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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of cash, cash equivalents and restricted cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheet as of March 31, 2026 and December 31, 2025, to the amounts reported on the condensed consolidated statement of cash flows (in thousands):

​

​	​	​	​	​	​	​	​	​
​	​ ​ ​	March 31,		​	December 31,		​	​
​	​	2026		​ ​ ​	2025		​	​
Cash	​	$	508	​	$	538	​	​
Cash equivalents	​	​	2,042	​	​	174	​	​
Restricted cash	​		308	​		309	​	​
Total cash, cash equivalents and restricted cash	​	$	2,858	​	$	1,021	​	​

​

Schedule of fair value hierarchy for financial assets and liabilities

The following table represents the fair value hierarchy for the financial assets and liabilities held by the Company measured at fair value on a recurring basis (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

As of March 31, 2026

(in thousands)

​

Level 1

​ ​ ​

Level 2

​ ​ ​

Level 3

​ ​ ​

Total

Money market funds

​

$

2,042

​

$

—

​

$

—

​

$

2,042

Total financial assets

​

$

2,042

​

$

—

​

$

—

​

$

2,042

​

​

​

​

​

​

​

​

​

​

​

​

​

Convertible debt subject to credit risk analysis

​

$

—

​

$

11,729

​

$

—

​

$

11,729

Series P Preferred Stock liability

​

​

—

​

​

—

​

​

2,550

​

​

2,550

Total financial liabilities

​

$

—

​

$

11,729

​

$

2,550

​

$

14,279

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

As of December 31, 2025

(in thousands)

​

Level 1

​ ​ ​

Level 2

​ ​ ​

Level 3

​ ​ ​

Total

Money market funds

​

$

174

​

$

—

​

$

—

​

$

174

Total financial assets

​

$

174

​

$

—

​

$

—

​

$

174

​

​

​

​

​

​

​

​

​

​

​

​

​

Convertible debt subject to credit risk analysis

​

$

—

​

$

8,923

​

$

—

​

$

8,923

Total financial liabilities

​

$

—

​

$

8,923

​

$

—

​

$

8,923

Schedule of changes in Series P Preferred Stock liability

The following table presents the roll-forward of the Series P Preferred Stock liability balance for the three months ended March 31, 2026 (in thousands):

​	​	​	​
(in thousands)	​	Amount
Balance at December 31, 2025	​	$	—
Initial recognition	​	​	2,791
Change in fair value	​	​	(241)
Balance at March 31, 2026	​	$	2,550

X

- References

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- Definition

Tabular disclosure of the components of cash and cash equivalents.

+ References

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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Tabular disclosure of the nature and terms of the financial instruments and the rights and obligations embodied in those instruments, information about settlement alternatives, if any, in the contract and identification of the entity that controls the settlement alternatives including: a. The amount that would be paid, or the number of shares that would be issued and their fair value, determined under the conditions specified in the contract if the settlement were to occur at the reporting date b. How changes in the fair value of the issuer's equity shares would affect those settlement amounts (for example, "the issuer is obligated to issue an additional x shares or pay an additional y dollars in cash for each $1 decrease in the fair value of one share") c. The maximum amount that the issuer could be required to pay to redeem the instrument by physical settlement, if applicable d. The maximum number of shares that could be required to be issued, if applicable e. That a contract does not limit the amount that the issuer could be required to pay or the number of shares that the issuer could be required to issue, if applicable f. For a forward contract or an option indexed to the issuer's equity shares, the forward price or option strike price, the number of issuer's shares to which the contract is indexed, and the settlement date or dates of the contract, as applicable. g. The components of the liability that would otherwise be related to shareholders' interest and other comprehensive income (if any) subject to the redemption feature (for example, par value and other paid in amounts of mandatorily redeemable instruments are disclosed separately from the amount of retained earnings or accumulated deficit).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481648/480-10-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481648/480-10-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481648/480-10-50-2

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