Loan Payable (Tables)

3 Months Ended

Mar. 31, 2026

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

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:

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

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

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

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

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


	January 2026 Warrants			January 2026 Placement Agent Warrants
Warrant term (years)	5.08			5.00
Stock price	$	9.83		$	9.83
Volatility	85.00		%	85.00		%
Risk-free rate	3.73		%	3.72		%
Dividend yield	—		%	—		%

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

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

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

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

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

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

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

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

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