0001104659-26-062611 | 10-Q | XBRL Viewer

COMMON STOCK AND WARRANTS (Tables)

3 Months Ended

Mar. 31, 2026


		2025 Pre-funded Warrants		2025 Stapled Warrants		Base Advisor Warrants		2022 Public Warrants		2025 Common Warrants		Other Equity Warrants		Total
Classification		Equity⁽¹⁾		Equity⁽¹⁾		Equity⁽¹⁾		Liability		Liability		Equity⁽¹⁾
Exercise Price ($)		0.001		10.134		0.001		6.756		47.55		Various⁽²⁾
Expiration Date		N/A		Various⁽⁵⁾		Oct-30		Aug-2027		Dec-2027		Various⁽³⁾
Balance at December 31, 2024		-		-		-		804		-		7,807		8,611
Issuances		-		-		-		-		-		8,281		8,281
Exercises		-		-		-		-		-		(3,072)		(3,072)
Expirations		-		-		-		-		-		(2)		(2)
Balance at March 31, 2025		-		-		-		804		-		13,014		13,818
Issuances		36,261,239		73,941,196		7,394,119		-		293,235		24,550		117,914,339
Exercises		(3,269,896)		-		-		(187)		(293,233)		(28,122)		(3,591,438)
Exercised but not issued⁽⁴⁾		(2,298,075)		-		-		-		-		-		(2,298,075)
Expirations		-		-		-		-		-		(485)		(485)
Balance at December 31, 2025		30,693,268		73,941,196		7,394,119		617		2		8,957		112,038,159
Exercises		(10,527,247)		-		-		-		-		-		(10,527,247)
Expirations		-		-		-		-		-		(1)		(1)
Balance at March 31, 2026		20,166,021		73,941,196		7,394,119		617		2		8,956		101,510,911

(1)

The Company’s outstanding equity-classified warrants as of March 31, 2026 have a weighted average exercise price of $7.44.

(2)

Exercise prices for outstanding other equity warrants as of March 31, 2026 range from $563.25 to $1,856.25 per share of Class A common stock exercised.

(3)

Expiration dates for outstanding other equity warrants as of March 31, 2026 range from April 2027 to April 2030.

(4)

As of December 31, 2025, the Company received formal notice of exercise from the holder and shares were issued in January 2026.

(5)

The Cash Stapled Warrants have an expiration of June 2028 and the Cryptocurrency Stapled Warrants have an expiration of July 2028

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (99,799)	$ (3,838)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Class A Common Stock	Additional Paid-In Capital	Treasury Stock	Shares to be issued	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Beginning Balance, Shares at Dec. 31, 2024	4,936
Beginning Balance at Dec. 31, 2024		$ 172,425			$ (171,699)	$ 333	$ 1,059
Issuance of common stock in ATM, Shares	124
Issuance of common stock in ATM		67					67
Issuance of common stock warrants in public offering, Shares	3,072			3,572
Issuance of common stock warrants in public offering		1,578		$ 1,843			3,421
Stock-based compensation		622					622
Other comprehensive income (loss)						(51)	(51)
Net loss					(3,838)		(3,838)
Ending Balance, Shares at Mar. 31, 2025	8,132			3,572
Ending Balance at Mar. 31, 2025		174,692		$ 1,843	(175,537)	282	1,280
Beginning Balance, Shares at Dec. 31, 2024	4,936
Beginning Balance at Dec. 31, 2024		172,425			(171,699)	333	1,059
Repurchases of common stock							$ 0
Ending Balance, Shares at Dec. 31, 2025	43,744,207						43,744,207
Ending Balance, Shares at Dec. 31, 2025							0
Ending Balance at Dec. 31, 2025	$ 44	513,719			(212,589)	(261)	$ 300,913
Repurchases of common stock, Shares			1,603,971
Repurchases of common stock			$ (3,524)				(3,524)
Exercise of warrants, Shares	12,820,872
Exercise of warrants	$ 13	(13)
Stock-based compensation		90					90
Other comprehensive income (loss)						217	217
Net loss					(99,799)		$ (99,799)
Ending Balance, Shares at Mar. 31, 2026	56,565,079						54,961,108
Ending Balance, Shares at Mar. 31, 2026			1,603,971				1,603,971
Ending Balance at Mar. 31, 2026	$ 57	$ 513,796	$ (3,524)		$ (312,388)	$ (44)	$ 197,897

DIGITAL ASSETS RECEIVABLE - Summary (Details)	3 Months Ended
DIGITAL ASSETS RECEIVABLE - Summary (Details)	Mar. 31, 2026 item
DIGITAL ASSETS RECEIVABLE
2026	98,800
2027	116,111
2028	5,818
Total	220,729
Digital asset receivables, percentage of total assets	9.10%

DIGITAL ASSETS

3 Months Ended

Mar. 31, 2026

DIGITAL ASSETS

DIGITAL ASSETS

3. DIGITAL ASSETS

As of March 31, 2026, the Company’s holdings of digital assets were concentrated to two custodians the Company uses to custody digital assets, including unrestricted SOL (“Unlocked SOL”), which unless qualified otherwise, shall only refer to unrestricted SOL tokens that are readily transferable on-chain on the Solana network or staked SOL subject to the normal unbonding period and restricted SOL subject to contractual lock-up (“Locked SOL”). The Company primarily holds SOL at custodians but may also hold cash and cash equivalents and as of March 31, 2026, the Company held $0.6 million in fiat currency at custodians. The Company does not hold a significant portion of digital assets at an exchange. As of March 31, 2026, the Company held less than 1% of the total supply of SOL.

Digital Assets Subject to Lock-up Schedules

Certain digital assets, digital assets receivable and digital assets underlying equity investments are subject to sale restrictions through lock-up schedules typically associated with lock-up agreements with digital asset foundations such as the Solana Foundation.

Locked SOL that are held directly in the Company’s custodial digital asset wallets are recorded as digital assets, restricted on the consolidated balance sheets, and include the Locked SOL contributed to the Company as part of the September 2025 private placement (“Locked PIPE SOL”), see Note 7 for additional details. The underlying restricted SOL for the Locked PIPE SOL unlock on a monthly basis in relatively even intervals and amounts through January 2028.

The following table presents the quantity of tokens that will unlock for the Company’s Locked PIPE SOL summarized by year as of March 31, 2026:


		Locked PIPE SOL
2026		107,141
2027		159,313
2028		17,034
Total		283,488

Staked Digital Assets

The Company has staked the majority of its digital assets as of March 31, 2026 as shown in the table below. The Company’s ability to sell or transfer staked digital assets is subject to restrictions related to the unbonding period on the blockchain. As of March 31, 2026, all the Company’s staked digital assets were SOL and were staked on the Solana network and the unbonding period is between 2 and 3 days.

Digital Asset Holdings

The following table presents the Company's digital assets holdings as of March 31, 2026:


	Quantity	Quantity Staked	Cost Basis (in thousands)		Fair Value (in thousands)
SOL	1,787,639	1,170,346	$	388,250	$	148,587
Locked PIPE SOL	283,488	283,488		61,534		23,564
Total digital assets	2,071,127	1,453,834	$	449,784	$	172,151

The Company’s digital asset holdings represent 85.8% of the Company’s total assets as of March 31, 2026. The following table presents a roll-forward of digital assets fair value for the three months ended March 31, 2026 (in thousands):


	Fair Value
	SOL		Locked PIPE SOL		Total
Fair Value as of December 31, 2025	$	217,724	$	39,219	$	256,943
Sales		(5,452)		-		(5,452)
Staking rewards		2,631		455		3,086
Restricted SOL unlocked		11,758		(7,709)		4,049
Losses⁽¹⁾		(78,074)		(8,401)		(86,475)
Fair value as of March 31, 2026	$	148,587	$	23,564	$	172,151

(1)

Includes realized losses of $7.0 million for the three months ended March 31, 2026. Does not include losses from digital assets receivable or digital asset fund investment.

COMMON STOCK AND WARRANTS

3 Months Ended

Mar. 31, 2026

COMMON STOCK AND WARRANTS

COMMON STOCK AND WARRANTS

7. COMMON STOCK AND WARRANTS

Stock Repurchase Program

On November 3, 2025, the Company’s Board of Directors (the “Board”) approved a stock repurchase program for the purchase of up to $100 million of the Company’s outstanding Class A common stock (the “Stock Repurchase Program”). Repurchases of Class A common stock may be made in the open market (including through Rule 10b-18 compliant transactions), in privately negotiated transactions, in block trades, through one or more accelerated share repurchase transactions, through one or more trading plans intended to comply with Rule 10b5-1, through tender offers, or by any combination of the foregoing. The Company may determine the timing, amount and method of repurchases based on market conditions, share price, legal and regulatory requirements, and other considerations in its sole discretion. The Stock Repurchase Program does not obligate the Company to repurchase any specific number of shares and may be modified, suspended or terminated at any time.

As of March 31, 2026 and December 31, 2025, the Company held 1,603,971 and zero shares, respectively, of its Class A common stock in treasury, and purchased at a total cost of $3.5 million and zero dollars, respectively.

September 2025 Private Placements

On September 15, 2025, the Company entered into a securities purchase agreement (the “Cash Purchase Agreement”) with certain investors (the “Cash Purchasers”) pursuant to which the Company sold, in a private placement (the “Cash Offering”), an aggregate offering of (i) 38,049,663 shares (the “Cash Shares”) of Class A common stock at an offering price of $6.881 per Cash Share (the “Per Share Cash Purchase Price”); and 36,261,239 pre-funded warrants (the “Cash Pre-Funded Warrants”) to purchase shares of Class A common stock (the “Cash Pre-Funded Warrant Shares”) at the Per Share Cash Purchase Price less $0.001 per Cash Pre-Funded Warrant, and (ii) 73,941,196 stapled warrants (the “Cash Stapled Warrants”) to purchase shares of Class A common stock (the “Cash Stapled Warrant Shares”) at an exercise price of $10.134 per Cash Stapled Warrant. In the Cash Offering, the Cash Purchasers tendered any of U.S. dollars, USD Coin (“USDC”) or Tether (“USDT”) (or a combination thereof) to the Company as consideration for the Cash Shares, Cash Stapled Warrants and Cash Pre-Funded Warrants.

On September 15, 2025, the Company also entered into securities purchase agreements (the “Cryptocurrency Purchase Agreements,” and together with the Cash Purchase Agreements, the “Purchase Agreements”) with certain investors (the “Cryptocurrency Purchasers,” and together with the Cash Purchasers, the “Purchasers”) pursuant to which the Company agreed to sell to the Cryptocurrency Purchasers in a private placement (the “Cryptocurrency Offering,” and together with the Cash Offering, the “2025 PIPE Offerings”) (i) pre-funded warrants to purchase shares of Class A common stock at an offering price of $6.881 less $0.001 (the “Cryptocurrency Pre-Funded Warrants” and together with the Cash Pre-Funded Warrants, the “2025 Pre-Funded Warrants”) and (ii) stapled warrants (the “Cryptocurrency Stapled Warrants,” and together with the Cash Stapled Warrants, the “2025 Stapled Warrants”) at an exercise price of $10.134. In the Cryptocurrency Offering, the Cryptocurrency Purchasers tendered Locked SOL to the Company as consideration for the Cryptocurrency Pre-Funded Warrants and the Cryptocurrency Stapled Warrants.

Clear Street LLC (“Clear Street”) served as lead placement agent and Maxim Group LLC (“Maxim”) served as co-placement agents in the 2025 PIPE Offerings, pursuant to the terms of a placement agency agreement and received aggregate compensation of $11.1 million. Clear Street was also issued 369,706 shares of the Company’s Class A common stock. The Company recorded non-cash financing offering costs of $8.6 million on the statement of operations based on the Company’s closing stock price of $23.17 on the 2025 PIPE Offerings closing date.

The aggregate gross proceeds to the Company were $508.8 million including $119 million in contributed digital assets comprised of $75.6 million of Locked PIPE SOL, $34.3 million of USDC and $9.1 million of USDT, resulting in net cash proceeds of $374.9 million after deducting placement agent fees and other cash offering expenses of $14.9 million.

September 2025 Advisory Warrants

On September 15, 2025, the Company entered into a Strategic Advisory Agreement (the “Strategic Advisory Agreement”) with Pantera Capital Management LP, a Delaware limited partnership (“Pantera”) and Summer Wisdom Holdings Limited (“Summer” and with Pantera, the “Advisors”). In connection with the closing of the 2025 PIPE Offerings, on September 18, 2025, the Company issued warrants to purchase 5,175,883 shares of Class A common stock to Pantera (the “Pantera Base Advisor Warrants”) and (ii) warrants to purchase 2,218,236 shares of Class A common stock to Summer (the “Summer Base Advisor Warrants” and together with the Pantera Base Advisor Warrants, the “Base Advisor Warrants”). Upon the exercise of each Stapled Warrant, each of Pantera and Summer shall receive an additional grant of warrants to purchase an amount of shares of Class A common stock equal to their respective portion of 5% of the shares of Class A common stock issued upon such exercise (the Performance Advisor Warrants, and together with the Base Advisor Warrants, the “Advisor Warrants”). The exercise price per share of the Advisor Warrants shall be equal to $0.001 per underlying share of Class A common stock. The Company recorded $171.3 million in non-cash financing costs, determined using a Black Scholes model, on the statement of operations for the period ended December 31, 2025. Based on the exercise price of $0.001, the Black Scholes value was effectively the same as the Company’s stock price of $23.17 as of the date of closing of the 2025 PIPE Offerings.

Pursuant to the Strategic Advisory Agreement, Pantera and Summer agreed not to sell, transfer, pledge, hedge, or otherwise dispose of any shares underlying the Strategic Advisory Warrants for 180 days after the closing of the 2025 PIPE Offerings (the “Advisor Lock-Up Period”), except (i) transfers to affiliates that agree in writing to be bound by the remainder of the Advisor Lock-Up Period, or (ii) with the Company’s prior written consent.

Warrant inducement

On January 21, 2025, the Company entered into warrant exercise inducement offer letters (the “Inducement Letters”) with certain holders (the “Holders”) of its existing 2024 Public Warrants to purchase shares of the Company’s Class A common stock (the “Existing Warrants”), pursuant to which the Holders agreed to exercise for cash their Existing Warrants to purchase an aggregate of 6,628 shares of the Company’s Class A common stock, in the aggregate, at a reduced exercise price of $563.25 per share, in exchange for the Company’s agreement to issue new Series C Warrants and Series D Warrants (the “Inducement Warrants”) on substantially the same terms as the Existing Warrants described below, to purchase up to 8,281 shares of the Company’s Class A common stock (the “Inducement Warrant Shares”). The Company received aggregate gross proceeds of approximately $3.7 million from the exercise of the Existing Warrants by the Holders. The Company engaged Roth Capital Partners, LLC (“Roth”) to act as its financial advisor with the transactions summarized above and has paid Roth $0.2 million for its services, in addition to reimbursement for certain expenses along with other legal and regulatory expenses of $0.1 million resulting in net proceeds of $3.4 million and non-cash share issuance costs of $1.0 million and $3.1 million related to the modification of the Existing Warrants and issuance of the Inducement Warrants, respectively. As of March 31, 2025, 3,572 shares (the “Abeyance Shares”) from the exercised Existing Warrants that were held in abeyance due to the ownership limitations from the warrant agreements have been issued at the direction of the Holders.

On April 21, 2025, stockholder approval was obtained for the issuance of the Inducement Warrants at the Company’s annual meeting of stockholders.

2025 At-The-Market Offering

On September 15, 2025, the Company entered into a Sales Agreement (the “2025 Sales Agreement”) with Clear Street and Maxim, as co-sales agents, to create an at-the-market offering program (the “2025 ATM”) under which the Company may offer and sell shares with an aggregate offering price of up to $92.8 million. Clear Street and Maxim are entitled to a fixed commission rate equal to up to 3% of the gross proceeds pursuant to the 2025 Sales Agreement. During the three months ended March 31, 2026 and 2025, no shares were sold under the 2025 ATM.

2023 At-The-Market Offering

On June 23, 2023, the Company entered into a Sales Agreement (the “2023 Sales Agreement”) with Roth to create an at-the-market offering program (the “2023 ATM”) under which the Company may offer and sell shares with an aggregate offering price of up to $2.0 million. Roth is entitled to a fixed commission rate equal to up to 3% of the gross proceeds pursuant to the 2023 Sales Agreement. On July 7, 2025, the Company filed a prospectus supplement that amended and supplemented the prior prospectus supplements related to the 2023 ATM to increase the maximum offering size to $25.0 million. During the three months ended March 31, 2026 and 2025, the Company sold zero and 124 shares, respectively, generating net proceeds after commissions of $0 and $74.5 thousand after deducting $2.5 thousand in commissions and fees, respectively.

The following table provides a roll-forward of the number of shares of Class A common stock underlying warrants issued during the three months ended March 31, 2026 and the three months ended March 31, 2025:


		2025 Pre-funded Warrants		2025 Stapled Warrants		Base Advisor Warrants		2022 Public Warrants		2025 Common Warrants		Other Equity Warrants		Total
Classification		Equity⁽¹⁾		Equity⁽¹⁾		Equity⁽¹⁾		Liability		Liability		Equity⁽¹⁾
Exercise Price ($)		0.001		10.134		0.001		6.756		47.55		Various⁽²⁾
Expiration Date		N/A		Various⁽⁵⁾		Oct-30		Aug-2027		Dec-2027		Various⁽³⁾
Balance at December 31, 2024		-		-		-		804		-		7,807		8,611
Issuances		-		-		-		-		-		8,281		8,281
Exercises		-		-		-		-		-		(3,072)		(3,072)
Expirations		-		-		-		-		-		(2)		(2)
Balance at March 31, 2025		-		-		-		804		-		13,014		13,818
Issuances		36,261,239		73,941,196		7,394,119		-		293,235		24,550		117,914,339
Exercises		(3,269,896)		-		-		(187)		(293,233)		(28,122)		(3,591,438)
Exercised but not issued⁽⁴⁾		(2,298,075)		-		-		-		-		-		(2,298,075)
Expirations		-		-		-		-		-		(485)		(485)
Balance at December 31, 2025		30,693,268		73,941,196		7,394,119		617		2		8,957		112,038,159
Exercises		(10,527,247)		-		-		-		-		-		(10,527,247)
Expirations		-		-		-		-		-		(1)		(1)
Balance at March 31, 2026		20,166,021		73,941,196		7,394,119		617		2		8,956		101,510,911

(1)

The Company’s outstanding equity-classified warrants as of March 31, 2026 have a weighted average exercise price of $7.44.

(2)

Exercise prices for outstanding other equity warrants as of March 31, 2026 range from $563.25 to $1,856.25 per share of Class A common stock exercised.

(3)

Expiration dates for outstanding other equity warrants as of March 31, 2026 range from April 2027 to April 2030.

(4)

As of December 31, 2025, the Company received formal notice of exercise from the holder and shares were issued in January 2026.

(5)

The Cash Stapled Warrants have an expiration of June 2028 and the Cryptocurrency Stapled Warrants have an expiration of July 2028

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 14
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

COMMON STOCK AND WARRANTS - Summary of roll-forward of number of shares of common stock underlying warrants issued (Details) - $ / shares	3 Months Ended		9 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Number of Warrants, Outstanding	112,038,159	8,611	13,818
Number of warrant issuances		8,281	117,914,339
Number of warrant exercises	(10,527,247)	(3,072)	(3,591,438)
Number of warrant exercised but not issued			(2,298,075)
Number of warrant expirations	(1)	(2)	(485)
Number of Warrants, Outstanding	101,510,911	13,818	112,038,159
2025 Pre-funded Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Warrant exercisable price per share	$ 0.001
Number of Warrants, Outstanding	30,693,268
Number of warrant issuances			36,261,239
Number of warrant exercises	(10,527,247)		(3,269,896)
Number of warrant exercised but not issued			(2,298,075)
Number of Warrants, Outstanding	20,166,021		30,693,268
2025 Stapled Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Warrant exercisable price per share	$ 10.134
Number of Warrants, Outstanding	73,941,196
Number of warrant issuances			73,941,196
Number of Warrants, Outstanding	73,941,196		73,941,196
Base Advisor Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Warrant exercisable price per share	$ 0.001
Number of Warrants, Outstanding	7,394,119
Number of warrant issuances			7,394,119
Number of Warrants, Outstanding	7,394,119		7,394,119
2022 Public Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Warrant exercisable price per share	$ 6.756
Number of Warrants, Outstanding	617	804	804
Number of warrant exercises			(187)
Number of Warrants, Outstanding	617	804	617
Equity-classified Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Warrant exercisable price per share	$ 47.55
Number of Warrants, Outstanding	2
Number of warrant issuances			293,235
Number of warrant exercises			(293,233)
Number of Warrants, Outstanding	2		2
Other Equity Warrants
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Warrant exercisable price per share	$ 7.44
Number of Warrants, Outstanding	8,957	7,807	13,014
Number of warrant issuances		8,281	24,550
Number of warrant exercises		(3,072)	(28,122)
Number of warrant expirations	(1)	(2)	(485)
Number of Warrants, Outstanding	8,956	13,014	8,957
Other Equity Warrants \| Minimum
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Warrant exercisable price per share	$ 563.25
Other Equity Warrants \| Maximum
COMMON STOCK, PREFERRED STOCK AND WARRANTS
Warrant exercisable price per share	$ 1,856.25

RELATED PARTIES

3 Months Ended

Mar. 31, 2026

RELATED PARTIES.

RELATED PARTIES

10. RELATED PARTIES

Strategic Advisory Agreement

In connection with the 2025 PIPE Offerings, the Company entered into the Strategic Advisory Agreement with Pantera and Summer. Under the terms of the agreement, the Advisors will provide strategic advisory services in connection with the expansion and diversification of the Company’s core business through integration of cryptocurrency and digital asset strategies in its product offerings and as part of its SOL treasury management strategy for two years. As consideration for these services, Pantera and Summer received the Advisor Warrants to purchase shares of the Company’s Class A common stock as discussed in more detail in Note 8.

During the three months ended March 31, 2026 the Company recognized pass-through expenses from Summer of $6 thousand, which is permissible under the Strategic Advisory Agreement and is classified under selling, general and administrative operating expense in the statement of operations. As of March 31, 2026 the Company has a balance of $6 thousand in accrued and other current liabilities due to Summer to reimburse Summer for expenses attributable to the Company under the Strategic Advisory Agreement.

Trading Advisory Agreement

In connection with the 2025 PIPE Offerings, the Company entered into a Trading Advisory Agreement (the “Trading Advisory Agreement”) with Pantera, pursuant to which the Company engaged Pantera to manage the investment of substantially all of Company’s digital assets, digital asset derivatives, cash and other assets for an initial term of ten (10) years, which term automatically renews for successive periods of one (1) year each, subject to the mutual agreement of the Company and Pantera. The management fees pursuant to the Trading Advisory Agreement shall be equal to: (a) 1.0%, if the Client’s Assets Under Management is less than or equal to $1 billion, (b) 0.75% per annum of assets under management (“AUM”) if AUM is more than $1 billion but less than or equal to $5 billion and (c) 0.50% per annum of AUM if AUM is more than $5 billion.

During the three months ended March 31, 2026 the Company recognized $0.6 million in trading advisory fees in connection with the Trading Advisory Agreement for the management fee for Company AUM by Pantera and is classified under selling, general and administrative operating expense in the statement of operations. As of March 31, 2026 the Company has a balance of $0.2 million in accounts payable due to Pantera under the Trading Advisory Agreement.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

FAIR VALUE MEASUREMENTS - Digital assets to fair value measurements (Details) $ in Thousands	Mar. 31, 2026 USD ($) $ / item	Dec. 31, 2025 USD ($)
FAIR VALUE MEASUREMENTS
Fair Value, SOL	$ 148,587
Fair Value, Total digital Assets	$ 172,151	$ 256,943
Price per SOL \| $ / item	83.12
Locked PIPE SOL
FAIR VALUE MEASUREMENTS
Digital intangible assets, restricted	$ 23,564
Fair Value, Total digital Assets	23,564	$ 39,219
Fair value measurements on a recurring basis \| Fair Value
FAIR VALUE MEASUREMENTS
Fair Value, SOL	148,587
Fair Value, Total digital Assets	193,802
Fair value measurements on a recurring basis \| Fair Value \| Locked PIPE SOL
FAIR VALUE MEASUREMENTS
Digital intangible assets, restricted	23,564
Fair value measurements on a recurring basis \| Fair Value \| Locked SOL
FAIR VALUE MEASUREMENTS
Digital intangible assets, restricted	18,347
Fair value measurements on a recurring basis \| Fair Value \| Fund Locked SOL
FAIR VALUE MEASUREMENTS
Digital intangible assets, restricted	3,304
Fair value measurements on a recurring basis \| Level 1 \| Fair Value
FAIR VALUE MEASUREMENTS
Fair Value, SOL	148,587
Fair Value, Total digital Assets	172,151
Fair value measurements on a recurring basis \| Level 1 \| Fair Value \| Locked PIPE SOL
FAIR VALUE MEASUREMENTS
Digital intangible assets, restricted	23,564
Fair value measurements on a recurring basis \| Level 2 \| Fair Value
FAIR VALUE MEASUREMENTS
Fair Value, Total digital Assets	21,651
Fair value measurements on a recurring basis \| Level 2 \| Fair Value \| Locked SOL
FAIR VALUE MEASUREMENTS
Digital intangible assets, restricted	18,347
Fair value measurements on a recurring basis \| Level 2 \| Fair Value \| Fund Locked SOL
FAIR VALUE MEASUREMENTS
Digital intangible assets, restricted	$ 3,304

DIGITAL ASSETS (Tables)

3 Months Ended

Mar. 31, 2026

DIGITAL ASSETS

Schedule of the Company's Locked PIPE SOL summarized by year


		Locked PIPE SOL
2026		107,141
2027		159,313
2028		17,034
Total		283,488

Schedule of the Company's digital assets holdings


	Quantity	Quantity Staked	Cost Basis (in thousands)		Fair Value (in thousands)
SOL	1,787,639	1,170,346	$	388,250	$	148,587
Locked PIPE SOL	283,488	283,488		61,534		23,564
Total digital assets	2,071,127	1,453,834	$	449,784	$	172,151

Schedule of roll-forward of digital assets fair value


	Fair Value
	SOL		Locked PIPE SOL		Total
Fair Value as of December 31, 2025	$	217,724	$	39,219	$	256,943
Sales		(5,452)		-		(5,452)
Staking rewards		2,631		455		3,086
Restricted SOL unlocked		11,758		(7,709)		4,049
Losses⁽¹⁾		(78,074)		(8,401)		(86,475)
Fair value as of March 31, 2026	$	148,587	$	23,564	$	172,151

(1)

Includes realized losses of $7.0 million for the three months ended March 31, 2026. Does not include losses from digital assets receivable or digital asset fund investment.

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
INCOME TAXES
Effective tax rate	0.00%		0.00%
Statutory tax rate	21.00%
Income tax expense or benefit	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2026
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the unaudited condensed consolidated financial statements of the Company as of March 31, 2026 and for the three months ended March 31, 2026 and 2025. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results for the full year ending December 31, 2026 or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related disclosures of the Company as of December 31, 2025 and for the year then ended, which were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 31, 2026 (the “2025 Form 10-K”).
Accounting Estimates	Accounting Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions. Within this report, certain dollar amounts and percentages have been rounded to their approximate values.
Reclassifications	Reclassifications Certain amounts recorded in the prior period consolidated financial statements have been reclassified to conform to the current period financial statement presentation. These reclassifications had no effect on previously reported operating results.
Reverse Stock Splits	Reverse Stock Splits On April 21, 2025, at the annual meeting of stockholders the stockholders of the Company approved a potential reverse stock split at a ratio of 1-to-2 to 1-to-30. The Board subsequently approved a reverse stock split of 1-for-15, which became effective on May 2, 2025 (the “May 2025 Reverse Stock Split”). On May 23, 2025, at a special meeting of stockholders the stockholders of the Company approved a potential reverse stock split at a ratio of 1-to-2 to 1-to-250. The Board subsequently approved a reverse stock split of 1-for-50, which became effective on July 1, 2025 (the “July 2025 Reverse Stock Split” and together with the May 2025 Reverse Stock Split, the “Reverse Stock Splits”). All issued and outstanding Class A common stock and per share amounts contained in the consolidated financial statements have been retroactively adjusted to reflect the Reverse Stock Splits for all periods presented. In addition, a proportionate adjustment was made to the per share exercise price and the number of shares issuable upon the exercise of all outstanding stock options and warrants to purchase shares of Class A common stock. A proportionate adjustment was also made to the number of shares reserved for issuance pursuant to the Company’s equity incentive compensation plans to reflect the Reverse Stock Splits. Any fraction of a share of Class A common stock that was created as a result of the Reverse Stock Splits was rounded down to the next whole share and stockholders received cash settlement equal to the market value of the fractional share, determined by multiplying such fraction by the closing sales price of the Company’s Class A common stock as reported on Nasdaq on the last trading day before the Reverse Stock Splits effective dates. The authorized shares and par value of the Class A common stock and preferred stock were not adjusted as a result of the Reverse Stock Splits.
Treasury Stock	Treasury Stock The Company accounts for treasury stock using the cost method.
Segment Information	Segment Information Operating segments are components of an enterprise for which separate financial information is available and are evaluated regularly by the Company’s chief operating decision maker (“CODM”) in deciding how to allocate resources and assessing performance. The Company’s CODM is its Executive Chairman. The Company’s Executive Chairman views the Company’s operations and manages its business based solely on consolidated financial results and does not evaluate these operating segments separately, therefore, the Company has a single reporting segment and the determination of the single segment is consistent with the information provided to the CODM. The CODM reviews assets as presented on the consolidated balance sheets and reviews significant segment expenses in the same manner that they are reviewed on the consolidated statement of operations and comprehensive loss.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires interim and annual tabular disclosure of disaggregated information for certain income statement expense captions. Specific expense categories required to be disclosed quantitatively include inventory purchases, employee compensation, depreciation, and intangible asset amortization, as well as other specified expense categories currently disclosed under existing disclosure requirements. Additionally, any remaining amounts that are not separately disaggregated are required to be described qualitatively. ASU 2024-03 also requires separate disclosure of total selling expenses incurred each reporting period, with annual disclosure of the entity's definition of selling expenses. The annual disclosures required by ASU 2024-03 are effective for the Company beginning in its fiscal year ending December 31, 2027, with interim disclosures effective beginning in its fiscal year ending December 31, 2028. The provisions of ASU 2024-03 are to be applied prospectively, although retrospective application is permitted. Early adoption is also permitted. The Company is currently evaluating the ASU to determine its impact on the Company’s disclosures.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

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-Paragraph 41
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- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DIGITAL ASSETS - Digital Asset Holdings (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) item	Dec. 31, 2025 USD ($)
Digital Assets
Number Of Quantity, SOL \| item	1,787,639
Number Of Quantity Staked, SOL \| item	1,170,346
Cost Basis, SOL	$ 388,250
Fair Value, SOL	$ 148,587
Digital assets, quantity \| item	2,071,127
Number of Quantity Staked, Total digital Assets \| item	1,453,834
Cost Basis, Total digital Assets	$ 449,784
Fair Value, Total digital Assets	172,151	$ 256,943
Cash and cash equivalents held at custodian	$ 600
Digital asset holdings, percentage of total assets	85.80%
Locked PIPE SOL
Digital Assets
Number Of Quantity, SOL, restricted \| item	283,488
Number Of Quantity Staked, SOL, restricted \| item	283,488
Cost Basis, SOL, restricted	$ 61,534
Fair Value, SOL, restricted	23,564
Fair Value, Total digital Assets	$ 23,564	$ 39,219
Maximum
Digital Assets
Unbonding period	3 days
Minimum
Digital Assets
Unbonding period	2 days

DIGITAL ASSETS - Digital Assets Subject to Lock-up Schedules (Details)	Mar. 31, 2026 item
DIGITAL ASSETS
Number of custodians	2
Locked PIPE SOL
DIGITAL ASSETS
2026	107,141
2027	159,313
2028	17,034
Total	283,488
Maximum
DIGITAL ASSETS
SOL held by the Company as a percentage of the total supply of SOL	1.00%

DIGITAL ASSETS RECEIVABLE

3 Months Ended

Mar. 31, 2026

DIGITAL ASSETS RECEIVABLE

DIGITAL ASSETS RECEIVABLE

4. DIGITAL ASSETS RECEIVABLE

The Company holds an ownership interest in Digital Assets Receivable, which entitles it to receive distributions of SOL as the underlying assets unlock in accordance with predetermined lock-up schedules applicable to the relevant pools. Digital Assets Receivable represents the Company’s pro rata entitlement to receive underlying SOL upon the expiration of contractual lock-up restrictions and does not constitute a debt instrument or financial receivable. The underlying restricted SOL tokens for Digital Assets Receivable is staked through protocol-based mechanisms, and the Company is entitled to receive the associated protocol-generated staking rewards attributable to each tranche of underlying SOL as such tranche unlocks.

The underlying restricted SOL for the Digital Assets Receivable unlock on a monthly basis in relatively even intervals and amounts through January 2028. The following table presents the quantity of tokens that the Company has a right to receive upon unlock of the Digital Assets Receivable summarized by year as of March 31, 2026:


		Digital Assets Receivable
2026		98,800
2027		116,111
2028		5,818
Total		220,729

The Company’s digital asset receivables represent 9.1% of the Company’s total assets as of March 31, 2026. The following table presents a roll-forward of Digital Assets Receivable fair value for the three months ended March 31, 2026 (in thousands):


	Digital Assets Receivable
Fair Value as of December 31, 2025	$	31,139
Staking rewards		331
Unrestricted SOL distributed		(3,421)
Net change in fair value		(9,702)
Fair value as of March 31, 2026	$	18,347

RELATED PARTIES - Strategic Advisory Agreement & Trading Advisory Agreement (Details) - USD ($) $ in Thousands		3 Months Ended
	Sep. 15, 2025	Mar. 31, 2026	Dec. 31, 2025
RELATED PARTIES
Accounts payable		$ 2,003	$ 1,890
Strategic Advisory Agreement \| Related Party
RELATED PARTIES
Term Of agreement		2 years
Strategic Advisory Agreement \| Reimbursement of expenses \| Related Party
RELATED PARTIES
Pass-through expenses		$ 6
Accounts payable		6
Trading Advisory Agreement \| Pantera Capital Management \| Related Party
RELATED PARTIES
Term Of agreement	10 years
Renewal term of the agreement	1 year
Trading advisory fees		600
Accounts payable		$ 200
Trading Advisory Agreement \| Pantera Capital Management \| Assets Managed Between 1 Billion To 5 Billion \| Related Party
RELATED PARTIES
Rate of management fees	0.75%
Trading Advisory Agreement \| Pantera Capital Management \| Assets Managed Between 1 Billion To 5 Billion \| Minimum \| Related Party
RELATED PARTIES
Management fees	$ 1,000,000
Trading Advisory Agreement \| Pantera Capital Management \| Assets Managed Between 1 Billion To 5 Billion \| Maximum \| Related Party
RELATED PARTIES
Management fees	$ 5,000,000
Trading Advisory Agreement \| Pantera Capital Management \| Assets Managed Less Than 1 Billion \| Related Party
RELATED PARTIES
Rate of management fees	1.00%
Management fees	$ 1,000,000
Trading Advisory Agreement \| Pantera Capital Management \| Assets Managed More Than 5 Billion \| Related Party
RELATED PARTIES
Rate of management fees	0.50%
Management fees	$ 5,000,000

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Condensed Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	800,000,000	800,000,000
Common stock, shares, issued (in shares)	56,565,079	43,744,207
Common stock, shares, outstanding (in shares)	54,961,108	43,744,207

BASIC AND DILUTED LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

BASIC AND DILUTED LOSS PER SHARE

Schedule of computation of basic and diluted loss per share

The table below presents the computation of basic and diluted loss per share (in thousands, except share and per share information):


	Three Months Ended
	March 31,
	2026			2025
Basic and diluted:
Net loss available to common stockholders	$	(99,799)		$	(3,838)
Weighted average common shares outstanding — ⁽¹⁾⁽²⁾		76,736,156			10,039
Loss per share	$	(1.30)		$	(382.29)

(1)

The weighted average number of common shares outstanding as of March 31, 2025 includes the Abeyance Shares from the exercise of the Existing Warrants, the exercise of which was fully paid by the Holders and requires no further consideration for the delivery of the shares of Class A common stock. Therefore, the Abeyance Shares are included in the computation of basic and diluted loss per share as of the exercise date. The Abeyance Shares were subsequently issued at the direction of the Holder.

(2)

In September 2025, in connection with the 2025 PIPE Offerings, the Company issued and sold 2025 Pre-funded Warrants exercisable for an aggregate of 36,261,239 shares of Class A common stock. The 2025 Pre-funded Warrants are included in the computation of basic and diluted loss per share as of the issuance date. Refer to Note 7 for additional information about the 2025 PIPE Offerings and the 2025 Pre-Funded Warrants.

Schedule of anti-dilutive securities


	Three Months Ended
	March 31,
	2026		2025
Stock options	221,949		3,635
Restricted stock units	1,117,838		—
Warrants	81,344,891		13,818

STOCK-BASED COMPENSATION - Nonvested Restricted Stock Unit Activity (Details) - Restricted stock units	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Nonvested restricted stock unit activity, Shares
Granted (in shares) \| shares	8,720
Vested (in shares) \| shares	(6,540)
Nonvested, end of period (in shares) \| shares	2,180
Nonvested restricted stock unit activity, Weighted Average Grant Date Fair Value
Granted (in dollars per share) \| $ / shares	$ 1.73
Vested (in dollars per share) \| $ / shares	1.73
Nonvested, end of period (in dollars per share) \| $ / shares	$ 1.73

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 12, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-38445
Entity Registrant Name	SOLANA COMPANY
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4787690
Entity Address, Address Line One	642 Newtown Yardley Road, Suite 100
Entity Address, City or Town	Newtown
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	18940
City Area Code	215
Local Phone Number	944-6100
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	HSDT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,386,675
Entity Central Index Key	0001610853
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

DIGITAL ASSETS FUND INVESTMENT

3 Months Ended

Mar. 31, 2026

DIGITAL ASSET FUND INVESTMENT

DIGITAL ASSETS FUND INVESTMENT

5. DIGITAL ASSET FUND INVESTMENT

For the three months ended March 31, 2026, the Company held a minority membership interest of approximately 1% in Digital Asset Fund Investment, which represents the Company’s pro rata entitlement to receive distributions of SOL as the underlying assets unlock in accordance with predetermined contractual lock-up schedules. The underlying SOL held by the fund is staked through protocol-based mechanisms, and the Company is entitled to receive its pro rata share of protocol-generated staking rewards attributable to each tranche of SOL as such tranche unlocks. Other than the distributions as the underlying SOL unlocks, our investment in the Digital Asset Fund Investment is not redeemable.

The underlying restricted SOL for the Digital Asset Fund Investment unlock on a monthly basis in relatively even intervals and amounts through January 2028. The following table presents the expected fund distribution of the Company’s pro rata share of the Digital Asset Fund Investment by calendar year as of March 31, 2026:


		Digital Asset Fund Investment
2026		18,149
2027		20,731
2028		874
Total		39,754

The following table presents the Company's Digital Asset Fund Investment holdings as of March 31, 2026:


	Cost Basis (in thousands)		Fair Value (in thousands)
Digital Asset Fund Investment	$	7,112	$	3,304

The following table presents a roll-forward of Digital Asset Fund Investment fair value for the three months ended March 31, 2026 (in thousands):


	Digital Asset Fund Investment
Fair Value as of December 31, 2025	$	5,617
Unrestricted SOL distributed		(628)
Net change in fair value		(1,685)
Fair value as of March 31, 2026	$	3,304

COMMON STOCK AND WARRANTS - September 2025 Advisor Warrants (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Sep. 15, 2025	Mar. 31, 2026	Sep. 18, 2025
September 2025 advisor warrants
COMMON STOCK AND WARRANTS
Common Stock exercise price	5.00%
Exercise price	$ 0.001	$ 0.001
Non-cash cost		$ 171.3
Offering price		$ 23.17
Pantera Base Advisor Warrants
COMMON STOCK AND WARRANTS
Shares of class A common stock purchasable with warrants			5,175,883
Advisor lock-up period	180 days
Summer Base Advisor Warrants
COMMON STOCK AND WARRANTS
Shares of class A common stock purchasable with warrants			2,218,236

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

FAIR VALUE MEASUREMENTS

Schedule of digital assets are subject to fair value measurements on a recurring basis



		Fair Value
		Level 1		Level 2		Level 3		Total
Assets:
SOL digital assets		$	148,587	$	—	$	—	$	148,587
SOL digital assets, restricted*			23,564		—		—		23,564
SOL digital assets receivable**			—		18,347		—		18,347
SOL digital assets fund investment**			—		3,304		—		3,304
Total assets		$	172,151	$	21,651	$	—	$	193,802

*Subject to contractual sales restriction. See Note 3.

**Underlying assets subject to contractual sales restriction. See Note 4 and 5.

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue
Staking revenue	$ 3,417
Other revenue	204	$ 49
Total revenue	3,621	49
Cost of revenue
Cost of revenue	180	121
Gross profit (loss)	3,441	(72)
Operating expenses
General and administrative expenses	5,189	3,939
Unrealized loss on digital assets and digital assets receivable	89,198
Realized loss on digital assets	6,987
Unrealized loss on digital assets fund investment	1,685
Total operating expenses	103,059	3,939
Loss from operations	(99,618)	(4,011)
Nonoperating income
Change in fair value of derivative liability		109
Other (expense) income	(181)	64
Nonoperating income, net	(181)	173
Loss before provision for income taxes	(99,799)	(3,838)
Provision for income taxes	0	0
Net loss	(99,799)	(3,838)
Other comprehensive loss
Foreign currency translation adjustments	217	(51)
Comprehensive loss	$ (99,582)	$ (3,889)
Loss per share
Basic (in dollars per share)	$ (1.3)	$ (382.29)
Diluted (in dollars per share)	$ (1.3)	$ (382.29)
Weighted average number of common shares outstanding
Basic (in shares)	76,736,156	10,039
Diluted (in shares)	76,736,156	10,039

COMMON STOCK AND WARRANTS - Stock Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Nov. 03, 2025
COMMON STOCK AND WARRANTS
Treasury stock, shares	1,603,971	0
Repurchases of common stock	$ 3,524	$ 0
Class A Common Stock \| Maximum
COMMON STOCK AND WARRANTS
Stock repurchase program, authorized amount			$ 100,000

BASIC AND DILUTED LOSS PER SHARE

3 Months Ended

Mar. 31, 2026

BASIC AND DILUTED LOSS PER SHARE

BASIC AND DILUTED LOSS PER SHARE

9. BASIC AND DILUTED LOSS PER SHARE

The table below presents the computation of basic and diluted loss per share (in thousands, except share and per share information):


	Three Months Ended
	March 31,
	2026			2025
Basic and diluted:
Net loss available to common stockholders	$	(99,799)		$	(3,838)
Weighted average common shares outstanding — ⁽¹⁾⁽²⁾		76,736,156			10,039
Loss per share	$	(1.30)		$	(382.29)

(1)

(2)

The following outstanding securities, presented based on amounts outstanding as of the end of each period, were not included in the computation of diluted net loss per share for the periods indicated, as they would have been anti-dilutive due to the net loss in each period.


	Three Months Ended
	March 31,
	2026		2025
Stock options	221,949		3,635
Restricted stock units	1,117,838		—
Warrants	81,344,891		13,818

OVERVIEW (Details) - USD ($) $ in Thousands	3 Months Ended
OVERVIEW (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
OVERVIEW
Accumulated deficit	$ 312,388		$ 212,589
Working capital	25,000
Net loss	(99,799)	$ (3,838)
Cash used in operating activities	(4,831)	$ (3,536)
Cash and cash equivalents	$ 4,395		$ 7,282

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

DIGITAL ASSET FUND INVESTMENT - Roll forward (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
DIGITAL ASSET FUND INVESTMENT
Fair Value as of December 31, 2025	$ 5,617
Unrestricted SOL distributed	(628)
Net change in fair value	(1,685)
Fair value as of March 31, 2026	$ 3,304

BASIC AND DILUTED LOSS PER SHARE - Antidilutive securities (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock options
Anti-dilutive securities
Anti-dilutive outstanding securities not included in computation of diluted loss per share	221,949	3,635
Restricted stock units
Anti-dilutive securities
Anti-dilutive outstanding securities not included in computation of diluted loss per share	1,117,838
Warrants
Anti-dilutive securities
Anti-dilutive outstanding securities not included in computation of diluted loss per share	81,344,891	13,818

COMMON STOCK AND WARRANTS - 2023 At-The-Market Offering (Details) - 2023 At-The-Market Offering - USD ($)			3 Months Ended
	Jul. 07, 2025	Jun. 23, 2023	Mar. 31, 2026	Mar. 31, 2025
COMMON STOCK AND WARRANTS
Aggregate offering price	$ 25,000,000	$ 2,000,000
Maximum commission rate, percentage of gross proceeds		3.00%
Shares issued (in shares)			0	124
Net proceeds after commissions from sale of stock			$ 0	$ 74,500
Commissions paid				$ 2,500

COMMON STOCK AND WARRANTS - Warrant inducement (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jan. 21, 2025	Mar. 31, 2025	Mar. 31, 2026
COMMON STOCK AND WARRANTS
Proceeds from exercise of warrants		$ 3,733
Professional fees	$ 200
Existing Warrants
COMMON STOCK AND WARRANTS
Shares of class A common stock purchasable with warrants	6,628
Exercise price	$ 563.25
Proceeds from exercise of warrants	$ 3,700
Other legal and regulatory expenses	100
Net proceeds from exercise of warrants	3,400
Share issuance costs	$ 1,000
Shares of common stock issued (in shares)			3,572
Inducement Warrants
COMMON STOCK AND WARRANTS
Shares of class A common stock purchasable with warrants	8,281
Share issuance costs	$ 3,100

COMMON STOCK AND WARRANTS - September 2025 Private Placement (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Sep. 15, 2025	Mar. 31, 2025	Mar. 31, 2026	Sep. 30, 2025
COMMON STOCK AND WARRANTS
Share issuance costs		$ 253
September 2025 private placement cryptocurrency offering
COMMON STOCK AND WARRANTS
Offering price	$ 6.881
Aggregate gross proceeds from issuance of equity	$ 508,800
Proceeds of digital assets from issuance	119,000
Contributed digital assets	75,600
Contributed digital assets, USDC	34,300
Contributed digital assets, UDST	9,100
Net proceeds after commissions from sale of stock	374,900
Share issuance costs	$ 14,900
September 2025 private placement on cash offering
COMMON STOCK AND WARRANTS
Shares issued (in shares)	38,049,663
Offering price	$ 6.881
2025 Pre-funded Warrants
COMMON STOCK AND WARRANTS
Exercise price			$ 0.001
2025 Pre-funded Warrants \| 2025 PIPE Offerings
COMMON STOCK AND WARRANTS
Shares of class A common stock purchasable with warrants				36,261,239
2025 Pre-funded Warrants \| September 2025 private placement cryptocurrency offering
COMMON STOCK AND WARRANTS
Cash purchase per share	$ 0.001
2025 Pre-funded Warrants \| September 2025 private placement on cash offering
COMMON STOCK AND WARRANTS
Shares of class A common stock purchasable with warrants	36,261,239
Cash purchase per share	$ 0.001
2025 Stapled Warrants
COMMON STOCK AND WARRANTS
Exercise price			$ 10.134
2025 Stapled Warrants \| September 2025 private placement cryptocurrency offering
COMMON STOCK AND WARRANTS
Exercise price	$ 10.134
2025 Stapled Warrants \| September 2025 private placement on cash offering
COMMON STOCK AND WARRANTS
Shares of class A common stock purchasable with warrants	73,941,196
Exercise price	$ 10.134
Clear Street LLC \| 2025 PIPE Offerings
COMMON STOCK AND WARRANTS
Shares issued (in shares)	369,706
Offering price	$ 23.17
Amount of placement agent compensation	$ 11,100
Non Cash Financing Costs	$ 8,600

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

STOCK-BASED COMPENSATION

Schedule of weighted-average assumptions used in Black-Scholes option pricing model


			Three Months Ended March 31,
			2026			2025
Risk-free interest rate				3.92	%		4.44	%
Expected volatility				110.40	%		125.37	%
Expected term (years)				5.03			5.38
Expected dividend yield				0.00	%		0.00	%
Fair value, per share			$	1.10		$	476.10

Summary of nonvested restricted stock unit activity


				Weighted Average
				Grant Date
		Shares		Fair Value
Nonvested as of December 31, 2025		—		$	—
Granted		8,720			1.73
Vested		(6,540)			1.73
Nonvested as of March 31, 2026		2,180		$	1.73

Schedule of stock-based compensation expense

Total stock-based compensation expense was as follows (in thousands):


		Three Months Ended
		March 31,
		2026		2025
Cost of sales		$	—	$	6
Selling, general and administrative			90		509
Research and development			—		107
Total stock-based compensation expense		$	90	$	622

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended		9 Months Ended
	May 12, 2026 USD ($) $ / shares shares	Apr. 27, 2026 USD ($) $ / shares shares	Apr. 30, 2026 USD ($)	Mar. 31, 2026 $ / shares $ / item shares	Mar. 31, 2025 shares	Dec. 31, 2025 $ / shares shares	Jun. 30, 2026 USD ($)	Apr. 08, 2026 USD ($)	Dec. 31, 2024 shares
SUBSEQUENT EVENTS
Fair value price per SOL \| $ / item				83.12
Common stock, par value \| $ / shares				$ 0.001		$ 0.001
Number of warrants exercised \| shares				10,527,247	3,072	3,591,438
Number of warrants outstanding \| shares				101,510,911	13,818	112,038,159			8,611
Class A Common Stock
SUBSEQUENT EVENTS
Shares issued (in shares) \| shares					124
Subsequent Event
SUBSEQUENT EVENTS
Common stock repurchase \| shares	767,013
Common stock repurchase, weighted-average purchase price per share \| $ / shares	$ 1.88
Subsequent Event \| Mr. Andreeff
SUBSEQUENT EVENTS
Separation expense	$ 3.0
Separation Payment period	5 days
Subsequent Event \| Mr. Mathiesen
SUBSEQUENT EVENTS
Separation expense	$ 2.4
Separation Payment period	5 days
Subsequent Event \| Registered Direct Offering
SUBSEQUENT EVENTS
Shares issued (in shares) \| shares		3,076,922
Offering price \| $ / shares		$ 2.6
Net proceeds after commissions from sale of stock		$ 7.9
Redemption price incremental percentage		7.00%
Net debt to total capitalization ratio		30.00%
Subsequent Event \| Registered Direct Offering \| Minimum
SUBSEQUENT EVENTS
Put option exercise term		12 months
Subsequent Event \| Registered Direct Offering \| Maximum
SUBSEQUENT EVENTS
Put option exercise term		18 months
Subsequent Event \| PoNS Asset Sale
SUBSEQUENT EVENTS
Upfront payment								$ 5.0
Earnout income receivable								$ 20.0
Severance payments			$ 1.4
Subsequent Event \| Hong Kong Trust Company
SUBSEQUENT EVENTS
Total purchase price							$ 2.0
Cash percentage							50.00%
Equity percentage							50.00%

- Details

Name:	srt_CounterpartyNameAxis=hsdt_JeffreyMathiesenMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

DIGITAL ASSETS RECEIVABLE - Roll forward (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
DIGITAL ASSETS RECEIVABLE
Fair Value as of December 31, 2025	$ 31,139
Staking rewards	331
Unrestricted SOL distributed	(3,421)
Net change in fair value	(9,702)
Fair value as of March 31, 2026	$ 18,347

DIGITAL ASSET FUND INVESTMENT - Other (Details)	3 Months Ended
DIGITAL ASSET FUND INVESTMENT - Other (Details)	Mar. 31, 2026 item
DIGITAL ASSET FUND INVESTMENT
Percentage of ownership interest in fund locked SOL	1.00%
2026	18,149
2027	20,731
2028	874
Total	39,754

DIGITAL ASSETS RECEIVABLE (Tables)

3 Months Ended

Mar. 31, 2026

DIGITAL ASSETS RECEIVABLE

Schedule of locked SOL receivable monthly unlock distribution


		Digital Assets Receivable
2026		98,800
2027		116,111
2028		5,818
Total		220,729

Schedule of roll-forward of digital assets receivable fair value


	Digital Assets Receivable
Fair Value as of December 31, 2025	$	31,139
Staking rewards		331
Unrestricted SOL distributed		(3,421)
Net change in fair value		(9,702)
Fair value as of March 31, 2026	$	18,347

SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	Jul. 01, 2025	May 23, 2025	May 02, 2025	Apr. 21, 2025
SIGNIFICANT ACCOUNTING POLICIES
Reverse stock split	0.02		0.067
Maximum
SIGNIFICANT ACCOUNTING POLICIES
Reverse stock split		0.5		0.5
Minimum
SIGNIFICANT ACCOUNTING POLICIES
Reverse stock split		0.004		0.033

BASIC AND DILUTED LOSS PER SHARE - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Basic:
Net loss available to common stockholders - basic	$ (99,799)	$ (3,838)
Weighted average common shares outstanding - basic (in shares)	76,736,156	10,039
Loss per share - basic (in dollar per share)	$ (1.3)	$ (382.29)
Diluted:
Net loss available to common stockholders - diluted	$ (99,799)	$ (3,838)
Weighted average common shares outstanding - diluted (in shares)	76,736,156	10,039
Loss per share - diluted (in dollar per share)	$ (1.3)	$ (382.29)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

COMMON STOCK AND WARRANTS - 2025 At-The-Market Offering (Details) - 2025 At-The-Market Offering - USD ($) $ in Millions		3 Months Ended
	Sep. 15, 2025	Mar. 31, 2026	Mar. 31, 2025
COMMON STOCK AND WARRANTS
Aggregate offering price	$ 92.8
Maximum commission rate, percentage of gross proceeds	3.00%
Shares issued (in shares)		0	0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the unaudited condensed consolidated financial statements of the Company as of March 31, 2026 and for the three months ended March 31, 2026 and 2025. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results for the full year ending December 31, 2026 or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related disclosures of the Company as of December 31, 2025 and for the year then ended, which were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 31, 2026 (the “2025 Form 10-K”).

Accounting Estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions. Within this report, certain dollar amounts and percentages have been rounded to their approximate values.

Reclassifications

Certain amounts recorded in the prior period consolidated financial statements have been reclassified to conform to the current period financial statement presentation. These reclassifications had no effect on previously reported operating results.

Reverse Stock Splits

On April 21, 2025, at the annual meeting of stockholders the stockholders of the Company approved a potential reverse stock split at a ratio of 1-to-2 to 1-to-30. The Board subsequently approved a reverse stock split of 1-for-15, which became effective on May 2, 2025 (the “May 2025 Reverse Stock Split”).

On May 23, 2025, at a special meeting of stockholders the stockholders of the Company approved a potential reverse stock split at a ratio of 1-to-2 to 1-to-250. The Board subsequently approved a reverse stock split of 1-for-50, which became effective on July 1, 2025 (the “July 2025 Reverse Stock Split” and together with the May 2025 Reverse Stock Split, the “Reverse Stock Splits”).

All issued and outstanding Class A common stock and per share amounts contained in the consolidated financial statements have been retroactively adjusted to reflect the Reverse Stock Splits for all periods presented. In addition, a proportionate adjustment was made to the per share exercise price and the number of shares issuable upon the exercise of all outstanding stock options and warrants to purchase shares of Class A common stock. A proportionate adjustment was also made to the number of shares reserved for issuance pursuant to the Company’s equity incentive compensation plans

to reflect the Reverse Stock Splits. Any fraction of a share of Class A common stock that was created as a result of the Reverse Stock Splits was rounded down to the next whole share and stockholders received cash settlement equal to the market value of the fractional share, determined by multiplying such fraction by the closing sales price of the Company’s Class A common stock as reported on Nasdaq on the last trading day before the Reverse Stock Splits effective dates. The authorized shares and par value of the Class A common stock and preferred stock were not adjusted as a result of the Reverse Stock Splits.

Treasury Stock

The Company accounts for treasury stock using the cost method.

Segment Information

Operating segments are components of an enterprise for which separate financial information is available and are evaluated regularly by the Company’s chief operating decision maker (“CODM”) in deciding how to allocate resources and assessing performance. The Company’s CODM is its Executive Chairman. The Company’s Executive Chairman views the Company’s operations and manages its business based solely on consolidated financial results and does not evaluate these operating segments separately, therefore, the Company has a single reporting segment and the determination of the single segment is consistent with the information provided to the CODM. The CODM reviews assets as presented on the consolidated balance sheets and reviews significant segment expenses in the same manner that they are reviewed on the consolidated statement of operations and comprehensive loss.

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires interim and annual tabular disclosure of disaggregated information for certain income statement expense captions. Specific expense categories required to be disclosed quantitatively include inventory purchases, employee compensation, depreciation, and intangible asset amortization, as well as other specified expense categories currently disclosed under existing disclosure requirements. Additionally, any remaining amounts that are not separately disaggregated are required to be described qualitatively. ASU 2024-03 also requires separate disclosure of total selling expenses incurred each reporting period, with annual disclosure of the entity's definition of selling expenses. The annual disclosures required by ASU 2024-03 are effective for the Company beginning in its fiscal year ending December 31, 2027, with interim disclosures effective beginning in its fiscal year ending December 31, 2028. The provisions of ASU 2024-03 are to be applied prospectively, although retrospective application is permitted. Early adoption is also permitted. The Company is currently evaluating the ASU to determine its impact on the Company’s disclosures.

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2026

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

12. SUBSEQUENT EVENTS

Share Purchase Agreement

On March 17, 2026, Solana Company (Hong Kong) Limited entered into a share purchase agreement to acquire, directly or indirectly, all of the issued share capital of a Hong Kong trust company. The acquisition is anticipated to close in the second quarter of 2026, subject to the satisfaction of regulatory approvals and other customary closing conditions. The total purchase price for the acquisition is $2 million, consisting of 50% payable in cash and 50% payable via issuance of our Class A common stock. As of the date of this Form 10-Q filing, the acquisition has not closed.

Sale of PoNS Assets

On April 8, 2026, the Company entered into and closed a purchase and sale agreement with Bioness Medical, Inc. (the “Buyer”), pursuant to which the Company sold the assets related to its Portable Neuromodulation Stimulator (“PoNS “) business to the Buyer (the “PoNS Asset Sale”), and the Buyer assumed certain liabilities related to the PoNS business. The purchase price of the PoNS Asset Sale consisted of an upfront payment of $5 million, and the right to receive post-closing cash earnout payments of up to $20 million in the aggregate based on a specified formula that takes into account the revenues of the PoNS business through the 2028 fiscal year.

In connection with the PoNS Asset Sale, in April 2026, the Company terminated the employment of certain employees supporting the PoNS business, for which severance was offered and paid to such employees totaling $1.4 million.

Registered Direct Offering

On April 27, 2026, the Company entered into securities purchase agreements (collectively, the “RDO Purchase Agreements”) with the purchasers named therein (the “Purchasers”), pursuant to which the Company issued and sold to the Purchasers, in a registered direct offering (the “Registered Direct Offering”), 3,076,922 shares of the Company’s Class A common stock. The offering price of each Share was $2.60 per share (the “Offering Price”). The Registered Direct Offering closed on April 29, 2026. The net proceeds to the Company from the Registered Direct Offering were $7.9 million.

In connection with the Registered Direct Offering, the Company entered into put option agreements (collectively, the “Put Option Agreements”) with the Purchasers pursuant to which the Company granted each Purchaser the right to require the Company to repurchase all or a portion of the shares of Class A common stock it purchased in the Registered Direct Offering at a price per share equal to the Offering Price plus an amount that would result in an internal rate of return of 7.0% per annum (collectively, the “Put Options”). The Put Options may be exercised in connection with the occurrence of certain qualifying events, including the 12-month and 18-month anniversaries of the closing of the Registered Direct Offering, a failure of the Company’s net debt to total capitalization ratio to remain at or below 30%, or a suspension or halt of trading in the Class A common stock on the applicable trading market exceeding a specified number of consecutive trading days or the issuance of a delisting notice.

Stock Repurchase Program

Subsequent to March 31, 2026, pursuant to the Company’s Stock Repurchase Program, see Note 7, the Company repurchased 767,013 shares of its Class A common stock at a weighted-average purchase price of $1.88 per share.

Executive Separations and Appointments

On May 12, 2026, the Company and Dane C. Andreeff entered into a separation agreement whereby Mr. Andreeff separated from the Company and resigned from the Board and from his positions as the Company’s Chief Executive Officer and President, and principal executive officer. Pursuant to the separation agreement, Mr. Andreeff is entitled to receive a separation payment of $3.0 million within five business days after the effective date of the agreement, which amount is, among other things, in lieu of any obligations under Mr. Andreeff’s employment agreement and any bonus previously promised to Mr. Andreeff either orally or in writing.

On May 12, 2026, the Board appointed Joseph Chee, the Company’s Executive Chairman, as the Company’s Chairman and Chief Executive Officer and President, and principal executive officer, effective as of May 12, 2026. Mr. Chee’s new role as Chairman supersedes his prior role as the Company’s Executive Chairman.

On May 12, 2026, the Company and Jeffrey Mathiesen entered into a separation agreement whereby Mr. Mathiesen separated from the Company and resigned as the Company’s Chief Financial Officer, Treasurer and Secretary, and principal financial officer and principal accounting officer. Pursuant to the separation agreement, Mr. Mathiesen is entitled to receive a separation payment of $2.4 million within five business days after the effective date of the agreement, which amount is, among other things, in lieu of any obligations under Mr. Mathiesen’s employment agreement and any bonus previously promised to Mr. Mathiesen either orally or in writing.

On May 12, 2026, the Board appointed Agustina “Madelene” Gani Tjandrasuwita, the Company’s Chief Operating Officer and Deputy Financial Officer, as the Company’s Chief Financial Officer, Treasurer and Secretary, and principal financial officer and principal accounting officer, effective as of May 12, 2026. Ms. Tjandrasuwita’s new role as Chief Financial Officer supersedes her prior role as Deputy Chief Financial Officer.

STOCK-BASED COMPENSATION - Fair value assumptions and other (Details) - Stock options - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
STOCK-BASED COMPENSATION
Risk-free interest rate	3.92%	4.44%
Expected volatility	110.40%	125.37%
Expected term (years)	5 years 10 days	5 years 4 months 17 days
Expected dividend yield	0.00%	0.00%
Fair value, per share	$ 1.1	$ 476.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

OVERVIEW

3 Months Ended

Mar. 31, 2026

OVERVIEW

OVERVIEW

1. OVERVIEW

Background and Nature of Business

Solana Company (the “Company” or “we”) is a listed digital asset treasury (“DAT”) dedicated to acquiring and holding Solana tokens (“SOL”). Solana Company’s DAT objective is to maximize SOL per share through strategic use of capital markets and on-chain opportunities, offering public market investors direct exposure to Solana.

Liquidity and Management’s Plans

The accompanying unaudited condensed consolidated financial statements of this Quarterly Report on Form 10-Q (“10-Q”) have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the ordinary course of business. The Company had an accumulated deficit of $312.4 million and working capital of $25.0 million at March 31, 2026, incurred a net loss of $99.8 million and used $4.8 million of cash in operating activities during the three months ended March 31, 2026. The Company had a cash balance of approximately $4.4 million at March 31, 2026. Based on our forecasted cash flows, the Company believes its existing cash balance and working capital will be sufficient to meet our liquidity needs through at least May 2027.

The Company’s financial condition is substantially dependent on the market price and liquidity of SOL, which are subject to extreme volatility and limited trading venues. Substantially all of the Company’s treasury assets are concentrated in SOL, the native cryptocurrency of the Solana protocol, or exposed to SOL indirectly. SOL has experienced significant price volatility, and the Company’s financial results and carrying value of its digital assets, digital assets, restricted, digital assets receivable and digital asset fund investment will fluctuate materially based on SOL price movements. The Company depends on the continued success and adoption of the Solana protocol for the value of its treasury holdings. While the Company plans to hold its digital assets as part of a long-term treasury strategy, and deploy its assets for productive purposes including staking, the Company’s management has the discretion and ability to sell its digital assets as needed to cover liquidity obligations. Our ability to liquidate SOL to meet our obligations is subject to the liquidity of SOL and the SOL market price and there is no guarantee that we will be able to liquidate SOL at all or at terms that are preferrable to Company.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

8. STOCK-BASED COMPENSATION

The Company may issue stock-based compensation awards under the Company’s 2022 Equity Incentive Plan (as amended, the “2022 Plan”) or the Company’s 2021 Inducement Plan (as amended, the “Inducement Plan”), as described more fully in the Company’s Annual Report on Form 10 K for the year ended December 31, 2025 filed with the SEC on March 31, 2026.

On May 30, 2024, the Board adopted a First Amendment (the “Amendment”) to the 2022 Plan. On June 27, 2024, at the annual meeting of stockholders, the stockholders of the Company approved the Amendment. Pursuant to the terms and conditions of the Amendment, the 2022 Plan was amended to increase the aggregate number of shares of Class A common stock that may be issued under the 2022 Plan to 2,785 new shares with an automatic increase on January 1st of each year by an amount equal to 5% of the fully diluted shares (as defined in the 2022 Plan) as of the last day of the preceding calendar year. As of January 1, 2025, the number of shares authorized for issuance increased from 2,785 to 3,605. On April 22, 2025, the Board adopted an amendment to the 2022 Plan to increase the aggregate number of shares of Class A common stock that may be issued under the 2022 Plan to 20% of the fully diluted shares on the 10^th calendar date following the first closing of a registered offering of the Company’s Class A common stock that occurs on or after May 15, 2025 (the “April Equity Plan Amendment”). The April Equity Plan Amendment was approved by stockholders at the special stockholders meeting held on May 23, 2025, and on June 16, 2025, following the 2025 Offering, the number of shares authorized for issuance increased from 3,605 to 142,286. On September 25, 2025, the Board adopted an amendment to the 2022 Plan to increase the aggregate number of shares of Class A common stock that may be issued under the 2022 Plan by 4,000,000 shares (the “September Equity Plan Amendment”). The September Equity Plan Amendment was approved by stockholders at the special stockholders meeting held on October 30, 2025, and the number of shares authorized for issuance increased from 142,286 to 4,142,286. On January 1, 2026, the number of shares authorized for issuance increased by 7,965,869 to 12,108,155.

As of March 31, 2026, the remaining shares available for grant were 10,768,901 under the 2022 Plan and 168 under the Inducement Plan.

During the three months ended March 31, 2026, the Company granted 94,116 stock options out of the 2022 Plan and no stock options out of the Inducement Plan at a weighted average exercise price of $6.88 per share. The options vest over one to three years and expire ten years after the grant date. 847 stock options were granted under the 2022 Plan during the three months ended March 31, 2025.

The grant date fair values of the stock options were estimated using the Black-Scholes option pricing model using the following weighted average assumptions:


			Three Months Ended March 31,
			2026			2025
Risk-free interest rate				3.92	%		4.44	%
Expected volatility				110.40	%		125.37	%
Expected term (years)				5.03			5.38
Expected dividend yield				0.00	%		0.00	%
Fair value, per share			$	1.10		$	476.10

The following table summarizes nonvested RSU activity during the three months ended March 31, 2026:


				Weighted Average
				Grant Date
		Shares		Fair Value
Nonvested as of December 31, 2025		—		$	—
Granted		8,720			1.73
Vested		(6,540)			1.73
Nonvested as of March 31, 2026		2,180		$	1.73

As of March 31, 2026, there were an aggregate of 221,949 stock options outstanding with a weighted average exercise price of $70.52 per share and 1,117,838 RSUs outstanding.

Total stock-based compensation expense was as follows (in thousands):


		Three Months Ended
		March 31,
		2026		2025
Cost of sales		$	—	$	6
Selling, general and administrative			90		509
Research and development			—		107
Total stock-based compensation expense		$	90	$	622

As of March 31, 2026, the total remaining unrecognized compensation expense related to nonvested stock options was $42 thousand which will be amortized over the weighted-average remaining requisite service period of 0.7 years.

DIGITAL ASSET FUND INVESTMENT - Holdings (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
DIGITAL ASSET FUND INVESTMENT
Cost Basis	$ 7,112
Fair Value	$ 3,304	$ 5,617

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (99,799)	$ (3,838)
Adjustments to reconcile net loss to net cash used in operating activities:
Staking revenue	(3,417)
Change in fair value of derivative liability		(109)
Net change in fair value of digital assets and digital assets receivable	89,198
Net change in fair value of digital assets fund investment	1,685
Realized loss on sale of digital assets	6,987
Stock-based compensation expense	90	622
Other	201	(26)
Changes in operating assets and liabilities:
Prepaid expense and other current assets	427	56
Accounts payable	113	289
Accrued and other current liabilities	(316)	(508)
Other liabilities		(22)
Net cash used in operating activities	(4,831)	(3,536)
Cash flows from investing activities:
Digital assets sold	5,468
Net cash provided by investing activities	5,468
Cash flows from financing activities:
Proceeds from issuances of common stock in ATM		77
Proceeds from exercise of warrants		3,733
Repurchase of common stock	(3,524)
Share issuance costs		(253)
Net cash (used in) provided by financing activities	(3,524)	3,557
Net (decrease) increase in cash and cash equivalents	(2,887)	21
Cash and cash equivalents at beginning of period	7,282	1,088
Cash and cash equivalents at end of period	4,395	1,109
Supplemental cash flow information
SOL transferred from digital assets receivable to digital assets upon restricted SOL unlock	628
SOL distributed from digital asset fund investment to digital assets upon restricted SOL unlock	$ 3,421
Deferred offering costs reclassified to equity upon public offering		8
Share issuance costs included in accounts payable		$ 61

STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
STOCK-BASED COMPENSATION
Total stock-based compensation expense	$ 90	$ 622
Remaining unrecognized compensation expense related to nonvested awards	$ 42
Weighted-average remaining requisite service period	8 months 12 days
Cost of sales
STOCK-BASED COMPENSATION
Total stock-based compensation expense		6
Selling, general and administrative
STOCK-BASED COMPENSATION
Total stock-based compensation expense	$ 90	509
Research and development
STOCK-BASED COMPENSATION
Total stock-based compensation expense		$ 107

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 4,395	$ 7,282
Digital assets	21,000	21,000
Prepaid expenses and other current assets	2,443	2,873
Total current assets	27,838	31,155
Digital assets	127,587	196,724
Digital assets, restricted	23,564	39,219
Digital assets receivable	18,347	31,139
Digital assets fund investment	3,304	5,617
Other long-term assets	68	75
Total assets	200,708	303,929
Current liabilities
Accounts payable	2,003	1,890
Accrued and other current liabilities	808	1,126
Total current liabilities	2,811	3,016
Stockholders' equity
Class A common stock, $0.001 par value; 800,000,000 shares authorized; 56,565,079 shares issued and 54,961,108 outstanding and 43,744,207 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	57	44
Additional paid-in capital	513,796	513,719
Treasury stock, at cost	(3,524)
Accumulated deficit	(312,388)	(212,589)
Accumulated other comprehensive loss	(44)	(261)
Total stockholders' equity	197,897	300,913
Total liabilities and stockholders' equity	$ 200,708	$ 303,929

INCOME TAXES

3 Months Ended

Mar. 31, 2026

INCOME TAXES

INCOME TAXES

11. INCOME TAXES

The Company accounts for income taxes in interim periods using the estimated annual effective tax rate method. Under this method, the Company estimates its annual effective tax rate for the full fiscal year and applies that rate to year-to-date pre-tax income or loss, and records discrete tax items in the period in which they occur. The Company’s effective income tax rate for the three months ended March 31, 2026 and twelve months ended December 31, 2025 was 0.0% and 0.0% respectively. The difference in the effective income tax rate compared with the U.S. federal statutory rate of 21.0% is primarily due to the full valuation allowance recorded against its deferred tax assets, as well as the impact of losses generated in both domestic and foreign jurisdictions for which no tax benefit or expense has been recognized.

The Company continues to assess the realizability of its deferred tax assets at each reporting date. Based on the weight of available evidence, management concluded that it is not more likely than not that the Company’s net deferred tax assets will be realized and, accordingly, the Company continues to maintain a full valuation allowance as of March 31, 2026.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

BASIC AND DILUTED LOSS PER SHARE - Public Offering (Details)	Sep. 30, 2025 shares
2025 PIPE Offerings \| 2025 Pre-funded Warrants
Public Offering
Shares of class A common stock purchasable with warrants	36,261,239

DIGITAL ASSET FUND INVESTMENT (Tables)

3 Months Ended

Mar. 31, 2026

DIGITAL ASSET FUND INVESTMENT

Schedule of locked fund SOL monthly unlock distribution


		Digital Asset Fund Investment
2026		18,149
2027		20,731
2028		874
Total		39,754

Schedule of digital assets fund investment holdings

The following table presents the Company's Digital Asset Fund Investment holdings as of March 31, 2026:


	Cost Basis (in thousands)		Fair Value (in thousands)
Digital Asset Fund Investment	$	7,112	$	3,304

Schedule of roll-forward of digital assets fund investment fair value

The following table presents a roll-forward of Digital Asset Fund Investment fair value for the three months ended March 31, 2026 (in thousands):


	Digital Asset Fund Investment
Fair Value as of December 31, 2025	$	5,617
Unrestricted SOL distributed		(628)
Net change in fair value		(1,685)
Fair value as of March 31, 2026	$	3,304

DIGITAL ASSETS - Fair value activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Roll-forward of SOL tokens holdings fair value
Fair Value as of beginning of the period	$ 256,943
Sales	(5,452)
Staking rewards	3,086
Restricted SOL unlocked	4,049
Losses	(86,475)
Fair Value as of end of the period	172,151
Realized losses	7,000
SOL
Roll-forward of SOL tokens holdings fair value
Fair Value as of beginning of the period	217,724
Sales	(5,452)
Staking rewards	2,631
Restricted SOL unlocked	11,758
Losses	(78,074)
Fair Value as of end of the period	148,587
Locked PIPE SOL
Roll-forward of SOL tokens holdings fair value
Fair Value as of beginning of the period	39,219
Staking rewards	455
Restricted SOL unlocked	(7,709)
Losses	(8,401)
Fair Value as of end of the period	$ 23,564

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

6. FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value of an asset or liability considers assumptions that market participants would use in pricing the asset or liability, including consideration of non-performance risk. The inputs used to determine fair values are categorized in one of the following three levels of the fair value hierarchy:

Level 1 – Quoted market prices in active markets for identical assets or liabilities.

Level 2 – Inputs, other than quoted prices in active markets, that are observable, either directly or indirectly.

Level 3 – Unobservable inputs that are not corroborated by market data.

The Company’s digital assets, digital assets receivable and digital assets fund investment are subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows:



		Fair Value
		Level 1		Level 2		Level 3		Total
Assets:
SOL digital assets		$	148,587	$	—	$	—	$	148,587
SOL digital assets, restricted*			23,564		—		—		23,564
SOL digital assets receivable**			—		18,347		—		18,347
SOL digital assets fund investment**			—		3,304		—		3,304
Total assets		$	172,151	$	21,651	$	—	$	193,802

*Subject to contractual sales restriction. See Note 3.

**Underlying assets subject to contractual sales restriction. See Note 4 and 5.

SOL digital assets and digital assets, restricted, are measured at fair value on a recurring basis using quoted prices of SOL in the Company’s principal market for Unlocked SOL (Level 1 inputs). Digital assets receivable and digital assets fund investment are measured at fair value on a recurring basis using quoted prices of the underlying Locked SOL in the Company’s principal market for Unlocked SOL (Level 2 inputs). As of midnight UTC on March 31, 2026, the price per SOL was $83.12.

The unaudited condensed consolidated financial statements include financial instruments for which the fair market value of such instruments may differ from amounts reflected on a historical cost basis. As of March 31, 2026 and December 31, 2025, financial instruments of the Company consist of cash equivalents, which were comprised of deposits of excess cash in an unrestricted money market savings account, USD Coin (“USDC”) at custodians and a money market mutual fund. The carrying value of cash equivalents generally approximates fair value due to their short-term nature.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

STOCK-BASED COMPENSATION - Plan information (Details) - $ / shares					3 Months Ended		9 Months Ended
	Jan. 01, 2026	Sep. 25, 2025	Apr. 22, 2025	Jun. 27, 2024	Mar. 31, 2026	Sep. 30, 2025	Sep. 30, 2025	Jan. 31, 2026	Oct. 30, 2025	Jun. 16, 2025	Jan. 01, 2025
Stock options
STOCK-BASED COMPENSATION
Granted (in shares)					847
Granted (in dollars per share)						$ 6.88	$ 6.88
Expiration period					10 years
Outstanding (in shares)					221,949
Weighted average exercise price (in dollars per share)					$ 70.52
Stock options \| Minimum
STOCK-BASED COMPENSATION
Vesting period					1 year
Stock options \| Maximum
STOCK-BASED COMPENSATION
Vesting period					3 years
Restricted stock units
STOCK-BASED COMPENSATION
Outstanding (in shares)					1,117,838
2022 Plan
STOCK-BASED COMPENSATION
Shares authorized for issuance				2,785					4,142,286	142,286	3,605
Automatic increase to number of shares authorized for issuance, as a percentage of fully diluted shares of common stock outstanding			20.00%	5.00%
Aggregate increased number of share issued under amended 2022 Plan (in shares)	7,965,869	4,000,000
Shares of common stock available for issuance								12,108,155	10,768,901
2022 Plan \| Stock options
STOCK-BASED COMPENSATION
Granted (in shares)					94,116
Inducement Plan
STOCK-BASED COMPENSATION
Shares of common stock available for issuance									168
Inducement Plan \| Stock options
STOCK-BASED COMPENSATION
Granted (in shares)					0