SAFE	9 Months Ended
Sep. 30, 2025
SAFE
SAFE	Note 10. SAFE Strategic Investment On January 6, 2025, the Company entered into a Simple Agreement for Future Equity (the “SAFE Agreement” or “SAFE”) with an investor (the “Investor”). Pursuant to the terms of the SAFE Agreement, the Company received an aggregate amount of $1.0 million (the “SAFE Amount”). In the event of an equity financing, as defined in the SAFE Agreement, the investment made pursuant to the SAFE Agreement will be automatically converted into the number of shares of the Company based on the lowest price per share of the Class A Common Stock sold in the future equity financing multiplied by a discount price of 85%. The SAFE was recorded as a liability in accordance with the applicable accounting guidance due to the potential for the Company to settle the fixed outstanding balance of the SAFE liability in a variable number of shares. The initial fair value of the SAFE liability was $1.0 million. Subsequent changes in fair value at each reporting period are recognized in the unaudited condensed consolidated statements of operations as changes in fair value of SAFE liability. At September 30, 2025, the Company remeasured the fair value of the SAFE liability, considering the proximity and likelihood of the impending initial public offering. As a result, the Company recorded a change in fair value of $0.2 million for the three and nine months ended September 30, 2025, increasing the SAFE liability balance to $1.2 million. This expense is included in ‘Change in fair value of SAFE liability’ within Other expense, net in the condensed consolidated statements of operations. See Note 14, Subsequent Events, for additional details regarding the conversion of the SAFE.

SAFE

9 Months Ended

Sep. 30, 2025

Note 10. SAFE

Strategic Investment

On January 6, 2025, the Company entered into a Simple Agreement for Future Equity (the “SAFE Agreement” or “SAFE”) with an investor (the “Investor”). Pursuant to the terms of the SAFE Agreement, the Company received an aggregate amount of $1.0 million (the “SAFE Amount”). In the event of an equity financing, as defined in the SAFE Agreement, the investment made pursuant to the SAFE Agreement will be automatically converted into the number of shares of the Company based on the lowest price per share of the Class A Common Stock sold in the future equity financing multiplied by a discount price of 85%.

The SAFE was recorded as a liability in accordance with the applicable accounting guidance due to the potential for the Company to settle the fixed outstanding balance of the SAFE liability in a variable number of shares. The initial fair value of the SAFE liability was $1.0 million. Subsequent changes in fair value at each reporting period are recognized in the unaudited condensed consolidated statements of operations as changes in fair value of SAFE liability. At September 30, 2025, the Company remeasured the fair value of the SAFE liability, considering the proximity and likelihood of the impending initial public offering. As a result, the Company recorded a change in fair value of $0.2 million for the three and nine months ended September 30, 2025, increasing the SAFE liability balance to

$1.2 million. This expense is included in ‘Change in fair value of SAFE liability’ within Other expense, net in the condensed consolidated statements of operations. See Note 14, Subsequent Events, for additional details regarding the conversion of the SAFE.