchy (in thousands):

  

      
December 31, 2025  $4,463 
      
Receipt from investment banking fees   1,288 
Transfer of securities from Level 3 to Level 2   (3,805)
Unrealized losses   (25)
Sales or distribution   - 
Purchases   - 
June 30, 2026  $1,921 
Reconciliation of fair value measurements categorized within Level 3 of the fair value hierarchy (in thousands):

 

      
December 31, 2024  $2,662 
      
Receipt from investment banking fees   1,690 
Unrealized gains   111 
December 31, 2025  $4,463 
 
Schedule of Significant Unobservable Inputs Related to Material Components of Level 3 Warrants

The following table presents information about significant unobservable inputs related to material components of Level 3 warrants as of June 30, 2026 (in thousands):

  

Assets 

Fair

Value

  

Valuation

Techniques

 

Significant

Unobservable

Inputs

 

Range of

Inputs

  

Weighted-

Average

 
                   
Warrants  $1,921   Black Scholes  Volatility   59.18-98.27%   82.63
The following table presents information about significant unobservable inputs related to material components of Level 3 warrants as of December 31, 2025 (in thousands):

 

Assets 

Fair

Value

  

Valuation

Techniques

 

Significant

Unobservable

Inputs

 

Range of

Inputs

  

Weighted-

Average

 
                   
Warrants  $4,463   Black Scholes  Volatility   95.92-120.3%   115.45%
 
Schedule of Estimated Useful Lives of Property and Equipment

  

Laboratory equipment   5 years
Furniture and fixtures   7 years
Leasehold improvements   Lesser of the lease duration or the life of the improvements
Schedule of Property And Equipment

Property and equipment consist of the following as of June 30, 2026 and December 31, 2025, respectively (in thousands):

  

   June 30, 2026   December 31, 2025 
         
Laboratory equipment  $-   $- 
Furniture and fixtures   -    - 
Developed software   248    162 
Leasehold improvements   -    - 
Total property and equipment   248    162 
Less: Accumulated depreciation   (56)   (45)
Property and equipment, net  $192   $117