v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Dec. 31, 2024
Current assets      
Cash and cash equivalents $ 747 $ 1,509 $ 554
Prepaid R&D services- related party (see Note 8 and Note 13) 649 881 380
Prepaid R&D services 387 166
Prepaid expenses and other current assets 1,155 1,823 1,781
Total current assets 2,938 4,379 2,715
Equity method investments 122,846  
Operating lease right-of-use assets, net 64 142 263
Equipment and clinical assets, net 158 269 40
Prepaid expenses and other long-term assets 702 860 1,175
Total assets 126,708 5,650 4,193
Current liabilities      
Accounts payable 3,725 1,913 1,428
Investment payable 8,000  
Accrued expenses and other current liabilities 802 538 1,963
Accrued litigation liability 9,642 9,594
Operating lease liability, current portion 45 115 119
Convertible promissory note payable   800
Total current liabilities 23,351 12,820 10,741
Operating lease liability, non-current portion   107
Derivative warrant liability 264 138
Total liabilities 23,615 12,820 10,986
Commitments and contingencies (see Note 15)
Stockholders’ equity (deficit)      
Common stock, par value $0.0001; 250,000,000 shares authorized at June 30, 2026 and December 31, 2025, 631,080 shares and 9,214 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
Preferred stock, par value $0.0001; 1,000,000 shares authorized at June 30, 2026 and December 31, 2025; nil shares issued and outstanding at June 30, 2026 and December 31, 2025
Additional paid-in capital 179,964 61,171 21,894
Accumulated deficit (77,029) (68,325) (29,101)
Accumulated other comprehensive income (loss) 158 (16) 414
Total stockholders’ equity (deficit) 103,093 (7,170) (6,793)
Total liabilities and stockholders’ equity (deficit) 126,708 5,650 4,193
Nonrelated Party [Member]      
Current liabilities      
Convertible promissory notes payable at fair value 1,137 660 2,985
Notes payable   150
Related Party [Member]      
Current liabilities      
Convertible promissory notes payable at fair value 2,871
Notes payable $ 425