Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 97,860 $ 100,587
Accounts receivable, net of allowance for credit losses of $113 as of March 31, 2026 and December 31, 2025 474 300
Digital currencies 73 96
Prepaid expenses and other current assets 675 19,164
Total current assets 99,082 120,147
Non-current assets:    
Property and equipment, net 9 11
Right-of-use asset, net 477 552
Other assets 158 158
Total non-current assets 644 721
Total assets 99,726 120,868
Current liabilities:    
Accounts payable 2,632 1,070
Accrued expenses 148 19,905
Deferred revenue 1,515 1,386
Lease liability 350 342
PhunCoin subscription payable 1,202 1,202
Total current liabilities 5,847 23,905
Deferred revenue 457 369
Lease liability 187 277
Total noncurrent liabilities 644 646
Total liabilities 6,491 24,551
Commitments and contingencies (see Note 6)
Stockholders' equity    
Common stock, $0.0001 par value, 1,000,000,000 shares authorized; 20,197,456 shares issued and 20,187,326 shares outstanding as of September 30, 2025 and 20,166,665 shares issued and 20,156,535 shares outstanding as of December 31, 2024 2 2
Treasury stock (502) (502)
Additional paid-in capital 421,650 421,538
Accumulated deficit (327,915) (324,721)
Total stockholders' equity 93,235 96,317
Total liabilities and stockholders' equity $ 99,726 $ 120,868