v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (12,211) $ (5,064)
Adjustments to reconcile net loss to net cash used in operating activities:    
Noncash interest expense 33 2,328
Gain on extinguishment of PPP loan (1,391)
Loss on change in fair value of convertible notes 5,048 309
Depreciation expense 2
Stock-based compensation expense 375 82
Gain on change in fair value of warrant liabilities (676)
Non-cash warrant issuance expense 2,178
Loss on disposal of digital assets 295
Loss on settlement of forward share issuance contract 82
Changes in assets and liabilities:    
Prepaid expenses and other current assets 419 (140)
Other non-current assets (50) 1
Accounts payable 510 1,027
Accrued expenses and other current liabilities 178 331
Net cash used in operating activities (5,208) (1,126)
Cash flows from investing activities    
Sale of digital assets 1,150
Purchase of property, plant and equipment (78)
Net cash provided by investing activities 1,072
Cash flows from financing activities    
Proceeds from issuance of PIPE notes 1,500
Proceeds from ELOC 2,858
Repayment on promissory notes and loans payable (1,281)
Proceeds from issuance of senior notes 1,450
Payment of deferred offering costs (476)
Net cash provided by financing activities 3,077 974
Net decrease in cash (1,059) (152)
Cash at the beginning of the period 1,778 191
Cash at the end of the period 719 39
Supplemental disclosures of non-cash investing and financing information:    
Conversion of debt to equity 4,720
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 244
Reversal of excise tax payable attributable to redemption of common stock 1,909
Unpaid deferred offering costs 904
Reclassification of warrant liability to additional paid-in capital $ 1,798