Loan Payable (Tables)

12 Months Ended

Dec. 31, 2025

Key assumptions used to determine the fair value of the May 2025 Convertible Note as of December 31, 2025, were as follows:


Expected term (years)	0.96
Stock price	$	4.87
Volatility	45.00		%
Risk-free rate	3.49		%
Dividend yield	—		%

Key assumptions used to determine the fair value of the AIR Warrants as of December 31, 2025, were as follows:


	Underlying Investor Warrants (BSM)			Junior Convertible Notes
Expected term (years)	5.00			0.92
Stock price	$	4.87		$	4.87
Volatility	87.50%			45.00		%
Risk-free rate	3.73		%	3.50		%
Dividend yield	—		%	—		%
Discount rate on the note	78.64		%	78.64		%
Exercise price of AIR Warrants (millions)	$	3.7		$	3.7

The following inputs were used in the convertible bond and BSM option pricing models:


	Underlying Investor Warrants (BSM)			Junior Convertible Notes
Expected term (years)	5.00			0.92
Stock price	$	22.13		$	22.13
Volatility	87.50%			45.00%
Risk-free rate	3.75		%	3.49		%
Dividend yield	—		%	—		%
Discount rate on the note	N/A			78.64		%
Exercise price of AIR Warrants (millions)	$	3.7		$	3.7

The Company determined the fair value of the Initial Tranche Warrants by using a BSM option pricing model, with the following assumptions:


Expected term (years)	5.00
Stock price	$	29.99
Volatility	90.00		%
Risk-free rate	4.04		%
Dividend yield	0.00		%

The Company determined the fair value of the Second Tranche Warrants by using a BSM option pricing model, with the following assumptions:


Expected term (years)	5.00
Stock price	$	20.17
Volatility	90.00		%
Risk-free rate	3.84		%
Dividend yield	0.00		%

The Company determined the fair value of the December 2024 Wolverine Warrants by using a BSM option pricing model, with the following assumptions:


Expected term (years)	5.01
Stock price	$	105.67
Volatility	100.00		%
Risk-free rate	4.25		%
Dividend yield	0.00		%

The Company determined the fair value of the warrants by using a BSM option pricing model, with the following assumptions:


Expected term (years)	5.50
Stock price	$	132.27
Volatility	97.50		%
Risk-free rate	4.05		%
Dividend yield	0.00		%

The Company determined the fair value of the warrants by using a BSM option pricing model, with the following assumptions:


Expected term (years)	5.44
Stock price	$	157.44
Volatility	97.50		%
Risk-free rate	4.33		%
Dividend yield	0.00		%

The Company determined the fair value of the warrants by using a BSM option pricing model, with the following assumptions:


Expected term (years)	5.38
Stock price	$	139.94
Volatility	97.50		%
Risk-free rate	4.08		%
Dividend yield	0.00		%

The Company determined the fair value of the September 2025 SIV Warrants by using a BSM option pricing model, with the following assumptions:


Expected term (years)	5.00
Stock price	$	21.42
Volatility	87.50		%
Risk-free rate	3.57		%
Dividend yield	0.00		%

The Company determined the incremental fair value of the SIV Modified Warrants by using a BSM option pricing model, with the following assumptions:


	Pre-modification			Post-modification
Expected term (years)	4.63			4.63
Stock price	$	21.42		$	21.42
Exercise price	$	132.27		$	19.81
Volatility	87.50		%	87.50		%
Risk-free rate	3.55		%	3.55		%
Dividend yield	0.00		%	0.00		%

The Company determined the fair value of the December 2025 SIV Warrants by using a BSM option pricing model, with the following assumptions:


Expected term (years)	5.00
Stock price	$	14.28
Volatility	82.50		%
Risk-free rate	3.72		%
Dividend yield	0.00		%

The significant inputs into the BSM option pricing model immediately before modification date are as follows:


Expected term (years)	4.77
Stock price	$	13.57
Volatility	82.50		%
Risk-free rate	3.76		%
Dividend yield	0.00		%

The Company determined the fair value of the December 2025 Warrants at issuance by using a BSM option pricing model, with the following assumptions:


Expected term (years)	5.15
Stock price	$	16.96
Volatility	82.50		%
Risk-free rate	3.73		%
Dividend yield	0.00		%

The significant inputs into the BSM option pricing model before and after the modification date are as follows:


	Pre-modification			Post-modification
Expected term (years)	5.16			5.16
Stock price	$	13.57		$	13.57
Volatility	82.50		%	82.50		%
Risk-free rate	3.79		%	3.79		%
Dividend yield	0.00		%	0.00		%

The significant inputs into the BSM option pricing model immediately before the modification date are as follows:


	March 2025 Warrants			July 2025 Warrants
Expected term (years)	4.44			4.71
Stock price	$	30.52		$	30.52
Volatility	85.00		%	85.00		%
Risk-free rate	3.56		%	3.58		%
Dividend yield	0.00		%	0.00		%

The Company determined the fair value of the October 2025 Warrants at issuance by using a BSM option pricing model, with the following assumptions:


Expected term (years)	5.31
Stock price	$	30.52
Volatility	85.00		%
Risk-free rate	3.63		%
Dividend yield	0.00		%

The Company recorded an aggregate deemed dividend of $0.1 million as a result of these downround adjustments, which were calculated using the BSM option pricing model with the following assumptions:


As of December 2, 2025	December 2024 Wolverine Warrants			Initial Tranche Warrants			Second Tranche Warrants
Expected term (years)	4.04			4.50			4.58
Stock price	$	11.96		$	11.96		$	11.96
Exercise price before repricing	$	19.81		$	19.81		$	19.81
Exercise price after repricing	$	9.64		$	9.64		$	9.64
Volatility	85.00		%	85.00		%	85.00		%
Risk-free rate	3.60		%	3.63		%	3.63		%
Dividend yield	0.00		%	0.00		%	0.00		%


As of December 19, 2025	December 2024 Wolverine Warrants			Initial Tranche Warrants			Second Tranche Warrants
Expected term (years)	3.99			4.46			4.53
Stock price	$	8.73		$	8.73		$	8.73
Exercise price before repricing	$	9.64		$	9.64		$	9.64
Exercise price after repricing	$	9.05		$	9.05		$	9.05
Volatility	85.00		%	85.00		%	85.00		%
Risk-free rate	3.61		%	3.65		%	3.66		%
Dividend yield	0.00		%	0.00		%	0.00		%


As of December 31, 2025	December 2024 Wolverine Warrants			Initial Tranche Warrants			Second Tranche Warrants
Expected term (years)	3.96			4.43			4.50
Stock price	$	4.87		$	4.87		$	4.87
Exercise price before repricing	$	9.05		$	9.05		$	9.05
Exercise price after repricing	$	5.70		$	5.70		$	5.70
Volatility	87.50		%	87.50		%	87.50		%
Risk-free rate	3.64		%	3.68		%	3.69		%
Dividend yield	0.00		%	0.00		%	0.00		%

The significant inputs into the BSM option pricing model immediately before the modification date are as follows:


	February 2025 Warrants			Investor Modified Warrants
Warrant term (years)	4.49			4.35			-	4.70
Stock price	$	34.09		$	34.09
Volatility	87.50		%	87.50					%
Risk-free rate	3.74		%	3.73		%	-	3.75%
Dividend yield	0.00		%	0.00					%

The Company determined the fair value of the August 2025 Warrants at issuance by using a BSM option pricing model, with the following assumptions:


Warrant term (years)	5.09
Stock price	$	34.09
Volatility	87.50		%
Risk-free rate	3.78		%
Dividend yield	0.00		%

The significant inputs into the BSM option pricing model before and after the modification date are as follows:


	Pre-modification						Pre-modification
Warrant term (years)	4.47			-	4.82		4.47			-	4.82
Stock price	$	21.78					$	21.78
Volatility	90.00					%	90.00					%
Risk-free rate	3.76		%	-	3.78%		3.76		%	-	3.78%
Dividend yield	0.00					%	0.00					%

The significant inputs into the BSM option pricing model at the initial recognition date are as follows:


	December 2024 Warrants		December 2024 Placement Agent Warrants
Warrant term (years)	5		5

Volatility	97.50	%	97.50	%
Risk-free rate	4.40	%	4.40	%
Dividend yield	—	%	—	%

The significant inputs into the BSM option pricing model at the initial recognition date are as follows:


	September 2024 Class A Warrants		September 2024 Class B Warrants		September 2024 Placement Agent Warrants
Warrant term (years)	5.50		1.50		1.49

Volatility	97.50	%	97.50	%	97.50	%
Risk-free rate	3.46	%	3.79	%	3.79	%
Dividend yield	—	%	—	%	—	%

The significant inputs into the BSM option pricing model at the initial recognition date are as follows:


Warrant term (years)	5.00

Volatility	97.50	%
Risk-free rate	4.07	%
Dividend yield	—	%

The significant inputs into the BSM option pricing model before and after the modification date are as follows:


	Pre-modification		Post-modification
Warrant term (years)	4.87		5.00

Volatility	95.00	%	95.00	%
Risk-free rate	4.22	%	4.21	%
Dividend yield	0.00	%	0.00	%

The significant inputs into the BSM option pricing model at the initial recognition date are as follows:


Expected term (years)	5.00

Volatility	97.50	%
Risk-free rate	4.02	%
Dividend yield	—	%

The significant inputs into the BSM option pricing model before and after the modification date are as follows:


	Pre-modification		Post-modification
Expected term (years)	4.83		5.00

Volatility	97.50	%	97.50	%
Risk-free rate	3.85	%	3.84	%
Dividend yield	0.00	%	0.00	%