Financial highlights (QQ1 2026):
- Revenue: not reported/no revenue identified in the quarter
- Cost of revenue: $1,000 thousand
- Gross profit: -$1,000 thousand; gross margin not disclosed
- R&D expenses: $1,879 thousand
- General and Administrative expenses: $1,018 thousand
- Operating expenses: $2,897 thousand
- EBITDA: -$2,896 thousand
- Operating income: -$2,897 thousand
- Total other income/expenses: $5 thousand
- Income before tax: -$2,892 thousand
- Net income: -$2,892 thousand
- Earnings per share (diluted): -$1.31
- Weighted average shares outstanding: 2,205,139
Cash flow and liquidity:
- Net cash from operating activities: -$3,166 thousand
- Stock-based compensation included in cash flow: $41 thousand
- Change in working capital: -$328 thousand; accounts payable: $40 thousand; other working capital: -$368 thousand
- Net cash provided by (used in) financing activities: $5,007 thousand
- Common stock issued: $5,941 thousand
- Net change in cash: $1,841 thousand
- Cash at end of period: $5,122 thousand; cash at beginning: $3,281 thousand
Balance sheet snapshot:
- Total assets: $5,675 thousand; cash and cash equivalents: $5,122 thousand
- Total current assets: $5,576 thousand; total current liabilities: $2,309 thousand; current ratio approx. 2.41x
- Total liabilities: $2,353 thousand; long-term debt: $44 thousand; total debt: $96 thousand
- Total stockholders’ equity: $3,322 thousand; retained earnings: -$45,678 thousand; accumulated other comprehensive income/loss: -$76 thousand; other stockholders’ equity: $49,000 thousand (note: reflects reporting line items in the data)
- Net debt: -$5,026 thousand (net cash position)