Reverse Recapitalization (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Net Proceeds from the Merger

The following table summarizes the net proceeds from the Merger:

Sources	Amount
Cash - Inflection Point trust account, net (1)		2,644
Cash - Inflection Point operating account		426
Total cash from Inflection Point		3,070
Cash - Closing PIPE		120,000
Total cash in Inflection Point going into the Merger	$	123,070

(1)

Amount reflects gross proceeds of $25,864 from the Inflection Point trust account less the payment of transaction costs of $(23,220) utilizing the proceeds released from the Inflection Point trust account.

Uses	Amount
Prepayment of 2024 LSA Loans	$	(28,334	)
Total cash used immediately after the Merger	$	(28,334	)

Net cash to Merlin	$	94,736

Schedule of Merger Impact of Common Stock

The following table summarizes the impact of the Merger on the Company's common stock:

	Common Stock
	Number of Shares		Amount		Additional Paid-In Capital
Balances as of December 31, 2025		5,306,250	$	1	$	15,491
Exercise of stock options prior to the Merger		131,028		—		226
Issuance of common stock upon exercise of warrants		6,327		—		—
Issuance of redeemable convertible preferred stock upon exercise of warrants		226,113		—		6,859
Conversion of redeemable convertible preferred stock to common stock		17,154,902		2		461,962
Balances immediately prior to the Merger		22,824,620	$	3	$	484,538
Application of the exchange ratio to Legacy Merlin stockholders		47,966,076		5		(5	)
Issuance of common stock in connection with the Merger to Inflection Point stockholders and rightsholders		13,750,282		1		17,265
Balances immediately after the Merger		84,540,978	$	9	$	501,798