| Segments |
Note 13 — Segments The Company operates as one operating segment. The Company’s CODM is its CEO who reviews financial information presented on a consolidated net loss basis as reported on the condensed consolidated statement of operations, in order to make decisions about allocating resources and assessing performance for the entire Company. The CODM also utilizes the Company’s long-range plan, which includes product development roadmaps and long-range financial models, as a key input to resource allocation. The CODM function approves key operating and strategic decisions. The CODM function views the Company’s operations and manages its business on a consolidated basis and as a single reportable operating segment. The CODM function is regularly provided with the following significant segment expenses. Significant expenses include research and development and general and administrative expenses, which are each separately presented in the Company’s condensed consolidated statements of operations. The CODM reviews significant expenses within both the research and development and the general and administrative categories. Other segment items within net loss include gain (loss) on change in fair value of convertible notes, gain on change in fair value of warrant liabilities, loss on disposal of digital assets, loss on change in fair value of digital assets, interest expense, gain on extinguishment of debt, loss on extinguishment of debt, financing costs, net and other income. See the condensed consolidated financial statements for other financial information regarding the Company’s operating segment. | | | Three Months Ended
September 30, | | | Nine Months Ended
September 30, | | | | | 2026 | | | 2025
(As Revised) | | | 2026 | | | 2025
(As Revised) | | | Operating expenses: | | | | | | | | | | | | | | Research personnel compensation costs, including stock-based compensation | | $ | 95 | | | $ | 287 | | | $ | 681 | | | $ | 945 | | | Contract research organization and regulatory costs | | | 39 | | | | 315 | | | | 1,105 | | | | 315 | | | Administrative personnel compensation costs, including stock-based compensation | | | 895 | | | | 4,126 | | | | 2,247 | | | | 4,861 | | | Rent and office costs | | | 50 | | | | 97 | | | | 273 | | | | 415 | | | Legal and accounting costs | | | 931 | | | | 976 | | | | 2,530 | | | | 1,625 | | | Transaction costs(1) | | | 2,798 | | | | 15,060 | | | | 2,798 | | | | 15,060 | | | Other expenses (2) | | | 45 | | | | 848 | | | | 1,770 | | | | 915 | | | Total segment expenses | | | 4,853 | | | | 21,709 | | | | 11,404 | | | | 24,136 | | | Loss from operations | | | (4,853 | ) | | | (21,709 | ) | | | (11,404 | ) | | | (24,136 | ) | | Other income (expense): | | | | | | | | | | | | | | | | | | Gain (loss) on change in the fair value of convertible notes | | | 7,351 | | | | (3,640 | ) | | | 2,303 | | | | (3,950 | ) | | Gain on change in fair value of warrant liabilities | | | 2 | | | | 884 | | | | 678 | | | | 884 | | | Loss on disposal of digital assets | | | — | | | | — | | | | (295 | ) | | | — | | | Loss on change in fair value of digital assets | | | — | | | | (28 | ) | | | — | | | | (28 | ) | | Interest expense (including related parties amounts of $4 and $97 for the three months ended September 30, 2026 and 2025, respectively, and $14 and $1,326 for the nine months ended September 30, 2026 and 2025, respectively) | | | (22 | ) | | | (169 | ) | | | (61 | ) | | | (2,496 | ) | | Gain on extinguishment of debt | | | 441 | | | | — | | | | 1,832 | | | | — | | | Loss on extinguishment of debt (including related parties amounts of $1,479 for the three and nine months ended September 30, 2026) | | | (7,886 | ) | | | — | | | | (7,886 | ) | | | — | | | Financing costs, net | | | (3 | ) | | | (1,443 | ) | | | (2,473 | ) | | | (1,443 | ) | | Other income | | | 20 | | | | 15 | | | | 145 | | | | 15 | | | Total other expense, net | | | (97 | ) | | | (4,381 | ) | | | (5,757 | ) | | | (7,018 | ) | | Net loss | | $ | (4,950 | ) | | $ | (26,090 | ) | | $ | (17,161 | ) | | $ | (31,154 | ) | | (1) | Transaction costs for the three and nine months ended September 30, 2026 primarily consist of transaction costs for the G3 Option Agreement. Transaction costs for the three and nine months ended September 30, 2025 primarily consist of costs incurred in connection with the Business Combination, which was accounted for as a reverse recapitalization. | | | | | (2) | Other expenses includes public relations costs, insurance costs, third party professional services and consulting costs and small balances of research materials and supplies. | The Company has no significant long-lived assets recognized on the condensed consolidated balance sheets. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets.
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