Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 28,712	$ 5,881
Prepaid expenses and other current assets	133	300
Total Current Assets	28,845	6,181
Intangible assets, net	3	3
Equity method investment	241	490
Total Assets	29,089	6,674
Current Liabilities:
Accounts payable	2,624	655
Accrued expenses	2,497	742
Total Current Liabilities	5,121	1,397
Milestone warrant rights liability	23,812
Total Liabilities	28,933	1,397
Commitments and contingencies – see Note 10
Series A convertible preferred stock, $0.001 par value; 13,000 and 0 shares designated as of June 30, 2026 and December 31, 2025, respectively; 12,930.617 and 0 shares issued and outstanding as of June 30 2026 and December 31, 2025, respectively	38,533
Stockholders’ (Deficit) Equity
Preferred Stock, 5,000,000 shares authorized with a par value of $0.001 per share as of June 30, 2026 and December 31, 2025
Common Stock, 100,000,000 shares authorized with a par value of $0.001 per share, 2,625,890 and 1,111,010 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	3	1
Additional paid in capital	105,604	95,248
Accumulated deficit	(143,984)	(89,972)
Total Stockholders’ (Deficit) Equity	(38,377)	5,277
Total Liabilities, Temporary Equity and Stockholders’ (Deficit) Equity	$ 29,089	$ 6,674

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).