Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
| Accounting Policies [Abstract] |
|
| Schedule of Investment Securities Broker Dealer |
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 |
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):
Schedule of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
| 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):
Schedule of Reconciliation of Fair Value Measurements Within Level 3 of Fair Value Hierarchy
| | |
| | |
| December
31, 2025 | |
$ | 4,463 | |
| Beginning Balance | |
$ | 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 | |
| Ending Balance | |
$ | 1,921 | |
Reconciliation
of fair value measurements categorized within Level 3 of the fair value hierarchy (in thousands):
| | |
| | |
| December
31, 2024 | |
$ | 2,662 | |
| Beginning Balance | |
$ | 2,662 | |
| | |
| | |
| Receipt
from investment banking fees | |
| 1,690 | |
| Unrealized
gains | |
| 111 | |
| December
31, 2025 | |
$ | 4,463 | |
| Ending Balance | |
$ | 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):
Schedule of Significant Unobservable Inputs Related to Material Components of Level 3 Warrants
| 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 |
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):
Schedule of Property And Equipment
| | |
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 | |
|