v3.26.1
Stockholders' Deficit
 6 Months Ended
Jun. 30, 2026
Stockholders' Deficit [Abstract]  
Stockholders' Deficit

Note 7 — Stockholders’ Deficit

 

Preferred Stock

 

There were no shares of preferred stock issued and outstanding at June 30, 2026 and December 31, 2025.

 

Common Stock

 

Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors, subject to prior rights of the preferred stockholders. As of June 30, 2026, no dividends have been declared to date.

 

The Company reserved shares of common stock, as adjusted for the recapitalization and for the Reverse Stock Splits, on an as-converted basis, for future issuance as follows:

 

    June 30,
2026		     December 31,
2025		  
Outstanding options under 2025 Plan     245       103  
Issuance of options under the 2025 Plan     7,816       1,003  
Outstanding common stock warrants     35,670       2,336  
Issuance of earnout shares (1)     387       387  
      44,118       3,829  

 

(1) These earnout shares exclude 129 shares, as adjusted for the Reverse Stock Splits, allocated to Milestone III, as Milestone III expired as of December 31, 2025. Milestone III represents an operational milestone for the Company’s consummation of a joint venture, for which management has decided not to pursue the joint venture.