XML 12 R6.htm IDEA: XBRL DOCUMENT v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (125,404,384) $ (3,752,972)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization   1,361
Accretion of marketable securities (136,741)  
Stock-based compensation expense 8,710,302 297,229
Changes in fair value of the warrant liability 109,360,630  
Changes in operating assets and liabilities    
Prepaid expenses and other current assets (218,488) 272,097
Accounts payable 1,465,073 (967,898)
Accrued expenses and other current liabilities 796,544 78,223
Net cash used in operating activities (5,427,064) (4,071,960)
Cash flows from investing activities:    
Purchase of marketable securities (45,294,104)  
Net cash used in investing activities (45,294,104) 0
Cash flows from financing activities:    
Proceeds from exercise of Tranche A warrants 1,200,000  
Costs paid in connection with private placements (90,875)  
Payment of deferred offering costs (30,000)  
Net cash provided by financing activities 1,079,125 0
Net decrease in cash, cash equivalents and restricted cash (49,642,043) (4,071,960)
Cash, cash equivalents and restricted cash    
Beginning of period 82,401,813 21,462,008
End of period 32,759,770 17,390,048
Reconciliation of the Condensed Consolidated Statements of Cash Flows to the Condensed Consolidated Balance Sheets    
Cash and cash equivalents 32,659,770 17,290,048
Restricted cash 100,000 100,000
Total cash, cash equivalents and restricted cash 32,759,770 $ 17,390,048
Supplemental disclosure of non-cash financing activities    
Deferred issuance costs included in accounts payable 104,320  
Deferred Offering Costs Included In Accrued Expenses And Other Current Liabilities 20,978  
Stock Issued $ 2,228,304