v3.26.3
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' (Deficit) Equity (Unaudited) - USD ($)
$ in Thousands
Total
Convertible Preferred Stock
Series Seed Convertible Preferred Stock
Series A Convertible Preferred Stock
Series B Non-voting Convertible Preferred Stock
Common Stock
Common Stock
Series A Convertible Preferred Stock
Additional Paid-in Capital
Additional Paid-in Capital
Series A Convertible Preferred Stock
Accumulated Deficit
Beginning balance at Dec. 31, 2024   $ 9,964                
Beginning balance at Dec. 31, 2024 $ 66             $ 154   $ (88)
Beginning balance (in shares) at Dec. 31, 2024   8,000,000                
Beginning balance (in shares) at Dec. 31, 2024           1,037,000        
Stock-based compensation 23             23    
Net loss (73)                 (73)
Ending balance (in shares) at Mar. 31, 2025   8,000,000                
Ending balance (in shares) at Mar. 31, 2025           1,037,000        
Ending balance at Mar. 31, 2025   $ 9,964                
Ending balance at Mar. 31, 2025 16             177   (161)
Beginning balance at Dec. 31, 2024   $ 9,964                
Beginning balance at Dec. 31, 2024 66             154   (88)
Beginning balance (in shares) at Dec. 31, 2024   8,000,000                
Beginning balance (in shares) at Dec. 31, 2024           1,037,000        
Net loss (21,948)                  
Ending balance (in shares) at Sep. 30, 2025   95,500,000                
Ending balance (in shares) at Sep. 30, 2025           1,037,000        
Ending balance at Sep. 30, 2025   $ 175,537                
Ending balance at Sep. 30, 2025 (21,836)             200   (22,036)
Beginning balance at Mar. 31, 2025   $ 9,964                
Beginning balance at Mar. 31, 2025 16             177   (161)
Beginning balance (in shares) at Mar. 31, 2025   8,000,000                
Beginning balance (in shares) at Mar. 31, 2025           1,037,000        
Stock-based compensation 13             13    
Net loss (152)                 (152)
Ending balance (in shares) at Jun. 30, 2025   8,000,000                
Ending balance (in shares) at Jun. 30, 2025           1,037,000        
Ending balance at Jun. 30, 2025   $ 9,964                
Ending balance at Jun. 30, 2025 (123)             190   (313)
Stock-based compensation 10             10    
Net loss (21,723)                 (21,723)
Issuance of Series A convertible preferred stock, net of issuance costs     $ 15,000 $ 150,573            
Issuance of convertible preferred stock     12,000,000 75,500,000            
Ending balance (in shares) at Sep. 30, 2025   95,500,000                
Ending balance (in shares) at Sep. 30, 2025           1,037,000        
Ending balance at Sep. 30, 2025   $ 175,537                
Ending balance at Sep. 30, 2025 (21,836)             200   (22,036)
Beginning balance at Dec. 31, 2025   $ 175,537                
Beginning balance at Dec. 31, 2025 (33,968)             1,762   (35,730)
Beginning balance (in shares) at Dec. 31, 2025   95,500,000                
Beginning balance (in shares) at Dec. 31, 2025           1,244,400        
Stock-based compensation 452             452    
Net loss (13,510)                 (13,510)
Ending balance (in shares) at Mar. 31, 2026   95,500,000                
Ending balance (in shares) at Mar. 31, 2026           1,244,400        
Ending balance at Mar. 31, 2026   $ 175,537                
Ending balance at Mar. 31, 2026 (47,026)             2,214   (49,240)
Beginning balance at Dec. 31, 2025   $ 175,537                
Beginning balance at Dec. 31, 2025 (33,968)             1,762   (35,730)
Beginning balance (in shares) at Dec. 31, 2025   95,500,000                
Beginning balance (in shares) at Dec. 31, 2025           1,244,400        
Net loss (77,295)                  
Ending balance (in shares) at Sep. 30, 2026         4,148          
Ending balance (in shares) at Sep. 30, 2026           45,541,358        
Ending balance at Sep. 30, 2026         $ 24,964          
Ending balance at Sep. 30, 2026 391,563             504,588   (113,025)
Beginning balance at Mar. 31, 2026   $ 175,537                
Beginning balance at Mar. 31, 2026 (47,026)             2,214   (49,240)
Beginning balance (in shares) at Mar. 31, 2026   95,500,000                
Beginning balance (in shares) at Mar. 31, 2026           1,244,400        
Stock-based compensation 892             892    
Net loss (17,360)                 (17,360)
Reclassification of vested RSA proceeds from liability-based to equity-based 215             215    
Ending balance (in shares) at Jun. 30, 2026   95,500,000                
Ending balance (in shares) at Jun. 30, 2026           1,244,400        
Ending balance at Jun. 30, 2026   $ 175,537                
Ending balance at Jun. 30, 2026 (63,279)             3,321   (66,600)
Stock-based compensation 2,568             2,568    
Net loss (46,425)                 (46,425)
Reclassification of vested RSA proceeds from liability-based to equity-based 54             54    
Conversion of Convertible Securities, Shares     (20,000,000) (75,500,000) 4,148   14,480,515      
Stock Issued During Period, Value, Conversion of Convertible Securities 150,573   $ (24,964) $ (150,573) $ 24,964       $ 150,573  
Issuance of common stock and pre-funded warrants in the Pre-Closing Financing (in shares)           29,143,142        
Issuance of common stock and pre-funded warrants in the Pre-Closing Financing 379,996             379,996    
Issuance of common stock to former shareholders of Cyclerion in connection with the closing of the reverse recapitalization (in shares)           673,301        
Issuance of common stock to former shareholders of Cyclerion in connection with the closing of the reverse recapitalization (3,282)             (3,282)    
Issuance costs of Pre-Closing Financing and reverse recapitalization (28,642)             (28,642)    
Ending balance (in shares) at Sep. 30, 2026         4,148          
Ending balance (in shares) at Sep. 30, 2026           45,541,358        
Ending balance at Sep. 30, 2026         $ 24,964          
Ending balance at Sep. 30, 2026 $ 391,563             $ 504,588   $ (113,025)