v3.25.4
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Current assets:      
Cash $ 3,009 $ 191 $ 142
Other receivables   45
Prepaid expenses and other current assets 214 69 146
Digital assets 972  
Total current assets 4,195 260 333
Property and equipment, net   2
Deferred offering costs 2,757 1,527
Other non-current assets 55 56 31
Total assets 4,250 3,073 1,893
Current liabilities:      
Accounts payable 6,982 4,954 3,993
Excise tax payable 1,957  
Accrued liabilities 7,848 3,968 2,351
Due to related party 41  
Convertible debt payable 4,281 45,921 38,185
Promissory notes 1,045 910 849
PPP loan 1,386 1,376 1,362
Total current liabilities 23,540 57,129 46,740
Total liabilities 38,210 57,129 46,740
Commitments and Contingencies  
Warrant liabilities 311  
Loans payable - related party at fair value 14,359  
Convertible Preferred Stock:      
Total convertible preferred stock 65,149  
Stockholders’ deficit:      
Common stock, value
Additional paid-in-capital 118,254 5,753 5,732
Accumulated deficit (152,214) (124,958) (115,728)
Total stockholders’ deficit (33,960) (119,205) [1] (109,996)
Total liabilities, convertible preferred stock and stockholders’ deficit 4,250 3,073 1,893
Series A convertible preferred stock      
Convertible Preferred Stock:      
Convertible preferred stock, value 5,231 5,231
Series B convertible preferred stock      
Convertible Preferred Stock:      
Convertible preferred stock, value 13,701 13,701
Series C convertible preferred stock      
Convertible Preferred Stock:      
Convertible preferred stock, value 46,217 46,217
Total convertible preferred stock   65,149 $ 65,149
Undesignated preferred stock      
Stockholders’ deficit:      
Preferred stock, value  
[1] Retroactively restated for the Reverse Stock Split as described in Note 2 and the reverse recapitalization as described in Note 3.