The key inputs for the Monte Carlo simulation model to value the Public Placement Warrants at June 30, 2025 and December 31, 2024 were as follows:


	June 30, 2025		December 31, 2024
Stock price	$	2.82	$	9.60
Exercise price	$	230.00	$	230.00
Redemption Threshold	$	360.00	$	360.00
Effective expiration date	August 13, 2029		August 13, 2029
Term (years)	4.1		4.6
Volatility	75 %		80 %
Risk-free rate	3.67 %		4.27 %

The fair value of the Private Placement Warrants at February 14, 2025 and December 31, 2024 was determined using the Monte Carlo simulation model. The key inputs for the Monte Carlo simulation model to value the Private Placement Warrants at February 14, 2025 and December 31, 2024 were as follows:


	February 14, 2025		December 31, 2024
Stock price	$	13.20	$	9.60
Exercise price	$	230.00	$	230.00
Redemption Threshold	$	360.00	$	360.00
Effective expiration date	August 13, 2029		August 13, 2029
Term (years)	4.5		4.6
Volatility	80 %		80 %
Risk-free rate	4.22 %		4.27 %

The fair value of the Sponsor Warrants at June 30, 2025 and February 14, 2025 was determined using the Monte Carlo simulation model. The key inputs for the Monte Carlo simulation model to value the Sponsor Warrants at June 30, 2025 and February 14, 2025 were as follows:


	June 30, 2025			February 14, 2025
Stock price	$	2.82		$	13.20
Exercise price	$	10.00		$	10.00
Effective expiration date	February 14, 2030			February 14, 2030
Term (years)	4.6			5.0
Volatility	79		%	84		%
Risk-free rate	3.7		%	4.2		%

The following assumptions were used to calculate the fair value of the Triton Warrants upon issuance as of February 13, 2025 using the Black-Scholes pricing model:


	February 13, 2025
Stock price	$	24.60
Exercise price	$	10.00
Effective expiration date	8/13/2030
Term (years)	5.5
Volatility	84		%
Risk-free rate	4.4		%