On March 6, 2025, the Company entered into a Series E Preferred Stock Purchase Agreement pursuant to the Series E Preferred Stock Financing, whereby it received a total commitment amount of $40,130 for the issuance and sale of 58,774,332 shares of Series E Preferred Stock pursuant to two separate closing tranches, the first of which closed on March 6, 2025 whereby the Company issued 29,455,169 shares of series E preferred stock resulting in total gross proceeds to the Company of $20,111. The second tranche can occur any time prior to September 15, 2025, for the issuance and sale of 29,319,143 shares of Series E Preferred Stock for an aggregate purchase price of $20,019. The Company determined that the second tranche constitutes a free standing financial instrument and allocated $218 of the Series E proceeds to the purchase option, which is included in accrued liabilities in the Condensed Balance Sheets.

In June 2025 the Company called the second tranche of its Series E Preferred Stock for the issuance of 29,319,143 shares of Series E Preferred Stock resulting in gross proceeds to the Company of $20,019. The Series E purchase option was revalued as of the date the second tranche was called. The Company recognized the change in value of the Series E purchase option in the change in fair value of Series E purchase option caption in its Condensed Statements of Operations and Comprehensive Loss. The fair value of the Series E purchase option was recognized as Series E convertible preferred stock upon the exercise of the Series E purchase option. See Note 2 for additional details.

For all series of preferred stock, the initial conversion price equals their original issuance price per share, at June 30, 2025 and December 31, 2024, adjusted for the Reverse Stock Split as described in Note 1.


June 30, 2025
Series	Par Value		Authorized	Issued and Outstanding	Issuance Price Per Share		Liquidation Value
Seed	$	0.001	16,840,400	16,840,400	$	0.0843	$	1,420
A	0.001		22,399,370	22,399,370	0.2500		5,600
B	0.001		6,913,964	6,663,964	0.3720		2,479
C	0.001		50,116,284	50,116,284	0.4300		21,550
D	0.001		83,403,626	80,909,169	0.5412		43,788
E	0.001		58,774,332	58,774,312	0.6828		40,131
Total			238,447,976	235,703,499			$	114,968


December 31, 2024
Series	Par Value		Authorized	Issued and Outstanding	Issuance Price Per Share		Liquidation Value
Seed	$	0.001	16,840,400	15,851,401	$	0.0843	$	1,337
A	0.001		22,399,370	22,399,370	0.2500		5,600
B	0.001		6,913,964	5,913,964	0.3720		2,200
C	0.001		50,116,284	50,116,284	0.4300		21,550
D	0.001		83,403,626	80,909,169	0.5412		43,788
Total			179,673,644	175,190,188			$	74,475