$SONM

DNA X, Inc.

CIK:0001178697|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Income Statement [Abstract]

Net revenues

Operating expenses

General and administrative

1,278

1,471

4,896

2,341

Total operating expenses

1,278

1,471

4,896

2,341

Net loss from operations

(1,278)

(1,471)

(4,896)

(2,341)

Interest expense, net

(140)

(389)

(271)

(480)

Loss on remeasurement of derivative liability

(11)

(238)

Gain on extinguishment of debt

191

Equity income from DNA X LLC

Net loss from continuing operations before income taxes

(1,238)

(1,860)

(5,166)

(2,821)

Income tax benefit from continuing operations

Net loss from continuing operations

(1,238)

(1,860)

(5,166)

(2,821)

Discontinued operations

Income (loss) from discontinued operations

(9)

(5,615)

10,259

(4,196)

Net income (loss)

$ (1,247)

$ (7,475)

$ 5,093

$ (7,017)

Net income (loss) per share basic and diluted:

Net loss per share basic, Continuing operations

^[1]

$ (0.91)

$ (3.52)

$ (3.95)

$ (6.61)

Net loss per share diluted, Continuing operations

^[1]

(0.91)

(3.52)

(3.95)

(6.61)

Net loss per share basic, Discontinued operations

^[1]

(0.01)

(10.63)

7.84

(9.82)

Net loss per share diluted, Discontinued operations

^[1]

(0.01)

(10.63)

7.84

(9.82)

Net loss per share basic, Net loss

^[1]

(0.92)

(14.15)

3.89

(16.43)

Net loss per share diluted, Net loss

^[1]

$ (0.92)

$ (14.15)

$ 3.89

$ (16.43)

Weighted-average shares used in computing net income (loss) per share:

Basic

1,350,914

528,367

1,308,227

426,962

Diluted

1,350,914

528,367

1,308,227

426,962

[1]	Adjusted retroactively to reflect the 1-for-18 reverse stock split that became effective on October 28, 2025, see Note 1.

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 5,093	$ (7,017)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Gain on sale of assets, net of cash	(15,311)
Depreciation and amortization	134	1,852
Stock-based compensation ($309 from continuing and $93 from discontinued operations for 2026 and all from discontinued operations for 2025-see Note 8)	402	1,216
Loss on remeasurement of derivative liability	238
Gain on extinguishment of debt	(191)
Release of customer allowance liability		(5,490)
Impairment of contract fulfillment assets		1,084
Investment income from DNA X LLC under the equity method	(48)
Other		36
Changes in operating assets and liabilities:
Accounts receivable	250	1,330
Non-trade receivable	94	152
Deferred tax liability	600
Deferred tax asset	1,364
Inventory	5,490	986
Prepaid expenses and other current assets	1,512	(589)
Contract fulfillment assets	129	(4,383)
Other assets	(74)	(18)
Accounts payable	(2,672)	(2,265)
Accrued liabilities	(2,009)	(1,433)
Income tax payable	(468)	51
Net cash used in operating activities	(5,467)	(14,488)
Cash flows from investing activities:
Net cash received from asset sale	3,358
Additions to identifiable intangibles - software assets	(94)
Net cash provided by investing activities	3,264
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs		8,952
Proceeds from promissory note, net of issuance costs	1,800	2,790
Repayments of short-term borrowings		(591)
Net cash provided by financing activities	1,800	11,151
Net decrease in cash and cash equivalents	(403)	(3,337)
Cash and cash equivalents at beginning of period	1,303	5,343
Cash and cash equivalents at end of period	900	2,006
Supplemental disclosure of cash flow information:
Cash paid for interest	257	241
Cash paid for income taxes		28
Supplemental disclosure of non-cash activities:
Repayment of notes payable from proceeds of asset sale	5,476
Receivable for cash held back from asset sale	1,248
Reclass of investment to intangibles, related party receivables, and accrued liabilities	1,290
Accrued bonus settled in equity		$ 1,215