Braveheart Bio Q2 loss, cash runway into 2029
Braveheart Bio combines a large post-IPO cash position with advancing Phase 3 HCM programs but reports sharply higher operating losses.
Rhea-AI Filing Summary
Braveheart Bio, Inc. (BRVE) reported unaudited results for the quarter ended June 30, 2026 and outlined progress on its lead cardiac myosin inhibitor BHB-1893. The company ended the quarter with $122.8 million in cash and cash equivalents, which, together with $404.5 million in net IPO proceeds received in August, would have brought cash to about $527.3 million on an as-adjusted basis. Management estimates this cash runway will fund operations into 2029.
R&D expenses rose to $11.1 million from virtually zero a year earlier, and G&A expenses increased to $4.8 million, leading to a quarterly net loss of $15.0 million and net loss attributable to common stockholders of $18.6 million, or $2.51 per share. The company has initiated the global Phase 3 LIONHEART-HCM trial in obstructive HCM and plans to start the NOBLEHEART-HCM Phase 3 trial in non-obstructive HCM in the first half of 2027, following encouraging Phase 2 data in both settings.
Positive
- $527.3 million pro forma cash and cash equivalents, including IPO net proceeds, is expected to fund operations and capital needs into 2029.
- Initiation of the global Phase 3 LIONHEART-HCM trial in obstructive HCM and plans for Phase 3 NOBLEHEART-HCM in non-obstructive HCM build on positive Phase 2 clinical data.
Negative
- Quarterly net loss attributable to common stockholders increased to $18.6 million (basic and diluted loss per share $2.51) from $0.4 million a year earlier.
- Braveheart Bio reported a $95.9 million stockholders’ deficit as of June 30, 2026, reflecting accumulated losses and significant preferred stock financing.
Filing Explained
After the IPO and preferred-stock conversion, common shares outstanding were 90,038,969 on September 3, changing the capital structure beyond June 30.
The filing reports a completed post-quarter capital-structure change: as of
Those issuances increase the total common share count and, absent offsetting changes, reduce existing common holders’ percentage ownership.
The
The June 30 balance sheet showed
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Cash and cash equivalents: $122.8 million
Pro forma cash including IPO net proceeds: $527.3 million
Net IPO proceeds: $404.5 million
+5 more
8 metrics
Cash and cash equivalents
$122.8 million
As of June 30, 2026, before IPO proceeds
Pro forma cash including IPO net proceeds
$527.3 million
Cash and cash equivalents on an as-adjusted basis including $404.5 million IPO net proceeds
Net IPO proceeds
$404.5 million
Aggregate net proceeds from August 2026 initial public offering
Research and development expenses
$11.1 million
Three months ended June 30, 2026
General and administrative expenses
$4.8 million
Three months ended June 30, 2026
Net loss
$15.0 million
Three months ended June 30, 2026
Net loss attributable to common stockholders
$18.6 million
Three months ended June 30, 2026; includes $3.6 million deemed dividend
Stockholders’ deficit
$95.9 million
As of June 30, 2026
Key Terms
obstructive hypertrophic cardiomyopathy, non-obstructive HCM, investigational new drug application, cardiac myosin inhibitor, +2 more
6 terms
obstructive hypertrophic cardiomyopathy medical
"Phase 3 LIONHEART-HCM Trial of BHB-1893 in Obstructive Hypertrophic Cardiomyopathy"
A heart condition where the muscle of the left ventricle becomes abnormally thick and narrows the pathway blood must flow through, like a pump whose outlet has been partly blocked by swollen walls. It matters to investors because it drives demand for ongoing medical care, devices and drugs, can lead to sudden, costly hospital interventions, and influences the size and urgency of markets for treatments and clinical trials.
non-obstructive HCM medical
"program in non-obstructive HCM (“nHCM”) is advancing; we now have"
investigational new drug application regulatory
"we now have an active U.S. investigational new drug application (“IND”)"
An investigational new drug application is a formal request made to regulatory authorities to begin testing a new medication in humans. It is a critical step in the drug development process, as approval indicates the drug has passed initial safety checks and can be studied further. For investors, this signals that a potential new treatment is progressing through its early testing stages, which can impact the company's future growth prospects.
cardiac myosin inhibitor medical
"lead product candidate, BHB-1893, is a next-generation oral small-molecule cardiac myosin inhibitor"
A cardiac myosin inhibitor is a type of drug that directly reduces the force of heart muscle contractions by blocking the motor protein (myosin) that drives each heartbeat; think of it as slightly easing the pressure on an overworking engine so it doesn’t overexert itself. It matters to investors because these medicines can change treatment options, regulatory pathways, and revenue prospects for companies developing therapies for conditions where the heart is too strong or stressed, while carrying clinical and safety risks that affect valuation.
reverse stock split financial
"retroactively adjusted to give effect to the 1-for-4.38 reverse stock split"
A reverse stock split reduces a company's number of outstanding shares while raising the price per share proportionally, so the total value of each investor's holding is unchanged; a 1-for-10 split turns 100 shares worth $1 each into 10 shares worth $10 each. Companies often do this to regain compliance with an exchange's minimum price rule or to attract investors who avoid very low-priced stocks.
redeemable convertible preferred stock financial
"Series A redeemable convertible preferred stock, $0.0001 par value"
A redeemable convertible preferred stock is a special class of company shares that combines three features: it pays priority dividends like a safer, higher-ranking share; it can be converted into regular common shares so holders can join in upside; and it can be redeemed, meaning the company can buy it back for cash. For investors this matters because it offers a mix of downside protection and potential upside, but can change ownership stakes (dilution) and cash obligations depending on whether it’s converted or redeemed.
Earnings Snapshot
Net loss: $15.0 million · Guidance included
Quarter and six months ended June 30, 2026
Net loss
$15.0 million
Compared with $0.4 million net loss for the quarter ended June 30, 2025
Net loss attributable to common stockholders
$18.6 million
Includes a $3.6 million deemed dividend on Series A preferred stock in Q2 2026
R&D expenses (quarter)
$11.1 million
Versus $0 for the quarter ended June 30, 2025
G&A expenses (quarter)
$4.8 million
Versus less than $0.1 million for the quarter ended June 30, 2025
Cash and cash equivalents
$122.8 million
Up from $89.2 million as of December 31, 2025
Cash runway
Into 2029
Based on existing cash and IPO net proceeds under the current operating plan
Guidance
The company estimates its existing cash and cash equivalents, together with net IPO proceeds, will fund projected operating expenses and capital expenditures into 2029.
FAQ
What were Braveheart Bio (BRVE)’s cash and cash equivalents as of June 30, 2026?
Braveheart Bio reported $122.8 million in cash and cash equivalents as of June 30, 2026. Including $404.5 million of net IPO proceeds received in August 2026, cash would have been about $527.3 million on an as-adjusted basis.
How long does Braveheart Bio (BRVE) expect its cash runway to last?
Based on its current operating plan, Braveheart Bio estimates its existing cash and cash equivalents, together with IPO net proceeds, will be sufficient to fund projected operating expenses and capital expenditure requirements into 2029.
What were Braveheart Bio (BRVE)’s key expenses and net loss for Q2 2026?
For the quarter ended June 30, 2026, R&D expenses were $11.1 million, G&A expenses were $4.8 million, and net loss was $15.0 million. Net loss attributable to common stockholders was $18.6 million, or $2.51 per share, basic and diluted.
What clinical programs is Braveheart Bio (BRVE) advancing for BHB-1893?
Braveheart Bio has initiated LIONHEART-HCM, a global Phase 3 trial in obstructive HCM, and plans to initiate NOBLEHEART-HCM, a global Phase 3 trial in non-obstructive HCM, in the first half of 2027, supported by prior Phase 2 data.
How much did Braveheart Bio (BRVE) raise in its Series A and IPO financings?
In April 2026, Braveheart Bio raised $60.0 million in gross proceeds from a Series A preferred stock financing. In August 2026, it completed an IPO, issuing 24,437,500 shares at $18.00 per share for gross proceeds of about $439.9 million and net proceeds of about $404.5 million.
What was Braveheart Bio (BRVE)’s stockholders’ equity position at June 30, 2026?
As of June 30, 2026, Braveheart Bio reported a total stockholders’ deficit of $95.9 million, with an accumulated deficit of $95.9 million and significant redeemable convertible preferred stock outstanding.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________
FORM 8-K
______________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 8, 2026
______________________
(Exact name of Registrant as Specified in Its Charter)
______________________
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s Telephone Number, Including Area Code: 415 -707-6312
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
______________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On September 8, 2026, Braveheart Bio, Inc. (the “Company”) announced its financial results and business highlights for the quarter ended June 30, 2026. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information included under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| 99.1 | Press Release issued by Braveheart Bio, Inc. on September 8, 2026, furnished herewith. | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||
.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Braveheart Bio, Inc. | |||||||||||
| Date: | September 8, 2026 | By: | /s/ J. Paul Rickey | ||||||||
| Name: | J. Paul Rickey | ||||||||||
| Title: | Chief Financial Officer | ||||||||||
Braveheart Bio Reports Second Quarter 2026 Financial Results and Provides Business Update
Phase 3 LIONHEART-HCM Trial of BHB-1893 in Obstructive Hypertrophic Cardiomyopathy (oHCM) Initiated
Cash and Cash Equivalents of $122.8 Million as of June 30, 2026, or $527.3 Million After Giving Effect to Braveheart Bio’s Initial Public Offering, Expected to Support Advancement of BHB-1893 Through Late-Stage Clinical Development
SAN FRANCISCO, September 8, 2026: Braveheart Bio, Inc. (Nasdaq: BRVE), a clinical-stage biopharmaceutical company developing next-generation therapeutics for hypertrophic cardiomyopathy (“HCM”) and other serious cardiovascular diseases, today reported unaudited financial results for the second quarter ended June 30, 2026, and provided a business update.
“Our clinical programs continue to advance, and our IPO this summer has provided a strong financial foundation to advance the development of our global Phase 3 programs and evaluate the potential of BHB-1893 as the preferred treatment option in two indications,” said Travis Murdoch, M.D., Chief Executive Officer and President of Braveheart Bio. “Sites are being activated and patients are screening for our LIONHEART-HCM Phase 3 study in obstructive HCM (“oHCM”), and we are on track to dose the first patient this year. We continue to expect results from an interim analysis from LIONHEART-HCM in the second half of 2027. In addition, our program in non-obstructive HCM (“nHCM”) is advancing; we now have an active U.S. investigational new drug application (“IND”) and expect to initiate our NOBLEHEART-HCM Phase 3 study in the first half of 2027.”
Second Quarter and Recent Business Highlights
BHB-1893 Clinical Development
•In May 2026, Braveheart Bio and Hengrui Pharmaceuticals Co., Ltd. announced results from a randomized, double-blind, placebo-controlled Phase 2 trial evaluating HRS/BHB-1893 in nHCM. The results were featured in a late-breaking presentation at the 2026 annual meeting of the Heart Failure Association of the European Society of Cardiology. In this trial, BHB-1893-treated patients were observed to have rapid, substantial, and statistically significant reductions in secondary endpoints that are cardiac biomarkers, which were observed to rapidly reverse during trial drug washout. Patients’ functional status and exercise capacity were also higher at the end of the trial compared to baseline. On echo, BHB-1893 treated patients showed statistically significant, dose-dependent improvements in myocardial relaxation, hemodynamic benefit, and cardiac remodeling compared to placebo-treated patients, including observed improvements in diastolic function. Additionally, no patients in the intervention cohorts required trial drug interruption for LVEF reductions, which, together with BHB-1893’s pharmacokinetic profile, supports a generally favorable profile. Braveheart Bio has an open IND, and expects to initiate NOBLEHEART-HCM, a global Phase 3 trial in nHCM in the first half of 2027.
•Following Phase 2 oHCM results announced in March 2026, Braveheart Bio has initiated LIONHEART-HCM, a Phase 3, multi-region, multi-center, randomized, double-blind, active-comparator-controlled trial, to evaluate the efficacy and safety of BHB-1893 compared to metoprolol in adults with symptomatic oHCM.
Additional Highlights
•In April 2026, Braveheart Bio completed the third closing of its Series A preferred stock financing, issuing an aggregate of 60,000,000 shares at $1.00 per share for gross proceeds of $60.0 million.
•Braveheart Bio completed an initial public offering in August 2026, issuing an aggregate of 24,437,500 shares of common stock at $18.00 per share for gross proceeds of approximately $439.9 million. Braveheart Bio’s common stock began trading on the Nasdaq Global Market under the ticker symbol "BRVE" on August 6, 2026.
Second Quarter 2026 Financial Results
Cash and cash equivalents were $122.8 million as of June 30, 2026, compared to $89.2 million as of December 31, 2025. The June 30, 2026 balance does not reflect the net proceeds from Braveheart Bio's initial public offering (“IPO”), which closed in August 2026. The IPO resulted in aggregate net proceeds of approximately $404.5 million, after deducting underwriting discounts and commissions and offering expenses payable by Braveheart Bio. Including those net proceeds, cash and cash equivalents would have been approximately $527.3 million on an as-adjusted basis. Based on the current operating plan, Braveheart Bio estimates that its existing cash and cash equivalents, together with the net proceeds from its IPO, will be sufficient to fund its projected operating expenses and capital expenditure requirements into 2029.
Research and development (R&D) expenses were $11.1 million for the three months ended June 30, 2026, compared to $0.0 million for the same period in 2025. The increase was primarily due to the advancement of BHB-1893, preparation for the planned global Phase 3 program, and higher personnel-related costs.
General and administrative (G&A) expenses were $4.8 million for the three months ended June 30, 2026, compared to less than $0.1 million for the same period in 2025. The increase was primarily due to increased headcount and costs incurred to support Braveheart Bio’s increased operations, business development, and preparation for operating as a public company.
Net loss was $15.0 million, and net loss attributable to common stockholders, after a deemed dividend upon the issuance of Series A preferred stock, was $18.6 million or $2.51 net loss per share, basic and diluted, for the three months ended June 30, 2026, compared to a net loss of $0.4 million, or $0.14 net loss per share, basic and diluted, for the same period in 2025.
The deemed dividend of $3.6 million is a non-cash charge representing the excess of the estimated fair value of the Series A preferred stock issued in April 2026 over the $1.00 per share purchase price. It increased net loss attributable to common stockholders for purposes of computing net loss per share and did not affect net loss or cash flows.
All share and per share amounts for all periods presented have been retroactively adjusted to give effect to the 1-for-4.38 reverse stock split of the Braveheart Bio’s common stock effected on July 29, 2026.
As of September 3, 2026, Braveheart Bio had 90,038,969 shares of common stock outstanding, reflecting the conversion of all outstanding preferred stock into common stock and the issuance of 24,437,500 shares in Braveheart Bio’s IPO, each of which occurred after June 30, 2026.
About Braveheart Bio
Braveheart Bio is a clinical-stage biopharmaceutical company focused on developing therapies for patients with hypertrophic cardiomyopathy (HCM) and other serious cardiovascular diseases. Braveheart Bio’s lead product candidate, BHB-1893, is a next-generation oral small-molecule cardiac myosin inhibitor (CMI) being developed for the treatment of obstructive HCM (oHCM) and non-obstructive HCM (nHCM). Braveheart Bio is aiming to address the limitations of currently available CMIs by designing BHB-1893 for rapid onset, consistent depth of response, preservation of systolic function, prompt reversibility, and a straightforward approach to titration and monitoring. For more information, please visit www.braveheart.bio.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of, and made pursuant to the safe harbor provisions of, the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, each as amended. The words such as “anticipate,” “believe,” “expect,” “intend,” “may,” “plan,” “potential,” “should,” “will” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, but are not limited to, express or implied statements regarding: the clinical development of BHB-1893 and other product candidates, including the initiation, timing, progress, results and future data releases of ongoing and planned clinical trials; the timing of initiation as well as expected results from the NOBLEHEART-HCM global Phase 3 trial; Braveheart Bio’s interactions and communications with regulatory authorities and timing as well as anticipated results of submissions; the beneficial characteristics, and the potential safety, efficacy and therapeutic effects of Braveheart Bio’s product candidates; its ability to develop and advance its potential future product candidates and programs; and expectations for the Braveheart Bio’s uses of capital, expenses and financial results, including its cash runway into 2029.
Any forward-looking statements in this press release are based on Braveheart Bio’s current expectations and assumptions. These statements are neither promises nor guarantees and involve risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, risks relating to: Braveheart Bio’s research and development activities; Braveheart Bio’s ability to obtain the requisite regulatory approvals on the expected timeline, if at all; uncertainties relating to clinical development activities; Braveheart Bio’s dependence on third parties to conduct clinical trials, manufacture its product candidates and develop and commercialize its product candidates, if approved; Braveheart Bio’s ability to attract, integrate and retain key personnel; risks related to Braveheart Bio’s financial condition and need for substantial additional funds in order to complete development activities and commercialize a product candidate, if approved; risks related to regulatory developments and approval processes of the U.S. Food and Drug Administration and comparable foreign regulatory authorities; risks related to establishing and maintaining Braveheart Bio’s intellectual property protections; and risks related to the competitive landscape for Braveheart Bio’s product candidates; as well as the other risks and uncertainties described under the heading “Risk Factors” section in Braveheart Bio’s upcoming Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 and any subsequent filings Braveheart Bio makes with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the
date of this press release. Except as required by applicable law, Braveheart Bio undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Braveheart Bio intends to use its Investor Relations website as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor Braveheart Bio’s Investor Relations website, in addition to following Braveheart Bio’s press releases, SEC filings, public conference calls, presentations, and webcasts.
Investor Relations Contact
Alexander Sharif
New Street Investor Relations
Alexander@NewStreetIR.com
Media Contact
FGS Global
Braveheart-bio@fgsglobal.com
Braveheart Bio, Inc.
Condensed Statement of Operations and Comprehensive Loss (unaudited)
(in thousands, except share and per share amounts)
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
Research and development (includes related party amounts of $389 and $6,389 for the three and six months ended June 30, 2026, respectively) | $ | 11,125 | $ | — | $ | 22,039 | $ | — | |||||||||||||||
In-process research and development | — | 354 | — | 448 | |||||||||||||||||||
General and administrative (includes nominal related party amounts for the three and six months ended June 30, 2026, respectively) | 4,757 | 27 | 8,892 | 32 | |||||||||||||||||||
| Total operating expenses | 15,882 | 381 | 30,931 | 480 | |||||||||||||||||||
| Loss from operations | (15,882) | (381) | (30,931) | (480) | |||||||||||||||||||
| Other income | |||||||||||||||||||||||
Interest income | 889 | — | 1,660 | — | |||||||||||||||||||
Other income | 5 | — | 3 | — | |||||||||||||||||||
| Total other income | $ | 894 | $ | — | $ | 1,663 | $ | — | |||||||||||||||
| Net loss | $ | (14,988) | $ | (381) | $ | (29,268) | $ | (480) | |||||||||||||||
Deemed dividends upon issuance of redeemable convertible preferred stock | (3,615) | — | (3,615) | — | |||||||||||||||||||
| Net loss attributed to common stockholders | $ | (18,603) | $ | (381) | $ | (32,883) | $ | (480) | |||||||||||||||
| Net loss per share, basic and diluted | $ | (2.51) | $ | (0.14) | $ | (4.61) | $ | (0.34) | |||||||||||||||
Weighted-average shares of common stock outstanding, basic and diluted | 7,401,783 | 2,792,409 | 7,133,871 | 1,403,918 | |||||||||||||||||||
Braveheart Bio, Inc.
Condensed Balance Sheets (unaudited)
(in thousands, except share and par value data)
| As of June 30, 2026 | As of December 31, 2025 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 122,831 | $ | 89,161 | |||||||
Prepaid expenses and other current assets | 614 | 119 | |||||||||
Total current assets | 123,445 | 89,280 | |||||||||
Property and equipment, net | 23 | — | |||||||||
Operating lease right-of-use assets | 607 | — | |||||||||
Deferred offering costs | 2,811 | — | |||||||||
Other long-term assets | 70 | 70 | |||||||||
Total assets | $ | 126,956 | $ | 89,350 | |||||||
Liabilities, redeemable convertible preferred stock, and stockholders’ deficit | |||||||||||
Current liabilities | |||||||||||
Accounts payable (includes related party amounts of $0 and $73, respectively) | $ | 2,669 | $ | 1,058 | |||||||
Accrued expenses and other current liabilities (includes related party amounts of $389 and $3,272, respectively) | 6,012 | 4,184 | |||||||||
Current portion of lease liabilities | 377 | — | |||||||||
Total current liabilities | 9,058 | 5,242 | |||||||||
Lease liabilities, net of current portion | 198 | — | |||||||||
Other long-term liabilities | 86 | 91 | |||||||||
Total liabilities | 9,342 | 5,333 | |||||||||
| Commitments and contingencies | |||||||||||
Series A redeemable convertible preferred stock, $0.0001 par value; 185,000,000 shares authorized at June 30, 2026 and December 31, 2025; 185,000,000 and 125,000,000 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively; $185,000 and $125,000 liquidation preference at June 30, 2026 and December 31, 2025, respectively | 187,845 | 124,214 | |||||||||
Nonvoting Series A redeemable convertible preferred stock, $0.0001 par value; 32,500,000 shares authorized, issued and outstanding at June 30, 2026 and December 31, 2025; $32,500 liquidation preference at June 30, 2026 and December 31, 2025 | 25,675 | 25,675 | |||||||||
Stockholders’ deficit | |||||||||||
Common stock, $0.0001 par value; 335,500,000 shares authorized at June 30, 2026 and December 31, 2025 (303,000,000 voting and 32,500,000 nonvoting); 15,943,937 shares issued at June 30, 2026 and December 31, 2025; and 7,535,986 and 6,685,088 shares outstanding at June 30, 2026 and December 31, 2025, respectively | 1 | 1 | |||||||||
Additional paid-in capital | — | 179 | |||||||||
Accumulated deficit | (95,907) | (66,052) | |||||||||
Total stockholders’ deficit | (95,906) | (65,872) | |||||||||
Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit | $ | 126,956 | $ | 89,350 | |||||||