Fair Value Measurements (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Sep. 30, 2025

Schedule of Fair Value Assets And Liabilities Measured On Recurring Basis

Liabilities measured at fair value on a recurring basis as of March 31, 2026 are as follows:

	Level 1		Level 2		Level 3		Total
Earnout liability	$	—	$	—	$	280	$	280
Liability-classified warrants		—		—		375		375

Total	$	—	$	—	$	655	$	655

Liabilities measured at fair value on a recurring basis as of September 30, 2025 are as follows:

	Level 1		Level 2		Level 3		Total

Earnout liability	$	—	$	—	$	1,240	$	1,240
Liability-classified warrants		—		—		6,859		6,859
Total	$	—	$	—	$	8,099	$	8,099

Schedule of Fair Value Measured On Recurring Basis Unobservable Input Reconciliation

Six months ended March 31, 2026:	Earnout Liability			Liability Classified Warrants
Balance, September 30, 2025	$	1,240		$	6,859
Reclassification of warrant liabilities to equity		—			(6,912	)
Change in fair value included in net loss		(960	)		428

Balance, March 31, 2026	$	280		$	375

Six months ended March 31, 2025:	Earnout Liability			Liability Classified Warrants
Balance, September 30, 2024	$	1,680		$	2,139
Beginning balance	$	1,680		$	2,139
Change in fair value included in net loss		(280	)		(625	)

Balance, March 31, 2025	$	1,400		$	1,514
Ending balance	$	1,400		$	1,514

The following table provides a reconciliation of the balance of financial instruments measured at fair value on a recurring basis using Level 3 inputs:

	Earnout Liability			Liability Classified Warrants			PIPE Make-Whole Liability			SAFEs
Balance, September 30, 2023	$	—		$	—		$	—		$	1,512
Liabilities recognized in the Merger		33,559			150			2,071			—
Sale of warrants in the July 2024 Private Placement		—			6,397			—			—
Other warrants issued		—			732			—			—
Conversion to Class A Common Stock in the Merger		—			—			—			(1,522	)
Exercise of warrants		—			(3,393	)		—			-
Settlement of liability		—			(332	)		(1,241	)		—
Change in fair value included in net loss		(31,879	)		(1,415	)		(830	)		10
Balance, September 30, 2024	$	1,680		$	2,139		$	—		$	—
Sale of warrants in the April 2025 Offering		—			2,853			-			-
Issuance of inducement warrants		—			5,699			-			-
Modification of warrants		—			1,214			-			-
Exercise of warrants		—			(4,242	)		-			-
Change in fair value included in net loss		(440	)		(804	)		-			-
Balance, September 30, 2025	$	1,240		$	6,859			-			-

Schedule of Fair Value of Liability-Classified Warrants

	September 30, 2025
Stock price	$	8.06
Expected volatility		79.0	%
Risk-free rate		3.7	%
Contractual term		4.3 – 4.9 years

	March 31, 2026			September 30, 2025
Stock price	$	3.34		$	8.06
Expected volatility		90.0	%		80.0	%
Risk-free rate		3.8	%		3.8	%
Contractual term		5.7 years			6.2 years

	September 30,
	2025			2024

Stock price	$	8.06		$	10.60
Expected volatility		79.0	%		55.7	%
Risk-free rate		3.7	%		3.5 – 3.9	%
Contractual term		4.3 – 4.9 years			1.1 – 5.1 years

	September 30,
	2025			2024

Stock price	$	8.06		$	10.60
Expected volatility		80	%		70	%
Risk-free rate		3.8	%		3.6	%
Contractual term		6.2 years			7.2 years

- Definition

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

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