| Restatement of Interim Financial Information (Unaudited) |
Note 12: Restatement of Interim Financial Information (Unaudited) As described in Note 2, the Company identified errors related to certain inputs and assumptions used in the valuation models for its SAFE Notes and stock-based compensation expense. These errors resulted in an overstatement of the fair value of SAFE Notes and an understatement of stock-based compensation expense in previously issued financial statements. The Company has restated the previously issued quarterly (unaudited) financial data for the six-month periods ended June 30, 2024 and 2025, and the three- and nine-month periods ended September 30, 2024 and 2025, to correct these errors. The impacts of the restatement on the Company’s interim Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Stockholders’ Equity (Deficit) and Consolidated Statements of Cash Flows for each of the affected quarterly periods are presented below. The misstatements did not have a material impact on reported cash flows during the period, as the valuations pertained to non-cash transactions. Consolidated Balance Sheet – As of June 30, 2025 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | SAFE Notes subscription receivable | | $ | — | | $ | 33,000 | | $ | 33,000 | Total assets | | $ | 4,926,231 | | $ | 33,000 | | $ | 4,959,231 | Liabilities | | | | | | | | | | SAFE Notes | | $ | 20,463,632 | | $ | (4,917,505) | | $ | 15,546,127 | Total liabilities | | $ | 20,564,519 | | $ | (4,917,505) | | $ | 15,647,014 | Total stockholders’ deficit | | $ | (15,638,288) | | $ | 4,950,505 | | $ | (10,687,783) |
Consolidated Balance Sheet – As of September 30, 2025 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | SAFE Notes subscription receivable | | $ | — | | $ | 28,000 | | $ | 28,000 | Total assets | | $ | 30,524,544 | | $ | 28,000 | | $ | 30,552,544 | Liabilities | | | | | | | | | | SAFE Notes | | $ | — | | $ | — | | $ | — | Total liabilities | | $ | 605,325 | | $ | 138,977 | | $ | 744,302 | Total stockholders’ equity | | $ | 29,919,219 | | $ | (110,977) | | $ | 29,808,242 |
Consolidated Statement of Operations – For the six months ended June 30, 2024 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | Operating expenses: | | | | | | | | | | General and administrative expenses | | $ | 752,535 | | $ | 892,601 | | $ | 1,645,136 | Research and development expenses | | $ | 135,930 | | $ | 77,832 | | $ | 213,762 | Other non-operating income (expense): | | | | | | | | | | Change in fair value of SAFE notes | | $ | (1,251,721) | | $ | 1,409,741 | | $ | 158,020 | Net loss | | $ | (2,129,151) | | $ | 439,308 | | $ | (1,689,843) | Basic and diluted weighted average shares outstanding of common stock | | | 658,569 | | | 4,826,068 | | | 5,484,637 | Basic and diluted net loss per share of common stock | | $ | (3.23) | | $ | 2.92 | | $ | (0.31) |
Consolidated Statement of Operations – For the three months ended September 30, 2024 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | Operating expenses: | | | | | | | | | | General and administrative expenses | | $ | 486,151 | | $ | 101,016 | | $ | 587,167 | Research and development expenses | | $ | 219,478 | | $ | (72,754) | | $ | 146,724 | Other non-operating income (expense): | | | | | | | | | | Change in fair value of SAFE notes | | $ | (1,248,279) | | $ | 752,928 | | $ | (495,351) | Net loss | | $ | (1,944,963) | | $ | 724,667 | | $ | (1,220,296) | Basic and diluted weighted average shares outstanding of common stock | | | 16,182,268 | | | (2,992,451) | | | 13,189,817 | Basic and diluted net loss per share of common stock | | $ | (0.12) | | $ | 0.03 | | $ | (0.09) |
Consolidated Statement of Operations – For the nine months ended September 30, 2024 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | Operating expenses: | | | | | | | | | | General and administrative expenses | | $ | 1,238,686 | | $ | 993,617 | | $ | 2,232,303 | Research and development expenses | | $ | 355,408 | | $ | 5,078 | | $ | 360,486 | Other non-operating income (expense): | | | | | | | | | | Change in fair value of SAFE notes | | $ | (2,500,000) | | $ | 2,162,669 | | $ | (337,331) | Net loss | | $ | (4,074,114) | | $ | 1,163,975 | | $ | (2,910,139) | Basic and diluted weighted average shares outstanding of common stock | | | 13,006,041 | | | (4,329,737) | | | 8,676,304 | Basic and diluted net loss per share of common stock | | $ | (0.31) | | $ | (0.02) | | $ | (0.33) |
Consolidated Statement of Operations – For the six months ended June 30, 2025 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | Operating expenses: | | | | | | | | | | General and administrative expenses | | $ | 2,718,780 | | $ | (450,018) | | $ | 2,268,762 | Research and development expenses | | $ | 780,517 | | $ | 769,258 | | $ | 1,549,775 | Other non-operating income (expense): | | | | | | | | | | Change in fair value of SAFE notes | | $ | (3,638,167) | | $ | 519,225 | | $ | (3,118,942) | Net loss | | $ | (7,136,460) | | $ | 199,985 | | $ | (6,936,475) | Basic and diluted weighted average shares outstanding of common stock | | | 16,237,748 | | | (2,180,399) | | | 14,057,349 | Basic and diluted net loss per share of common stock | | $ | (0.44) | | $ | (0.05) | | $ | (0.49) |
Consolidated Statement of Operations – For the three months ended September 30, 2025 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | Operating expenses: | | | | | | | | | | General and administrative expenses | | $ | 6,700,416 | | $ | 93,626 | | $ | 6,794,042 | Research and development expenses | | $ | 2,104,021 | | $ | (183,649) | | $ | 1,920,372 | Other non-operating income (expense): | | | | | | | | | | Change in fair value of SAFE notes | | $ | (31,601,632) | | $ | (5,113,475) | | $ | (36,715,107) | Net loss | | $ | (40,390,883) | | $ | (5,023,452) | | $ | (45,414,335) | Basic and diluted weighted average shares outstanding of common stock | | | 31,316,149 | | | (7,881,883) | | | 23,434,266 | Basic and diluted net loss per share of common stock | | $ | (1.29) | | $ | (0.65) | | $ | (1.94) |
Consolidated Statement of Operations – For the nine months ended September 30, 2025 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | Operating expenses: | | | | | | | | | | General and administrative expenses | | $ | 9,419,196 | | $ | (356,392) | | $ | 9,062,804 | Research and development expenses | | $ | 2,884,538 | | $ | 585,609 | | $ | 3,470,147 | Other non-operating income (expense): | | | | | | | | | | Change in fair value of SAFE notes | | $ | (35,239,799) | | $ | (4,594,250) | | $ | (39,834,049) | Net loss | | $ | (47,527,343) | | $ | (4,823,467) | | $ | (52,350,810) | Basic and diluted weighted average shares outstanding of common stock | | | 21,282,445 | | | (3,891,242) | | | 17,391,203 | Basic and diluted net loss per share of common stock | | $ | (2.23) | | $ | (0.78) | | $ | (3.01) |
Consolidated Statement of stockholders’ equity (deficit) for six months ended June 30, 2024 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | Balance at December 31, 2023 | | $ | (630,192) | | $ | 1,090,453 | | $ | 460,261 | Stock-based compensation | | | 140,730 | | | 965,135 | | | 1,105,865 | Net loss | | | (2,129,151) | | | 439,308 | | | (1,689,843) | Balance at June 30, 2024 | | $ | (2,618,613) | | $ | 2,494,896 | | $ | (123,717) |
Consolidated Statement of stockholders’ equity (deficit) for nine months ended September 30, 2024 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | Balance at December 31, 2023 | | $ | (630,192) | | $ | 1,090,453 | | $ | 460,261 | Stock-based compensation | | | 145,273 | | | 993,302 | | | 1,138,575 | Net loss | | | (4,074,114) | | | 1,163,975 | | | (2,910,139) | Balance at September 30, 2024 | | $ | (4,559,033) | | $ | 3,247,730 | | $ | (1,311,303) |
Consolidated Statement of stockholders’ equity (deficit) for three months ended September 30, 2024 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | Balance at June 30, 2024 | | $ | (2,618,613) | | $ | 2,494,896 | | $ | (123,717) | Stock-based compensation | | | 4,543 | | | 28,167 | | | 32,710 | Net loss | | | (1,944,963) | | | 724,667 | | | (1,220,296) | Balance at September 30, 2024 | | $ | (4,559,033) | | $ | 3,247,730 | | $ | (1,311,303) |
Consolidated Statement of stockholders’ equity (deficit) for six months ended June 30, 2025 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | Balance at December 31, 2024 | | $ | (8,513,101) | | $ | 4,431,280 | | $ | (4,081,821) | Stock-based compensation | | | 11,273 | | | 216,400 | | | 227,673 | Net loss | | | (7,136,460) | | | 199,985 | | | (6,936,475) | Balance at June 30, 2025 | | $ | (15,638,288) | | $ | 4,847,665 | | $ | (10,790,623) |
Consolidated Statement of stockholders’ equity (deficit) for nine months ended September 30, 2025 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | Balance at December 31, 2024 | | $ | (8,513,101) | | $ | 4,431,280 | | $ | (4,081,821) | Stock-based compensation | | | 5,567,153 | | | 97,296 | | | 5,664,449 | Issuance of Common Stock upon conversion of SAFE Notes | | | 53,328,419 | | | 182,815 | | | 53,511,234 | Net loss | | | (47,527,343) | | | (4,823,467) | | | (52,350,810) | Balance at September 30, 2025 | | $ | 29,919,219 | | $ | (110,977) | | $ | 29,808,242 |
Consolidated Statement of stockholders’ equity (deficit) for three months ended September 30, 2025 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | Balance at June 30, 2025 | | $ | (15,638,288) | | $ | 4,848,486 | | $ | (10,789,802) | Stock-based compensation | | | 5,555,880 | | | (119,104) | | | 5,436,776 | Issuance of Common Stock upon conversion of SAFE Notes | | | 53,328,419 | | | 182,815 | | | 53,511,234 | Net loss | | | (40,390,883) | | | (5,023,451) | | | (45,414,334) | Balance at September 30, 2025 | | $ | 29,919,219 | | $ | (110,977) | | $ | 29,808,242 |
Consolidated Statement of cash flows for the six months ended June 30, 2024 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | Cash flows from operating activities: | | | | | | | | | | Net loss | | $ | (2,129,151) | | $ | 439,308 | | $ | (1,689,843) | Change in fair value of SAFE Notes | | | 1,251,721 | | | (1,409,741) | | | (158,020) | Stock-based compensation | | | 135,432 | | | 970,433 | | | 1,105,865 |
Consolidated Statement of cash flows for the nine months ended September 30, 2024 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | Cash flows from operating activities: | | | | | | | | | | Net loss | | $ | (4,074,114) | | $ | 1,163,975 | | $ | (2,910,139) | Change in fair value of SAFE Notes | | | 2,500,000 | | | (2,004,649) | | | 495,351 | Stock-based compensation | | | 139,880 | | | 998,695 | | | 1,138,575 |
Consolidated Statement of cash flows for the six months ended June 30, 2025 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | Cash flows from operating activities: | | | | | | | | | | Net loss | | $ | (7,136,460) | | $ | 199,985 | | $ | (6,936,475) | Change in fair value of SAFE Notes | | | 3,638,167 | | | (519,225) | | | 3,118,942 | Stock-based compensation | | | 10,452 | | | 217,221 | | | 227,673 |
Consolidated Statement of cash flows for the nine months ended September 30, 2025 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | Cash flows from operating activities: | | | | | | | | | | Net loss | | $ | (47,527,343) | | $ | (4,823,467) | | $ | (52,350,810) | Change in fair value of SAFE Notes | | | 35,239,799 | | | 4,594,250 | | | 39,834,049 | Stock-based compensation | | | 5,567,153 | | | 97,296 | | | 5,664,449 |
|