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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 737,880 $ 78,945
Accounts receivable, net 519 27
Inventory 352 18
Loans receivable, net
Short Term Investments 379,421
Accrued interest receivable 3,634
Prepaid expenses and other current assets 11,914 161
Total current assets 1,133,720 79,151
Property and equipment, net 12,971 8,212
Operating lease right-of-use assets 2,353 1,522
Intangible assets, net 6,500 8,972
Goodwill 55,573 55,573
Long-term investments 403,121
Accrued interest receivable - long term 4,551
Other non-current assets 131 129
Total assets 1,618,920 153,559
Liabilities and Stockholders’ Equity    
Accounts payable 778 1,372
Accrued expenses 9,135 2,134
Deferred revenue 395 79
Other current liabilities 766 974
Total current liabilities 11,074 4,559
Derivative liability 7,773 40,532
Operating lease liabilities 1,808 1,181
Total liabilities 20,655 46,272
Contingencies (see Note 10)
Preferred stock, $0.0001 par value, 1,550 shares Series A Preferred authorized; no shares issued and outstanding as of December 31, 2025 and 2024, respectively; 3,080 thousand shares of Series B Preferred Stock authorized; no shares issued and outstanding as of December 31, 2025 and 2024, respectively
Common stock, $0.0001 par value, 250,000 thousand shares authorized; 224,165 and 129,012 shares issued and outstanding as of December 31, 2025 and 2024, respectively 22 13
Additional paid-in capital 1,816,494 307,756
Accumulated deficit (219,156) (200,482)
Accumulated other comprehensive income 905
Total stockholders’ equity 1,598,265 107,287
Total liabilities and mezzanine and stockholders’ equity $ 1,618,920 $ 153,559