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S-4 NON INVASIVE MONITORING SYSTEMS INC /FL/ FL 59-2007840 4400 Biscayne Blvd. Suite 180 Miami FL 33137 (305) 575-4200 James J. Martin 4400 Biscayne Blvd. Suite 180 (305) 575-4200 Non-accelerated Filer true false

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies and Basis of Presentation Consolidation. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Non-Invasive Monitoring Systems of Florida, Inc., which has no current operations, and NIMS of Canada, Inc., a Canadian corporation, which has no current operations. All inter-company accounts and transactions have been eliminated in consolidation. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions, such as deferred taxes as estimates, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of expenses during the reporting period. Actual results could differ materially from these estimates. Fair Value of Financial Instruments. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March 31, 2026 and December 31, 2025. The respective carrying value of certain on-balance-sheet financial instruments such as cash, prepaid expenses, accounts payable, accrued expenses and accrued interest approximate fair values because they are short term in nature or they bear current market interest rates. Net Loss Per Share <p id="xdx_898_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zCzDBH8PCQdg" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify"> Schedule of Computation of Diluted Weighted Average Shares of Common Stock Outstanding Related Parties. The Company follows ASC 850 “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions. Recent Accounting Pronouncements. The Company considers the applicability and impact of all relevant Accounting Standard Updates (“ASU’s”). Our conclusion was that they did not have any material effect on the condensed consolidated financial statements.

Consolidation. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Non-Invasive Monitoring Systems of Florida, Inc., which has no current operations, and NIMS of Canada, Inc., a Canadian corporation, which has no current operations. All inter-company accounts and transactions have been eliminated in consolidation.

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions, such as deferred taxes as estimates, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of expenses during the reporting period. Actual results could differ materially from these estimates.

Fair Value of Financial Instruments. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March 31, 2026 and December 31, 2025. The respective carrying value of certain on-balance-sheet financial instruments such as cash, prepaid expenses, accounts payable, accrued expenses and accrued interest approximate fair values because they are short term in nature or they bear current market interest rates.

Net Loss Per Share <p id="xdx_898_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zCzDBH8PCQdg" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify"> Schedule of Computation of Diluted Weighted Average Shares of Common Stock Outstanding

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Related Parties. The Company follows ASC 850 “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions.

Recent Accounting Pronouncements. The Company considers the applicability and impact of all relevant Accounting Standard Updates (“ASU’s”). Our conclusion was that they did not have any material effect on the condensed consolidated financial statements.

3. SHAREHOLDERS’ DEFICIT Shareholder’s Equity The Company has a single class of Preferred Stock. Holders of Series B Preferred Stock are entitled to vote with the holders of common stock as a single class on all matters. We are currently authorized to issue an aggregate of 401,000,000 shares of capital stock, consisting of 400,000,000 shares of common stock and 1,000,000 designated shares of preferred stock with preferences and rights to be determined by our Board of Directors Series B Preferred Stock is not redeemable by the Company and has a liquidation value of $<span id="xdx_90A_eus-gaap--PreferredStockLiquidationPreference_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zmCG95R1h6lk" title="Preferred stock liquidation value, per share value">100 per share, plus declared and unpaid dividends, if any. Dividends are non-cumulative, and are at the rate of $10 per share, if declared. No preferred stock dividends were declared for the three months ended March 31, 2026 and 2025. The Company did not issue any shares of the Company’s common stock during the three months ended March 31, 2026 and 2025.

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100

4. BASIC AND DILUTED LOSS PER SHARE Basic And Diluted Loss Per Share Basic net loss per common share is computed by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed giving effect to all dilutive potential common shares that were outstanding during the period. Diluted potential common shares consist of incremental shares issuable upon the conversion of preferred stock. In computing diluted net loss per share for the periods ended March 31, 2026 and 2025, no dilution adjustment has been made to the weighted average outstanding common shares because the assumed conversion of preferred stock would be anti-dilutive.

5. RELATED PARTY TRANSACTIONS Related Party Transactions Our principal corporate office is located at 4400 Biscayne Blvd., Miami, Florida. We occupy this space from Frost Real Estate Holdings, LLC, which is a company controlled by Dr. Phillip Frost, a member of the Board of Directors and one of our largest beneficial shareholders. The rental space is currently provided without charge. For the periods ended December 31, 2025 and 2024, the Company did not record any rent expense related to the Miami lease. At March 31, 2026 and December 31, 2025 there was no rent payable. The Company has related party notes outstanding, as described below in Note 6. The Company is under common control with multiple entities and the existence of that control could result in operating results or financial position of each individual entity significantly different from those that would have been obtained if the entities were autonomous. One of those related parties, OPKO Health, Inc. (“OPKO”) and the Company are under common control and OPKO has a one percent ownership interest in the Company that OPKO has accounted for as an equity method investment due to the ability to significantly influence the Company.

6. NOTES PAYABLE – RELATED PARTIES Notes Payable - Related Parties Notes payable - related party are summarized in the following table (in thousands): Schedule of Notes Payable- Related Party <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260331_zcezHrSRRy2j" style="border-bottom: Black 1pt solid; text-align: center">As of March 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20251231_zMiz3N20nbXd" style="border-bottom: Black 1pt solid; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40C_eus-gaap--LongTermNotesPayable_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zWEFxMJUxJnd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">(a) Notes payable- Frost Gamma Investments Trust</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">570</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">470</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LongTermNotesPayable_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zUJXpGqTRWx6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">(b) Notes payable- Dr. Jane Hsiao</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LongTermNotesPayable_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z5wE40an0oYh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Notes payable - related party</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">720</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">620</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> (a) <span id="xdx_907_eus-gaap--DebtInstrumentDescription_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zAJwgAHZm7Oc" title="Notes, description">The Company has outstanding notes payable to Frost Gamma Investments Trust (“Frost Gamma”) which pertained to promissory notes issued in fiscal 2021 and 2022, in the principal amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pn3d_c20210731__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zyGGwrLMebO3" title="Promissory notes, principal amount">75,000 and $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_pn3d_c20220731__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_z1lRW4F1mf14" title="Promissory notes, principal amount">75,000, respectively. The promissory notes accrue interest at a rate of <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zoF9WnTvmpCk" title="Accrued interest rate">11% per annum, payable on the maturity date on <span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_pid_dp_c20260105__20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zOTxWygvaiWg" title="Accrued interest rate">June 30, 2026, as amended on January 5, 2026. The Frost Gamma promissory note may be prepaid in advance of the maturity date without penalty. Frost Gamma is a trust controlled by Dr. Phillip Frost, a current director of the Company, and who beneficially owns in excess of 10% of the Company’s common stock. On August 15, 2023, <span id="xdx_906_eus-gaap--DebtInstrumentDescription_c20230815__20230815__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zNml4LGGVzn5" title="Note and security agreement, description">the Company entered into a new promissory note agreement with Frost Gamma in the principal amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pn3d_c20230815__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zCF5qEoNacOl" title="Promissory notes, principal amount">200,000, which also accrues interest at a rate of <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zlhEIRnOitw7" title="Accrued interest rate">11% per annum, payable on the maturity date <span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_c20260105__20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zfqeCGUUzJ8a" title="Maturity date">June 30, 2026, as amended on January 5, 2026. This promissory note may also be prepaid in advance of the maturity date without penalty. On September 25, 2024, October 23, 2024, January 23, 2025 and August 27, 2025, the Company entered into new promissory note agreements with Frost Gamma in the aggregate principal amount of $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_c20240925__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_z02kaLTDswA2" title="Promissory notes, principal amount"><span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_c20241023__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_z9uKcQ205rv2" title="Promissory notes, principal amount"><span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_c20250123__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zgJQBhrezd22" title="Promissory notes, principal amount"><span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_c20250827__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_z5UyLXMvmi88" title="Promissory notes, principal amount">120,000, which also accrues interest at a rate of <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zAXcGTbiK8cf" title="Accrued interest rate">11% per annum, payable on the maturity date on <span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_c20260105__20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_z7Sy1Phnqgh3" title="Maturity date">June 30, 2026, as amended on January 5, 2026. The promissory notes may also be prepaid in advance of the maturity date without penalty. On August 27, 2025, the Company entered into a Promissory Note in the principal amount of $25,000 which also accrues interest at a rate of 11% per annum, payable on the maturity date on June 30, 2026, as amended on January 5, 2026. The promissory notes may also be prepaid in advance of the maturity date without penalty. On January 2, 2026, the Company entered into a Promissory Note in the principal amount of $100,000 which also accrues interest at a rate of 11% per annum, payable on the maturity date on June 30, 2026, as amended on January 5, 2026. The promissory notes may also be prepaid in advance of the maturity date without penalty. There were <span id="xdx_90D_eus-gaap--RepaymentsOfNotesPayable_do_c20260101__20260331__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zLtH1O7VKbE8" title="Payments on promissory notes">no payments made on the promissory notes to Frost Gamma. As of March 31, 2026 and December 31, 2025, total outstanding principal on notes payable balance to Frost Gamma was $<span id="xdx_908_eus-gaap--LongTermNotesPayable_iI_c20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zr2uWzWyb6w5" title="Outstanding notes payable balance">570,000 and $<span id="xdx_907_eus-gaap--LongTermNotesPayable_iI_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zHn3Zm4OrF69" title="Outstanding notes payable balance">470,000, respectively. (b) <span id="xdx_90A_eus-gaap--DebtInstrumentDescription_c20260101__20260331__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zg5zPKdWzj1d" title="Notes payable, description">The Company has outstanding notes payable Jane Hsiao, Ph.D. (“Dr. Hsiao”) which pertained to promissory notes issued in fiscal 2021 and 2022, in the principal amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_c20210731__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zneNAPbepI9h" title="Promissory notes, principal amount">75,000 and $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_c20220731__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_ztbFYswYfTIa" title="Promissory notes, principal amount">75,000, respectively. The promissory notes accrue interest at a rate of <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zXuYQTiAV7y9" title="Accrued interest rate">11% per annum, payable on the maturity date on <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_c20260105__20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zpVz7ASfcgM7" title="Maturity date">June 30, 2026, as amended on January 5, 2026. The promissory notes to Dr. Hsiao may be prepaid in advance of the maturity date without penalty. Dr. Hsiao is the Company’s Chairman and Interim CEO, and who beneficially owns in excess of 10% of the Company’s common stock. There were no payments made on the promissory notes to Dr. Hsiao. There were no payments made on the promissory notes to Dr. Hsiao and as such, total outstanding notes payable principal balance was $150,000 as of March 31, 2026 and December 31, 2025, respectively. On January 5, 2026, the Company and each of Dr. Frost and Dr. Hsiao entered into amendments for each of the outstanding promissory <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDateDescription_c20260105__20260105__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zXYeEJOy7xP8" title="Maturity date description">to extend the maturity date from December 31, 2025 to June 30, 2026.

Notes payable - related party are summarized in the following table (in thousands): Schedule of Notes Payable- Related Party <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260331_zcezHrSRRy2j" style="border-bottom: Black 1pt solid; text-align: center">As of March 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20251231_zMiz3N20nbXd" style="border-bottom: Black 1pt solid; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40C_eus-gaap--LongTermNotesPayable_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zWEFxMJUxJnd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">(a) Notes payable- Frost Gamma Investments Trust</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">570</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">470</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LongTermNotesPayable_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zUJXpGqTRWx6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">(b) Notes payable- Dr. Jane Hsiao</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LongTermNotesPayable_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z5wE40an0oYh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Notes payable - related party</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">720</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">620</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

570000

470000

150000

720000

620000

The Company has outstanding notes payable to Frost Gamma Investments Trust (“Frost Gamma”) which pertained to promissory notes issued in fiscal 2021 and 2022, in the principal amount of $75,000 and $75,000, respectively. The promissory notes accrue interest at a rate of 11% per annum, payable on the maturity date on June 30, 2026, as amended on January 5, 2026. The Frost Gamma promissory note may be prepaid in advance of the maturity date without penalty. Frost Gamma is a trust controlled by Dr. Phillip Frost, a current director of the Company, and who beneficially owns in excess of 10% of the Company’s common stock.

75000

0.11

2026-06-30

the Company entered into a new promissory note agreement with Frost Gamma in the principal amount of $200,000, which also accrues interest at a rate of 11% per annum, payable on the maturity date June 30, 2026, as amended on January 5, 2026.

200000

0.11

2026-06-30

120000

0.11

2026-06-30

25000

0.11

2026-06-30

100000

0.11

2026-06-30

570000

470000

The Company has outstanding notes payable Jane Hsiao, Ph.D. (“Dr. Hsiao”) which pertained to promissory notes issued in fiscal 2021 and 2022, in the principal amount of $75,000 and $75,000, respectively. The promissory notes accrue interest at a rate of 11% per annum, payable on the maturity date on June 30, 2026, as amended on January 5, 2026. The promissory notes to Dr. Hsiao may be prepaid in advance of the maturity date without penalty. Dr. Hsiao is the Company’s Chairman and Interim CEO, and who beneficially owns in excess of 10% of the Company’s common stock.

75000

0.11

2026-06-30

150000

to extend the maturity date from December 31, 2025 to June 30, 2026

6. SUBSEQUENT EVENT Subsequent Events On May 7, 2026, the Company entered into a new promissory note agreement with Frost Gamma in the aggregate principal amount of $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_c20260507__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--NewPromissoryNoteAgreementMember__srt--TitleOfIndividualAxis__custom--FrostGammaMember_zv7KY4JtAjf6" title="Principal amount">200,000 and Jane Hsiao in the aggregate principal amount of $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_c20260507__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--NewPromissoryNoteAgreementMember__srt--TitleOfIndividualAxis__custom--JaneHsiaoMember_zS9Kkde0lxPi" title="Principal amount">100,000, which both also accrue interest at a rate of <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260507__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--NewPromissoryNoteAgreementMember__srt--TitleOfIndividualAxis__custom--JaneHsiaoMember_zRQEp1IU1Oz6" title="Interest rate"><span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260507__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--NewPromissoryNoteAgreementMember__srt--TitleOfIndividualAxis__custom--FrostGammaMember_zhFfpYa8z7Nj" title="Interest rate">11% per annum, payable on the maturity date on <span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_c20260507__20260507__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--NewPromissoryNoteAgreementMember__srt--TitleOfIndividualAxis__custom--FrostGammaMember_zntF0bCVcCRh" title="Maturity date"><span id="xdx_90C_eus-gaap--DebtInstrumentMaturityDate_c20260507__20260507__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--NewPromissoryNoteAgreementMember__srt--TitleOfIndividualAxis__custom--JaneHsiaoMember_zBetFyuyrur8" title="Maturity date">June 30, 2026. The promissory notes may also be prepaid in advance of the maturity date without penalty. On June 24, 2026, the Company, and Defender Opportunity LLC, a Delaware limited liability company (the “Buyer” or the “Holder”), entered into a Note Purchase Agreement (the “Purchase Agreement”), pursuant to which the Company sold the Buyer a Convertible Promissory Note (the “Convertible Note”) in the principal amount of $809,705.75 (the “Note Sale Transaction”). The proceeds from the Note Sale Transaction were used by the Company to repay in full the amounts due under certain outstanding promissory notes of the Company (the “Original Notes”), consisting of an aggregate of $720,000 in principal and an aggregate of $89,705.75 of accrued and unpaid interest due thereon. The Original Notes were held by Dr. Jane Hsaio, an officer and director of the Company and beneficial owner of more than 10% of the Company’s common stock, and an affiliate of Dr. Phillip Frost, a director of the Company and beneficial owner of more than 10% of the Company’s common stock. The Buyer is not an affiliate of the Company, Dr. Frost or Dr. Hsiao. On June 30, 2026, the Company entered into the Fourth Amendment to that certain Promissory Notes dated October 4, 2021 and September 16, 2022 in the combined principal amount of $150,000 with Frost Gamma Investments Trust (“Frost Gamma Notes”), a trust controlled by Dr. Phillip Frost, a current director, which beneficially owns in excess of 10% of the Company’s common stock. The maturity date on both Frost Gamma Notes was amended from June 30, 2026 until September 30, 2026. No other provisions of the Frost Gamma Notes were amended. On June 30, 2026, the Company entered into the Fourth Amendment to that certain Promissory Note dated October 4, 2021 and September 16, 2022 in the principal amount of $150,000 with Dr. Jane Hsiao (the “Hsiao Notes”), NIMS’ Chairman of the Board and Interim Chief Executive Officer and a beneficial owner in excess of 10% of our common stock. The maturity date on the Hsiao Notes was amended from June 30, 2026 until September 30, 2026. No other provisions of the 2021 Hsiao Notes were amended.

200000

100000

0.11

2026-06-30

6000

3000

4000

6000

7000

6000

7000

142000

147000

51000

620000

595000

189000

161000

1002000

954000

1.00

100

10000

0.01

400000000

154810655

1548000

26574000

-29118000

-29069000

-996000

-947000

6000

7000

21000

77000

21000

77000

-21000

-77000

28000

24000

-49000

-101000

154811000

-0.00

100

154810655

1548000

26574000

-29069000

-947000

-49000

100

154810655

1548000

26574000

-29118000

-996000

100

154810655

1548000

26574000

-28847000

-725000

-101000

100

154810655

1548000

26574000

-28948000

-826000

-49000

-101000

-4000

11000

-5000

-19000

28000

24000

-22000

-69000

25000

55000

25000

55000

3000

-14000

3000

25000

6000

11000

<p id="xdx_804_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zB1RFNvZGBCd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">1. ORGANIZATION AND BUSINESS Organization and Description of Business Organization. Non-Invasive Monitoring Systems, Inc., a Florida corporation (together with its consolidated subsidiaries, the “Company” or “NIMS”). The Company previously developed and marketed its Exer-Rest® line of acceleration therapeutic platforms based upon unique, patented whole body periodic acceleration (“WBPA”) technology of which the Company maintains patents. The Company maintains limited administration, but does not have any operations or inventory. The Company historically had a July 31 fiscal year end. On March 27, 2026, the Company filed a Transition Report on Form 10-KT and changed its fiscal year end to December 31. The audited financial statements herein are as of December 31, 2025, and for the five-month period then ended. The financial statements herein for the comparable period ended December 31, 2024 are unaudited. The audited financial statements for the years ended July 31, 2025 and 2024 are included in the Company’s Annual Report on Form 10-K, filed on January 30, 2026. Business. The Company is currently a shell company (as defined in Rule 12b-2 of the Exchange Act). Going Concern. The Company’s consolidated financial statements have been prepared and presented on a basis assuming it will continue as a going concern. As reflected in the accompanying consolidated financial statements, the Company had net losses from continuing operations of approximately $49,000 for the five months ended December 31, 2025 and experienced cash outflows from operating activities of $22,000, and had a stockholders’ deficit as of that date. The Company also has an accumulated deficit of $29.1 million as of December 31, 2025. The Company had $6,000 of cash at December 31, 2025 and negative working capital of approximately $978,000. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The Company is seeking potential mergers, acquisitions and strategic collaborations. There is no assurance that the Company will be successful in this regard, and, if not successful, that it will be able to continue its business activities. The accompanying consolidated financial statements do not include any adjustments that might be necessary from the outcome of this uncertainty.

49000

-22000

-29100000

6000

-978000

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies and Basis of Presentation Consolidation. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Non-Invasive Monitoring Systems of Florida, Inc., which has no current operations, and NIMS of Canada, Inc., a Canadian corporation, which has no current operations. All inter-company accounts and transactions have been eliminated in consolidation. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions, such as deferred taxes as estimates, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Actual results could differ materially from these estimates. Cash and Cash Equivalents. The Company considers all highly liquid short-term investments purchased with an original maturity date of three months or less to be cash equivalents. The Company had approximately $6,000 and $3,000, on deposit in bank operating accounts at December 31, 2025 and July 31, 2025, respectively. Income Taxes. The Company uses the asset and liability method to determine the income tax expense or benefit. Deferred tax assets and liabilities are computed based on temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates that are expected to be in effect when the differences are expected to recovered or settled. Any resulting net deferred tax assets are evaluated for recoverability and, accordingly, a valuation allowance is provided when it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company files its tax returns as prescribed by the laws of the jurisdictions in which it operates. Tax years ranging from 2020 to 2024 remain open to examination by various taxing jurisdictions as the statute of limitations has not expired. The net operating losses are generally subject to examination up to three years after the utilization of such losses. It is the Company’s policy to include income tax interest and penalty expense in its tax provision. Fair Value of Financial Instruments. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2025 and July 31, 2025. The respective carrying value of certain on-balance-sheet financial instruments such as cash, prepaid expenses and accounts payable and accrued expenses approximate fair values because they are short term in nature. Loss Contingencies. We recognize contingent losses that are both probable and estimable. In this context, we define probability as circumstances under which events are likely to occur. In regard to legal costs, we record such costs as incurred. Related Parties. The Company follows ASC 850 “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions. Recent Accounting Pronouncements. The Company considers the applicability and impact of all relevant Accounting Standard Updates (“ASU’s”). Our conclusion was that they did not have any material effect on the consolidated financial statements.

Consolidation. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Non-Invasive Monitoring Systems of Florida, Inc., which has no current operations, and NIMS of Canada, Inc., a Canadian corporation, which has no current operations. All inter-company accounts and transactions have been eliminated in consolidation.

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions, such as deferred taxes as estimates, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Actual results could differ materially from these estimates.

Cash and Cash Equivalents. The Company considers all highly liquid short-term investments purchased with an original maturity date of three months or less to be cash equivalents. The Company had approximately $6,000 and $3,000, on deposit in bank operating accounts at December 31, 2025 and July 31, 2025, respectively. Income Taxes. The Company uses the asset and liability method to determine the income tax expense or benefit. Deferred tax assets and liabilities are computed based on temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates that are expected to be in effect when the differences are expected to recovered or settled. Any resulting net deferred tax assets are evaluated for recoverability and, accordingly, a valuation allowance is provided when it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company files its tax returns as prescribed by the laws of the jurisdictions in which it operates. Tax years ranging from 2020 to 2024 remain open to examination by various taxing jurisdictions as the statute of limitations has not expired. The net operating losses are generally subject to examination up to three years after the utilization of such losses. It is the Company’s policy to include income tax interest and penalty expense in its tax provision.

6000

3000

Fair Value of Financial Instruments. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2025 and July 31, 2025. The respective carrying value of certain on-balance-sheet financial instruments such as cash, prepaid expenses and accounts payable and accrued expenses approximate fair values because they are short term in nature.

Loss Contingencies. We recognize contingent losses that are both probable and estimable. In this context, we define probability as circumstances under which events are likely to occur. In regard to legal costs, we record such costs as incurred.

Related Parties. The Company follows ASC 850 “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions.

Recent Accounting Pronouncements. The Company considers the applicability and impact of all relevant Accounting Standard Updates (“ASU’s”). Our conclusion was that they did not have any material effect on the consolidated financial statements.

3. DISCONTINUED OPERATIONS Discontinued Operations On May 3, 2019, the Company exchanged its inventory for forgiveness of accrued unpaid rent. Concurrent with the exchange management with the appropriate level of authority determined to discontinue the operations of the product segment. As of December 31, 2025 and July 31, 2025, accounts payable and accrued expenses related to these operations had a balance of $51,000 each year and presented as “Current liabilities-discontinued operations” in the accompanying consolidated balance sheets.

51000

4. SHAREHOLDERS’ DEFICIT Shareholders’ Deficit The Company has one class of Preferred Stock. Holders of Series B Preferred Stock are entitled to vote with the holders of common stock as a single class on all matters. We are currently authorized to issue an aggregate of 401,000,000 shares of capital stock, consisting of 400,000,000 shares of common stock and 1,000,000 designated shares of preferred stock with preferences and rights to be determined by our Board of Directors. Series B Preferred Stock is not redeemable by the Company and has a liquidation value of $<span id="xdx_90B_eus-gaap--PreferredStockLiquidationPreference_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zVdVJiY11Wh1" title="Preferred stock liquidation value, per share value">100 per share, plus declared and unpaid dividends, if any. Dividends are non-cumulative, and are at the rate of $10 per share, if declared. No preferred stock dividends were declared for the five months ended December 31, 2025 and years ended July 31, 2025 and 2024. The Company did not issue any shares of the Company’s common stock during the five months ended December 31, 2025 and years ended July 31, 2025 and 2024.

401000000

400000000

1000000

100

5. BASIC AND DILUTED LOSS PER SHARE Basic And Diluted Loss Per Share Basic net loss per common share is computed by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed giving effect to all dilutive potential common shares that were outstanding during the period. Diluted potential common shares consist of incremental shares issuable upon conversion of preferred stock. In computing diluted net loss per share for the five months ended December 31, 2025 and 2024, no dilution adjustment has been made to the weighted average outstanding common shares because the assumed conversion of preferred stock would be anti-dilutive.

6. RELATED PARTY TRANSACTIONS Related Party Transactions Our principal corporate office is located at 4400 Biscayne Blvd., Miami, Florida. We occupy this space from Frost Real Estate Holdings, LLC, which is a company controlled by Dr. Phillip Frost, a member of the Board of Directors and one of our largest beneficial shareholders. We previously leased the approximately 1,800 square feet under a lease agreement, which commenced with a five-year term on January 1, 2008 and expired on December 31, 2012, and then we went on a month-to-month basis and then in February 2016 the office space rent was reduced to $0 per month. For the periods ended December 31, 2025 and 2024, the Company did not record any rent expense related to the Miami lease. At December 31, 2025 and July 31, 2025 there was $0 rent payable. The Company has related party notes outstanding, as described below in Note 7. The Company is under common control with multiple entities and the existence of that control could result in operating results or financial position of each individual entity significantly different from those that would have been obtained if the entities were autonomous. One of those related parties, OPKO Health, Inc. (“OPKO”) and the Company are under common control and OPKO has a one percent ownership interest in the Company that OPKO has accounted for as an equity method investment due to the ability to significantly influence the Company.

7. NOTES PAYABLE – RELATED PARTY Notes Payable - Related Parties Notes payable- related party are summarized in the following table (in thousands): Schedule of Notes Payable- Related Party <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20251231_zwoWApFk4l0b" style="border-bottom: Black 1pt solid; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250731_zTv10ujWKpLa" style="border-bottom: Black 1pt solid; text-align: center">As of July 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_404_eus-gaap--NotesPayableCurrent_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_z0CIDs69xKWi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">(a) Notes payable- Frost Gamma Investments Trust</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">470</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">445</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--NotesPayableCurrent_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zPwHJLY1wrz4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">(b) Notes payable- Dr. Jane Hsiao</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--NotesPayableCurrent_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zeEbahDboaua" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Notes payable - related party</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">620</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">595</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> (a) <span id="xdx_903_eus-gaap--DebtInstrumentDescription_c20250801__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zRJAxI5Kcxpe" title="Notes, description">The Company has outstanding notes payable to Frost Gamma Investments Trust (“Frost Gamma”) which pertained to promissory notes issued in fiscal 2021 and 2022, in the principal amount of $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_pn3d_c20210731__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zlliEe3qKYKj" title="Promissory notes, principal amount">75,000 and $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_pn3d_c20220731__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zhPWcCMi8pOk" title="Promissory notes, principal amount">75,000, respectively. The promissory notes accrue interest at a rate of <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_ziOvF7dm5iua" title="Accrued interest rate">11% per annum, payable on the maturity date on <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_c20260105__20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z6bzGt1UPv5l" title="Maturity date">June 30, 2026, as amended on January 5, 2026. The Frost Gamma promissory note may be prepaid in advance of the maturity date without penalty. Frost Gamma is a trust controlled by Dr. Phillip Frost, a current director of the Company, and who beneficially owns in excess of 10% of the Company’s common stock. On August 15, 2023, the Company entered into a new promissory note agreement with Frost Gamma in the principal amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pn3d_c20230815__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zK7EmyBiK83e" title="Promissory notes, principal amount">200,000, which also accrues interest at a rate of <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zmrAU7U4eu1g" title="Accrued interest rate">11% per annum, payable on the maturity date <span id="xdx_90F_eus-gaap--DebtInstrumentMaturityDate_c20260105__20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zQoEHELY1o3i" title="Maturity date">June 30, 2026, as amended on January 5, 2026. This promissory note may also be prepaid in advance of the maturity date without penalty. On September 25, 2024, October 23, 2024, January 23, 2025 and August 27, 2025, the Company entered into new promissory note agreements with Frost Gamma in the aggregate principal amount of $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_c20240925__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zESsmO6YG5h2" title="Promissory notes, principal amount"><span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_c20241023__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_z5anFjsKGcK6" title="Promissory notes, principal amount"><span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_c20250123__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zHdSbF5jGF15" title="Promissory notes, principal amount"><span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_c20250827__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zNOUSY5jEIli" title="Promissory notes, principal amount">120,000, which also accrues interest at a rate of <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z8wkBgR2zzQb" title="Accrued interest rate">11% per annum, payable on the maturity date on <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_c20260105__20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z9jTP0rbR8f1" title="Maturity date">June 30, 2026, as amended on January 5, 2026. The promissory notes may also be prepaid in advance of the maturity date without penalty. There were <span id="xdx_903_eus-gaap--RepaymentsOfNotesPayable_do_c20250801__20251231__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zZb8i4QMBaPg" title="Payments on promissory notes"><span id="xdx_903_eus-gaap--RepaymentsOfNotesPayable_do_c20240801__20241231__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zMpvEIELV429" title="Payments on promissory notes">no payments made on the promissory notes to Frost Gamma and as such, total outstanding notes payable balance was $470,000 and $445,000 as of December 31, 2025 and July 31, 2025, respectively. On January 5, 2026, the Company and each of Dr. Frost and Dr. Hsiao entered into amendments for each of the outstanding promissory to extend the maturity date from December 31, 2025 to June 30, 2026. (b) <span id="xdx_909_eus-gaap--DebtInstrumentDescription_c20250801__20251231__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zlRUbYx79U95" title="Notes payable, description">The Company has outstanding notes payable Jane Hsiao, Ph.D. (“Dr. Hsiao”) which pertained to promissory notes issued in fiscal 2021 and 2022, in the principal amount of $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_c20210731__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zK3IRQSYi8hf" title="Promissory notes, principal amount">75,000 and $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_c20220731__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zqGB6yG37Vv3" title="Promissory notes, principal amount">75,000, respectively. The promissory notes accrue interest at a rate of <span id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zmqdscOAXBYd" title="Accrued interest rate">11% per annum, payable on the maturity date on <span id="xdx_90F_eus-gaap--DebtInstrumentMaturityDate_c20260105__20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zv3ijpfZRrOj" title="Maturity date">June 30, 2026, as amended on January 5, 2026. The promissory notes to Dr. Hsiao may be prepaid in advance of the maturity date without penalty. Dr. Hsiao is the Company’s Chairman and Interim CEO, and who beneficially owns in excess of 10% of the Company’s common stock. There were no payments made on the promissory notes to Dr. Hsiao and as such, total outstanding notes payable balance was $150,000 as of December 31, 2025 and July 31, 2025, respectively. On January 5, 2026, the Company and each of Dr. Frost and Dr. Hsiao entered into amendments for each of the outstanding promissory notes to extend the maturity date from December 31, 2025 to June 30, 2026.

Notes payable- related party are summarized in the following table (in thousands): Schedule of Notes Payable- Related Party <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20251231_zwoWApFk4l0b" style="border-bottom: Black 1pt solid; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250731_zTv10ujWKpLa" style="border-bottom: Black 1pt solid; text-align: center">As of July 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_404_eus-gaap--NotesPayableCurrent_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_z0CIDs69xKWi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">(a) Notes payable- Frost Gamma Investments Trust</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">470</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">445</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--NotesPayableCurrent_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zPwHJLY1wrz4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">(b) Notes payable- Dr. Jane Hsiao</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--NotesPayableCurrent_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zeEbahDboaua" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Notes payable - related party</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">620</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">595</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

470000

445000

150000

620000

595000

75000

0.11

2026-06-30

200000

0.11

2026-06-30

120000

0.11

2026-06-30

470000

445000

75000

0.11

2026-06-30

150000

8. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts Payable and Accrued Expenses Accounts payable and accrued expenses from continuing operations are summarized in the following table (in thousands): Schedule of Accounts Payable and Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zpEUzBCe6Cek" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2025</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250731_zNYbOycAmYfc" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">July 31, 2025</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_404_eus-gaap--AccountsPayableCurrentAndNoncurrent_iI_pn3n3_maAPAALzNvX_zFxTLcJYCAHe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 66%">Accounts payable</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">89</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">99</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr id="xdx_40D_ecustom--AccruedRedemptionCurrentAndNonCurrent_iI_pn3n3_maAPAALzNvX_zD6UuVyOvVOe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif">Accrued redemption</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_405_eus-gaap--OtherAccruedLiabilitiesCurrentAndNoncurrent_iI_pn3n3_maAPAALzNvX_zfOdJmAY24H7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Accrued other</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">43</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">38</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_40A_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_iTI_pn3n3_mtAPAALzNvX_zxGhGcV1z9ha" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">142</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">147</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td></tr> </table>

Accounts payable and accrued expenses from continuing operations are summarized in the following table (in thousands): Schedule of Accounts Payable and Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zpEUzBCe6Cek" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2025</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250731_zNYbOycAmYfc" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">July 31, 2025</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_404_eus-gaap--AccountsPayableCurrentAndNoncurrent_iI_pn3n3_maAPAALzNvX_zFxTLcJYCAHe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 66%">Accounts payable</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">89</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">99</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr id="xdx_40D_ecustom--AccruedRedemptionCurrentAndNonCurrent_iI_pn3n3_maAPAALzNvX_zD6UuVyOvVOe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif">Accrued redemption</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_405_eus-gaap--OtherAccruedLiabilitiesCurrentAndNoncurrent_iI_pn3n3_maAPAALzNvX_zfOdJmAY24H7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Accrued other</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">43</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">38</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_40A_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_iTI_pn3n3_mtAPAALzNvX_zxGhGcV1z9ha" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">142</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">147</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td></tr> </table>

89000

99000

10000 10000

43000

38000

142000

147000

9. INCOME TAXES Income Tax The Company accounts for income taxes using the asset and liability method. Pursuant to this method, deferred tax assets and liabilities are established for the differences between the financial reporting and the tax bases of the Company’s assets and liabilities and net operating loss carryforwards at enacted tax rates expected to be in effect when such amounts are realized or settled. A valuation allowance related to deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The accounting for uncertain tax positions guidance under ASC 740 requires that we recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The application of this guidance does not affect the Company’s financial position, results of operations or cash flows for the years ended December 31, 2025 and 2024. The Company files its tax returns in the U.S. federal jurisdiction and with U.S. states. The Company is subject to tax audits in all jurisdictions for which it files tax returns. Tax audits by their very nature are often complex and can require several years to complete. There are currently no tax audits that have commenced with respect to income tax or any other returns in any jurisdiction. Tax years ranging from 2021 to 2025 remain open to examination by various taxing jurisdictions as the statute of limitations has not expired. Because the Company is carrying forward income tax attributes, such as net operating losses and tax credits from earlier tax years, these attributes can still be audited when utilized on returns filed in the future. It is the Company’s policy to include income tax interest and penalties expense in its tax provision. The difference between income taxes at the statutory federal income tax rate of 21% in 2025 and 2024 and income taxes reported in the consolidated statements of operations are attributable to the following (in thousands): Schedule of Federal Income Tax Rate and Income Taxes <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250801__20251231_zcYOopGilZY5" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240801__20241231_z0UOw6kdwou5" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_402_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_maITEBzigQ_zBVXPw0Hpa7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">Income tax benefit at the federal statutory rate from continuing operations</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(47</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_maEIT001_c20250801__20251231_zLbjOz8MEUQa" title="Income tax benefit at the federal statutory rate from continuing operations, percent">21.0</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(49</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_maEIT001_c20240801__20241231_z66314sZhkx7" title="Income tax benefit at the federal statutory rate from continuing operations, percent">21.0</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_pn3n3_maITEBzigQ_zo2AD5fr7ERh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State income taxes, net of effect of federal taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maEIT001_c20250801__20251231_z9tWhnlFJ8Bh" title="State income taxes, net of effect of federal taxes, rate">4.3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maEIT001_c20240801__20241231_zd4aq5ShXVnb" title="State income taxes, net of effect of federal taxes, rate">4.3</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--IncomeTaxReconciliationExpiredNetOperatingLosses_pn3n3_dp_maITEBzigQ_zPSVwoULbqu5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expired net operating losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_maITEBzigQ_zhOsggJB2nE7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">57</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_902_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_maEIT001_c20250801__20251231_zJdhSGjdaDT5" title="Change in valuation allowance, rate">(25.3</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">59</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_maEIT001_c20240801__20241231_zrAgJQYE1zf2" title="Change in valuation allowance, rate">(25.3</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBzigQ_zuIjCdV5ax5f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Total</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> The tax effects of temporary differences that give rise to significant portions of the deferred tax assets consist of the following (in thousands): Schedule of Deferred Tax Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_zCFahu8tAZAb" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250731_zvU8PcxpscQa" style="border-bottom: Black 1pt solid; text-align: center">July 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal_iI_pn3n3_maDTAGzpaK_zmkhVIxlcvz6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left">Federal and State net operating loss</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">3,886</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">3,886</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsForeign_iI_pn3n3_maDTAGzpaK_zZdWv34IjRTe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Foreign net operating loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsOther_iI_pn3n3_maDTAGzpaK_zez3th8gPPU1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsGross_iTI_pn3n3_maDTANzxgs_mtDTAGzpaK_zqGW9vVkkyd6" style="vertical-align: bottom; background-color: White"> <td>Gross deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,904</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,904</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_msDTANzxgs_z1OLPTM2RGFc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,904</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,904</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsNet_iTI_pn3n3_mtDTANzxgs_z7b2DNcntlr6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax asset</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> At December 31, 2025, the Company had available Federal and State net operating loss carry forwards of approximately $15.5 million and foreign net operating loss carry forwards of approximately $0.1 million which expire in various years beginning in 2023. $2.1 million net operating loss carry forwards generated in 2019 and later years never expire. However, these net operating losses can only be used to reduce taxable income by 80 percent. A valuation allowance is required to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. After consideration of all the evidence, both positive and negative, management has determined that a full $3.9 million valuation allowance at December 31, 2025 ($3.8 million at December 31, 2024) was necessary. The valuation allowance increased by approximately $56,000 and decreased by $313,000 for the years ended December 31, 2025 and 2024, respectively. The Company paid no taxes for the years 2025 or 2024.

greater than 50 percent

0.21

Schedule of Federal Income Tax Rate and Income Taxes <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250801__20251231_zcYOopGilZY5" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240801__20241231_z0UOw6kdwou5" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_402_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_maITEBzigQ_zBVXPw0Hpa7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">Income tax benefit at the federal statutory rate from continuing operations</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(47</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_maEIT001_c20250801__20251231_zLbjOz8MEUQa" title="Income tax benefit at the federal statutory rate from continuing operations, percent">21.0</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(49</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_maEIT001_c20240801__20241231_z66314sZhkx7" title="Income tax benefit at the federal statutory rate from continuing operations, percent">21.0</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_pn3n3_maITEBzigQ_zo2AD5fr7ERh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State income taxes, net of effect of federal taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maEIT001_c20250801__20251231_z9tWhnlFJ8Bh" title="State income taxes, net of effect of federal taxes, rate">4.3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maEIT001_c20240801__20241231_zd4aq5ShXVnb" title="State income taxes, net of effect of federal taxes, rate">4.3</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--IncomeTaxReconciliationExpiredNetOperatingLosses_pn3n3_dp_maITEBzigQ_zPSVwoULbqu5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expired net operating losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_maITEBzigQ_zhOsggJB2nE7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">57</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_902_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_maEIT001_c20250801__20251231_zJdhSGjdaDT5" title="Change in valuation allowance, rate">(25.3</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">59</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_maEIT001_c20240801__20241231_zrAgJQYE1zf2" title="Change in valuation allowance, rate">(25.3</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBzigQ_zuIjCdV5ax5f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Total</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

-47000

0.210

-49000

0.210

-10000

0.043

-10000

0.043

0 0

57000

-0.253

59000

-0.253

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets consist of the following (in thousands): Schedule of Deferred Tax Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_zCFahu8tAZAb" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250731_zvU8PcxpscQa" style="border-bottom: Black 1pt solid; text-align: center">July 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal_iI_pn3n3_maDTAGzpaK_zmkhVIxlcvz6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left">Federal and State net operating loss</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">3,886</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">3,886</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsForeign_iI_pn3n3_maDTAGzpaK_zZdWv34IjRTe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Foreign net operating loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsOther_iI_pn3n3_maDTAGzpaK_zez3th8gPPU1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsGross_iTI_pn3n3_maDTANzxgs_mtDTAGzpaK_zqGW9vVkkyd6" style="vertical-align: bottom; background-color: White"> <td>Gross deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,904</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,904</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_msDTANzxgs_z1OLPTM2RGFc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,904</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,904</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsNet_iTI_pn3n3_mtDTANzxgs_z7b2DNcntlr6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax asset</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

3886000

18000

3904000

15500000

100000

2100000

net operating losses can only be used to reduce taxable income by 80 percent.

3900000

3800000

56000

-313000

10. SUBSEQUENT EVENTS Subsequent Events Merger Agreement On March 6, 2026, the Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), by and among the Company, Gravitics Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of the Company (the “Merger Sub”), and Gravitics, Inc., a Delaware corporation (“Gravitics”). The Merger Agreement provides that, among other things and upon the terms and subject to the conditions thereof, at the effective time (the “Effective Time”) (i) Merger Sub will be merged with and into Gravitics, (ii) the separate corporate existence of Merger Sub will thereupon cease and Gravitics will be the surviving corporation (the “Surviving Corporation”), and (iii) the Surviving Corporation will become a wholly-owned subsidiary of the Company (the “Merger”). The Merger On March 6, 2026, the Company’s Board of Directors unanimously (i) approved and declared advisable the Merger Agreement and the Merger and other transactions contemplated thereby, (ii) authorized the Company to effect the Reverse Stock Split, at a ratio to be mutually agreed to by the parties, and (iii) resolved to recommend approval of the Merger Agreement and related matters by the stockholders of the Company. At the Effective Time, the Company plans to change its business focus to the business of Gravitics, which designs and manufactures large space structures including orbital carriers, cargo logistics spacecraft, and space station modules to be used for commercial development in earth orbit and beyond. In connection with the Merger, the Company intends to change its name and trading symbol to a name and trading symbol that are more representative of the business of Gravitics. In addition, at the Effective Time, the members of the Board intend to (i) appoint individuals to the Board to be designated by Gravitics, a majority of whom shall qualify as “independent” under Nasdaq Rule 5605(a)(2), and which will include Colin Doughan, the Chief Executive Officer of Gravitics, as Chairman, and (ii) subsequently, resign as directors. The officers of the Combined Company will be such individuals as are determined by the newly constituted Board. The parties expect the closing of the Merger to occur on or before June 30, 2026, or on such other date that the parties mutually agree to in writing. See, “Risk Factors-Risks Relating to Our Business-Because Gravitics may not meet closing conditions we may not be successful in consummating the Merger. Extension of Related Party Promissory Notes On January 5, 2026, the Company and each of Dr. Frost and Dr. Hsiao entered into amendments for each of the outstanding promissory notes to extend the maturity date from December 31, 2025 to June 30, 2026 (see Note 7). Promissory Noted dated January 2, 2026 in the Amount of $100,000 On January 2, 2026, NIMS entered into a Promissory Note in the principal amount of $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_pn2d_c20260102__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zAyxzbEdeBIl" title="Promissory notes, principal amount">100,000.00 with Frost Gamma Investments Trust (the “2026 Frost Gamma Note”), a trust controlled by Dr. Phillip Frost, which beneficially owns in excess of <span id="xdx_90C_ecustom--DebtInstrumentBeneficiallyRate_iI_pid_dp_uPure_c20260602__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zComjG6Jc86g" title="Debt instrument beneficially rate">10% of NIMS’ common stock. The interest rate payable by NIMS on the 2026 Frost Gamma Note is <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260102__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zdDx9cPaVUR2" title="Debt interest rate">11% per annum, payable on the maturity date of <span id="xdx_901_eus-gaap--DebtInstrumentMaturityDate_c20260102__20260102__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zsZspF5yd136" title="Maturity date">June 30, 2026. The 2026 Frost Gamma Note may be prepaid in advance of the June 30, 2026 maturity date without penalty.

100000.00

0.10

0.11

2026-06-30

3000

25000

4000

9000

7000

34000

7000

34000

147000

110000

51000

595000

161000

954000

161000

500000

98000

954000

759000

1.00

100

10000

0.01

400000000

154810655

1548000

26574000

-29069000

-28847000

-947000

-725000

7000

34000

160000

177000

118000

160000

59000

-160000

-59000

62000

54000

-222000

-113000

154811000

-0.00

100

154810655

1548000

26574000

-28734000

-612000

-113000

100

154810655

1548000

26574000

-28847000

-725000

100

154810655

1548000

26574000

-28847000

-725000

-222000

100

154810655

1548000

26574000

-29069000

-947000

100

154810655

1548000

26574000

-29069000

-947000

-222000

-113000

118000

-5000

-7000

37000

-12000

63000

54000

-117000

-182000

95000

200000

95000

200000

-22000

18000

25000

7000

3000

25000

<p id="xdx_804_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zTzmDEgtqUR6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">1. ORGANIZATION AND BUSINESS Organization and Description of Business Organization. Non-Invasive Monitoring Systems, Inc., a Florida corporation (together with its consolidated subsidiaries, the “Company” or “NIMS”). The Company previously developed and marketed its Exer-Rest® line of acceleration therapeutic platforms based upon unique, patented whole body periodic acceleration (“WBPA”) technology of which the Company maintains patents. The Company maintains limited administration, but does not have any operations or inventory. Business. The Company is currently a shell company (as defined in Rule 12b-2 of the Exchange Act). Going Concern. The Company’s consolidated financial statements have been prepared and presented on a basis assuming it will continue as a going concern. As reflected in the accompanying consolidated financial statements, the Company had net losses from continuing operations of approximately $222,000 and $113,000 for each of the years ended July 31, 2025 and 2024, respectively, and has experienced cash outflows from operating activities. The Company also has an accumulated deficit of $29.0 million as of July 31, 2025. The Company had $3,000 of cash at July 31, 2025 and negative working capital of approximately $947,000. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The Company is seeking potential mergers, acquisitions and strategic collaborations. There is no assurance that the Company will be successful in this regard, and, if not successful, that it will be able to continue its business activities. The accompanying consolidated financial statements do not include any adjustments that might be necessary from the outcome of this uncertainty.

-222000

-113000

-29000000.0

3000

-947000

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies and Basis of Presentation Consolidation. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Non-Invasive Monitoring Systems of Florida, Inc., which has no current operations, and NIMS of Canada, Inc., a Canadian corporation, which has no current operations. All inter-company accounts and transactions have been eliminated in consolidation. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions, such as deferred taxes as estimates, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Actual results could differ materially from these estimates. Cash and Cash Equivalents. The Company considers all highly liquid short-term investments purchased with an original maturity date of three months or less to be cash equivalents. The Company had approximately $3,000 and $25,000, on deposit in bank operating accounts at July 31, 2025 and July 31, 2024, respectively. Income Taxes. The Company uses the asset and liability method to determine the income tax expense or benefit. Deferred tax assets and liabilities are computed based on temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates that are expected to be in effect when the differences are expected to recovered or settled. Any resulting net deferred tax assets are evaluated for recoverability and, accordingly, a valuation allowance is provided when it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company files its tax returns as prescribed by the laws of the jurisdictions in which it operates. Tax years ranging from 2020 to 2024 remain open to examination by various taxing jurisdictions as the statute of limitations has not expired. The net operating losses are generally subject to examination up to three years after the utilization of such losses. It is the Company’s policy to include income tax interest and penalty expense in its tax provision. Fair Value of Financial Instruments. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of July 31, 2025 and 2024. The respective carrying value of certain on-balance-sheet financial instruments such as cash, prepaid expenses and accounts payable and accrued expenses approximate fair values because they are short term in nature. Loss Contingencies. We recognize contingent losses that are both probable and estimable. In this context, we define probability as circumstances under which events are likely to occur. In regard to legal costs, we record such costs as incurred. Related Parties. The Company follows ASC 850 “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions. Recent Accounting Pronouncements. The Company considers the applicability and impact of all relevant Accounting Standard Updates (“ASU’s”). Our conclusion was that they did not have any material effect on the consolidated financial statements.

Consolidation. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Non-Invasive Monitoring Systems of Florida, Inc., which has no current operations, and NIMS of Canada, Inc., a Canadian corporation, which has no current operations. All inter-company accounts and transactions have been eliminated in consolidation.

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions, such as deferred taxes as estimates, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Actual results could differ materially from these estimates.

Cash and Cash Equivalents. The Company considers all highly liquid short-term investments purchased with an original maturity date of three months or less to be cash equivalents. The Company had approximately $3,000 and $25,000, on deposit in bank operating accounts at July 31, 2025 and July 31, 2024, respectively.

3000

25000

Income Taxes. The Company uses the asset and liability method to determine the income tax expense or benefit. Deferred tax assets and liabilities are computed based on temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates that are expected to be in effect when the differences are expected to recovered or settled. Any resulting net deferred tax assets are evaluated for recoverability and, accordingly, a valuation allowance is provided when it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company files its tax returns as prescribed by the laws of the jurisdictions in which it operates. Tax years ranging from 2020 to 2024 remain open to examination by various taxing jurisdictions as the statute of limitations has not expired. The net operating losses are generally subject to examination up to three years after the utilization of such losses. It is the Company’s policy to include income tax interest and penalty expense in its tax provision.

Fair Value of Financial Instruments. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of July 31, 2025 and 2024. The respective carrying value of certain on-balance-sheet financial instruments such as cash, prepaid expenses and accounts payable and accrued expenses approximate fair values because they are short term in nature.

Loss Contingencies. We recognize contingent losses that are both probable and estimable. In this context, we define probability as circumstances under which events are likely to occur. In regard to legal costs, we record such costs as incurred.

Related Parties. The Company follows ASC 850 “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions.

Recent Accounting Pronouncements. The Company considers the applicability and impact of all relevant Accounting Standard Updates (“ASU’s”). Our conclusion was that they did not have any material effect on the consolidated financial statements.

3. DISCONTINUED OPERATIONS Discontinued Operations On May 3, 2019, the Company exchanged its inventory for forgiveness of accrued unpaid rent. Concurrent with the exchange management with the appropriate level of authority determined to discontinue the operations of the product segment. As of July 31, 2025 and 2024, accounts payable and accrued expenses related to these operations had a balance of $51,000 each year and presented as “Current liabilities-discontinued operations” in the accompanying consolidated balance sheets.

51000

4. SHAREHOLDERS’ DEFICIT Shareholders’ Deficit The Company has one class of Preferred Stock. Holders of Series B Preferred Stock are entitled to vote with the holders of common stock as a single class on all matters. We are currently authorized to issue an aggregate of 401,000,000 shares of capital stock, consisting of 400,000,000 shares of common stock and 1,000,000 designated shares of preferred stock with preferences and rights to be determined by our Board of Directors. Series B Preferred Stock is not redeemable by the Company and has a liquidation value of $<span id="xdx_906_eus-gaap--PreferredStockLiquidationPreference_iI_pid_c20250731__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zTKLTlocXfHa" title="Preferred stock liquidation value, per share value">100 per share, plus declared and unpaid dividends, if any. Dividends are non-cumulative, and are at the rate of $10 per share, if declared. No preferred stock dividends were declared for the years ended July 31, 2025 and 2024. The Company did not issue any shares of the Company’s common stock during the years ended July 31, 2025 and 2024.

401000000

400000000

1000000

100

5. BASIC AND DILUTED LOSS PER SHARE Basic and Diluted Loss Per Share Basic net loss per common share is computed by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed giving effect to all dilutive potential common shares that were outstanding during the period. Diluted potential common shares consist of incremental shares issuable upon conversion of preferred stock. In computing diluted net loss per share for the years ended July 31, 2025 and 2024, no dilution adjustment has been made to the weighted average outstanding common shares because the assumed conversion of preferred stock would be anti-dilutive.

6. RELATED PARTY TRANSACTIONS Related Party Transactions Our principal corporate office is located at 4400 Biscayne Blvd., Miami, Florida. We occupy this space from Frost Real Estate Holdings, LLC, which is a company controlled by Dr. Phillip Frost, a member of the Board of Directors and one of our largest beneficial shareholders. We previously leased the approximately 1,800 square feet under a lease agreement, which commenced with a five-year term on January 1, 2008 and expired on December 31, 2012, and then we went on a month-to-month basis and then in February 2016 the office space rent was reduced to $0 per month. For the years ended July 31, 2025 and 2024, the Company did not record any rent expense related to the Miami lease. At July 31, 2025 and 2024 there was $0 rent payable. Accounts payable at July 31, 2025 includes $13,100 due to an officer and director of the Company. The Company has related party notes outstanding, as described below in Note 7. The Company is under common control with multiple entities and the existence of that control could result in operating results or financial position of each individual entity significantly different from those that would have been obtained if the entities were autonomous. One of those related parties, OPKO Health, Inc. (“OPKO”) and the Company are under common control and OPKO has a one percent ownership interest in the Company that OPKO has accounted for as an equity method investment due to the ability to significantly influence the Company.

13100

7. NOTES PAYABLE – RELATED PARTY Notes Payable - Related Parties Notes payable- related party are summarized in the following table (in thousands): Schedule of Notes Payable- Related Party <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250731_zNG5eYk8oimj" style="border-bottom: Black 1pt solid; text-align: center">As of July 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240731_zJ8YdvNqTYH8" style="border-bottom: Black 1pt solid; text-align: center">As of July 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40E_eus-gaap--NotesPayableCurrent_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zTfXuxXRsAC5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">(a) Notes payable- Frost Gamma Investments Trust</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">445</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">350</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--NotesPayableCurrent_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zHkWvfUIkvtg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">(b) Notes payable- Dr. Jane Hsiao</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--NotePayableCurrent_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zcB7GzIols8e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Notes payable - related party</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">595</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> (a) <span id="xdx_909_eus-gaap--DebtInstrumentDescription_c20240801__20250731__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zQM5HWqg3kH" title="Notes, description">The Company has outstanding notes payable to Frost Gamma Investments Trust (“Frost Gamma”) which pertained to promissory notes issued in fiscal 2021 and 2022, in the principal amount of $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_pn3d_c20210731__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zulVK2sI8Nsh" title="Promissory notes, principal amount">75,000 and $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_pn3d_c20220731__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_z9LtcPedRZF" title="Promissory notes, principal amount">75,000, respectively. The promissory notes accrue interest at a rate of <span id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zUptB49EMdDl" title="Accrued interest rate">11% per annum, payable on the maturity date on <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_c20260105__20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zIwskD46xmy7" title="Maturity date">June 30, 2026, as amended on January 5, 2026. The Frost Gamma promissory note may be prepaid in advance of the maturity date without penalty. Frost Gamma is a trust controlled by Dr. Phillip Frost, a current director of the Company, and who beneficially owns in excess of 10% of the Company’s common stock. On August 15, 2023, the Company entered into a new promissory note agreement with Frost Gamma in the principal amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pn3d_c20230815__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zxZ6JcacRox5" title="Promissory notes, principal amount">200,000, which also accrues interest at a rate of <span id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zrDrLzY4xxT" title="Accrued interest rate">11% per annum, payable on the maturity date <span id="xdx_90F_eus-gaap--DebtInstrumentMaturityDate_c20260105__20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zq61xGYOo1X1" title="Maturity date">June 30, 2026, as amended on January 5, 2026. This promissory note may also be prepaid in advance of the maturity date without penalty. On September 25, 2024, October 23, 2024, January 23, 2025 and August 27, 2025, the Company entered into new promissory note agreements with Frost Gamma in the aggregate principal amount of $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_c20240925__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zNd8bO56Wrt3" title="Promissory notes, principal amount"><span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_c20241023__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_z2bgV4Rit8j5" title="Promissory notes, principal amount"><span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_c20250123__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zRXkzlAIoWc9" title="Promissory notes, principal amount"><span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_c20250827__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zUOeaYvZb5ri" title="Promissory notes, principal amount">120,000, which also accrues interest at a rate of <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zd1pJQegvQ79" title="Accrued interest rate">11% per annum, payable on the maturity date on <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_c20260105__20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zYgLq0QLp57b" title="Maturity date">June 30, 2026, as amended on January 5, 2026. The promissory notes may also be prepaid in advance of the maturity date without penalty. There were <span id="xdx_904_eus-gaap--RepaymentsOfNotesPayable_do_c20230801__20240731__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zZaHQ6TbsQ2">no payments made on the promissory notes to Frost Gamma and as such, total outstanding notes payable balance was $445,000 and $350,000 as of July 31, 2025 and 2024, respectively. On January 5, 2026, the Company and each of Dr. Frost and Dr. Hsiao entered into amendments for each of the outstanding promissory to extend the maturity date from December 31, 2025 to June 30, 2026. (b) <span id="xdx_90E_eus-gaap--DebtInstrumentDescription_c20240801__20250731__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_z6gmP3lHAY34" title="Notes payable, description">The Company has outstanding notes payable Jane Hsiao, Ph.D. (“Dr. Hsiao”) which pertained to promissory notes issued in fiscal 2021 and 2022, in the principal amount of $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_c20210731__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zzFg53WpGe84" title="Promissory notes, principal amount">75,000 and $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_c20220731__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zYD53gRlP0Yl" title="Promissory notes, principal amount">75,000, respectively. The promissory notes accrue interest at a rate of <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zb6Dozaiv9s2" title="Accrued interest rate">11% per annum, payable on the maturity date on <span id="xdx_90F_eus-gaap--DebtInstrumentMaturityDate_c20260105__20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zks9sGBWBmse" title="Maturity date">June 30, 2026, as amended on January 5, 2026. The promissory notes to Dr. Hsiao may be prepaid in advance of the maturity date without penalty. Dr. Hsiao is the Company’s Chairman and Interim CEO, and who beneficially owns in excess of 10% of the Company’s common stock. There were no payments made on the promissory notes to Dr. Hsiao and as such, total outstanding notes payable balance was $150,000 as of July 31, 2025 and 2024, respectively.

Notes payable- related party are summarized in the following table (in thousands): Schedule of Notes Payable- Related Party <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250731_zNG5eYk8oimj" style="border-bottom: Black 1pt solid; text-align: center">As of July 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240731_zJ8YdvNqTYH8" style="border-bottom: Black 1pt solid; text-align: center">As of July 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40E_eus-gaap--NotesPayableCurrent_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zTfXuxXRsAC5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">(a) Notes payable- Frost Gamma Investments Trust</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">445</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">350</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--NotesPayableCurrent_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zHkWvfUIkvtg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">(b) Notes payable- Dr. Jane Hsiao</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--NotePayableCurrent_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zcB7GzIols8e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Notes payable - related party</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">595</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

445000

350000

150000

595000 500000

75000

0.11

2026-06-30

200000

0.11

2026-06-30

120000

0.11

2026-06-30

445000

350000

75000

0.11

2026-06-30

150000

8. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts Payable and Accrued Expenses Accounts payable and accrued expenses from continuing operations are summarized in the following table (in thousands): Schedule of Accounts Payable and Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250731_zdJlI7x2u3C3" style="border-bottom: Black 1pt solid; text-align: center">July 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240731_zonvsgKWUXf3" style="border-bottom: Black 1pt solid; text-align: center">July 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40D_eus-gaap--AccountsPayableOtherCurrent_iI_pn3n3_maAPAALzZNe_zCAvN7myxTI3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Accounts payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">99</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">80</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--AccruedRedemptionCurrent_iI_pn3n3_maAPAALzZNe_z7iT51294kT3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued redemption</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maAPAALzZNe_z9TbFypkoIC" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Accrued other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">20</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iI_pn3n3_maAPAALzZNe_zV8XQpAuWW7k" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">147</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">110</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Accounts payable and accrued expenses from continuing operations are summarized in the following table (in thousands): Schedule of Accounts Payable and Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250731_zdJlI7x2u3C3" style="border-bottom: Black 1pt solid; text-align: center">July 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240731_zonvsgKWUXf3" style="border-bottom: Black 1pt solid; text-align: center">July 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40D_eus-gaap--AccountsPayableOtherCurrent_iI_pn3n3_maAPAALzZNe_zCAvN7myxTI3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Accounts payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">99</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">80</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--AccruedRedemptionCurrent_iI_pn3n3_maAPAALzZNe_z7iT51294kT3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued redemption</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maAPAALzZNe_z9TbFypkoIC" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Accrued other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">20</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iI_pn3n3_maAPAALzZNe_zV8XQpAuWW7k" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">147</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">110</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

99000

80000

10000 10000

38000

20000

147000

110000

9. INCOME TAXES Income Tax The Company accounts for income taxes using the asset and liability method. Pursuant to this method, deferred tax assets and liabilities are established for the differences between the financial reporting and the tax bases of the Company’s assets and liabilities and net operating loss carryforwards at enacted tax rates expected to be in effect when such amounts are realized or settled. A valuation allowance related to deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The accounting for uncertain tax positions guidance under ASC 740 requires that we recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The application of this guidance does not affect the Company’s financial position, results of operations or cash flows for the years ended July 31, 2025 and 2024. The Company files its tax returns in the U.S. federal jurisdiction and with U.S. states. The Company is subject to tax audits in all jurisdictions for which it files tax returns. Tax audits by their very nature are often complex and can require several years to complete. There are currently no tax audits that have commenced with respect to income tax or any other returns in any jurisdiction. Tax years ranging from 2021 to 2025 remain open to examination by various taxing jurisdictions as the statute of limitations has not expired. Because the Company is carrying forward income tax attributes, such as net operating losses and tax credits from earlier tax years, these attributes can still be audited when utilized on returns filed in the future. It is the Company’s policy to include income tax interest and penalties expense in its tax provision. The difference between income taxes at the statutory federal income tax rate of 21% in 2024 and 2024 and income taxes reported in the consolidated statements of operations are attributable to the following (in thousands): Schedule of Federal Income Tax Rate and Income Taxes <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20240801__20250731_z0J1YB9UiaU4" style="border-bottom: Black 1pt solid; text-align: center">July 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230801__20240731_zWilnxFWD2Ca" style="border-bottom: Black 1pt solid; text-align: center">July 31, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_402_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_maITEBzigQ_ztadPxJr1bd5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Income tax benefit at the federal statutory rate from continuing operations</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(47</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_maEIT001_c20240801__20250731_zAHMH1ddhVoc" title="Income tax benefit at the federal statutory rate from continuing operations, percent">21.0</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(49</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_maEIT001_c20230801__20240731_zgbJFlyFLPKa" title="Income tax benefit at the federal statutory rate from continuing operations, percent">21.0</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_pn3n3_maITEBzigQ_zFeNx4NOP342" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State income taxes, net of effect of federal taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maEIT001_c20240801__20250731_zgzQJIUph5n1" title="State income taxes, net of effect of federal taxes, rate">4.3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maEIT001_c20230801__20240731_zE5NDv7tyGDg" title="State income taxes, net of effect of federal taxes, rate">4.3</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--IncomeTaxReconciliationExpiredNetOperatingLosses_pn3n3_maITEBzigQ_zg19Qxfa4bsf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expired net operating losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_maITEBzigQ_znipjIERQ3A5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">57</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_900_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_maEIT001_c20240801__20250731_zXuhr4yj738i" title="Change in valuation allowance, rate">(25.3</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">59</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_maEIT001_c20230801__20240731_zAgh9taOfz5l" title="Change in valuation allowance, rate">(25.3</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--IncomeTaxExpenseBenefit_iT_pn3n3_mtITEBzigQ_zasvQiW0DsSk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Total</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_mtEIT001_c20240801__20250731_zkEiLViq6y2g" style="border-bottom: Black 1pt solid; text-align: right" title="Total Percentage">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_mtEIT001_c20230801__20240731_zLIAEOelcdN7" style="border-bottom: Black 1pt solid; text-align: right" title="Total Percentage">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> The tax effects of temporary differences that give rise to significant portions of the deferred tax assets consist of the following (in thousands): Schedule of Deferred Tax Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20250731_zFzvbJdhOt4" style="border-bottom: Black 1pt solid; text-align: center">July 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20240731_zO7ibQo7AyF2" style="border-bottom: Black 1pt solid; text-align: center">July 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal_iI_pn3n3_maDTAGzvEa_zNBNJPYAx3Ff" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Federal and State net operating loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">3,886</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">3,830</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsForeign_iI_pn3n3_maDTAGzvEa_z9jmrEwQeMK7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Foreign net operating loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsOther_iI_pn3n3_maDTAGzvEa_zJx6CnBYdR46" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsGross_iTI_pn3n3_mtDTAGzvEa_maDTANzxgs_zD0dolXXjNX" style="vertical-align: bottom; background-color: White"> <td>Gross deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,904</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,848</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_msDTANzxgs_zVtdcN8KiKjj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,904</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,848</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsNet_iTI_pn3n3_mtDTANzxgs_zJyoDbEbrNDk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax asset</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> At July 31, 2025, the Company had available Federal and State net operating loss carry forwards of approximately $15.0 million and foreign net operating loss carry forwards of approximately $0.1 million which expire in various years beginning in 2023. $2.1 million net operating loss carry forwards generated in 2019 and later years never expire. However, these net operating losses can only be used to reduce taxable income by 80 percent. A valuation allowance is required to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. After consideration of all the evidence, both positive and negative, management has determined that a full $3.9 million valuation allowance at July 31, 2025 ($3.8 million at July 31, 2024) was necessary. The valuation allowance increased by approximately $56,000 and decreased by $313,000 for the years ended July 31, 2025 and 2024, respectively. The Company paid no taxes for the years 2025 or 2024.

greater than 50 percent

0.21

Schedule of Federal Income Tax Rate and Income Taxes <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20240801__20250731_z0J1YB9UiaU4" style="border-bottom: Black 1pt solid; text-align: center">July 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230801__20240731_zWilnxFWD2Ca" style="border-bottom: Black 1pt solid; text-align: center">July 31, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_402_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_maITEBzigQ_ztadPxJr1bd5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Income tax benefit at the federal statutory rate from continuing operations</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(47</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_maEIT001_c20240801__20250731_zAHMH1ddhVoc" title="Income tax benefit at the federal statutory rate from continuing operations, percent">21.0</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(49</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_maEIT001_c20230801__20240731_zgbJFlyFLPKa" title="Income tax benefit at the federal statutory rate from continuing operations, percent">21.0</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_pn3n3_maITEBzigQ_zFeNx4NOP342" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State income taxes, net of effect of federal taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maEIT001_c20240801__20250731_zgzQJIUph5n1" title="State income taxes, net of effect of federal taxes, rate">4.3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maEIT001_c20230801__20240731_zE5NDv7tyGDg" title="State income taxes, net of effect of federal taxes, rate">4.3</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--IncomeTaxReconciliationExpiredNetOperatingLosses_pn3n3_maITEBzigQ_zg19Qxfa4bsf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expired net operating losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_maITEBzigQ_znipjIERQ3A5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">57</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_900_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_maEIT001_c20240801__20250731_zXuhr4yj738i" title="Change in valuation allowance, rate">(25.3</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">59</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_maEIT001_c20230801__20240731_zAgh9taOfz5l" title="Change in valuation allowance, rate">(25.3</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--IncomeTaxExpenseBenefit_iT_pn3n3_mtITEBzigQ_zasvQiW0DsSk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Total</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_mtEIT001_c20240801__20250731_zkEiLViq6y2g" style="border-bottom: Black 1pt solid; text-align: right" title="Total Percentage">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_mtEIT001_c20230801__20240731_zLIAEOelcdN7" style="border-bottom: Black 1pt solid; text-align: right" title="Total Percentage">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

-47000

0.210

-49000

0.210

-10000

0.043

-10000

0.043

0 0

57000

-0.253

59000

-0.253

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets consist of the following (in thousands): Schedule of Deferred Tax Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20250731_zFzvbJdhOt4" style="border-bottom: Black 1pt solid; text-align: center">July 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20240731_zO7ibQo7AyF2" style="border-bottom: Black 1pt solid; text-align: center">July 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal_iI_pn3n3_maDTAGzvEa_zNBNJPYAx3Ff" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Federal and State net operating loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">3,886</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">3,830</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsForeign_iI_pn3n3_maDTAGzvEa_z9jmrEwQeMK7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Foreign net operating loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsOther_iI_pn3n3_maDTAGzvEa_zJx6CnBYdR46" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsGross_iTI_pn3n3_mtDTAGzvEa_maDTANzxgs_zD0dolXXjNX" style="vertical-align: bottom; background-color: White"> <td>Gross deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,904</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,848</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_msDTANzxgs_zVtdcN8KiKjj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,904</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,848</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsNet_iTI_pn3n3_mtDTANzxgs_zJyoDbEbrNDk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax asset</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

3886000

3830000

18000

3904000

3848000

3904000

3848000

15000000.0

100000

2100000

net operating losses can only be used to reduce taxable income by 80 percent.

3900000

3800000

56000

-313000

10. SUBSEQUENT EVENTS Subsequent Events On August 27, 2025, the Company entered into a promissory note with Frost Gamma in the principal amount of $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20250827__us-gaap--DebtInstrumentAxis__custom--FrostGammaNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zLa23AINpR5g" title="Promissory note principal amount">25,000 which accrues interest at a rate of <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20250827__us-gaap--DebtInstrumentAxis__custom--FrostGammaNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zvjTH2dYpbp9" title="Interest rate percentage">11% per annum, payable on the maturity date on June 30, 2026, as amended on January 5, 2026. The promissory notes may also be prepaid in advance of the maturity date without penalty. On January 2, 2026, the Company entered into a new promissory agreement with Frost Gamma in the aggregate principal amount of $<span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20260102__us-gaap--DebtInstrumentAxis__custom--FrostGammaNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z4bgMuqEL0Ta" title="Promissory note principal amount">100,000, which accrues interest at a rate of <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260102__us-gaap--DebtInstrumentAxis__custom--FrostGammaNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zKPJD4OFOhe2" title="Interest rate percentage">11% per annum, payable on the maturity date on June 30, 2026. The promissory notes may also be prepaid in advance of the maturity date without penalty.

25000000

0.11

2026-01-05

100000000

0.11

2026-06-30

5643000

183000

30000 30000

177000

448000

5850000

661000

336000

371000

1939000

2080000

500000

8625000

3612000

2029000

1827000

438000

456000

1302000

161000

337000

373000

5739000

456000

441000

1650000

4562000

10647000

52000 2934000 10109000

1160000

1280000

5774000

24970000

0.00001

4251468

6011819

4185420

18865000 18865000

15770000

0.00001

5932695

42862000 42862000

31867000

0.00001

27004445

19841878

7444072

17047000

5410000

-61833000

-42538000

-44786000

-37128000

8625000

3612000

659000

589000

4222000

415000

2508000

1309000

6730000

2313000

-6730000

-1654000

-643000 583000 -3449000 -270000 -8462000 -425000

-11000

-9000

-12565000

-121000

-19295000

-1775000

-2.56

-0.35

7527716

5083430

4185420

15770000

7444072

5410000

-42538000

-37128000

2577581 12007000 1373131 6715000 738035 4037000 122744 912000 1121204 8196000

11396000

241000

-19295000

4185420

15770000

5932695

31867000

7444072

17047000

-61833000

-44786000

4185420

15770000

6737941

3979000

-30839000

-26860000

342000

-1775000

4185420

15770000

6749399

4321000

-32614000

-28293000

-19295000

-1775000

35000

46000

141000 132000 80000 61000 37000 -3449000 -270000 -8462000 -425000 -643000 583000

241000

342000

558000

25000

-93000

202000

511000

-18000

-4000

1141000

-105000

-92000

-5172000

-1254000

2000

-2000

10950000

245000

73000

375000

100000

10632000

475000

5460000

-781000

183000

863000

5643000

82000

83000

65000

10752000 9108000 52000 296000 1650000 11396000

<p id="xdx_80E_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zcLOPiJjPYwl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Organization and Description of Business Gravitics, Inc. (the “Company”), a Delaware corporation, is engaged in the design, development and commercialization of large space structures including orbital carriers, cargo logistics spacecraft, space station modules, and related engineering and technical services. The Company’s primary customer base consists of government entities and the commercial space industry. The Company was incorporated in the state of Delaware on May 7, 2021. The Company’s headquarters are in Marysville, Washington. On March 6, 2026, the Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) with Non-Invasive Monitoring Systems, Inc., a Florida corporation and publicly traded shell company (“NIMS”), and Gravitics Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of NIMS (“Merger Sub”). Pursuant to the Merger Agreement, Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation and a wholly-owned subsidiary of NIMS (the “Merger”). The Merger is expected to be accounted for as a reverse recapitalization, with the Company treated as the accounting acquirer. At the effective time of the Merger (the “Effective Time”), all outstanding shares of the Company’s capital stock will be converted into shares of NIMS common stock at the exchange ratio specified in the Merger Agreement (the “Conversion Ratio”), such that the Company’s stockholders will hold not less than <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NonInvasiveMonitoringSystemsIncMember_zbDKcqbOrpX5">95.5% of the total post-Merger equity. All outstanding stock options and warrants of the Company will be assumed by NIMS and converted into stock options and warrants exercisable for shares of NIMS common stock, with the underlying number of shares and exercise prices adjusted by the Conversion Ratio. Closing of the Merger is expected on or before September 30, 2026 and is subject to customary closing conditions, including regulatory approvals, the requisite approvals of the stockholders of each of NIMS and the Company, the effectiveness of a registration statement on Form S-4, and the readiness of the contemplated underwritten public offering (the “Public Offering”). There can be no assurance that the Merger or the Public Offering will be completed on the terms contemplated, on the expected timeline, or at all. On June 30, 2026, the parties entered into Amendment No. 1 to the Merger Agreement, which extended the outside closing date from June 30, 2026 to September 30, 2026 and revised certain closing conditions. See Note 15 for additional information.

2021-05-07

0.955

2. Going Concern and Liquidity In accordance with ASC 205-40, Going Concern, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company has incurred recurring losses and negative cash flows from operations since inception, and, as of March 31, 2026, the Company had cash and cash equivalents of $5.6 million and an accumulated deficit of $61.8 million. In January 2026, the Company sold <span id="xdx_90F_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20260101__20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember_zooiNsKGF5xg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">337,540 shares of Series A-I redeemable convertible preferred stock to existing investors at a price of $<span id="xdx_901_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember_zh8GqmVlnOnf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.89 per share for gross proceeds of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfConvertiblePreferredStock_pn5n6_c20260101__20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember_zJwOPOZJafNc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.7 million and further sold <span id="xdx_907_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20260201__20260228__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember_zwiGtwHoAoFi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,240,041 shares of Series A-I redeemable convertible preferred stock at a price of $<span id="xdx_90E_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260228__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember_zqzwKql1NTV3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.89 per share for gross proceeds of $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOfConvertiblePreferredStock_pn5n6_c20260201__20260228__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember_ziTEHh2ihES3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9 million in a subsequent closing in January and February 2026 (collectively, the “Series A-I Closing”). See Note 12. Since its inception in May 2021, the Company has funded its operations through the sale of simple agreements for future equity (“SAFEs”), the sale of redeemable convertible preferred stock, the issuance of convertible promissory notes, and revenue from customers. The Company does not believe that its current capital resources, which consist of cash and cash equivalents, will be sufficient to fund operations through at least the next twelve months from the date the accompanying condensed financial statements are issued based on its current operating plan. As the Company continues to pursue its business plan, it expects to finance its operations through equity offerings, debt financings, or other capital sources. However, there can be no assurance that any additional financing or strategic arrangements will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it may be necessary to significantly reduce its scope of operations to reduce the current rate of spending. Based on the factors above, the Company has concluded that substantial doubt exists with respect to its ability to continue as a going concern within one year after the date that these condensed financial statements were issued. The condensed financial statements have been prepared on the basis of the Company continuing as a going concern, which assumes the continuity of operations, the realization of assets and the settlement of liabilities and commitments as they come due in the normal course of business. The condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

5600000

-61800000

337540

4.89

1700000

2240041

4.89

10900000

3. Significant Accounting Policies and Basis of Presentation There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2026, as described in the Company’s audited financial statements for the year ended December 31, 2025, except as described below. Basis of Presentation The accompanying condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and the Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Unaudited Interim Financial Information The accompanying condensed balance sheet as of March 31, 2026 and the condensed statements of operations, redeemable convertible preferred stock and stockholders’ deficit and cash flows for the three months ended March 31, 2026 and 2025 are unaudited. The interim unaudited condensed financial statements have been prepared on the same basis as the annual audited financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2026, the results of its operations and its cash flows for the three months ended March 31, 2026 and 2025. The financial data and other information disclosed in these notes related to the three months ended March 31, 2026 and 2025 are unaudited. The results for the three months ended March 31, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026, any other interim periods, or any future year or period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 2025. Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): “Improvements to Income Tax Disclosures”. ASU 2023-09 is intended to improve income tax disclosure requirements by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements as well. The guidance in ASU 2023-09 is effective for annual reporting periods in fiscal years beginning after December 15, 2024. The Company adopted this ASU retrospectively for the fiscal year beginning January 1, 2025. The adoption of ASU 2023-09 resulted in enhanced income tax disclosures and did not have an impact on the Company’s financial position, results of operations, or cash flows. Recently Issued Accounting Pronouncements The Company considers the applicability of and impact of all ASUs. ASUs not discussed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s financial statements. In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses. ASU 2024-03 requires additional disclosure of specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The requirements will be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its financial statements and disclosures. Net Loss Per Share Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period, including the secured promissory note warrants, default warrants, and unsecured promissory note warrants (the “penny warrants” – see Note 9). The penny warrants to purchase common stock are included in the calculation of basic and diluted net income (loss) per share as the exercise price of per share is non-substantive and is virtually assured. The weighted-average number of shares of common stock outstanding used in the basic net loss per share calculation does not include unvested restricted stock awards and service provider warrants (see Note 9) as these instruments are considered contingently issuable shares until they vest. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock, certain of its common stock warrants, restricted stock awards and stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. The Company’s preferred stock and unvested restricted stock entitles the holder to participate in dividends and earnings of the Company, and, if the Company were to recognize net income, it would have to use the two-class method to calculate earnings per share. The two-class method is not applicable during periods with a net loss, as the holders of the convertible preferred stock and unvested restricted stock have no obligation to fund losses. <p id="xdx_89D_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zYgkIRxyuMgf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The following potentially dilutive securities, disaggregated by class, have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive, due to the reported losses: Schedule of Computation of Diluted Weighted Average Shares of Common Stock Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260101__20260331_zH9lpnoHx7Dg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250101__20250331_z9idj9HXYJN1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RedeemableConvertiblePreferredStockMember_zf0EXTAifRYd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Redeemable convertible preferred stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">10,118,115</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4,185,420</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ConvertiblePromissoryNotesMember_z0gc9Brfesl6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Convertible promissory notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">928,628</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SAFEMember_zSei1cF3qpqb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>SAFEs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,058,337</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsMember_zApN4xlLDPKb" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Common stock warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SecuredPromissoryNoteWarrantsMember_zznk867bwQ7b" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Secured Promissory Note Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,505,609</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ServiceProviderWarrantsMember_zQMjjdTJMaZ9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Service Provider Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,794,604</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantsMember_zkATbX7crrta" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Placement Agent Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,822</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnvestedRestrictedStockAwardsMember_zYuHqkdzxEG8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Unvested restricted stock awards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,520,760</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zj95MZ1PG1Ml" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Stock options</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,688,294</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,688,294</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_zfDp3DThVE74" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total potentially dilutive shares</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">17,664,835</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">11,887,048</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Amounts in the above table reflect the common stock equivalents. Amounts included for convertible promissory notes, SAFEs, and common stock warrants at March 31, 2025 reflect an estimate, as the conversion mechanics of such instruments provided for holders to receive shares based on a percentage of the fully diluted capitalization of the Company at the time of exercise or conversion, as applicable. For SAFEs, the estimated common stock equivalents were calculated based on the applicable post-money valuation cap relative to the Company’s estimated fully diluted capitalization. Of the 7,598,239 common stock warrants outstanding at March 31, 2026 (see Note 9), 2,766,813 penny warrants are included in basic and diluted weighted-average shares outstanding, and the remaining 4,831,426 warrants, comprising the Service Provider Warrants and Placement Agent Warrants, are excluded as anti-dilutive and presented in the table above. The convertible promissory notes and SAFEs were converted in connection with the Series A-I Closing in January and February 2026 (see Notes 8, 10, and 12) and accordingly, no common stock equivalents related to such instruments are presented as of March 31, 2026.

Basis of Presentation The accompanying condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and the Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Unaudited Interim Financial Information The accompanying condensed balance sheet as of March 31, 2026 and the condensed statements of operations, redeemable convertible preferred stock and stockholders’ deficit and cash flows for the three months ended March 31, 2026 and 2025 are unaudited. The interim unaudited condensed financial statements have been prepared on the same basis as the annual audited financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2026, the results of its operations and its cash flows for the three months ended March 31, 2026 and 2025. The financial data and other information disclosed in these notes related to the three months ended March 31, 2026 and 2025 are unaudited. The results for the three months ended March 31, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026, any other interim periods, or any future year or period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 2025.

Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): “Improvements to Income Tax Disclosures”. ASU 2023-09 is intended to improve income tax disclosure requirements by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements as well. The guidance in ASU 2023-09 is effective for annual reporting periods in fiscal years beginning after December 15, 2024. The Company adopted this ASU retrospectively for the fiscal year beginning January 1, 2025. The adoption of ASU 2023-09 resulted in enhanced income tax disclosures and did not have an impact on the Company’s financial position, results of operations, or cash flows.

Recently Issued Accounting Pronouncements The Company considers the applicability of and impact of all ASUs. ASUs not discussed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s financial statements. In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses. ASU 2024-03 requires additional disclosure of specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The requirements will be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its financial statements and disclosures.

Net Loss Per Share Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period, including the secured promissory note warrants, default warrants, and unsecured promissory note warrants (the “penny warrants” – see Note 9). The penny warrants to purchase common stock are included in the calculation of basic and diluted net income (loss) per share as the exercise price of per share is non-substantive and is virtually assured. The weighted-average number of shares of common stock outstanding used in the basic net loss per share calculation does not include unvested restricted stock awards and service provider warrants (see Note 9) as these instruments are considered contingently issuable shares until they vest. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock, certain of its common stock warrants, restricted stock awards and stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. The Company’s preferred stock and unvested restricted stock entitles the holder to participate in dividends and earnings of the Company, and, if the Company were to recognize net income, it would have to use the two-class method to calculate earnings per share. The two-class method is not applicable during periods with a net loss, as the holders of the convertible preferred stock and unvested restricted stock have no obligation to fund losses. <p id="xdx_89D_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zYgkIRxyuMgf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The following potentially dilutive securities, disaggregated by class, have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive, due to the reported losses: Schedule of Computation of Diluted Weighted Average Shares of Common Stock Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260101__20260331_zH9lpnoHx7Dg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250101__20250331_z9idj9HXYJN1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RedeemableConvertiblePreferredStockMember_zf0EXTAifRYd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Redeemable convertible preferred stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">10,118,115</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4,185,420</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ConvertiblePromissoryNotesMember_z0gc9Brfesl6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Convertible promissory notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">928,628</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SAFEMember_zSei1cF3qpqb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>SAFEs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,058,337</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsMember_zApN4xlLDPKb" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Common stock warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SecuredPromissoryNoteWarrantsMember_zznk867bwQ7b" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Secured Promissory Note Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,505,609</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ServiceProviderWarrantsMember_zQMjjdTJMaZ9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Service Provider Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,794,604</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantsMember_zkATbX7crrta" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Placement Agent Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,822</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnvestedRestrictedStockAwardsMember_zYuHqkdzxEG8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Unvested restricted stock awards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,520,760</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zj95MZ1PG1Ml" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Stock options</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,688,294</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,688,294</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_zfDp3DThVE74" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total potentially dilutive shares</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">17,664,835</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">11,887,048</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Amounts in the above table reflect the common stock equivalents. Amounts included for convertible promissory notes, SAFEs, and common stock warrants at March 31, 2025 reflect an estimate, as the conversion mechanics of such instruments provided for holders to receive shares based on a percentage of the fully diluted capitalization of the Company at the time of exercise or conversion, as applicable. For SAFEs, the estimated common stock equivalents were calculated based on the applicable post-money valuation cap relative to the Company’s estimated fully diluted capitalization. Of the 7,598,239 common stock warrants outstanding at March 31, 2026 (see Note 9), 2,766,813 penny warrants are included in basic and diluted weighted-average shares outstanding, and the remaining 4,831,426 warrants, comprising the Service Provider Warrants and Placement Agent Warrants, are excluded as anti-dilutive and presented in the table above. The convertible promissory notes and SAFEs were converted in connection with the Series A-I Closing in January and February 2026 (see Notes 8, 10, and 12) and accordingly, no common stock equivalents related to such instruments are presented as of March 31, 2026.

<p id="xdx_89D_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zYgkIRxyuMgf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The following potentially dilutive securities, disaggregated by class, have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive, due to the reported losses: Schedule of Computation of Diluted Weighted Average Shares of Common Stock Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260101__20260331_zH9lpnoHx7Dg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250101__20250331_z9idj9HXYJN1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RedeemableConvertiblePreferredStockMember_zf0EXTAifRYd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Redeemable convertible preferred stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">10,118,115</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4,185,420</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ConvertiblePromissoryNotesMember_z0gc9Brfesl6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Convertible promissory notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">928,628</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SAFEMember_zSei1cF3qpqb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>SAFEs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,058,337</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsMember_zApN4xlLDPKb" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Common stock warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SecuredPromissoryNoteWarrantsMember_zznk867bwQ7b" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Secured Promissory Note Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,505,609</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ServiceProviderWarrantsMember_zQMjjdTJMaZ9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Service Provider Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,794,604</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantsMember_zkATbX7crrta" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Placement Agent Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,822</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnvestedRestrictedStockAwardsMember_zYuHqkdzxEG8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Unvested restricted stock awards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,520,760</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zj95MZ1PG1Ml" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Stock options</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,688,294</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,688,294</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_zfDp3DThVE74" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total potentially dilutive shares</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">17,664,835</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">11,887,048</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

10118115

4185420

928628

1058337

1505609

4794604

36822

27000

1520760

2688294

17664835

11887048

7598239

2766813

4831426

4. Segments The Company currently operates in one reportable segment. The CODM has been identified as the Chief Executive Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. When evaluating the Company’s financial performance, the CODM reviews total revenues, total expenses, and expenses by functional classification, using this information to make decisions on a Company-wide basis. Accordingly, the Company has determined that it has a single reportable and operating segment structure. The key measure of segment profit or loss reviewed by CODM is net loss. The CODM uses net loss as well as revenue results to allocate resources in the annual budgeting and forecasting process and also uses those measures as a basis for evaluating financial performance regularly by comparing actual results with established budgets and forecasts. All significant expense categories are presented on the condensed statements of operations. The measure of segment assets is reported on the condensed balance sheets as total assets. Segment revenues and expenses are identical to those disclosed in the condensed statements of operations.

5. Short-term Borrowings Schedule of Short term Borrowings <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20260331_zUKJ8hKOTOO7" style="font-weight: bold; text-align: center">As of March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20251231_zBye9Zhge4ml" style="font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_ecustom--RelatedPartyLoans_iI_pn3n3_zMBVdtdVih3c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Due to related parties</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">45</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--EmployeeLoan_iI_pn3n3_zyntm8ApaCCb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Due to employees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--ThirdPartyBorrowings_iI_pn3n3_zbDZUHvuiy9a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Third party borrowings</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">337</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">300</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--ShortTermBorrowings_iI_pn3n3_zE66tePmbjF5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total short-term borrowings</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">337</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">373</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Related Party Loans During the year ended December 31, 2025, the Company entered into short-term, non-interest-bearing loan arrangements with certain officers and shareholders of the Company. These loans are due to related parties as defined by ASC 850, Related Party Disclosures. As of December 31, 2025, total amounts due to related parties under these non-interest-bearing loan arrangements were $44,970, consisting of a $25,000 loan from the Company’s Chief Executive Officer, Shareholder, and Director, and $19,970 of loans from the Company’s Cofounder, Chief Marketing Officer, and Shareholder. All such amounts were repaid in full during the three months ended March 31, 2026. Employee Loan In the third quarter of 2025, the Company received a short-term business loan of $25,000 from an employee of the Company. As of December 31, 2025, the outstanding balance was $27,857, consisting of principal of $25,000 and accrued interest and penalties of $<span id="xdx_90D_ecustom--AccruedInterestAndPenalties_c20251001__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_zGp049XUJn93" title="Accrued interest and penalties">2,857. The short-term employee business loan and related interest was repaid in full during the three months ended March 31, 2026. Third party borrowing In 2023, the Company received a cash advance of $0.3 million from an unrelated third party. The advance was not formalized under a written loan agreement and had no stated maturity date, repayment schedule, or interest rate, and was payable on demand. In March 2026, the advance was formalized under a promissory note which bears interest at a rate of 4.15% per annum which matures in September 2026.

Schedule of Short term Borrowings <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20260331_zUKJ8hKOTOO7" style="font-weight: bold; text-align: center">As of March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20251231_zBye9Zhge4ml" style="font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_ecustom--RelatedPartyLoans_iI_pn3n3_zMBVdtdVih3c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Due to related parties</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">45</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--EmployeeLoan_iI_pn3n3_zyntm8ApaCCb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Due to employees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--ThirdPartyBorrowings_iI_pn3n3_zbDZUHvuiy9a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Third party borrowings</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">337</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">300</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--ShortTermBorrowings_iI_pn3n3_zE66tePmbjF5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total short-term borrowings</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">337</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">373</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

45000 28000 337000 300000

337000

373000

44970

25000

19970

25000

27857

25000

2857

300000

0.0415

6. Leases The Company has entered into one noncancellable operating lease for office and manufacturing space, with a term ending in 2029. The Company determines if a contract is or contains a lease based on its relevant terms in accordance with ASC 842, including whether it conveys to the Company the right to obtain substantially all of the economic benefits of the identified leased asset and to direct its use. The components of lease cost for the three months ended March 31, 2026 and 2025 were as follows (amounts in thousands): Schedule of Lease Cost <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260101__20260331_zr27uNgA7Zu9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20250331_zndMYnWy0c17" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseCost_pn3n3_maLCzNtz_zqTPjIE8FLVh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Operating lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">176</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">176</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--VariableLeaseCost_pn3n3_maLCzNtz_zkXpPmNrgc4a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Variable lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">58</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LeaseCost_iT_pn3n3_mtLCzNtz_zUWvGZhMy2li" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease cost</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">234</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">189</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Other information related to leases are as follows (amounts in thousands): Schedule of Other Information Related Lease <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260101__20260331_zaFSGNuUB7v9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20250331_z9UxVDHu3Y76" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Supplemental cash flow information:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CashFlowOperatingActivitiesLesseeAbstract_iB_z8ldqen0ZrIf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Cash paid for amounts included in the measurement of lease liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--CashUsedInOperationsForOperatingLeases_pn3n3_zythlb8kGP29" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; width: 60%; text-align: left">Cash used in operations for operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">188</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">132</td><td style="width: 1%; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Weighted-average remaining lease term - operating leases (years)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3.1</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3.3</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted-average discount rate - operating leases</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20260331_zxq8bKczbK7b" style="text-align: right" title="Operating leases">8.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20251231_zH1IIhRUX1l3" style="text-align: right" title="Operating leases">8.3</td><td style="text-align: left">%</td></tr> </table>

The components of lease cost for the three months ended March 31, 2026 and 2025 were as follows (amounts in thousands): Schedule of Lease Cost <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260101__20260331_zr27uNgA7Zu9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20250331_zndMYnWy0c17" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseCost_pn3n3_maLCzNtz_zqTPjIE8FLVh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Operating lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">176</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">176</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--VariableLeaseCost_pn3n3_maLCzNtz_zkXpPmNrgc4a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Variable lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">58</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LeaseCost_iT_pn3n3_mtLCzNtz_zUWvGZhMy2li" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease cost</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">234</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">189</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

176000

58000

13000

234000

189000

Other information related to leases are as follows (amounts in thousands): Schedule of Other Information Related Lease <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260101__20260331_zaFSGNuUB7v9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20250331_z9UxVDHu3Y76" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Supplemental cash flow information:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CashFlowOperatingActivitiesLesseeAbstract_iB_z8ldqen0ZrIf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Cash paid for amounts included in the measurement of lease liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--CashUsedInOperationsForOperatingLeases_pn3n3_zythlb8kGP29" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; width: 60%; text-align: left">Cash used in operations for operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">188</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">132</td><td style="width: 1%; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Weighted-average remaining lease term - operating leases (years)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3.1</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3.3</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted-average discount rate - operating leases</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20260331_zxq8bKczbK7b" style="text-align: right" title="Operating leases">8.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20251231_zH1IIhRUX1l3" style="text-align: right" title="Operating leases">8.3</td><td style="text-align: left">%</td></tr> </table> 188000 132000

P3Y1M6D

P3Y3M18D

0.083

7. Fair Value Measurements The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis (amounts in thousands): Schedule of Company’s Assets and Liabilities Measured at Fair Value on Recurring Basis <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zidZauzKzlNi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zzutm33IJxa8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zkILQPFdX89l" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260331_zAqvKKK6mtv6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesFairValueDisclosureAbstract_iB_zP0SXnkcUGI3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisObligations_iI_pn3n3_zargTTfqiHV8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 40%; text-align: left; padding-bottom: 1pt">Warrant liabilities</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 11%; text-align: right">-</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 11%; text-align: right">-</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 11%; text-align: right">52</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 11%; text-align: right">52</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LiabilitiesFairValueDisclosure_iI_pn3n3_z1UKroaP2Wt3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">52</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">52</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z8BchDILqzp9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zwTw9DdXCfqd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z6WxyfCG6BMi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20251231_zJiK9RmFtz05" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesFairValueDisclosureAbstract_iB_zhQQt8gzbGji" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_zDH0NugaHfFk" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 40%; text-align: left">Convertible promissory notes</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">5,739</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">5,739</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisObligations_iI_pn3n3_zxMHfoIkI8Oj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Warrant liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,934</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,934</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--FairValueMeasuredOnRecurringBasisSAFELiabilities_iI_pn3n3_z7gFekPMVaF5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">SAFE liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,109</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,109</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LiabilitiesFairValueDisclosure_iI_pn3n3_zxzh2r7M1OH4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,782</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,782</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> There were no transfers between levels 1, 2, or 3, of such instruments during the three months ended March 31, 2026 or during the year ended December 31, 2025. SAFEs Since inception, the Company has issued SAFEs to various investors. The SAFEs are classified as liabilities and measured at fair value under the fair value option elected in accordance with ASC 825, Financial Instruments. <p id="xdx_89E_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zVq6QqHEsZ8h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the change in SAFE fair value for the three months ended March 31, 2026 and 2025 (amounts in thousands): Schedule of Change in Fair Value <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_493_20260101__20260331__us-gaap--FairValueByLiabilityClassAxis__custom--SAFELiabilitiesMember_zHN0qNMNmaab" style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20260101__20260331__us-gaap--FairValueByLiabilityClassAxis__custom--RelatedPartySAFELiabilitiesMember_zaLSw7EOxB62" style="font-weight: bold; text-align: center">Related Party</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_496_20260101__20260331_zGfDN6HXXlei" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">SAFE</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">SAFE</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_zNMeETd7hN24" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Balance at January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">5,594</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">4,515</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">10,109</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_z99TApn5Fc78" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">504</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">139</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">643</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--EquityFairValueAdjustment_iN_pn3n3_di_zLtZDeZsnGY" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Conversion to equity</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,098</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,654</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(10,752</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_pn3n3_z84fOui2CNui" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; width: 46%"> </td><td style="text-align: center; font-weight: bold; width: 2%"> </td> <td style="font-weight: bold; text-align: center; width: 1%"> </td><td id="xdx_49B_20250101__20250331__us-gaap--FairValueByLiabilityClassAxis__custom--SAFELiabilitiesMember_zQhRhTUZkBS6" style="font-weight: bold; text-align: center; width: 14%"> </td><td style="font-weight: bold; text-align: center; width: 1%"> </td><td style="text-align: center; font-weight: bold; width: 2%"> </td> <td style="font-weight: bold; text-align: center; width: 1%"> </td><td id="xdx_49F_20250101__20250331__us-gaap--FairValueByLiabilityClassAxis__custom--RelatedPartySAFELiabilitiesMember_zxWy8tD142V6" style="font-weight: bold; text-align: center; width: 14%">Related Party</td><td style="font-weight: bold; text-align: center; width: 1%"> </td><td style="text-align: center; width: 2%"> </td> <td style="text-align: center; width: 1%"> </td><td id="xdx_492_20250101__20250331_zf6ks6FjZbUa" style="text-align: center; width: 14%"> </td><td style="text-align: center; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center">SAFE</td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center">SAFE</td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td></tr> <tr id="xdx_409_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_zdHlF9fklT72" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance at January 1, 2025</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,925</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,748</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">7,673</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_zOhS4u5iK9N2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(454</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(129</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(583</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_pn3n3_zSDXJivEXU9g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,471</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,619</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,090</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> In connection with the Series A-I Closing in January and February 2026, all outstanding SAFEs converted into <span id="xdx_90C_eus-gaap--ConversionOfStockSharesConverted1_c20260101__20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember_z5pKJjs40SP1" title="Conversion of stock"><span id="xdx_90B_eus-gaap--ConversionOfStockSharesConverted1_c20260201__20260228__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember_z02WSjhqi2V" title="Conversion of stock">1,373,131 shares of Series A-I redeemable convertible preferred stock and <span id="xdx_90F_eus-gaap--ConversionOfStockSharesConverted1_c20260101__20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesATwoRedeemableConvertiblePreferredStockMember_z5ou5puMoxfj" title="Conversion of stock"><span id="xdx_901_eus-gaap--ConversionOfStockSharesConverted1_c20260201__20260228__us-gaap--StatementClassOfStockAxis__custom--SeriesATwoRedeemableConvertiblePreferredStockMember_z9dGrMqdUJcl" title="Conversion of stock">738,035 shares of Series A-II redeemable convertible preferred stock, and the SAFE liabilities of $10.1 million as of December 31, 2025 were fully satisfied and settled as a result of the conversion. See Note 10 for additional information. The fair value of the SAFEs was equal to the fair value of the underlying Series A-I and Series A-II redeemable convertible preferred stock which they converted into in the first quarter of 2026. The fair value of the Series A-I redeemable convertible preferred stock was determined based on the $4.89 per share price at which the Company issued Series A-I redeemable convertible preferred stock for cash to unrelated investors in the Series A-I Closing, representing a contemporaneous arm’s-length transaction in the identical security. The fair value of the Series A-II redeemable convertible preferred stock was estimated using an option pricing model (“OPM”) under the Black-Scholes framework. The OPM treats each class of equity securities as a call option on the Company’s total equity value, with exercise prices defined by the liquidation preferences, conversion thresholds, and participation rights of each class. The Company estimated its total equity value with reference to the $4.89 per share price at which the Series A-I Preferred Stock was issued to unrelated investors for cash, and allocated that equity value across each class of outstanding equity securities, including the Series A-II Preferred, giving effect to the full rights and preferences of each class, including the applicable liquidation preference. The per share fair value of the Series A-II Preferred Stock determined under this approach was $5.47 per share, derived using the following inputs: Schedule of Fair Value of Preferred Stock Derived Using the Following Inputs <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_498_20260112_zvp9KajPbMUg" style="font-weight: bold; text-align: center">As of January 12,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--EquityFairValueDisclosure_iI_zOAW4M1ZWg4j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Equity value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">99,868</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zE9jOeLwINsk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term to liquidity (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.0</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_ziDT2EBcQEd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Equity volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zVcJrUwqSV14" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk-free rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.8</td><td style="text-align: left">%</td></tr> </table> The fair value of SAFEs at December 31, 2025 was estimated using a probability-weighted scenario analysis combined with a Black-Scholes option pricing model. Under this approach, three potential settlement outcomes are modeled for each SAFE: (i) an equity financing, in which the SAFEs automatically convert into shares of redeemable convertible preferred stock at a price based on the lower of the price per share paid by new investors or the price implied by the applicable post-money valuation cap; (ii) a liquidity event, in which the SAFEs convert into the greater of the cash-out amount (the original purchase amount) or the amount payable on the number of shares of common stock equal to the purchase amount divided by the liquidity price; and (iii) a dissolution event, in which SAFE holders receive a pro rata portion of remaining proceeds, subject to the liquidation priority provisions of the SAFE agreements. The fair value of each scenario comprises the present value of the bond-like payoff component plus the value of an embedded call option representing incremental equity upside above the SAFE conversion price. The scenario values are then probability-weighted to arrive at the indicated fair value for each SAFE series. <p id="xdx_890_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_hus-gaap--FairValueByLiabilityClassAxis__custom--SAFELiabilitiesMember_zmW0C08jT9B6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The significant inputs used in the Level 3 fair value measurement of the SAFEs are as follows: Schedule of Significant Inputs Used in Fair Value Measurement <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_498_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zwN6cBk8nvJf" style="font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--EquityFairValueDisclosure_iI_zsZaxGdwvvFd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Equity value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">111,800</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_ztYKMFWY6yQ7" title="Measurement input">32.0% - <span id="xdx_909_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zFw0OuWjC7Va" title="Measurement input">32.5%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zx2NP7S4sOmj" title="Measurement input">3.8% - <span id="xdx_900_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zC3NiDeCRo6d" title="Measurement input">9.2%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term to event (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zt23JQp1kZma" title="Measurement input">0.13 - <span id="xdx_909_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zR9cuQRvW9V1" title="Measurement input">0.75</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Probability of equity financing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfEquityFinancingMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z0JEiKPQ9uo6" title="Measurement input">85.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Probability of liquidity event</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfLiquidityEventMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zc1UN4BGZ3Wg" title="Measurement input">12.5</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Probability of dissolution event</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfDissloutionEventMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zbvs63Vl9YW6" title="Measurement input">2.5</td><td style="text-align: left">%</td></tr> </table> The equity value used in the December 31, 2025 measurement reflects an estimate developed under the probability-weighted scenario analysis described above, which incorporates the rights and preferences of the outstanding instruments and short-term settlement probabilities as of that date. It is not directly comparable to the equity value used to measure the fair value of the Series A redeemable convertible preferred stock upon conversion in the first quarter of 2026, which was derived by calibrating an option pricing model to the $4.89 per share cash price of the Series A-I financing with certain non-standard preferred rights excluded for purposes of the calibration. Accordingly, the difference between the equity values used in the two measurements reflects the different valuation methodologies and bases applied at each date and does not represent a decline in the estimated value of the Company. Convertible promissory notes The Company’s convertible promissory notes are measured at fair value on a recurring basis and are classified within Level 3 of the fair value hierarchy under ASC 820, Fair Value Measurement, as the fair value measurements incorporate significant unobservable inputs. <p id="xdx_899_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_hus-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zhOpzM9zHYFj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the change in convertible promissory note fair value for the three months ended March 31, 2026 and 2025 (amounts in thousands): Schedule of Change in Convertible Promissory Note of Fair Value <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_498_20260101__20260331__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zCsgrltKsM7a" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_493_20260101__20260331__us-gaap--ShortTermDebtTypeAxis__custom--RelatedPartyConvertibleDebtMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zfShtQVkzLgi" style="font-weight: bold; text-align: center">Related Party</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_495_20260101__20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z3jhQp1RFkB7" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Convertible</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Convertible</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Promissory</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Promissory</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Notes</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Notes</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--ConvertibleDebtFairValueDisclosures_iS_pn3n3_z1Hqe4eOWAqe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Balance at January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">4,965</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">774</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">5,739</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_zUfPV7J4PXeg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,986</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">463</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,449</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RepaymentsOfConvertibleDebt_iN_pn3n3_di_zMU8CgR4I4bd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Repayment of interest, including $20 PIK interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(80</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(80</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--EquityFairValueAdjustment_iN_pn3n3_di_zc1XwsUYr0bj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Conversion to equity</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(7,871</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,237</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(9,108</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--ConvertibleDebtFairValueDisclosures_iE_pn3n3_znQDS9j9DLPc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; width: 46%"> </td><td style="text-align: center; width: 2%"> </td> <td style="text-align: center; width: 1%"> </td><td id="xdx_491_20250101__20250331__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zJXtYYgeEEOj" style="text-align: center; width: 14%"> </td><td style="text-align: center; width: 1%"> </td><td style="text-align: center; font-weight: bold; width: 2%"> </td> <td style="font-weight: bold; text-align: center; width: 1%"> </td><td id="xdx_496_20250101__20250331__us-gaap--ShortTermDebtTypeAxis__custom--RelatedPartyConvertibleDebtMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zPgU0zRvuxUf" style="font-weight: bold; text-align: center; width: 14%">Related Party</td><td style="font-weight: bold; text-align: center; width: 1%"> </td><td style="text-align: center; width: 2%"> </td> <td style="text-align: center; width: 1%"> </td><td id="xdx_495_20250101__20250331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zMjY5ivdAdNc" style="text-align: center; width: 14%"> </td><td style="text-align: center; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center">Convertible</td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center">Convertible</td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center">Promissory</td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center">Promissory</td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Notes</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Notes</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td></tr> <tr id="xdx_400_eus-gaap--ConvertibleDebtFairValueDisclosures_iS_pn3n3_zfe01XeETaRg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance at January 1, 2025</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,728</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">520</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,248</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_zhRPg0plpI1i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">239</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">270</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RepaymentsOfConvertibleDebt_iN_pn3n3_di_zxRU5hTHSvo1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Repayment of interest, including $16 PIK interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(61</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(61</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--ConvertibleDebtFairValueDisclosures_iE_pn3n3_zFGOBPZ203C5" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,906</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">551</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,457</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> On March 30, 2026 all outstanding convertible promissory notes and accrued interest, inclusive of $0.6 million of default interest, converted into <span id="xdx_90E_eus-gaap--ConversionOfStockSharesConverted1_c20260330__20260330__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember_zgg76zJPNjCe" title="Conversion of stock">122,744 shares of Series A-I redeemable convertible preferred stock and <span id="xdx_909_eus-gaap--ConversionOfStockSharesConverted1_c20260330__20260330__us-gaap--StatementClassOfStockAxis__custom--SeriesAThreeRedeemableConvertiblePreferredStockMember_zd4XnHEUQxwh" title="Conversion of stock">1,121,204 shares of Series A-III redeemable convertible preferred stock. The convertible promissory note liabilities of $5.7 million as of December 31, 2025 were fully satisfied and settled as a result of the conversion. See Note 8 for additional information. The execution of the Merger Agreement on March 6, 2026 (see Note 1) constituted a Corporate Transaction under the note agreements, which triggered the conversion of the convertible promissory notes and related accrued and default interest, following the satisfaction of the related conditions, including the requisite noteholder approval and other administrative steps, which were completed on March 30, 2026. The fair value of the convertible promissory notes and related accrued interest was equal to the fair value of the underlying Series A-I and Series A-III redeemable convertible preferred stock into which they converted. The execution of the Merger Agreement also identified a potential near-term public listing of the Company as a discrete future outcome that a market participant would consider in measuring fair value as of the March 30, 2026 conversion date. Accordingly, the Company estimated the fair value of the underlying Series A-I and Series A-III Preferred Stock under a probability-weighted expected return method (“PWERM”) that weighted two scenarios: a going-concern scenario, in which the Company continues to operate as a standalone private entity, and an exit scenario reflecting a possible public listing of the Company in connection with the Merger. Under the going-concern scenario, the Company estimated its total equity value using an option pricing model (“OPM”) under the Black-Scholes framework, with equity value estimated with reference to the $4.89 per share price at which the Series A-I Preferred Stock was issued to unrelated investors for cash in the Series A financing. Under the exit scenario, the Company estimated its equity value based on a potential public listing valuation, discounted to the conversion date. The scenario values were probability-weighted to derive a probability-weighted equity value, which was then allocated across each class of outstanding equity securities, including the Series A-I and Series A-III Preferred, giving effect to the full rights and preferences of each class. The weightings reflect that, as of the conversion date, completion of the public listing was not probable and remained subject to significant conditions and uncertainties, as further described in Note 1 and Note 2. The per share fair values of the Series A-I and Series A-III Preferred Stock determined under this approach were $7.44 and $7.31 per share, respectively. The per share fair value of the Series A-I Preferred Stock for purposes of the note conversion reflects its measurement as of the March 30, 2026 conversion date, which differs from the $4.89 per share fair value applied to the Series A-I Preferred Stock issued upon the conversion of the SAFEs in January 2026, prior to execution of the Merger Agreement. <p id="xdx_89D_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_hus-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zbCPA1ZnGBig" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The probability-weighted fair values were derived using the significant inputs set forth below: Schedule of Fair Value of Preferred Stock Derived Using the Following Inputs <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20260330_zDilCkzdUnzl" style="font-weight: bold; text-align: center">As of March 30,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--EquityFairValueDisclosure_iI_zS64sEr3j1o6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Equity value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">173,534</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_hus-gaap--MeasurementInputTypeAxis__custom--MeasurementInputWeightingOfExitScenarioMember_zPTlzmQMCXz2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighting of exit scenario</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_hus-gaap--MeasurementInputTypeAxis__custom--MeasurementInputWeightingOfGoingConcernScenarioMember_zs5p8AwCVzJb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighting of going concern scenario</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60</td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_ze5F5ukLZwN" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term to liquidity (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.0</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputOptionVolatilityMember_zE51zWef4QIl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Equity volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zFfi1PKxRCUg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk-free rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.8</td><td style="text-align: left">%</td></tr> </table> The fair value of the convertible promissory notes at December 31, 2025 was determined using a probability-weighted scenario analysis and a Black-Scholes option pricing model for the embedded conversion feature. The valuation models four possible outcomes: (1) an equity financing event, (2) a corporate transaction, (3) repayment at maturity, and (4) dissolution. Each scenario is assigned a probability weighting based on management’s assessment of the likelihood of occurrence. Under each scenario, the bond component is valued using a discounted cash flow approach at an adjusted yield derived from the migrated market yield for similar credit rated debt instruments. The conversion feature is valued as a call option using the Black-Scholes model. <p id="xdx_892_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_hus-gaap--ShortTermDebtTypeAxis__custom--ConvertiblePromissoryNoteMember_zQpP7OC7dTdg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The significant inputs used in the Level 3 fair value measurement of convertible promissory notes are as follows: Schedule of Significant Inputs Used in Fair Value Measurement <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_492_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zI2PkTD8y8y9" style="font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--EquityFairValueDisclosure_iI_hus-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zpDNJxvVpJv2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Equity value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">111,800</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zOIjKovoOZO1" title="Measurement input">57.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zhOM1a4VMK3i" title="Measurement input">20.3% - <span id="xdx_908_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zkOcBDpWJdG7" title="Measurement input">35.5</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term to event (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zr7XQgokE75d" title="Measurement input">0.13 - <span id="xdx_900_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zSDr94t0Sg2g" title="Measurement input">0.83</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Probability of equity financing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfEquityFinancingMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z2Jl4xVnuTLk" title="Measurement input">85.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Probability of corporate transaction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfCorporateTransactionMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zubUevrALJdd" title="Measurement input">10.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Probability of maturity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputMaturityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zKFuyd03VXOh" title="Measurement input">2.5</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Probability of dissolution</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfDissloutionEventMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zpdn8wqyELhj" title="Measurement input">2.5</td><td style="text-align: left">%</td></tr> </table> Warrant liabilities <p id="xdx_891_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_hus-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zmiKLbUI6Sij" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the change in liability-classified warrant fair value for the three months ended March 31, 2026 and 2025 (amounts in thousands): Schedule of Change in Liability Classified Warrant Fair Value <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20260101__20260331__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zJjJxQxeHfi4" style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_495_20260101__20260331__us-gaap--StatementEquityComponentsAxis__custom--RelatedPartyWarrantLiabilitiesMember_zdmIk5E9NIEh" style="font-weight: bold; text-align: center">Related Party</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_49C_20260101__20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z762K7pRf9l2" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Warrant</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Warrant</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_zY48GmxOwPd8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Balance at January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,689</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">245</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,934</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--WarrantAdditions_pn3n3_zxN4JUmXLDre" style="vertical-align: bottom; background-color: White"> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_z2jlDcG21Ch8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,615</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">847</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,462</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ChangeInClassificationToEquity_iN_pn3n3_di_zHYlaxMzcfol" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in classification to equity</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(10,304</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,092</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(11,396</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_pn3n3_zoh82WXlWU6j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">52</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">52</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_490_20250101__20250331__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zQeKhSw9Ntx2" style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_495_20250101__20250331__us-gaap--StatementEquityComponentsAxis__custom--RelatedPartyWarrantLiabilitiesMember_zW6Rgu1MM4w7" style="font-weight: bold; text-align: center">Related Party</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_492_20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zmvWHPNDQjUi" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Warrant</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Warrant</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_zWndUcu5xABa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Balance at January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">830</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">119</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">949</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_zMaHmL1xXmo5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">372</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">53</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">425</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_pn3n3_zREr4HXwJdh2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,202</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">172</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,374</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> In connection with the Series A-I Closing in January and February 2026 and contemporaneous with the execution of the Merger Agreement, the Company’s outstanding convertible promissory notes converted in full into Series A-I and Series A-III redeemable convertible preferred stock. As a result, the underlying share counts of the Secured Promissory Note Warrants and the Default Warrants became fixed at the conversion-date fully diluted capitalization, and the warrants thereafter satisfied the indexation criteria of ASC 815-40-15. The Company recognized a final remeasurement of the fair values of these warrants through earnings as of the reclassification date and reclassified the carrying amount to additional paid-in capital. See Note 9 for additional information. During the three months ended March 31, 2026, the Company issued <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260101__20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsidiarySaleOfStockAxis__custom--PlacementAgentWarrantMember_zcLO7a3pBMZ7" title="Number of common stock issued">36,822 warrants to a placement agent (see Note 9). The fair value of the placement agent warrants was estimated on the date of issuance using a Black-Scholes OPM with the following inputs: The Company’s liability-classified warrants, comprising the Secured Promissory Note Warrants and Default Warrants prior to their reclassification to equity and the Placement Agent Warrant, were measured at fair value on a recurring basis and were classified within Level 3 of the fair value hierarchy under ASC 820. The fair value of these warrants was estimated using a Black-Scholes option pricing model. The significant weighted average inputs used across these instruments are presented below: <p id="xdx_89E_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_hus-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zollqLJo42ii" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Schedule of Significant Inputs Used in Fair Value Measurement <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49D_20260331_zlTpFXJLaZK3" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--SharePrice_iI_pid_hus-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zDtTpoIdo1Li" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Stock price - common</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4.28</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dp_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zW4pixPmqLZ2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.0</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_z1GZNjLJFSW" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.0</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dp_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_z7wJEVqAoI3e" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">62.4</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dp_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zSOakDZW1Ybh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr> </table> Due to the short duration of time between the initial estimate of fair value of the placement agent warrants on February 9, 2026, and the fair value remeasurement date of March 31, 2026, the Company estimated that the change in fair value of the warrant liabilities is insignificant. Therefore, the Company has presented the fair value of the placement agent warrant liabilities to be approximately $52,000 at both the date of recognition and March 31, 2026 in the condensed financial statements. <p id="xdx_89B_ecustom--FairValueLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_hus-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zXclO9PMt8Dc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The significant inputs used in the Level 3 fair value measurement of the warrant liabilities at December 31, 2025 are as follows: Schedule of Significant Inputs Used in Fair Value Measurement of Warrant Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zFkrLRLE2q55" style="font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--EquityFairValueDisclosure_iI_hus-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zMem1u8qqS51" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Equity value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">111,800</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--SharesIssued_iI_hus-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z751zpQZ5GDh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Fully diluted capitalization (shares)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,013,152</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Equity ownership percentage (per warrant)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MinimumMember_zgN8PUnZZPd3" title="Measurement input">0.5% - <span id="xdx_90F_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_zY1EXpIyU1N2" title="Measurement input">6.0%</td><td style="text-align: left"> </td></tr> </table>

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis (amounts in thousands): Schedule of Company’s Assets and Liabilities Measured at Fair Value on Recurring Basis <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zidZauzKzlNi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zzutm33IJxa8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zkILQPFdX89l" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260331_zAqvKKK6mtv6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesFairValueDisclosureAbstract_iB_zP0SXnkcUGI3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisObligations_iI_pn3n3_zargTTfqiHV8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 40%; text-align: left; padding-bottom: 1pt">Warrant liabilities</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 11%; text-align: right">-</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 11%; text-align: right">-</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 11%; text-align: right">52</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 11%; text-align: right">52</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LiabilitiesFairValueDisclosure_iI_pn3n3_z1UKroaP2Wt3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">52</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">52</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z8BchDILqzp9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zwTw9DdXCfqd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z6WxyfCG6BMi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20251231_zJiK9RmFtz05" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesFairValueDisclosureAbstract_iB_zhQQt8gzbGji" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_zDH0NugaHfFk" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 40%; text-align: left">Convertible promissory notes</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">5,739</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">5,739</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisObligations_iI_pn3n3_zxMHfoIkI8Oj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Warrant liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,934</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,934</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--FairValueMeasuredOnRecurringBasisSAFELiabilities_iI_pn3n3_z7gFekPMVaF5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">SAFE liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,109</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,109</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LiabilitiesFairValueDisclosure_iI_pn3n3_zxzh2r7M1OH4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,782</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,782</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

52000

5739000

2934000

10109000 10109000

18782000

<p id="xdx_89E_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zVq6QqHEsZ8h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the change in SAFE fair value for the three months ended March 31, 2026 and 2025 (amounts in thousands): Schedule of Change in Fair Value <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_493_20260101__20260331__us-gaap--FairValueByLiabilityClassAxis__custom--SAFELiabilitiesMember_zHN0qNMNmaab" style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20260101__20260331__us-gaap--FairValueByLiabilityClassAxis__custom--RelatedPartySAFELiabilitiesMember_zaLSw7EOxB62" style="font-weight: bold; text-align: center">Related Party</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_496_20260101__20260331_zGfDN6HXXlei" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">SAFE</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">SAFE</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_zNMeETd7hN24" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Balance at January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">5,594</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">4,515</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">10,109</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_z99TApn5Fc78" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">504</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">139</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">643</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--EquityFairValueAdjustment_iN_pn3n3_di_zLtZDeZsnGY" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Conversion to equity</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,098</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,654</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(10,752</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_pn3n3_z84fOui2CNui" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; width: 46%"> </td><td style="text-align: center; font-weight: bold; width: 2%"> </td> <td style="font-weight: bold; text-align: center; width: 1%"> </td><td id="xdx_49B_20250101__20250331__us-gaap--FairValueByLiabilityClassAxis__custom--SAFELiabilitiesMember_zQhRhTUZkBS6" style="font-weight: bold; text-align: center; width: 14%"> </td><td style="font-weight: bold; text-align: center; width: 1%"> </td><td style="text-align: center; font-weight: bold; width: 2%"> </td> <td style="font-weight: bold; text-align: center; width: 1%"> </td><td id="xdx_49F_20250101__20250331__us-gaap--FairValueByLiabilityClassAxis__custom--RelatedPartySAFELiabilitiesMember_zxWy8tD142V6" style="font-weight: bold; text-align: center; width: 14%">Related Party</td><td style="font-weight: bold; text-align: center; width: 1%"> </td><td style="text-align: center; width: 2%"> </td> <td style="text-align: center; width: 1%"> </td><td id="xdx_492_20250101__20250331_zf6ks6FjZbUa" style="text-align: center; width: 14%"> </td><td style="text-align: center; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center">SAFE</td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center">SAFE</td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td></tr> <tr id="xdx_409_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_zdHlF9fklT72" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance at January 1, 2025</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,925</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,748</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">7,673</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_zOhS4u5iK9N2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(454</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(129</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(583</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_pn3n3_zSDXJivEXU9g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,471</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,619</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,090</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

5594000

4515000

10109000

504000

139000

643000

6098000

4654000

10752000

5925000

1748000

7673000

-454000

-129000

-583000

5471000

1619000

7090000

1373131

738035

10100000

4.89

5.47

Schedule of Fair Value of Preferred Stock Derived Using the Following Inputs <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_498_20260112_zvp9KajPbMUg" style="font-weight: bold; text-align: center">As of January 12,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--EquityFairValueDisclosure_iI_zOAW4M1ZWg4j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Equity value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">99,868</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zE9jOeLwINsk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term to liquidity (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.0</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_ziDT2EBcQEd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Equity volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zVcJrUwqSV14" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk-free rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.8</td><td style="text-align: left">%</td></tr> </table>

99868000

3.0

0.75

0.038

111800000

0.320

0.325

0.038

0.092

0.13

0.75

0.850

0.125

0.025

4.89

<p id="xdx_899_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_hus-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zhOpzM9zHYFj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the change in convertible promissory note fair value for the three months ended March 31, 2026 and 2025 (amounts in thousands): Schedule of Change in Convertible Promissory Note of Fair Value <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_498_20260101__20260331__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zCsgrltKsM7a" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_493_20260101__20260331__us-gaap--ShortTermDebtTypeAxis__custom--RelatedPartyConvertibleDebtMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zfShtQVkzLgi" style="font-weight: bold; text-align: center">Related Party</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_495_20260101__20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z3jhQp1RFkB7" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Convertible</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Convertible</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Promissory</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Promissory</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Notes</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Notes</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--ConvertibleDebtFairValueDisclosures_iS_pn3n3_z1Hqe4eOWAqe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Balance at January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">4,965</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">774</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">5,739</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_zUfPV7J4PXeg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,986</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">463</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,449</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RepaymentsOfConvertibleDebt_iN_pn3n3_di_zMU8CgR4I4bd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Repayment of interest, including $20 PIK interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(80</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(80</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--EquityFairValueAdjustment_iN_pn3n3_di_zc1XwsUYr0bj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Conversion to equity</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(7,871</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,237</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(9,108</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--ConvertibleDebtFairValueDisclosures_iE_pn3n3_znQDS9j9DLPc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; width: 46%"> </td><td style="text-align: center; width: 2%"> </td> <td style="text-align: center; width: 1%"> </td><td id="xdx_491_20250101__20250331__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zJXtYYgeEEOj" style="text-align: center; width: 14%"> </td><td style="text-align: center; width: 1%"> </td><td style="text-align: center; font-weight: bold; width: 2%"> </td> <td style="font-weight: bold; text-align: center; width: 1%"> </td><td id="xdx_496_20250101__20250331__us-gaap--ShortTermDebtTypeAxis__custom--RelatedPartyConvertibleDebtMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zPgU0zRvuxUf" style="font-weight: bold; text-align: center; width: 14%">Related Party</td><td style="font-weight: bold; text-align: center; width: 1%"> </td><td style="text-align: center; width: 2%"> </td> <td style="text-align: center; width: 1%"> </td><td id="xdx_495_20250101__20250331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zMjY5ivdAdNc" style="text-align: center; width: 14%"> </td><td style="text-align: center; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center">Convertible</td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center">Convertible</td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center">Promissory</td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center">Promissory</td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Notes</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Notes</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td></tr> <tr id="xdx_400_eus-gaap--ConvertibleDebtFairValueDisclosures_iS_pn3n3_zfe01XeETaRg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance at January 1, 2025</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,728</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">520</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,248</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_zhRPg0plpI1i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">239</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">270</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RepaymentsOfConvertibleDebt_iN_pn3n3_di_zxRU5hTHSvo1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Repayment of interest, including $16 PIK interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(61</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(61</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--ConvertibleDebtFairValueDisclosures_iE_pn3n3_zFGOBPZ203C5" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,906</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">551</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,457</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

4965000

774000

5739000

2986000

463000

3449000

80000

7871000

1237000

9108000

3728000

520000

4248000

239000

31000

270000

61000

3906000

551000

4457000

600000

122744

1121204

5700000

4.89

7.44

7.31

4.89

<p id="xdx_89D_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_hus-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zbCPA1ZnGBig" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The probability-weighted fair values were derived using the significant inputs set forth below: Schedule of Fair Value of Preferred Stock Derived Using the Following Inputs <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20260330_zDilCkzdUnzl" style="font-weight: bold; text-align: center">As of March 30,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--EquityFairValueDisclosure_iI_zS64sEr3j1o6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Equity value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">173,534</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_hus-gaap--MeasurementInputTypeAxis__custom--MeasurementInputWeightingOfExitScenarioMember_zPTlzmQMCXz2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighting of exit scenario</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_hus-gaap--MeasurementInputTypeAxis__custom--MeasurementInputWeightingOfGoingConcernScenarioMember_zs5p8AwCVzJb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighting of going concern scenario</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60</td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_ze5F5ukLZwN" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term to liquidity (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.0</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputOptionVolatilityMember_zE51zWef4QIl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Equity volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zFfi1PKxRCUg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk-free rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.8</td><td style="text-align: left">%</td></tr> </table>

173534000

0.40

0.60

3.0

0.75

0.038

<p id="xdx_892_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_hus-gaap--ShortTermDebtTypeAxis__custom--ConvertiblePromissoryNoteMember_zQpP7OC7dTdg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The significant inputs used in the Level 3 fair value measurement of convertible promissory notes are as follows: Schedule of Significant Inputs Used in Fair Value Measurement <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_492_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zI2PkTD8y8y9" style="font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--EquityFairValueDisclosure_iI_hus-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zpDNJxvVpJv2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Equity value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">111,800</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zOIjKovoOZO1" title="Measurement input">57.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zhOM1a4VMK3i" title="Measurement input">20.3% - <span id="xdx_908_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zkOcBDpWJdG7" title="Measurement input">35.5</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term to event (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zr7XQgokE75d" title="Measurement input">0.13 - <span id="xdx_900_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zSDr94t0Sg2g" title="Measurement input">0.83</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Probability of equity financing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfEquityFinancingMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z2Jl4xVnuTLk" title="Measurement input">85.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Probability of corporate transaction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfCorporateTransactionMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zubUevrALJdd" title="Measurement input">10.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Probability of maturity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputMaturityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zKFuyd03VXOh" title="Measurement input">2.5</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Probability of dissolution</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfDissloutionEventMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zpdn8wqyELhj" title="Measurement input">2.5</td><td style="text-align: left">%</td></tr> </table>

111800000

0.570

0.203

0.355

0.13

0.83

0.850

0.100

0.025

<p id="xdx_891_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_hus-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zmiKLbUI6Sij" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the change in liability-classified warrant fair value for the three months ended March 31, 2026 and 2025 (amounts in thousands): Schedule of Change in Liability Classified Warrant Fair Value <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20260101__20260331__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zJjJxQxeHfi4" style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_495_20260101__20260331__us-gaap--StatementEquityComponentsAxis__custom--RelatedPartyWarrantLiabilitiesMember_zdmIk5E9NIEh" style="font-weight: bold; text-align: center">Related Party</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_49C_20260101__20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z762K7pRf9l2" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Warrant</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Warrant</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_zY48GmxOwPd8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Balance at January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,689</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">245</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,934</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--WarrantAdditions_pn3n3_zxN4JUmXLDre" style="vertical-align: bottom; background-color: White"> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_z2jlDcG21Ch8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,615</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">847</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,462</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ChangeInClassificationToEquity_iN_pn3n3_di_zHYlaxMzcfol" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in classification to equity</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(10,304</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,092</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(11,396</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_pn3n3_zoh82WXlWU6j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">52</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">52</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_490_20250101__20250331__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilitiesMember_zQeKhSw9Ntx2" style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_495_20250101__20250331__us-gaap--StatementEquityComponentsAxis__custom--RelatedPartyWarrantLiabilitiesMember_zW6Rgu1MM4w7" style="font-weight: bold; text-align: center">Related Party</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_492_20250101__20250331__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zmvWHPNDQjUi" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Warrant</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Warrant</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_zWndUcu5xABa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Balance at January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">830</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">119</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">949</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_zMaHmL1xXmo5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">372</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">53</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">425</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_pn3n3_zREr4HXwJdh2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,202</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">172</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,374</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2689000

245000

2934000

52000 52000

7615000

847000

8462000

10304000 1092000 11396000

52000

830000

119000

949000

372000

53000

425000

1202000

172000

1374000

36822

<p id="xdx_89E_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_hus-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zollqLJo42ii" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Schedule of Significant Inputs Used in Fair Value Measurement <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49D_20260331_zlTpFXJLaZK3" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--SharePrice_iI_pid_hus-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zDtTpoIdo1Li" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Stock price - common</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4.28</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dp_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zW4pixPmqLZ2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.0</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_z1GZNjLJFSW" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.0</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dp_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_z7wJEVqAoI3e" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">62.4</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dp_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zSOakDZW1Ybh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr> </table>

4.28

0.040

5.0

0.624

0.000

52000

111800000

20013152000

0.005

0.060

8. Convertible Promissory Notes Secured Promissory Notes During the period from September through December 2023, the Company issued four convertible promissory notes to various investors for aggregate principal borrowings of $4.8 million, all of which remain outstanding as of December 31, 2025. One of the four notes, with an initial principal balance of $<span id="xdx_90D_eus-gaap--DebtConversionConvertedInstrumentAmount1_pn5n6_c20260101__20260331__us-gaap--DebtInstrumentAxis__custom--SecuredPromissoryNotesMember_zJT1YKV8dYh1" title="Initial principal balance">0.5 million, was issued to TVC Momentum Fund I, LP (“TVC”), an entity affiliated with a member of the Company’s Board of Directors and therefore considered a related party. Each note bore interest at <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20260331__us-gaap--DebtInstrumentAxis__custom--SecuredPromissoryNotesMember_zsuECJNCHR7h" title="Debt interest rate">18% per annum, was a senior secured obligation of the Company ranking pari passu with the other notes, and was scheduled to mature on October 31, 2026. Three of such notes, inclusive of the TVC note, accrue interest on a payment-in-kind (“PIK”) basis, with interest compounded monthly and added to the outstanding note balance; one note requires cash interest payments on a monthly basis. As the convertible notes are measured at fair value under the fair value option, see below, interest is not separately presented but is reflected as a component of the change in fair value of convertible promissory notes in the accompanying condensed statements of operations. Each note is convertible into shares of common stock at a conversion price equal to the lower of (a) $100.0 million divided by the Company’s Fully Diluted Capitalization, or (b) the price per share paid by investors in a Next Equity Financing, subject to minimum ownership floors ranging from <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20260331__us-gaap--DebtInstrumentAxis__custom--SecuredPromissoryNotesMember__srt--RangeAxis__srt--MinimumMember_zYIi5l4ALy5b" title="Debt interest rate">0.25% to <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20260331__us-gaap--DebtInstrumentAxis__custom--SecuredPromissoryNotesMember__srt--RangeAxis__srt--MaximumMember_zbZaAGLoC1t" title="Debt interest rate">3.00%. The notes convert automatically upon a Corporate Transaction or Initial Public Offering, and at maturity the lender may elect to convert or receive cash payment. In connection with the issuance of each note, the Company also issued warrants to the respective lenders (see Note 9). Due to certain embedded features within the convertible notes that would require potential bifurcation, the Company elected to account for the convertible notes under the fair value option pursuant to ASC 825, to which changes in fair value, inclusive of stated interest, are recorded through the accompanying condensed statements of operations. As of December 31, 2025, the aggregate estimated fair value of the four outstanding convertible promissory notes was $5.7 million. The aggregate unpaid principal balance of the convertible promissory notes, inclusive of accumulated PIK interest, was approximately $5.4 million as of December 31, 2025. As of December 31, 2025, the aggregate fair value exceeded the aggregate unpaid principal balance by approximately $0.3 million. Refer to Note 7 for additional information regarding the fair value measurement of the convertible promissory notes. In connection with the Series A-I Closing in January and February 2026 and contemporaneous with the execution of the Merger Agreement, all outstanding convertible promissory notes and accrued interest, inclusive of $0.6 million of default interest (see below), converted into <span id="xdx_90A_eus-gaap--ConversionOfStockSharesConverted1_c20260101__20260228__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember_zQSPKN3soGYg" title="Conversion of stock">122,744 shares of Series A-I redeemable convertible preferred stock at a conversion price of $4.89 per share, and <span id="xdx_90E_eus-gaap--ConversionOfStockSharesConverted1_c20260101__20260228__us-gaap--StatementClassOfStockAxis__custom--SeriesAThreeRedeemableConvertiblePreferredStockMember_zHOQa2B1vJk6" title="Conversion of stock">1,121,204 shares of Series A-III redeemable convertible preferred stock at a conversion price of $4.60 per share. The convertible promissory note liabilities of $5.7 million as of December 31, 2025 were fully satisfied and settled as a result of the conversion. See Note 12 for additional information. Refer to Note 7 for additional information regarding the fair value measurement of the convertible promissory notes through the conversion date. Default In February 2025, the Company failed to make required interest payments within the five business day contractual cure period, constituting an Event of Default under the terms of two of the Secured Promissory Note agreements. While the Company subsequently cured the February 2025 payments, it ceased making cash interest payments beginning in August 2025. As the notes are measured at fair value under the fair value option, the default interest and the effects of the modified default interest rate are reflected as a component of the change in fair value of the convertible promissory notes in the accompanying condensed statements of operations rather than as a separate interest expense line item. The Event of Default remained outstanding and uncured as of December 31, 2025 and through the conversion dates of the convertible promissory notes in the first quarter of 2026. The cumulative default interest of $0.6 million was settled as part of the conversion of the convertible promissory notes in connection with the Series A-I Closing. The Event of Default also entitled the holders to additional warrants to purchase shares of common stock equal to <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20251231__us-gaap--DebtInstrumentAxis__custom--DefaultNotesMember__srt--RangeAxis__srt--MinimumMember_zjLISCwcQwR2" title="Debt interest rate">1.0% and <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20251231__us-gaap--DebtInstrumentAxis__custom--DefaultNotesMember__srt--RangeAxis__srt--MaximumMember_zXlwCJSHqcY8" title="Debt interest rate">3.0%, respectively, of the Company’s fully diluted capitalization, without cash consideration (the “Default Warrants” — refer to Note 9).

4800000

500000

0.18

100000000.0

0.0025

0.0300

5700000

5400000

300000

600000

122744

4.89

1121204

4.60

5700000

600000

0.010

0.030

9. Warrants to Purchase Common Stock As of December 31, 2025, the Company had three classes of common stock warrants outstanding: (i) the Secured Promissory Note Warrants issued in 2023 in connection with the Company’s convertible promissory notes (one of which was issued to TVC, a related party - see Note 8); (ii) the Default Warrants, with respect to which the Company’s obligation to issue the warrants had been triggered by the uncured Event of Default (see Note 8); and (iii) Unsecured Promissory Note Warrants issued in 2023 in connection with an unsecured promissory note issued by the Company to an unrelated third-party investor and subsequently converted into shares of common stock during a prior period. The Secured Promissory Note Warrants and Default Warrants were classified as liabilities as of December 31, 2025 under ASC 815-40 because they entitled holders to a variable number of shares of common stock equal to a specified percentage of the Company’s fully diluted capitalization. The Unsecured Promissory Note Warrants are classified as equity as of March 31, 2026 and December 31, 2025. During the three months ended March 31, 2026, the Company issued warrants to purchase an aggregate of <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260101__20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsidiarySaleOfStockAxis__custom--ServiceProviderMember_zGRSMUShFEY1">4,794,604 shares of common stock at an exercise price of $<span id="xdx_90F_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsidiarySaleOfStockAxis__custom--ServiceProviderMember_zSCVRkTYrSP3">0.01 per share to two service providers as compensation for services in connection with the planned reverse merger and concurrent equity financing (the “Service Provider Warrants”). The Service Provider Warrants are share-based payments to nonemployees within the scope of ASC 718. The warrants became effective on March 6, 2026 upon execution of the Merger Agreement and automatically lapse on December 31, 2026 if a qualifying merger is not consummated by that date. The warrants are exercisable for cash, by cancellation of indebtedness, or through a cashless net exercise, and contain customary structural anti-dilution adjustments for stock splits, recapitalizations, and similar transactions. The grant-date fair value of the Service Provider Warrants was $<span id="xdx_90C_eus-gaap--FairValueAdjustmentOfWarrants_pn5n6_c20260101__20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsidiarySaleOfStockAxis__custom--ServiceProviderMember_zFINnCQ9CeWl">20.5 million and was determined using a Black Scholes option pricing model primarily driven by the estimated common stock price of $<span id="xdx_90C_eus-gaap--SharePrice_iI_pid_c20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsidiarySaleOfStockAxis__custom--ServiceProviderMember_zUC53Dtn0mfi" title="Share price">4.28 per share at the grant date. Because vesting is contingent upon the consummation of the reverse merger, which is not considered probable due to the risks and uncertainty associated with the merger, no compensation cost was recognized for these awards as of March 31, 2026. During the three months ended March 31, 2026, the Company issued warrants to purchase <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260101__20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsidiarySaleOfStockAxis__custom--PlacementAgentWarrantMember_zIOlzEZvtKs7" title="Number of common stock issued">36,822 shares of common stock at an exercise price of $<span id="xdx_909_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsidiarySaleOfStockAxis__custom--PlacementAgentWarrantMember_zWR7EJLN0tRe" title="Sale of common stock, price per share">5.38 per share to a placement agent as compensation for fundraising efforts in conjunction with the Series A financing (the “Placement Agent Warrants”.) The Company became obligated to issue the warrants upon the closing of the subsequent Series A closing in February 2026 and were formalized in May of 2026. The warrants are exercisable for cash or through cancellation of indebtedness, and contain customary structural anti-dilution adjustments for stock splits, recapitalizations, and similar transactions. At the date the Placement Agent Warrants became effective and at March 31, 2026, the Company did not have a sufficient number of authorized and unissued common shares available to settle the warrants in shares after considering all other outstanding share-delivery commitments. Although the Company’s board has approved an amendment to the certificate of incorporation to increase the number of authorized common shares, the amendment requires shareholder approval, which was not received as of March 31, 2026. The Company classifies the Placement Agent Warrants as a liability in accordance with ASC 815-40, as share settlement is not considered within the Company’s control when shareholder approval is required to increase authorized shares; and therefore, the warrants do not meet the conditions for equity classification. Reclassification of Liability-Classified Warrants In connection with the Series A-I Closing in January and February 2026 (see Note 12) and contemporaneous with the execution of the Merger Agreement, the Company’s outstanding convertible promissory notes and default interest were converted in full into Series A-I and Series A-III redeemable convertible preferred stock. As a result, the underlying share counts of the Secured Promissory Note Warrants and the Default Warrants became fixed at the conversion-date fully diluted capitalization, and the warrants thereafter satisfied the indexation criteria of ASC 815-40-15. The Company recognized a final remeasurement of the fair values of these warrants through earnings as of the reclassification date, and the warrants were reclassified from a liability to additional paid-in capital at their then-current fair value. No further changes in fair value of these warrants are recognized in the condensed statements of operations subsequent to the reclassification date. Warrants outstanding and warrant activity (reflects the number of common shares as if the warrants were converted to common stock) for the three months ended March 31, 2026 is as follows: Schedule of Warrant Outstanding and Warrant Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Description</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Classification</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercise Price</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expiration Date</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Balance December 31, 2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Issued</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Exercised</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Expired</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Adjustments (ii)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Balance March 31, 2026</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 9%; text-align: center">Secured Promissory Note Warrants</td><td style="width: 2%"> </td> <td style="width: 9%; text-align: center">Equity (i)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--SecuredPromissoryNoteWarrantsMember_fKGkp_zIB6MsHKkR72" title="Exercise Price">0.01</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 8%; text-align: center"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember_fKGkp_zjx30gjgcYHe" title="Expiration Date">3/30/2031</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember_fKGkp_zNhUczXfkrb9" title="Balance, beginning">1,601,052</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember_fKGkp_z5HiddyitvOk" title="Warrants Issued">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember_fKGkp_zNP1hDtsY5ci" title="Warrants exercised">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember_fKGkp_zoBYbZU1Ibx1" title="Warrants Expired">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember_fKGlpKQ_____zVKLHaulCUea" title="Adjustments">196,525</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember_fKGkp_z7RZ0nf3nUX9" title="Balance, ending">1,797,577</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">Default Warrants</td><td> </td> <td style="text-align: center">Equity (i)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember_fKGkp_zgvwIY80gznb" title="Expiration Date">3/30/2031</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember_fKGkp_zBaquc7UpLF" title="Balance, beginning">800,526</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember_fKGkp_zeU85ZfpKIj3" title="Warrants Issued">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember_fKGkp_zpfsDgurxHOa" title="Warrants exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember_fKGkp_zL9iZf1WNHz5" title="Warrants Expired">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember_fKGlpKQ_____zEr3OfI7ftjg" title="Adjustments">69,638</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember_fKGkp_zrDlCJGdLdsd" title="Balance, ending">870,164</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">Service Provider Warrants</td><td> </td> <td style="text-align: center">Liability</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--ServiceProviderWarrantsMember_z17iV5xIWx14" title="Exercise Price">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--ServiceProviderWarrantsMember_zBCxnGx18S28" title="Expiration Date">12/31/2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--ServiceProviderWarrantsMember_z0Jfvta0IT4j" title="Balance, beginning">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--ServiceProviderWarrantsMember_zh9dOlCoSaY9" title="Warrants Issued">4,794,604</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--ServiceProviderWarrantsMember_zPfYSK3JuMm3" title="Warrants exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--ServiceProviderWarrantsMember_fKGkp_zDg7kktNCW78" title="Warrants Expired">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--ServiceProviderWarrantsMember_fKGlpKQ_____zUMwoNCQHPEh" title="Adjustments">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--ServiceProviderWarrantsMember_zM8mrksMt4Fh" title="Balance, ending">4,794,604</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">Placement Agent Warrants</td><td> </td> <td style="text-align: center">Liability</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsMember_zRb3RszFINGb" title="Exercise Price">5.38</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--PlacementAgentWarrantsMember_zxbfe8wSlREk" title="Expiration Date">1/12/2031</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--PlacementAgentWarrantsMember_z1BSBMcOKlAb" title="Balance, beginning">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--PlacementAgentWarrantsMember_zszIEqi61Ws2" title="Warrants Issued">36,822</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--PlacementAgentWarrantsMember_zbepomgI4iTc" title="Warrants exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--PlacementAgentWarrantsMember_fKGkp_zQkmQjeDY3ff" title="Warrants Expired">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--PlacementAgentWarrantsMember_fKGlpKQ_____zGaf4mpISstj" title="Adjustments">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--PlacementAgentWarrantsMember_zc7OhDWJCTGb" title="Balance, ending">36,822</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center; padding-bottom: 1pt">Unsecured Promissory Note Warrants</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">Equity</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td style="padding-bottom: 1pt; text-align: right"><span id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--UnsecuredPromissoryNoteWarrantsMember_zTGzUUZWvkhj" title="Exercise Price">0.00</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember_zBuFWVstJvY1" title="Expiration Date">8/24/2034</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember_zXqXOgfi9blk" title="Balance, beginning">99,072</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember_zDi6WQwtzUR7" title="Warrants Issued">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember_fKGkp_zQJtgqEXIBp6" title="Warrants exercised">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember_fKGkp_zeHSzhnp3Jl7" title="Warrants Expired">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember_fKGlpKQ_____zau6B9CLKUUb" title="Adjustments">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember_z6VXY1Dkv7w1" title="Balance, ending">99,072</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; font-weight: bold; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,500,650</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,831,426</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">266,163</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7,598,239</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(i)</td><td style="width: 5pt"></td><td style="text-align: justify">The secured promissory note warrants and default warrants were reclassified to equity upon the conversion to the convertible promissory notes in connection with the Series A-I Closing in January and February 2026.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(ii)</td><td style="width: 5pt"></td><td style="text-align: justify">Reflects changes in estimated shares issuable due to changes in the Company’s fully diluted capitalization determined upon the Series A financing. The Secured Promissory Note Warrants and the Default Warrants entitled holders to a specified percentage of fully diluted equity rather than a fixed number of shares prior to their reclassification to equity.</td> </tr></table>

4794604

0.01

2026-03-06

2026-12-31

20500000

4.28

36822

5.38

Schedule of Warrant Outstanding and Warrant Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Description</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Classification</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercise Price</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expiration Date</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Balance December 31, 2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Issued</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Exercised</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Expired</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Adjustments (ii)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Balance March 31, 2026</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 9%; text-align: center">Secured Promissory Note Warrants</td><td style="width: 2%"> </td> <td style="width: 9%; text-align: center">Equity (i)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--SecuredPromissoryNoteWarrantsMember_fKGkp_zIB6MsHKkR72" title="Exercise Price">0.01</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 8%; text-align: center"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember_fKGkp_zjx30gjgcYHe" title="Expiration Date">3/30/2031</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember_fKGkp_zNhUczXfkrb9" title="Balance, beginning">1,601,052</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember_fKGkp_z5HiddyitvOk" title="Warrants Issued">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember_fKGkp_zNP1hDtsY5ci" title="Warrants exercised">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember_fKGkp_zoBYbZU1Ibx1" title="Warrants Expired">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember_fKGlpKQ_____zVKLHaulCUea" title="Adjustments">196,525</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember_fKGkp_z7RZ0nf3nUX9" title="Balance, ending">1,797,577</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">Default Warrants</td><td> </td> <td style="text-align: center">Equity (i)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember_fKGkp_zgvwIY80gznb" title="Expiration Date">3/30/2031</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember_fKGkp_zBaquc7UpLF" title="Balance, beginning">800,526</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember_fKGkp_zeU85ZfpKIj3" title="Warrants Issued">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember_fKGkp_zpfsDgurxHOa" title="Warrants exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember_fKGkp_zL9iZf1WNHz5" title="Warrants Expired">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember_fKGlpKQ_____zEr3OfI7ftjg" title="Adjustments">69,638</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember_fKGkp_zrDlCJGdLdsd" title="Balance, ending">870,164</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">Service Provider Warrants</td><td> </td> <td style="text-align: center">Liability</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--ServiceProviderWarrantsMember_z17iV5xIWx14" title="Exercise Price">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--ServiceProviderWarrantsMember_zBCxnGx18S28" title="Expiration Date">12/31/2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--ServiceProviderWarrantsMember_z0Jfvta0IT4j" title="Balance, beginning">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--ServiceProviderWarrantsMember_zh9dOlCoSaY9" title="Warrants Issued">4,794,604</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--ServiceProviderWarrantsMember_zPfYSK3JuMm3" title="Warrants exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--ServiceProviderWarrantsMember_fKGkp_zDg7kktNCW78" title="Warrants Expired">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--ServiceProviderWarrantsMember_fKGlpKQ_____zUMwoNCQHPEh" title="Adjustments">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--ServiceProviderWarrantsMember_zM8mrksMt4Fh" title="Balance, ending">4,794,604</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">Placement Agent Warrants</td><td> </td> <td style="text-align: center">Liability</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsMember_zRb3RszFINGb" title="Exercise Price">5.38</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--PlacementAgentWarrantsMember_zxbfe8wSlREk" title="Expiration Date">1/12/2031</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--PlacementAgentWarrantsMember_z1BSBMcOKlAb" title="Balance, beginning">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--PlacementAgentWarrantsMember_zszIEqi61Ws2" title="Warrants Issued">36,822</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--PlacementAgentWarrantsMember_zbepomgI4iTc" title="Warrants exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--PlacementAgentWarrantsMember_fKGkp_zQkmQjeDY3ff" title="Warrants Expired">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--PlacementAgentWarrantsMember_fKGlpKQ_____zGaf4mpISstj" title="Adjustments">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--PlacementAgentWarrantsMember_zc7OhDWJCTGb" title="Balance, ending">36,822</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center; padding-bottom: 1pt">Unsecured Promissory Note Warrants</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">Equity</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td style="padding-bottom: 1pt; text-align: right"><span id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--UnsecuredPromissoryNoteWarrantsMember_zTGzUUZWvkhj" title="Exercise Price">0.00</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember_zBuFWVstJvY1" title="Expiration Date">8/24/2034</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember_zXqXOgfi9blk" title="Balance, beginning">99,072</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember_zDi6WQwtzUR7" title="Warrants Issued">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember_fKGkp_zQJtgqEXIBp6" title="Warrants exercised">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember_fKGkp_zeHSzhnp3Jl7" title="Warrants Expired">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_d0_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember_fKGlpKQ_____zau6B9CLKUUb" title="Adjustments">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember_z6VXY1Dkv7w1" title="Balance, ending">99,072</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; font-weight: bold; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,500,650</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,831,426</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">266,163</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7,598,239</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(i)</td><td style="width: 5pt"></td><td style="text-align: justify">The secured promissory note warrants and default warrants were reclassified to equity upon the conversion to the convertible promissory notes in connection with the Series A-I Closing in January and February 2026.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(ii)</td><td style="width: 5pt"></td><td style="text-align: justify">Reflects changes in estimated shares issuable due to changes in the Company’s fully diluted capitalization determined upon the Series A financing. The Secured Promissory Note Warrants and the Default Warrants entitled holders to a specified percentage of fully diluted equity rather than a fixed number of shares prior to their reclassification to equity.</td> </tr></table>

0.01

2031-03-30

1601052

-0

196525

1797577

0.01

2031-03-30

800526

-0

69638

870164

0.01

2026-12-31

-0

4794604

-0

4794604

5.38

2031-01-12

-0

36822

-0

36822

0.00

2034-08-24

99072

-0

99072

2500650

4831426

-0

266163

7598239

10. SAFE Liabilities The Company issued SAFEs to various investors during the years ended December 31, 2023 through December 31, 2025, including SAFEs issued to entities affiliated with Type One Ventures, a significant investor whose representative serves as a member of the Company’s Board of Directors (the “Related Party SAFE Investors”). The SAFEs were classified as non-current liabilities and recorded at fair value under the fair value option pursuant to ASC 825, with changes in fair value recognized in earnings within other income (expense) in the condensed statements of operations. No SAFEs were issued during the three months ended March 31, 2026. In connection with the Series A-I Closing in January and February 2026 (see Note 12), all outstanding SAFEs converted into <span id="xdx_90C_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIMember__dei--LegalEntityAxis__custom--SAFEAgreementsMember_zd1OQKa38Mta" title="Preferred stock, shares outstanding">1,373,131 shares of Series A-I redeemable convertible preferred stock at a conversion price of $<span id="xdx_905_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIMember__dei--LegalEntityAxis__custom--SAFEAgreementsMember_zYp3FbXr3El7" title="Preferred stock, shares outstanding">4.89 per share, and <span id="xdx_901_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIIMember__dei--LegalEntityAxis__custom--SAFEAgreementsMember_zl5k6NOBSe8" title="Preferred stock, shares outstanding">738,035 shares of Series A-II redeemable convertible preferred stock at a conversion price of $<span id="xdx_901_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIIMember__dei--LegalEntityAxis__custom--SAFEAgreementsMember_zF6uBbFqx3Uk" title="Preferred stock, shares outstanding">4.75 per share. The SAFE liabilities of $10.1 million as of December 31, 2025 were fully satisfied and settled as a result of the conversion.

1373131

4.89

738035

4.75

10100000

11. Commitments and Contingencies In the ordinary course of business, the Company may be subject to certain legal actions and claims, which may arise from time to time. The Company is not aware of any such pending legal or other proceedings that are reasonably likely to have a material impact on the Company. Notwithstanding, legal proceedings are subject to inherent uncertainties, and an unfavorable outcome could include monetary damages. Excessive verdicts can result from litigation, and as such, could result in a material adverse impact on the Company’s business, financial position, results of operations, and/or cash flows. Additionally, the Company may in the future incur judgments or enter into settlements of claims which may have a material adverse impact on the Company’s business, financial position, results of operations and/or cash flows.

12. Redeemable Convertible Preferred Stock and Stockholders’ Deficit Redeemable Convertible Preferred Stock In January and March 2026, in connection with the Series A-I Closing, the Company amended and restated its certificate of incorporation to, among other things, increase the authorized shares of capital stock to 37,188,608 shares, consisting of 27,004,445 shares of common stock and 10,184,163 shares of preferred stock, to decrease the authorized number of shares available for issuance as Series Seed-I preferred stock to 1,442,006, and to authorize and designate three new series of preferred stock: Series A-I (4,073,456 shares), Series A-II (738,035 shares), and Series A-III (1,121,204 shares) (collectively, the “Series A Preferred Stock” or the “Series A”). In January 2026, the Company issued <span id="xdx_906_eus-gaap--PreferredStockSharesIssued_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIRedeemableConvertiblePreferredStockMember_zueWLjYIMcUf" title="Preferred stock, shares issued">337,540 shares of Series A-I redeemable convertible preferred stock at a price of $<span id="xdx_90A_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIRedeemableConvertiblePreferredStockMember_zxQgYjMJCXuk" title="Sale of stock, price per share">4.89 per share for gross proceeds of $<span id="xdx_900_eus-gaap--ProceedsFromRepaymentsOfShortTermDebt_pn5n6_c20260131__20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIRedeemableConvertiblePreferredStockMember_zVvRS9OKkqhi" title="Gross proceeds">1.7 million, which were received during 2025 in advance of the closing and recorded as subscription liability as of December 31, 2025, and further sold <span id="xdx_90B_eus-gaap--PreferredStockSharesIssued_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAIRedeemableConvertiblePreferredStockMember_zhz8DsOYMwh4" title="Preferred stock, shares issued">2,240,041 shares of Series A-I redeemable convertible preferred stock at a price of $<span id="xdx_900_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAIRedeemableConvertiblePreferredStockMember_z0ws3LVYAeSb" title="Sale of stock, price per share">4.89 per share for gross proceeds of $<span id="xdx_90A_eus-gaap--ProceedsFromRepaymentsOfShortTermDebt_pn5n6_c20260101__20260228__us-gaap--StatementClassOfStockAxis__custom--SeriesAIRedeemableConvertiblePreferredStockMember_ztl7JUZInIwl" title="Gross proceeds">10.9 million in a subsequent closing in January and February 2026. Total gross proceeds of the Series A-I Closing are inclusive of $4.9 million received from existing investors. The Series A-I Closing constituted an equity financing under the SAFE agreements (see Note 10). In connection with the Series A-I Closing, all outstanding SAFEs converted into <span id="xdx_909_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIMember__dei--LegalEntityAxis__custom--SAFEAgreementsMember_zF7t2s9N8j77" title="Preferred stock, shares outstanding">1,373,131 shares of Series A-I redeemable convertible preferred stock at a conversion price of $<span id="xdx_902_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIMember__dei--LegalEntityAxis__custom--SAFEAgreementsMember_zeRylkRUiTz6" title="Preferred stock, shares outstanding">4.89 per share, and <span id="xdx_909_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIIMember__dei--LegalEntityAxis__custom--SAFEAgreementsMember_zUVOlg9ioxoi" title="Preferred stock, shares outstanding">738,035 shares of Series A-II redeemable convertible preferred stock at a conversion price of $<span id="xdx_905_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIIMember__dei--LegalEntityAxis__custom--SAFEAgreementsMember_zhPBehpvwsW3" title="Preferred stock, shares outstanding">4.75 per share. The SAFE liabilities of $10.1 million as of December 31, 2025 were fully satisfied and settled. The Series A-I Closing constituted a next equity financing under the Company’s convertible note agreements (see Note 8). In connection with the Series A-I Closing and the signing of the Merger Agreement on March 6, 2026 (see Note 1), all outstanding convertible promissory notes and accrued interest, inclusive of $<span id="xdx_907_eus-gaap--IncreaseDecreaseInNotesPayableCurrent_pn5n6_c20260306__20260306__us-gaap--StatementClassOfStockAxis__custom--SeriesAIMember__dei--LegalEntityAxis__custom--MergerAgreementMember_zuMFdC7qxjI4" title="Promissory notes and accrued interest,">0.6 million of default interest, converted into <span id="xdx_90B_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260306__us-gaap--StatementClassOfStockAxis__custom--SeriesAIMember__dei--LegalEntityAxis__custom--MergerAgreementMember_zRAF2MKuNLZa" title="Preferred stock, shares outstanding">122,744 shares of Series A-I redeemable convertible preferred stock at a conversion price of $<span id="xdx_90C_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260306__us-gaap--StatementClassOfStockAxis__custom--SeriesAIMember__dei--LegalEntityAxis__custom--MergerAgreementMember_zwZJZooo0yEe" title="Preferred stock, shares outstanding">4.89 per share, and <span id="xdx_90A_eus-gaap--PreferredStockSharesOutstanding_iI_c20260306__us-gaap--StatementClassOfStockAxis__custom--SeriesAIIIRedeemableConvertiblePreferredStockMember__dei--LegalEntityAxis__custom--MergerAgreementMember_zqlnw4qQ0Cg4" title="Preferred stock, shares outstanding">1,121,204 shares of Series A-III redeemable convertible preferred stock at a conversion price of $<span id="xdx_903_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260306__us-gaap--StatementClassOfStockAxis__custom--SeriesAIIIRedeemableConvertiblePreferredStockMember__dei--LegalEntityAxis__custom--MergerAgreementMember_z3zegz0X0933" title="Preferred stock, shares outstanding">4.60 per share. The convertible promissory note liabilities of $5.7 million as of December 31, 2025 were fully satisfied and settled. The redeemable convertible preferred stock consisted of the following at March 31, 2026 and December 31, 2025 (dollar amounts in thousands): Schedule Redeemable Convertible Preferred Stock <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Authorized Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Issued and Outstanding Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liquidation Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Carrying Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Series Seed-I</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zyzaAMigsHu5" style="width: 11%; text-align: right" title="Preferred stock, shares authorized">1,442,006</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zXrJzTbGfCT8" style="width: 11%; text-align: right" title="Issued and Outstanding Shares">1,375,958</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zw93zKmzMzT3" style="width: 11%; text-align: right" title="Liquidation Value">12,890</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zM4jMFrT6PU2" style="width: 11%; text-align: right" title="Carrying Value">8,554</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Series Seed-II</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_zVx2cmC0J1Ji" style="text-align: right" title="Preferred stock, shares authorized">1,280,902</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_z0fp1OfCv93i" style="text-align: right" title="Issued and Outstanding Shares">1,280,902</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_zGieVyBkwnEb" style="text-align: right" title="Liquidation Value">1,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_zdyffFHb1ROk" style="text-align: right" title="Carrying Value">2,600</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series Seed-III</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_znhQenhdzAAe" style="text-align: right" title="Preferred stock, shares authorized">1,528,560</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_zswL3y00VRH2" style="text-align: right" title="Issued and Outstanding Shares">1,528,560</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_zSnwEBfAMR04" style="text-align: right" title="Liquidation Value">4,475</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_z4OgejeF3dvd" style="text-align: right" title="Carrying Value">4,616</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Series A-I</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneMember_zrcT4PnlzLNk" style="text-align: right" title="Preferred stock, shares authorized">4,073,456</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneMember_ziSmfCvMR6lg" style="text-align: right" title="Issued and Outstanding Shares">4,073,456</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneMember_zXUk8H2STfXe" style="text-align: right" title="Liquidation Value">29,868</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneMember_zFALOQJBDWMd" style="text-align: right" title="Carrying Value">19,634</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series A-II</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesATwoMember_z6u8mSjh5Y97" style="text-align: right" title="Preferred stock, shares authorized">738,035</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesATwoMember_zf2yQWv4dhX1" style="text-align: right" title="Issued and Outstanding Shares">738,035</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesATwoMember_zvuXGpPo4zN" style="text-align: right" title="Liquidation Value">5,263</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesATwoMember_zMe2NbPdwXB4" style="text-align: right" title="Carrying Value">4,037</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Series A-III</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesAThreeMember_zKpgVPjpEYjg" style="border-bottom: Black 1pt solid; text-align: right" title="Preferred stock, shares authorized">1,121,204</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesAThreeMember_zNSucR8deqt4" style="border-bottom: Black 1pt solid; text-align: right" title="Issued and Outstanding Shares">1,121,204</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesAThreeMember_zPrivMZwfwp7" style="border-bottom: Black 1pt solid; text-align: right" title="Liquidation Value">7,731</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesAThreeMember_zgLNliNV8fV1" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying Value">8,196</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260331_zY3GqzOdjWia" style="border-bottom: Black 2.5pt double; text-align: right" title="Preferred stock, shares authorized">10,184,163</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260331_zohRIZfjLeK8" style="border-bottom: Black 2.5pt double; text-align: right" title="Issued and Outstanding Shares">10,118,115</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20260331_zpgRpsy85TUb" style="border-bottom: Black 2.5pt double; text-align: right" title="Liquidation Value">61,727</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20260331_zIvYqgtbtjeh" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying Value">47,637</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Authorized Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Issued and Outstanding Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liquidation Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Carrying Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Series Seed-I</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zQr08O9NQOIa" style="width: 11%; text-align: right" title="Preferred stock, shares authorized">3,202,357</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zTHWw1f8Sap9" style="width: 11%; text-align: right" title="Issued and Outstanding Shares">1,375,958</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zGF59vIQWC9l" style="width: 11%; text-align: right" title="Liquidation Value">12,890</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zDgqZRF8VuW3" style="width: 11%; text-align: right" title="Carrying Value">8,554</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Series Seed-II</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_z0Md6iLfkmQh" style="text-align: right" title="Preferred stock, shares authorized">1,280,902</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_zoFeI9JFvVu7" style="text-align: right" title="Issued and Outstanding Shares">1,280,902</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_zD2fiDb9RvE3" style="text-align: right" title="Liquidation Value">1,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_zKaY6HfYJDj5" style="text-align: right" title="Carrying Value">2,600</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Series Seed-III</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_zxCfzsjcKqc6" style="border-bottom: Black 1pt solid; text-align: right" title="Preferred stock, shares authorized">1,528,560</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_znOAVjLcVcDg" style="border-bottom: Black 1pt solid; text-align: right" title="Issued and Outstanding Shares">1,528,560</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_ze6gqjPeHow6" style="border-bottom: Black 1pt solid; text-align: right" title="Liquidation Value">4,475</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_zcrprptblqRh" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying Value">4,616</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231_zrdXVmM5Grrc" style="border-bottom: Black 2.5pt double; text-align: right" title="Preferred stock, shares authorized">6,011,819</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20251231_zyuV6HJRcXZi" style="border-bottom: Black 2.5pt double; text-align: right" title="Issued and Outstanding Shares">4,185,420</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20251231_ziWAHQNKM4h1" style="border-bottom: Black 2.5pt double; text-align: right" title="Liquidation Value">18,865</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20251231_zE4DrpVc8do4" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying Value">15,770</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> There have been no material changes to the rights, preferences, and privileges of the Series Seed-I, Series Seed-II, and Series Seed-III redeemable convertible preferred stock (collectively, the “Series Seed”) during the three months ended March 31, 2026. The significant rights and preferences of the Series A-I, Series A-II, and Series A-III redeemable convertible preferred stock (collectively, the “Series A,” and together with the Series Seed, the “Preferred Stock”) are as follows: Dividends Holders of the Series A are entitled to receive non-cumulative dividends at a rate of 6% of the applicable original issue price per share when and if declared by the board of directors at the same rate as common stock on an as-if-converted basis. No dividends have been declared on the Series A through March 31, 2026. Liquidation In the event of a liquidation, dissolution, winding up or deemed liquidation event of the Company, either voluntary or involuntary, holders of the Series A are entitled to receive, prior to any distribution to holders of common stock, an amount per share equal to the greater of (1) 1.5 times the applicable original issue price per share, plus any declared but unpaid dividends, or (2) the amount that would have been received if such shares had been converted into common stock immediately prior to such event. The applicable original issue prices are $<span id="xdx_90D_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAIRedeemableConvertiblePreferredStockMember_zSwqxsmB05tj" title="Sale of stock, price per share">4.89 per share for Series A-I, $<span id="xdx_90A_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAIIRedeemableConvertiblePreferredStockMember_zvsltt980VQ6" title="Sale of stock, price per share">4.75 per share for Series A-II, and $<span id="xdx_90C_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAIIIRedeemableConvertiblePreferredStockMember_zUJYDzmFJv8j" title="Sale of stock, price per share">4.60 per share for Series A-III. The applicable liquidation multiple for the Series A is 1.5 times the applicable original issue price. The Series A is pari passu with the Series Seed. Conversion Each share of Series A is convertible into common stock at the option of the holder at any time at a conversion price equal to the applicable original issue price, subject to customary anti-dilution adjustments. Each share of Series A is initially convertible on a one-for-one basis into common stock, subject to adjustment for stock splits, dividends, recapitalizations, and certain dilutive issuances. All outstanding shares of Series A will automatically convert into common stock upon the occurrence of certain events, including the closing of a firm-commitment underwritten public offering meeting specified thresholds or upon written consent of the requisite holders. See Note 1 for additional information regarding the conversion of the Company’s capital stock at the Effective Time of the Merger. Voting Each holder of Series A is entitled to a number of votes equal to the number of shares of common stock into which the Series A is convertible as of the record date. The holders of Series A vote with the common stockholders as a single class on an as-converted basis. Redemption Rights The Series A is subject to redemption under certain deemed liquidation events not solely within the control of the Company, as defined. In addition, if the Company consummates an equity financing below the applicable original issue price, each holder of Series A may elect, within a limited period, either to require the Company to redeem its shares for cash equal to the applicable original issue price plus declared but unpaid dividends, or to exchange its shares for a senior secured convertible promissory note of equal principal amount on terms determined by the lead investor. Due to these holder-optional redemption features, the Series A is considered contingently redeemable for accounting purposes and is classified as temporary equity in the Company’s condensed balance sheets. The Company classifies its preferred stock outside of total stockholders’ deficit because, in the event of certain “liquidation events” (including a merger, acquisition, or sale of all or substantially all of the Company’s assets) that are not solely within the control of the Company, the shares would become redeemable at the option of the holders. The Company does not accrete the carrying values of the preferred stock to the redemption values since a liquidation event was not considered probable as of March 31, 2026 and December 31, 2025. Subsequent adjustments of the carrying values to the ultimate redemption values will be made only when it becomes probable that such a liquidation event will occur. Make-Whole Provision Under the Investors’ Rights Agreement entered into in connection with the Series A financing, during the first 120 trading days following a public listing of the Company’s common stock, if the 30-day volume-weighted average price of the common stock is below the effective Series A price, the Company is required to issue additional shares to the Series A holders to make them whole for the shortfall. The Company determined that the make-whole provision is a freestanding financial instrument that meets the definition of a derivative and is accounted for as a derivative liability measured at fair value, with changes in fair value recognized in earnings. The Company estimated the fair value of the make-whole provision using a probability-weighted method that considered the likelihood and timing of a public listing and the range of common stock price scenarios under which the provision could become operative and concluded the fair value of the make-whole provision was not material as of March 31, 2026. Common Stock The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders. In any liquidation, dissolution or winding up, after payment in full of the convertible preferred stock liquidation preference (including any declared but unpaid dividends), the remaining assets are distributed pro rata among the holders of convertible preferred stock and common stock on an as-converted basis. As described above, in January and March 2026, in connection with the Series A-I Closing, the Company amended and restated its certificate of incorporation to increase the authorized shares of capital stock to 37,188,608 shares, consisting of 27,004,445 shares of common stock and 10,184,163 shares of preferred stock. Subscription Liability During the year ended December 31, 2025, the Company received $<span id="xdx_90A_eus-gaap--ProceedsFromRepaymentsOfShortTermDebt_pn5n6_c20251231__20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAIRedeemableConvertiblePreferredStockMember_zCLh0wP2JLp7" title="Gross proceeds">1.7 million of proceeds from investors in advance of the closing of its planned Series A equity financing. The Series-A financing did not close as of December 31, 2025, and such proceeds were recorded as a subscription liability within current liabilities on the condensed balance sheets. In January 2026, in connection with the Series A-I Closing, the subscription liability was reclassified into <span id="xdx_90E_eus-gaap--PreferredStockSharesIssued_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIRedeemableConvertiblePreferredStockMember_zLGaS3XLw5g" title="Preferred stock, shares issued">337,540 shares of Series A-I redeemable convertible preferred stock at a price of $<span id="xdx_908_eus-gaap--SaleOfStockPricePerShare_iI_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIRedeemableConvertiblePreferredStockMember_zhHqFatyO4S4" title="Sale of stock, price per share">4.89 per share, and the subscription liability balance was reduced to $0 as of March 31, 2026. 37188608

27004445

10184163

1442006

4073456

738035

1121204

337540

4.89

1700000

2240041

4.89

10900000

4900000

1373131

4.89

738035

4.75

10100000

600000

122744

4.89

1121204

4.60

5700000

The redeemable convertible preferred stock consisted of the following at March 31, 2026 and December 31, 2025 (dollar amounts in thousands): Schedule Redeemable Convertible Preferred Stock <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Authorized Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Issued and Outstanding Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liquidation Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Carrying Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Series Seed-I</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zyzaAMigsHu5" style="width: 11%; text-align: right" title="Preferred stock, shares authorized">1,442,006</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zXrJzTbGfCT8" style="width: 11%; text-align: right" title="Issued and Outstanding Shares">1,375,958</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zw93zKmzMzT3" style="width: 11%; text-align: right" title="Liquidation Value">12,890</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zM4jMFrT6PU2" style="width: 11%; text-align: right" title="Carrying Value">8,554</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Series Seed-II</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_zVx2cmC0J1Ji" style="text-align: right" title="Preferred stock, shares authorized">1,280,902</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_z0fp1OfCv93i" style="text-align: right" title="Issued and Outstanding Shares">1,280,902</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_zGieVyBkwnEb" style="text-align: right" title="Liquidation Value">1,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_zdyffFHb1ROk" style="text-align: right" title="Carrying Value">2,600</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series Seed-III</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_znhQenhdzAAe" style="text-align: right" title="Preferred stock, shares authorized">1,528,560</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_zswL3y00VRH2" style="text-align: right" title="Issued and Outstanding Shares">1,528,560</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_zSnwEBfAMR04" style="text-align: right" title="Liquidation Value">4,475</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_z4OgejeF3dvd" style="text-align: right" title="Carrying Value">4,616</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Series A-I</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneMember_zrcT4PnlzLNk" style="text-align: right" title="Preferred stock, shares authorized">4,073,456</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneMember_ziSmfCvMR6lg" style="text-align: right" title="Issued and Outstanding Shares">4,073,456</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneMember_zXUk8H2STfXe" style="text-align: right" title="Liquidation Value">29,868</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneMember_zFALOQJBDWMd" style="text-align: right" title="Carrying Value">19,634</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series A-II</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesATwoMember_z6u8mSjh5Y97" style="text-align: right" title="Preferred stock, shares authorized">738,035</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesATwoMember_zf2yQWv4dhX1" style="text-align: right" title="Issued and Outstanding Shares">738,035</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesATwoMember_zvuXGpPo4zN" style="text-align: right" title="Liquidation Value">5,263</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesATwoMember_zMe2NbPdwXB4" style="text-align: right" title="Carrying Value">4,037</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Series A-III</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesAThreeMember_zKpgVPjpEYjg" style="border-bottom: Black 1pt solid; text-align: right" title="Preferred stock, shares authorized">1,121,204</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesAThreeMember_zNSucR8deqt4" style="border-bottom: Black 1pt solid; text-align: right" title="Issued and Outstanding Shares">1,121,204</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesAThreeMember_zPrivMZwfwp7" style="border-bottom: Black 1pt solid; text-align: right" title="Liquidation Value">7,731</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesAThreeMember_zgLNliNV8fV1" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying Value">8,196</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260331_zY3GqzOdjWia" style="border-bottom: Black 2.5pt double; text-align: right" title="Preferred stock, shares authorized">10,184,163</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260331_zohRIZfjLeK8" style="border-bottom: Black 2.5pt double; text-align: right" title="Issued and Outstanding Shares">10,118,115</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20260331_zpgRpsy85TUb" style="border-bottom: Black 2.5pt double; text-align: right" title="Liquidation Value">61,727</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20260331_zIvYqgtbtjeh" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying Value">47,637</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Authorized Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Issued and Outstanding Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liquidation Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Carrying Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Series Seed-I</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zQr08O9NQOIa" style="width: 11%; text-align: right" title="Preferred stock, shares authorized">3,202,357</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zTHWw1f8Sap9" style="width: 11%; text-align: right" title="Issued and Outstanding Shares">1,375,958</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zGF59vIQWC9l" style="width: 11%; text-align: right" title="Liquidation Value">12,890</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zDgqZRF8VuW3" style="width: 11%; text-align: right" title="Carrying Value">8,554</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Series Seed-II</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_z0Md6iLfkmQh" style="text-align: right" title="Preferred stock, shares authorized">1,280,902</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_zoFeI9JFvVu7" style="text-align: right" title="Issued and Outstanding Shares">1,280,902</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_zD2fiDb9RvE3" style="text-align: right" title="Liquidation Value">1,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_zKaY6HfYJDj5" style="text-align: right" title="Carrying Value">2,600</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Series Seed-III</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_zxCfzsjcKqc6" style="border-bottom: Black 1pt solid; text-align: right" title="Preferred stock, shares authorized">1,528,560</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_znOAVjLcVcDg" style="border-bottom: Black 1pt solid; text-align: right" title="Issued and Outstanding Shares">1,528,560</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_ze6gqjPeHow6" style="border-bottom: Black 1pt solid; text-align: right" title="Liquidation Value">4,475</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_zcrprptblqRh" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying Value">4,616</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231_zrdXVmM5Grrc" style="border-bottom: Black 2.5pt double; text-align: right" title="Preferred stock, shares authorized">6,011,819</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20251231_zyuV6HJRcXZi" style="border-bottom: Black 2.5pt double; text-align: right" title="Issued and Outstanding Shares">4,185,420</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20251231_ziWAHQNKM4h1" style="border-bottom: Black 2.5pt double; text-align: right" title="Liquidation Value">18,865</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20251231_zE4DrpVc8do4" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying Value">15,770</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1442006

1375958

12890000

8554000

1280902

1500000

2600000

1528560

4475000

4616000

4073456

29868000

19634000

738035

5263000

4037000

1121204

7731000

8196000

10184163

10118115

61727000

47637000

3202357

1375958

12890000

8554000

1280902

1500000

2600000

1528560

4475000

4616000

6011819

4185420

18865000

15770000

0.06

4.89

4.75

4.60

37188608

27004445

10184163

1700000

337540

4.89

13. Revenue from Contracts with Customers The Company generates revenue from fixed-price contracts for the design and manufacture of customized space structures and related services, and accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). The Company’s significant revenue contracts during the three months ended March 31, 2026 and 2025 are summarized below: U.S. Government Contracts On March 25, 2024, the Company executed a $<span id="xdx_908_eus-gaap--CostOfRevenue_pn5n6_c20240325__20240325__us-gaap--ContractWithCustomerBasisOfPricingAxis__us-gaap--FixedPriceContractMember__dei--LegalEntityAxis__custom--USAirForceResearchLaboratoryMember_zRK0IxK9V4Ka" title="U.S. Government Contracts">1.7 million fixed-price contract with the U.S. Air Force Research Laboratory (“SpaceWERX”) pursuant to which the Company will develop orbital platforms that will enable rapid and flexible response options for the United States Space Force. The contract was subject to the Federal Acquisition Regulation and included termination for the U.S. government’s convenience provisions. The contract included a single, combined performance obligation of module design services and was substantially completed in the third quarter of 2025. Commercial Contracts On May 18, 2024, the Company executed a $<span id="xdx_90B_eus-gaap--CostOfRevenue_pn5n6_c20240518__20240518__us-gaap--ContractWithCustomerBasisOfPricingAxis__us-gaap--FixedPriceContractMember__dei--LegalEntityAxis__custom--AxiomSpaceIncMember_zGwmncUzk79f" title="U.S. Government Contracts">125.0 million fixed-price contract with Axiom Space, Inc. (“Axiom”), a related party, for the design, manufacture, assembly, integration, testing, and delivery of a cargo vehicle compatible with berthing to Axiom’s commercial space station. Axiom is considered a related party because the lead investor in Axiom also serves as the lead investor of the Company and has board representation at both entities, enabling it to significantly influence the management and operating policies of both the Company and Axiom. The contract includes a single, combined performance obligation for the integrated design and manufacture of the cargo vehicle. The contract term extends through December 31, 2029, or another mutually agreed date. The contract provides for milestone-based payments that are scheduled to coincide with the Company’s expected performance and are intended to provide the customer with protection against nonperformance. The Company has evaluated these payment terms and concluded that the contract does not contain a significant financing component, as the timing and structure of payments arise for reasons other than the provision of finance to either party. Performance under the contract was ongoing as of March 31, 2026. In February 2025, the Company and Axiom executed a modification to the Axiom contract that revised the milestone payment schedule, including the addition of a $1.5 million project kickoff payment and a $6.0 million payment upon successful completion of a Preliminary Design Review (“PDR”), as defined in the Axiom contract. The total contract price was unchanged at $125.0 million. As the remaining goods and services were not distinct from the goods and services transferred prior to the modification, the modification was accounted for as part of the existing contract. Because the modification affected only the timing of milestone payments and did not change the transaction price or the estimated costs to complete, no cumulative catch-up adjustment to revenue was required. Payment of the $6.0 million PDR milestone is contingent upon Axiom receiving additional equity funding from the lead investor of its initial Series D preferred funding (the “Funding Contingency”), may be paid in one or more installments in line with Axiom’s equity closings, and may not exceed 5% of such funding; any portion that cannot be paid due to the Funding Contingency will be added to a later contractual milestone payment, and accordingly the total transaction price of $125.0 million is not affected. As of March 31, 2026 and December 31, 2025, the Company had successfully completed the PDR milestone and billed and collected $<span id="xdx_90D_eus-gaap--GainContingencyUnrecordedAmount_iI_pn5n6_c20260331__us-gaap--AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis__us-gaap--BilledRevenuesMember_z3qen50gxrHc" title="Gain Contingency">0.5 million; however, the remaining $<span id="xdx_908_eus-gaap--GainContingencyUnrecordedAmount_iI_pn5n6_c20251231__us-gaap--AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis__us-gaap--BilledRevenuesMember_zJHdTiBLit6h" title="Gain Contingency">5.5 million remained subject to the Funding Contingency. As of March 31, 2026, the Company had recognized cumulative revenue of approximately $1.9 million under the Axiom contract and had received cumulative milestone payments of approximately $3.2 million. The excess of payments received over cumulative revenue recognized resulted in a net contract liability of approximately $1.3 million, which is presented as deferred revenue in the accompanying condensed balance sheet. The following table presents the Company’s revenue from contracts with customers disaggregated by customer type for the three months ended March 31, 2026 and 2025 (amounts in thousands): Schedule of Disaggregation of Revenue <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260101__20260331_zI9hx0aMxe57" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20250331_z8LcPkJIHTjk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__custom--USGovernmentMember_zOCPP8jiTQg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">U.S. Government</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">375</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__custom--CommercialMember_znPKO0K8gC6k" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Commercial</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">284</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zii2rI8wiuw1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total revenues</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">659</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> All revenue from contracts with customers is recognized over time and is derived from contracts with customers in the United States. Contract Balances The Company receives payments from customers based on billing schedules established in its contracts. For U.S. government contracts, payments are made upon the completion and acceptance of specified contractual tasks. For commercial contracts, payments are made upon the achievement of contractual milestones. Contract assets relate to the Company’s conditional right to consideration for performance completed under its contracts in advance of billing. Contract assets are reclassified to accounts receivable when the right to consideration becomes unconditional. Contract liabilities relate to payments received in advance of performance. Contract liabilities are recognized as revenue as the Company satisfies its performance obligations. Contract assets and contract liabilities arising from the same contract are presented net as either a single contract asset or a single contract liability on a contract-by-contract basis. Contract assets and contract liabilities consist of unbilled accounts receivable and deferred revenues, respectively. The activity within the Company’s unbilled revenue for the three months ended March 31, 2026 and 2025 was as follows (amounts in thousands): Schedule of Unbilled Revenue <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260101__20260331_zzOhHsnK08qf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20250331_zjiWAIsft4ag" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_ecustom--UnbilledRevenue_iS_pn3n3_zhSeVuFoIWCj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance, beginning of period</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">30</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">226</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--IncreaseInUnbilledRevenue_pn3n3_z8br2OkYe0Ch" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Increase in unbilled revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">558</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--RevenueBilled_pn3n3_zGjYcvrjoMvh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Revenue billed</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--UnbilledRevenue_iE_pn3n3_zU85JJdqFpTk" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Balance, end of period</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">784</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The activity within the Company’s deferred revenue for the three months ended March 31, 2026 and 2025 was as follows (amounts in thousands): Schedule of Deferred Revenue <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260101__20260331_zHAM2EbizJKi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20250331_zruf5hnhe2x7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredRevenue_iS_pn3n3_zblxN6gC668e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance, beginning of period</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">161</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DeferralOfRevenue_pn3n3_zzyz0LewlgQ1" style="vertical-align: bottom; background-color: White"> <td>Deferral of revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,141</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--RecognitionOfDeferredRevenue_pn3n3_zgLzi6kplbh9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Recognition of unearned revenue</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredRevenue_iE_pn3n3_z2rLBheGfQ4h" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Balance, end of period</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,302</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company’s SpaceWERX contract was substantially complete as of the reporting date. The Company’s contract with Axiom for the design and manufacture of a customized cargo vehicle has a total transaction price of $125.0 million; however, the contract is terminable by the customer for convenience at any time without advance notice prior to the completion of the Critical Design Review milestone, as defined in the Axiom contract, which had not occurred as of March 31, 2026. Upon termination, the Company is entitled to payment only for services performed through the date of termination. Accordingly, the noncancelable portion of the transaction price allocated to remaining performance obligations under this contract was not material as of March 31, 2026. On March 27, 2026, the Company was awarded a Strategic Funding Increase (“STRATFI”) contract by the SpaceWERX. The STRATFI contract is a fixed-fee contract in the amount of $30 million. As of March 31, 2026, no work has commenced nor revenue recognized in connection with the contract.

1700000

125000000.0

the Company and Axiom executed a modification to the Axiom contract that revised the milestone payment schedule, including the addition of a $1.5 million project kickoff payment and a $6.0 million payment upon successful completion of a Preliminary Design Review (“PDR”), as defined in the Axiom contract. The total contract price was unchanged at $125.0 million. As the remaining goods and services were not distinct from the goods and services transferred prior to the modification, the modification was accounted for as part of the existing contract. Because the modification affected only the timing of milestone payments and did not change the transaction price or the estimated costs to complete, no cumulative catch-up adjustment to revenue was required. Payment of the $6.0 million PDR milestone is contingent upon Axiom receiving additional equity funding from the lead investor of its initial Series D preferred funding (the “Funding Contingency”), may be paid in one or more installments in line with Axiom’s equity closings, and may not exceed 5% of such funding; any portion that cannot be paid due to the Funding Contingency will be added to a later contractual milestone payment, and accordingly the total transaction price of $125.0 million is not affected.

500000

5500000

the Company had recognized cumulative revenue of approximately $1.9 million under the Axiom contract and had received cumulative milestone payments of approximately $3.2 million. The excess of payments received over cumulative revenue recognized resulted in a net contract liability of approximately $1.3 million, which is presented as deferred revenue in the accompanying condensed balance sheet

The following table presents the Company’s revenue from contracts with customers disaggregated by customer type for the three months ended March 31, 2026 and 2025 (amounts in thousands): Schedule of Disaggregation of Revenue <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260101__20260331_zI9hx0aMxe57" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20250331_z8LcPkJIHTjk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__custom--USGovernmentMember_zOCPP8jiTQg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">U.S. Government</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">375</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__custom--CommercialMember_znPKO0K8gC6k" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Commercial</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">284</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zii2rI8wiuw1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total revenues</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">659</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

375000

284000

659000

The activity within the Company’s unbilled revenue for the three months ended March 31, 2026 and 2025 was as follows (amounts in thousands): Schedule of Unbilled Revenue <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260101__20260331_zzOhHsnK08qf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20250331_zjiWAIsft4ag" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_ecustom--UnbilledRevenue_iS_pn3n3_zhSeVuFoIWCj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance, beginning of period</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">30</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">226</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--IncreaseInUnbilledRevenue_pn3n3_z8br2OkYe0Ch" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Increase in unbilled revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">558</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--RevenueBilled_pn3n3_zGjYcvrjoMvh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Revenue billed</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--UnbilledRevenue_iE_pn3n3_zU85JJdqFpTk" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Balance, end of period</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">784</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 30000 226000 558000 30000 784000 The activity within the Company’s deferred revenue for the three months ended March 31, 2026 and 2025 was as follows (amounts in thousands): Schedule of Deferred Revenue <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260101__20260331_zHAM2EbizJKi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20250331_zruf5hnhe2x7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredRevenue_iS_pn3n3_zblxN6gC668e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance, beginning of period</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">161</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DeferralOfRevenue_pn3n3_zzyz0LewlgQ1" style="vertical-align: bottom; background-color: White"> <td>Deferral of revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,141</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--RecognitionOfDeferredRevenue_pn3n3_zgLzi6kplbh9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Recognition of unearned revenue</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredRevenue_iE_pn3n3_z2rLBheGfQ4h" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Balance, end of period</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,302</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

161000

1141000

1302000

125000000.0 30000000

14. Share-based Compensation In August 2022, the Company adopted the 2022 Equity Incentive Plan (the “2022 Plan”), which provides for the issuance of stock options, restricted stock and restricted stock units, and other equity awards to employees, directors, and consultants. In connection with the Series A-I Closing in January 2026, the 2022 Plan was amended to increase the number of shares of common stock reserved for issuance under the plan from 3,546,000 to 5,381,207. As of March 31, 2026, 2,615,622 shares remained available for issuance under the 2022 Plan. Stock options and restricted shares granted under the Company’s 2022 plan generally vest over a period of four years from the date of grant, and in the case of stock options, have a term of <span id="xdx_909_ecustom--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260331_zxVzfKKKzED8" title="Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term">10 years. The Company recognizes the grant date fair value of each option and restricted share over its vesting period. The Company recorded stock-based compensation expense for stock options and restricted stock outside of the 2022 plan, see below, in the following expense categories of its condensed statements of operations for the three months ended March 31, 2026 and 2025 (amounts in thousands): Schedule of Condensed Statements Of Operations <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260101__20260331_zvvpufN5u1cj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250101__20250331_zRrCUcXGpJR" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--OtherResearchAndDevelopmentExpense_pn3n3_maEBASBzV7l_zFB8hteYV6r8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">65</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">89</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OtherGeneralAndAdministrativeExpense_pn3n3_maEBASBzV7l_zpYjXiFWbf63" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">General and administrative</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">176</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">253</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_iT_pn3n3_mtEBASBzV7l_ztY17idttoqj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Stock based compensation</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">241</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">342</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Stock Options There were no material changes to the Company’s outstanding stock options during the three months ended March 31, 2026. As of March 31, 2026, 2,688,294 options were outstanding under the 2022 Plan, with a weighted-average exercise price of $0.48 per share, a weighted-average remaining contractual term of 7.5 years, and an aggregate intrinsic value of approximately $11.9 million. As of March 31, 2026, 1,775,082 options were exercisable, with a weighted-average exercise price of $0.41 per share, a weighted-average remaining contractual term of 7.2 years, and an aggregate intrinsic value of approximately $8.6 million. As of March 31, 2026, there was approximately $0.3 million of unrecognized compensation expense related to unvested stock options that is expected to be recognized over a weighted-average period of approximately 2.2 years. Restricted Stock - Outside of the 2022 Plan During the three months ended March 31, 2026, <span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_pid_c20260101__20260331_zbU4PX2OQXsb" title="Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares">272,823 shares of restricted stock with a weighted-average grant date fair value of $<span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260331_zjXZwaoEUY84" title="Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price">0.72 per share vested. As of March 31, 2026, <span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_iI_pid_c20260331_zgWxABP5Qnfa" title="Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares">27,000 restricted shares remained unvested, with a weighted-average grant date fair value of $<span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue_pid_c20260101__20260331_zxD9nDPVVao" title="Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value">0.72 per share. As of March 31, 2026, total unrecognized compensation expense related to unvested restricted stock was approximately $19,000, which is expected to be recognized over a weighted-average period of approximately <span id="xdx_903_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsUnvestedWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260331_z4btli0aJxN1" title="Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term">1.4 years. There have been no material changes to the Company’s segment determination or measurement of segment profit or loss and assets during the three months ended March 31, 2026 from those described in the Company’s audited financial statements for the year ended December 31, 2025.

3546000 5381207 2615622 P10Y The Company recorded stock-based compensation expense for stock options and restricted stock outside of the 2022 plan, see below, in the following expense categories of its condensed statements of operations for the three months ended March 31, 2026 and 2025 (amounts in thousands): Schedule of Condensed Statements Of Operations <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260101__20260331_zvvpufN5u1cj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250101__20250331_zRrCUcXGpJR" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--OtherResearchAndDevelopmentExpense_pn3n3_maEBASBzV7l_zFB8hteYV6r8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">65</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">89</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OtherGeneralAndAdministrativeExpense_pn3n3_maEBASBzV7l_zpYjXiFWbf63" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">General and administrative</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">176</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">253</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_iT_pn3n3_mtEBASBzV7l_ztY17idttoqj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Stock based compensation</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">241</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">342</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

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15. Subsequent Events Amended and Restated Certificate of Incorporation On May 22, 2026, the Company filed an Amended and Restated Certificate of Incorporation (the “A&R Charter”) with the Delaware Secretary of State, which was approved by the Company’s board of directors and adopted with the requisite stockholder consent. The A&R Charter increased the Company’s authorized common stock to 32,620,000 shares, $<span id="xdx_903_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20260522__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zRCZyAhQdg67" title="Common Stock, Par or Stated Value Per Share">0.00001 par value (from 27,004,445 shares authorized as of March 31, 2026), and authorized 10,118,115 shares of preferred stock, $<span id="xdx_90F_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20260522__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zR6HOukHxJra" title="Preferred Stock, Par or Stated Value Per Share">0.00001 par value. The increase in authorized common stock was effected to provide a sufficient number of authorized and unissued shares to satisfy the Company’s outstanding share-delivery commitments, including its outstanding warrants, in connection with the Company’s planned reverse merger and concurrent equity financing. Amendment to Merger Agreement On June 30, 2026, the Company, NIMS, and Merger Sub entered into Amendment No. 1 to the Merger Agreement. The amendment extended the outside date by which the Merger must close, and after which either party may terminate the Merger Agreement, from June 30, 2026 to September 30, 2026. The amendment also revised certain conditions to closing relating to the satisfaction of NIMS’ outstanding indebtedness prior to or upon completion of the Merger, and provided for the registration of additional shares of NIMS common stock for resale following the Effective Time. The amendment did not change the Conversion Ratio, the number of shares of NIMS common stock issuable to the Company’s stockholders, or the expected accounting treatment of the Merger as a reverse recapitalization. There can be no assurance that the Merger will be completed on the terms contemplated, on the expected timeline, or at all.

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<p id="xdx_805_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z8UlHOJl5iMg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">1. Organization and Description of Business Gravitics, Inc. (the “Company”), a Delaware corporation, is engaged in the design, development and commercialization of large space structures including orbital carriers, cargo logistics spacecraft, space station modules, and related engineering and technical services. The Company’s primary customer base consists of government entities and the commercial space industry. The Company was incorporated in the state of Delaware on May 7, 2021. The Company’s headquarters are in Marysville, Washington.

2021-05-07

2. Going Concern and Liquidity In accordance with ASC 205-40, Going Concern, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company has incurred recurring losses and negative cash flows from operations since inception, and, as of December 31, 2025, the Company had cash and cash equivalents of $0.2 million and an accumulated deficit of $42.5 million. In January 2026, the Company sold <span id="xdx_90E_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20260101__20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember_zLFupHu4CpS2" title="Number of shares issued">337,540 shares of Series A-1 redeemable convertible preferred stock to existing investors at a price of $<span id="xdx_900_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember_zTcY5NnbApI3" title="Stock price per share">4.89 per share for gross proceeds of $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOfConvertiblePreferredStock_pn5n6_c20260101__20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember_zfxSSfvcD5Vf" title="Gross proceeds">1.7 million and further sold <span id="xdx_906_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20260201__20260228__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember_zWw25GvEDwDj" title="Number of shares issued">2,240,041 shares of Series A-1 redeemable convertible preferred stock at a price of $<span id="xdx_906_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260228__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember_zyXDxljhIrCi" title="Stock price per share">4.89 per share for gross proceeds of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfConvertiblePreferredStock_pn5n6_c20260201__20260228__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember_zQhLh72XSQgh" title="Gross proceeds">10.9 million in a subsequent closing in January and February 2026. See Note 16. Since its inception in May 2021, the Company has funded its operations through the sale of simple agreements for future equity (“SAFEs”), the sale of redeemable convertible preferred stock, the issuance of convertible promissory notes, and revenue from customers. The Company does not believe that its current capital resources, which consist of cash and cash equivalents, will be sufficient to fund operations through at least the next twelve months from the date the accompanying financial statements are issued based on its current operating plan. As the Company continues to pursue its business plan, it expects to finance its operations through equity offerings, debt financings, or other capital sources. However, there can be no assurance that any additional financing or strategic arrangements will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it may be necessary to significantly reduce its scope of operations to reduce the current rate of spending. Based on the factors above, the Company has concluded that substantial doubt exists with respect to its ability to continue as a going concern within one year after the date that these financial statements were issued. The Company’s financial statements have been prepared on the basis of the Company continuing as a going concern, which assumes the continuity of operations, the realization of assets and the settlement of liabilities and commitments as they come due in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

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3. Significant Accounting Policies and Basis of Presentation Basis of Presentation The accompanying financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and the Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Concentration of Credit Risk Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company deposits cash and cash equivalents with high credit quality financial institutions in the United States. These deposits are held in checking and money market accounts and may, from time to time, exceed the federally insured amounts. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant risk in its cash and cash equivalents. Concentration of Customer Risk For the years ended December 31, 2025 and 2024, two customers accounted for substantially all of the Company’s total revenue. At December 31, 2025 one customer accounted for all of the Company’s unbilled revenue. At December 31, 2024, two customers accounted for all of the Company’s unbilled revenue. Cash and Cash Equivalents The Company considers all highly-liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (the exit price) in an orderly transaction between market participants at the measurement date. The fair value standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. The Company uses the hierarchy prescribed in the accounting guidance for fair value measurements, based upon the available inputs to the valuation and the degree to which they are observable or not observable in the market. The three levels in the hierarchy are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 1 - Quoted prices (unadjusted) for identical assets or liabilities in active markets that are accessible as of the measurement date;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 2 - Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 3 - Unobservable inputs reflecting the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk.</td></tr></table> The carrying amounts of certain financial assets and liabilities, including prepaid and other current assets, accounts payable, accrued liabilities, and short-term borrowings approximate fair value because of the short maturity and liquidity of those instruments. The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety. See Note 7 for fair value disclosures related to the Company’s convertible promissory notes, warrant liabilities, and SAFE liabilities. Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Expenditures for repairs and maintenance which do not extend the useful life of the related assets are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the leasehold period, if shorter and applicable. The estimated useful life of furniture and fixtures is <span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zX0SWq42Ohyi" title="Useful life of assets">7 years and office equipment is estimated at 5 years. The useful life of computer equipment is 5 years and tools, machinery and other equipment range from <span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ToolsMachineryAndOtherEquipmentMember__srt--RangeAxis__srt--MinimumMember_z5wtXMb57l9h" title="Useful life of assets">3 to <span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ToolsMachineryAndOtherEquipmentMember__srt--RangeAxis__srt--MaximumMember_zpxDBluQzNei" title="Useful life of assets">5 years. Leasehold improvements are amortized over the shorter of the asset’s useful life or the term of the lease. Upon asset retirements or disposals, costs and accumulated depreciation and amortization balances are removed and any gains or losses are recognized upon retirement or disposal. Leases The Company determines if an arrangement is or contains a lease and the classification of that lease at contract inception. Specifically, the Company considers whether it controls the underlying asset and has the right to obtain substantially all of the economic benefits or outputs from the asset. The Company entered into a lease agreement for its office and manufacturing facility and accounts for its lease obligation under ASU No. 2016-02, Leases (Topic 842). Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the lease commencement date. Operating lease ROU assets are based on the corresponding lease liability adjusted for (i) payments made at or before the commencement date, (ii) initial direct costs incurred and (iii) tenant incentives under the lease. The Company does not account for renewals or early terminations unless it is reasonably certain to exercise these options at commencement. Operating lease expense is recognized on a straight-line basis over the lease term. The Company accounts for lease and non-lease components as a single lease component for operating leases. The Company does not record leases with terms of 12 months or less on the balance sheet. As the implicit rate for the operating lease was not determinable, the Company used its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The incremental borrowing rate reflects the estimated interest rate that the Company would have to pay to borrow on a collateralized basis, an amount equal to the lease payments in a similar economic environment over a similar term. Convertible Promissory Notes The Company evaluated its convertible promissory notes and determined they include embedded features that would otherwise require potential bifurcation. Neither the notes nor any embedded features were required to be classified as equity. Therefore, the Company elected the fair value option (“FVO”) under ASC 825, Financial Instruments, for all convertible promissory notes at their respective dates of issuance. Under the FVO, the convertible notes are recorded at fair value upon initial recognition and are subsequently remeasured at fair value at each reporting date. Changes in fair value, excluding changes attributable to instrument-specific credit risk, are recognized in other income (expense) within the statements of operations. The portion of the total change in fair value resulting from changes in instrument-specific credit risk is recognized separately in other comprehensive income (loss). Upon derecognition of the convertible notes, any cumulative gain or loss previously recognized in other comprehensive income as a result of changes in instrument-specific credit risk will be reclassified to net income. For both years presented, the Company determined that the change in fair value of its FVO liabilities attributable to instrument-specific credit risk was not significant. Accordingly, net loss equals comprehensive loss for all periods presented. The election of the FVO is irrevocable and is applied on an instrument-by-instrument basis. As a result of the FVO election, the embedded features within the convertible notes are not required to be separately accounted for. Debt issuance costs incurred in connection with convertible notes measured at fair value under the FVO are expensed as incurred. SAFE Liabilities The Company has issued SAFEs to various investors. SAFEs represent instruments that provide a form of financing to the Company and possess characteristics of both a debt and equity instrument. The SAFEs have the potential for cash settlement upon the occurrence of certain “liquidity events” (including a change of control, direct listing, or initial public offering) and “dissolution events” (including voluntary termination of operations, a general assignment for the benefit of the Company’s creditors, or any other liquidation, dissolution or winding up of the Company (excluding a liquidity event), whether voluntary or involuntary). The instruments at the election of the holder, can also be settled in shares of the Company’s common stock, which are contingently redeemable upon a liquidation event that may obligate the Company to transfer assets at some point in the future. The Company has elected the FVO under ASC 825, Financial Instruments, to account for the SAFEs in their entirety at fair value. The Company elected the FVO because the SAFEs are hybrid financial instruments containing embedded features that would otherwise require analysis to determine whether bifurcation is necessary, and measurement at fair value more faithfully represents the economic substance of the instruments. The Company evaluated the SAFEs and did not identify any embedded features that are required to be classified as equity. The election was made on an instrument-by-instrument basis at the date of initial recognition of each SAFE and is irrevocable. The SAFE liability is subject to re-measurement at each balance sheet date until a triggering event, equity financing, change in control or dissolution occurs, and any change in fair value is recognized in the Company’s statements of operations. Warrants to Purchase Common Stock Common stock warrants are accounted for in accordance with applicable accounting guidance provided in ASC 815, Derivatives and Hedging - Contracts in Entity’s Own Equity, as either derivative liabilities or as equity instruments depending on the specific terms of the warrant agreement. Redeemable Convertible Preferred Stock The Company classifies its preferred stock outside of total stockholders’ deficit because, in the event of certain “liquidation events” (including a merger, acquisition or sale of all or substantially all of the Company’s assets) that are not solely within the control of the Company, the shares would become redeemable at the option of the holders. The Company does not accrete the carrying values of the preferred stock to the redemption values since a liquidation event was not considered probable as of December 31, 2025 and 2024. Subsequent adjustments of the carrying values to the ultimate redemption values will be made only when it becomes probable that such a liquidation event will occur. Revenue Recognition The Company recognizes revenue pursuant to ASC 606, Revenue from Contracts with Customers (“ASC 606”). In accordance with ASC 606, revenue is recognized when control of promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company accounts for revenue contracts with customers through the following steps: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Identification of the contract, or contracts, with the customer;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Identification of the performance obligations in the contract;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Determination of the transaction price;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Allocation of the transaction price to the performance obligations in the contract; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Recognition of the revenue when, or as, the Company satisfies a performance obligation.</td></tr></table> The Company satisfies its performance obligations over time and measures progress toward complete satisfaction of its performance obligations using the cost-to-cost input method, which recognizes revenue based on costs incurred to date relative to total estimated costs at completion. Changes in estimated total costs at completion are recognized on a cumulative catch-up basis in the period in which the change in estimate is identified. The Company capitalizes costs to fulfill its contracts as fixed assets or inventory, as appropriate, under other applicable U.S. GAAP. There were no significant incremental costs to obtain or fulfill its revenue contracts under the guidance of ASC 340-40, Other Assets and Deferred Costs — Contracts with Customers, during the years ended December 31, 2025 and 2024. See Note 13 for further discussion of the Company’s revenue arrangements. Research and Development Research and development expenses are recognized as incurred and primarily include costs related to wages, software, and contracted services associated with engineering and product development activities. Stock-based Compensation The Company measures employee and nonemployee stock-based awards at their grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. The Company accounts for forfeitures in the period in which they occur. Estimating the fair value of stock-based awards requires the input of subjective assumptions, including the estimated fair value of the Company’s common stock for restricted stock awards and stock options. Additionally, for stock options, the Company estimates the expected life of the options and stock price volatility. The Company uses the Black-Scholes option pricing model to value its stock option awards. As the Company’s common stock was not publicly traded through December 31, 2025, its board of directors periodically estimated the fair value of the Company’s common stock considering, among other things, contemporaneous valuations of its common stock prepared by a third-party valuation firm in accordance with the guidance provided by the American Institute of Certified Public Accountants 2013 Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, Income Taxes (“ASC 740”), from its inception. Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carryforwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. The Company recognizes the tax benefits of uncertain tax positions only when the positions are “more likely than not” to be sustained assuming examination by tax authorities and determined to be attributed to the Company. The determination of attribution, if any, applies for each jurisdiction where the Company is subject to income taxes on the basis of laws and regulations of the jurisdiction. The application of laws and regulations is subject to legal and factual interpretation, judgment, and uncertainty. Tax laws and regulations themselves are subject to change as a result of changes in fiscal policy, changes in legislation, the evolution of regulations, and court rulings. Therefore, the actual liability of the various jurisdictions may be materially different from management’s estimate. As of December 31, 2025, the Company does not have any unrecognized tax benefits. The Company records interest (and penalties where applicable), net of any applicable related income tax benefit, on potential income tax contingencies as a component of income tax expense in the statements of operations. Segments In accordance with ASC 280, Segment Reporting (“ASC 280”), the Company identifies its operating segments according to how the Company’s business activities are managed and evaluated. ASC 280 establishes standards for companies to report financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker (“CODM”), or group, in deciding how to allocate resources and assess performance. The Company currently operates in one reportable segment. The CODM has been identified as the Chief Executive Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. When evaluating the Company’s financial performance, the CODM reviews total revenues, total expenses, and expenses by functional classification, using this information to make decisions on a Company-wide basis. Accordingly, the Company has determined that it has a single reportable and operating segment structure. The key measure of segment profit or loss reviewed by CODM is net loss. The CODM uses net loss as well as revenue results to allocate resources in the annual budgeting and forecasting process and also uses those measures as a basis for evaluating financial performance regularly by comparing actual results with established budgets and forecasts. All significant expense categories are presented on the statements of operations. The measure of segment assets is reported on the balance sheets as total assets. Segment revenues and expenses are identical to those disclosed in the statements of operations. Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): “Improvements to Income Tax Disclosures”. ASU 2023-09 is intended to improve income tax disclosure requirements by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements as well. The guidance in ASU 2023-09 is effective for annual reporting periods in fiscal years beginning after December 15, 2024. The Company adopted this ASU retrospectively for the fiscal year beginning January 1, 2025. The adoption of ASU 2023-09 resulted in enhanced income tax disclosures and did not have an impact on the Company’s consolidated financial position, results of operations, or cash flows. The required information has been disclosed in Note 15. Recently Issued Accounting Pronouncements The Company considers the applicability of and impact of all ASUs. ASUs not discussed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s financial statements. In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses. ASU 2024-03 requires additional disclosure of specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The requirements will be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its financial statements and disclosures. Net Loss Per Share Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period. The weighted-average number of shares of common stock outstanding used in the basic net loss per share calculation does not include unvested restricted stock awards as these instruments are considered contingently issuable shares until they vest. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock, common stock warrants, restricted stock awards and stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. The Company’s preferred stock and unvested restricted stock entitles the holder to participate in dividends and earnings of the Company, and, if the Company were to recognize net income, it would have to use the two-class method to calculate earnings per share. The two-class method is not applicable during periods with a net loss, as the holders of the convertible preferred stock and unvested restricted stock have no obligation to fund losses. <p id="xdx_89D_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_ziI5nvHTvpbi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive, due to the reported losses: Schedule of Computation of Diluted Weighted Average Shares of Common Stock Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20250101__20251231_zzVpQFi56ZR8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20240101__20241231_zHJ58EwqHzf3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RedeemableConvertiblePreferredStockMember_zt6QNLNfv6s5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Redeemable convertible preferred stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4,185,420</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4,185,420</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ConvertiblePromissoryNotesMember_zMF1z3HoCwvk" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Convertible promissory notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,077,168</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">904,786</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SAFEMember_z4fP0brgaEF4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">SAFEs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,518,594</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,005,335</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsMember_zUiOBcFoDay" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Common stock warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,500,650</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,604,681</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnvestedRestrictedStockAwardsMember_zcjGRR9dWbal" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Unvested restricted stock awards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">299,823</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,927,741</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zEH5yzXszd93" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Stock options</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,688,294</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,920,881</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_zVHs7w63t27c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total potentially dilutive shares</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,269,949</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,548,844</td><td style="text-align: left"> </td></tr> </table> Amounts in the above table reflect the common stock equivalents. Amounts included for convertible promissory notes, SAFEs, and common stock warrants reflect an estimate, as the conversion mechanics of such instruments provide for holders to receive shares based on a percentage of the fully diluted capitalization of the company at the time of exercise or conversion, as applicable. For SAFEs, the estimated common stock equivalents were calculated based on the applicable post-money valuation cap relative to the Company’s estimated fully diluted capitalization.

Basis of Presentation The accompanying financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and the Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Concentration of Credit Risk Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company deposits cash and cash equivalents with high credit quality financial institutions in the United States. These deposits are held in checking and money market accounts and may, from time to time, exceed the federally insured amounts. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant risk in its cash and cash equivalents.

Concentration of Customer Risk For the years ended December 31, 2025 and 2024, two customers accounted for substantially all of the Company’s total revenue. At December 31, 2025 one customer accounted for all of the Company’s unbilled revenue. At December 31, 2024, two customers accounted for all of the Company’s unbilled revenue.

Cash and Cash Equivalents The Company considers all highly-liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts.

Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (the exit price) in an orderly transaction between market participants at the measurement date. The fair value standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. The Company uses the hierarchy prescribed in the accounting guidance for fair value measurements, based upon the available inputs to the valuation and the degree to which they are observable or not observable in the market. The three levels in the hierarchy are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 1 - Quoted prices (unadjusted) for identical assets or liabilities in active markets that are accessible as of the measurement date;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 2 - Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 3 - Unobservable inputs reflecting the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk.</td></tr></table> The carrying amounts of certain financial assets and liabilities, including prepaid and other current assets, accounts payable, accrued liabilities, and short-term borrowings approximate fair value because of the short maturity and liquidity of those instruments. The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety. See Note 7 for fair value disclosures related to the Company’s convertible promissory notes, warrant liabilities, and SAFE liabilities.

Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Expenditures for repairs and maintenance which do not extend the useful life of the related assets are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the leasehold period, if shorter and applicable. The estimated useful life of furniture and fixtures is <span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zX0SWq42Ohyi" title="Useful life of assets">7 years and office equipment is estimated at 5 years. The useful life of computer equipment is 5 years and tools, machinery and other equipment range from <span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ToolsMachineryAndOtherEquipmentMember__srt--RangeAxis__srt--MinimumMember_z5wtXMb57l9h" title="Useful life of assets">3 to <span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ToolsMachineryAndOtherEquipmentMember__srt--RangeAxis__srt--MaximumMember_zpxDBluQzNei" title="Useful life of assets">5 years. Leasehold improvements are amortized over the shorter of the asset’s useful life or the term of the lease. Upon asset retirements or disposals, costs and accumulated depreciation and amortization balances are removed and any gains or losses are recognized upon retirement or disposal.

P7Y

P5Y

P3Y

P5Y

Leases The Company determines if an arrangement is or contains a lease and the classification of that lease at contract inception. Specifically, the Company considers whether it controls the underlying asset and has the right to obtain substantially all of the economic benefits or outputs from the asset. The Company entered into a lease agreement for its office and manufacturing facility and accounts for its lease obligation under ASU No. 2016-02, Leases (Topic 842). Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the lease commencement date. Operating lease ROU assets are based on the corresponding lease liability adjusted for (i) payments made at or before the commencement date, (ii) initial direct costs incurred and (iii) tenant incentives under the lease. The Company does not account for renewals or early terminations unless it is reasonably certain to exercise these options at commencement. Operating lease expense is recognized on a straight-line basis over the lease term. The Company accounts for lease and non-lease components as a single lease component for operating leases. The Company does not record leases with terms of 12 months or less on the balance sheet. As the implicit rate for the operating lease was not determinable, the Company used its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The incremental borrowing rate reflects the estimated interest rate that the Company would have to pay to borrow on a collateralized basis, an amount equal to the lease payments in a similar economic environment over a similar term.

Convertible Promissory Notes The Company evaluated its convertible promissory notes and determined they include embedded features that would otherwise require potential bifurcation. Neither the notes nor any embedded features were required to be classified as equity. Therefore, the Company elected the fair value option (“FVO”) under ASC 825, Financial Instruments, for all convertible promissory notes at their respective dates of issuance. Under the FVO, the convertible notes are recorded at fair value upon initial recognition and are subsequently remeasured at fair value at each reporting date. Changes in fair value, excluding changes attributable to instrument-specific credit risk, are recognized in other income (expense) within the statements of operations. The portion of the total change in fair value resulting from changes in instrument-specific credit risk is recognized separately in other comprehensive income (loss). Upon derecognition of the convertible notes, any cumulative gain or loss previously recognized in other comprehensive income as a result of changes in instrument-specific credit risk will be reclassified to net income. For both years presented, the Company determined that the change in fair value of its FVO liabilities attributable to instrument-specific credit risk was not significant. Accordingly, net loss equals comprehensive loss for all periods presented. The election of the FVO is irrevocable and is applied on an instrument-by-instrument basis. As a result of the FVO election, the embedded features within the convertible notes are not required to be separately accounted for. Debt issuance costs incurred in connection with convertible notes measured at fair value under the FVO are expensed as incurred. SAFE Liabilities The Company has issued SAFEs to various investors. SAFEs represent instruments that provide a form of financing to the Company and possess characteristics of both a debt and equity instrument. The SAFEs have the potential for cash settlement upon the occurrence of certain “liquidity events” (including a change of control, direct listing, or initial public offering) and “dissolution events” (including voluntary termination of operations, a general assignment for the benefit of the Company’s creditors, or any other liquidation, dissolution or winding up of the Company (excluding a liquidity event), whether voluntary or involuntary). The instruments at the election of the holder, can also be settled in shares of the Company’s common stock, which are contingently redeemable upon a liquidation event that may obligate the Company to transfer assets at some point in the future. The Company has elected the FVO under ASC 825, Financial Instruments, to account for the SAFEs in their entirety at fair value. The Company elected the FVO because the SAFEs are hybrid financial instruments containing embedded features that would otherwise require analysis to determine whether bifurcation is necessary, and measurement at fair value more faithfully represents the economic substance of the instruments. The Company evaluated the SAFEs and did not identify any embedded features that are required to be classified as equity. The election was made on an instrument-by-instrument basis at the date of initial recognition of each SAFE and is irrevocable. The SAFE liability is subject to re-measurement at each balance sheet date until a triggering event, equity financing, change in control or dissolution occurs, and any change in fair value is recognized in the Company’s statements of operations. Warrants to Purchase Common Stock Common stock warrants are accounted for in accordance with applicable accounting guidance provided in ASC 815, Derivatives and Hedging - Contracts in Entity’s Own Equity, as either derivative liabilities or as equity instruments depending on the specific terms of the warrant agreement. Redeemable Convertible Preferred Stock The Company classifies its preferred stock outside of total stockholders’ deficit because, in the event of certain “liquidation events” (including a merger, acquisition or sale of all or substantially all of the Company’s assets) that are not solely within the control of the Company, the shares would become redeemable at the option of the holders. The Company does not accrete the carrying values of the preferred stock to the redemption values since a liquidation event was not considered probable as of December 31, 2025 and 2024. Subsequent adjustments of the carrying values to the ultimate redemption values will be made only when it becomes probable that such a liquidation event will occur.

Revenue Recognition The Company recognizes revenue pursuant to ASC 606, Revenue from Contracts with Customers (“ASC 606”). In accordance with ASC 606, revenue is recognized when control of promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company accounts for revenue contracts with customers through the following steps: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Identification of the contract, or contracts, with the customer;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Identification of the performance obligations in the contract;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Determination of the transaction price;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Allocation of the transaction price to the performance obligations in the contract; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Recognition of the revenue when, or as, the Company satisfies a performance obligation.</td></tr></table> The Company satisfies its performance obligations over time and measures progress toward complete satisfaction of its performance obligations using the cost-to-cost input method, which recognizes revenue based on costs incurred to date relative to total estimated costs at completion. Changes in estimated total costs at completion are recognized on a cumulative catch-up basis in the period in which the change in estimate is identified. The Company capitalizes costs to fulfill its contracts as fixed assets or inventory, as appropriate, under other applicable U.S. GAAP. There were no significant incremental costs to obtain or fulfill its revenue contracts under the guidance of ASC 340-40, Other Assets and Deferred Costs — Contracts with Customers, during the years ended December 31, 2025 and 2024. See Note 13 for further discussion of the Company’s revenue arrangements.

Research and Development Research and development expenses are recognized as incurred and primarily include costs related to wages, software, and contracted services associated with engineering and product development activities.

Stock-based Compensation The Company measures employee and nonemployee stock-based awards at their grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. The Company accounts for forfeitures in the period in which they occur. Estimating the fair value of stock-based awards requires the input of subjective assumptions, including the estimated fair value of the Company’s common stock for restricted stock awards and stock options. Additionally, for stock options, the Company estimates the expected life of the options and stock price volatility. The Company uses the Black-Scholes option pricing model to value its stock option awards. As the Company’s common stock was not publicly traded through December 31, 2025, its board of directors periodically estimated the fair value of the Company’s common stock considering, among other things, contemporaneous valuations of its common stock prepared by a third-party valuation firm in accordance with the guidance provided by the American Institute of Certified Public Accountants 2013 Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation.

Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, Income Taxes (“ASC 740”), from its inception. Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carryforwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. The Company recognizes the tax benefits of uncertain tax positions only when the positions are “more likely than not” to be sustained assuming examination by tax authorities and determined to be attributed to the Company. The determination of attribution, if any, applies for each jurisdiction where the Company is subject to income taxes on the basis of laws and regulations of the jurisdiction. The application of laws and regulations is subject to legal and factual interpretation, judgment, and uncertainty. Tax laws and regulations themselves are subject to change as a result of changes in fiscal policy, changes in legislation, the evolution of regulations, and court rulings. Therefore, the actual liability of the various jurisdictions may be materially different from management’s estimate. As of December 31, 2025, the Company does not have any unrecognized tax benefits. The Company records interest (and penalties where applicable), net of any applicable related income tax benefit, on potential income tax contingencies as a component of income tax expense in the statements of operations.

Segments In accordance with ASC 280, Segment Reporting (“ASC 280”), the Company identifies its operating segments according to how the Company’s business activities are managed and evaluated. ASC 280 establishes standards for companies to report financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker (“CODM”), or group, in deciding how to allocate resources and assess performance. The Company currently operates in one reportable segment. The CODM has been identified as the Chief Executive Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. When evaluating the Company’s financial performance, the CODM reviews total revenues, total expenses, and expenses by functional classification, using this information to make decisions on a Company-wide basis. Accordingly, the Company has determined that it has a single reportable and operating segment structure. The key measure of segment profit or loss reviewed by CODM is net loss. The CODM uses net loss as well as revenue results to allocate resources in the annual budgeting and forecasting process and also uses those measures as a basis for evaluating financial performance regularly by comparing actual results with established budgets and forecasts. All significant expense categories are presented on the statements of operations. The measure of segment assets is reported on the balance sheets as total assets. Segment revenues and expenses are identical to those disclosed in the statements of operations.

Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): “Improvements to Income Tax Disclosures”. ASU 2023-09 is intended to improve income tax disclosure requirements by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements as well. The guidance in ASU 2023-09 is effective for annual reporting periods in fiscal years beginning after December 15, 2024. The Company adopted this ASU retrospectively for the fiscal year beginning January 1, 2025. The adoption of ASU 2023-09 resulted in enhanced income tax disclosures and did not have an impact on the Company’s consolidated financial position, results of operations, or cash flows. The required information has been disclosed in Note 15.

Recently Issued Accounting Pronouncements The Company considers the applicability of and impact of all ASUs. ASUs not discussed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s financial statements. In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses. ASU 2024-03 requires additional disclosure of specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The requirements will be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its financial statements and disclosures.

Net Loss Per Share Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period. The weighted-average number of shares of common stock outstanding used in the basic net loss per share calculation does not include unvested restricted stock awards as these instruments are considered contingently issuable shares until they vest. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock, common stock warrants, restricted stock awards and stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. The Company’s preferred stock and unvested restricted stock entitles the holder to participate in dividends and earnings of the Company, and, if the Company were to recognize net income, it would have to use the two-class method to calculate earnings per share. The two-class method is not applicable during periods with a net loss, as the holders of the convertible preferred stock and unvested restricted stock have no obligation to fund losses. <p id="xdx_89D_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_ziI5nvHTvpbi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive, due to the reported losses: Schedule of Computation of Diluted Weighted Average Shares of Common Stock Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20250101__20251231_zzVpQFi56ZR8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20240101__20241231_zHJ58EwqHzf3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RedeemableConvertiblePreferredStockMember_zt6QNLNfv6s5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Redeemable convertible preferred stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4,185,420</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4,185,420</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ConvertiblePromissoryNotesMember_zMF1z3HoCwvk" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Convertible promissory notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,077,168</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">904,786</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SAFEMember_z4fP0brgaEF4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">SAFEs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,518,594</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,005,335</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsMember_zUiOBcFoDay" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Common stock warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,500,650</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,604,681</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnvestedRestrictedStockAwardsMember_zcjGRR9dWbal" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Unvested restricted stock awards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">299,823</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,927,741</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zEH5yzXszd93" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Stock options</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,688,294</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,920,881</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_zVHs7w63t27c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total potentially dilutive shares</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,269,949</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,548,844</td><td style="text-align: left"> </td></tr> </table> Amounts in the above table reflect the common stock equivalents. Amounts included for convertible promissory notes, SAFEs, and common stock warrants reflect an estimate, as the conversion mechanics of such instruments provide for holders to receive shares based on a percentage of the fully diluted capitalization of the company at the time of exercise or conversion, as applicable. For SAFEs, the estimated common stock equivalents were calculated based on the applicable post-money valuation cap relative to the Company’s estimated fully diluted capitalization.

<p id="xdx_89D_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_ziI5nvHTvpbi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive, due to the reported losses: Schedule of Computation of Diluted Weighted Average Shares of Common Stock Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20250101__20251231_zzVpQFi56ZR8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20240101__20241231_zHJ58EwqHzf3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RedeemableConvertiblePreferredStockMember_zt6QNLNfv6s5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Redeemable convertible preferred stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4,185,420</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4,185,420</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ConvertiblePromissoryNotesMember_zMF1z3HoCwvk" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Convertible promissory notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,077,168</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">904,786</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SAFEMember_z4fP0brgaEF4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">SAFEs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,518,594</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,005,335</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsMember_zUiOBcFoDay" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Common stock warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,500,650</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,604,681</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnvestedRestrictedStockAwardsMember_zcjGRR9dWbal" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Unvested restricted stock awards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">299,823</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,927,741</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zEH5yzXszd93" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Stock options</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,688,294</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,920,881</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_zVHs7w63t27c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total potentially dilutive shares</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,269,949</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,548,844</td><td style="text-align: left"> </td></tr> </table>

4185420

1077168

904786

1518594

1005335

2500650

1604681

299823

1927741

2688294

2920881

12269949

12548844

4. Property and Equipment, Net Property and equipment, net consisted of the following at December 31, 2025 and 2024 (amounts in thousands): Schedule Of Property and Equipment, Net <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20251231_zbl8q4ttCZSb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20241231_zLOhRjyrT8d4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ToolsMachineryAndOtherEquipmentMember_zGvqzGxctRDl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Tools, machinery, and equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">308</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">305</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zhj4RHnxOyae" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Computer equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">190</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">155</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z85uKlDJmNZd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Furniture and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">132</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">132</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zXBWEeUmhmAe" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zLtwj1KLtF67" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Leasehold improvements</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">143</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">143</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzKwp_zJ2XnQKcWZQe" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Property and equipment, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">876</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">838</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENzKwp_z8iCNWwsFNk8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Less: accumulated depreciation</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(505</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(327</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_mtPPAENzKwp_zVN5uUQuIspd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Property and equipment, net</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">371</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">511</td><td style="text-align: left"> </td></tr> </table> Depreciation and amortization expense was $0.2 million in each of the years ended December 31, 2025 and 2024.

Schedule Of Property and Equipment, Net <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20251231_zbl8q4ttCZSb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20241231_zLOhRjyrT8d4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ToolsMachineryAndOtherEquipmentMember_zGvqzGxctRDl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Tools, machinery, and equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">308</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">305</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zhj4RHnxOyae" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Computer equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">190</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">155</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z85uKlDJmNZd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Furniture and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">132</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">132</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zXBWEeUmhmAe" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zLtwj1KLtF67" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Leasehold improvements</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">143</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">143</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzKwp_zJ2XnQKcWZQe" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Property and equipment, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">876</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">838</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENzKwp_z8iCNWwsFNk8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Less: accumulated depreciation</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(505</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(327</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_mtPPAENzKwp_zVN5uUQuIspd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Property and equipment, net</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">371</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">511</td><td style="text-align: left"> </td></tr> </table> Depreciation and amortization expense was $0.2 million in each of the years ended December 31, 2025 and 2024.

308000

305000

190000

155000

132000

103000

143000

876000

838000

505000

327000

371000

511000

200000

5. Short-term borrowings The following table summarizes the outstanding borrowings as of December 31, 2025 and 2024 (amounts in thousands): Schedule of Short term Borrowings <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20251231_zlxNvXmPbT1c" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_491_20241231_zF7ESpsNFh66" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40F_ecustom--RelatedPartyLoans_iI_pn3n3_zvzdsEGdfAoh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Due to related parties</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">45</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--EmployeeLoan_iI_pn3n3_zzZQDyb4MrI9" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Due to employees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--ThirdPartyBorrowings_iI_pn3n3_zMvbRkhrpaqa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Third party borrowings</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">300</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">300</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--ShortTermBorrowings_iI_pn3n3_za1CuLb28MB2" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Total short-term borrowings</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">373</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">300</td><td style="text-align: left"> </td></tr> </table> Related Party Loans During the year ended December 31, 2025, the Company entered into short-term, non-interest-bearing loan arrangements with certain officers and shareholders of the Company, as described below. These loans are due to related parties as defined by ASC 850, Related Party Disclosures. These related party transactions were not conducted at arm’s length, as the loans do not bear interest. Given the short-term nature of these arrangements (all subsequently repaid in the first quarter of 2026), the effect of imputing interest at a market rate is not considered material to the financial statements. The Company’s Chief Executive Officer, Shareholder, and Director, advanced a total of $<span id="xdx_909_ecustom--NoninterestbearingLoans_iI_c20250331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zomEvOigYP93" title="Non-interest-bearing loans">125,000 to the Company during 2025 through two separate non-interest-bearing loans. A $100,000 loan issued in the first quarter of 2025 was fully repaid in the second quarter of 2025. A second loan of $25,000 was issued in the third quarter of 2025 and remains outstanding as of December 31, 2025. The loan was subsequently repaid in the first quarter of 2026. The Company’s Cofounder, Chief Marketing Officer, and Shareholder, advanced a total of $19,970 to the Company during 2025 through two separate non-interest-bearing loans of $<span id="xdx_902_eus-gaap--BridgeLoan_iI_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zOAxKvGiZgWh" title="Bearing loan">4,970 and $15,000, respectively, both issued in the third quarter of 2025. Both loans remain outstanding as of December 31, 2025. The loans were subsequently repaid in the first quarter of 2026. As of December 31, 2025, total amounts due to related parties under these non-interest-bearing loan arrangements were $44,970. Employee Loan In the third quarter of 2025, the Company received a short-term business loan of $25,000 from an employee of the Company. The general terms of the loan provided for a minimum <span id="xdx_908_eus-gaap--LongTermDebtPercentageBearingFixedInterestRate_iI_pid_dp_uPure_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_zefOzc7wkPzj" title="Retroactive interest rate">4.0% interest rate, with principal and interest repayable within 30 days of the loan issuance date and a 2% retroactive interest penalty payable until the loan is repaid in full. As the loan was not repaid within the initial 30-day term, the 2% retroactive interest penalty was applied. As of December 31, 2025, the outstanding balance was $27,857, consisting of principal of $25,000 and accrued interest and penalties of $<span id="xdx_900_ecustom--AccruedInterestAndPenalties_c20251001__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_zYIKrKTY0XBg" title="Accrued interest and penalties">2,857. Interest expense and penalties of $<span id="xdx_905_ecustom--AccruedInterestAndPenalties_c20251001__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_zYVlYeUb6973" title="Accrued interest and penalties">2,857 are included in other income (expense), net in the accompanying statements of operations. The short-term employee business loan and related interest was repaid in full in the first quarter of 2026. Third party borrowing In 2023, the Company received a cash advance of $0.3 million from an unrelated third party. The advance was not formalized under a written loan agreement and has no stated maturity date, repayment schedule, or interest rate. The advance is payable on demand in accordance with ASC 470-10-45-10, which requires that obligations that by their terms are due on demand be classified as current liabilities, even though liquidation may not be expected within one year. In March 2026, the advance was formalized under a promissory note which matures in September 2026. The Company has classified the obligation within current liabilities as of December 31, 2025. The Company has entered into one noncancellable operating lease for office and manufacturing space, with a term ending in 2029. The Company determines if a contract is or contains a lease based on its relevant terms in accordance with ASC 842, including whether it conveys to the Company the right to obtain substantially all of the economic benefits of the identified leased asset and to direct its use. The components of lease cost for the years ended December 31, 2025 and 2024 were as follows (amounts in thousands): Schedule of Lease Cost <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_494_20250101__20251231_zasWkXVWw9h4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_491_20240101__20241231_z0yhHgmnmJh9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseCost_pn3n3_maLCzNtz_zJ16LdtNjhbb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Operating lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">702</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">702</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--VariableLeaseCost_pn3n3_maLCzNtz_z6vwbvyTvS43" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Variable lease cost</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">134</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">228</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LeaseCost_iT_pn3n3_mtLCzNtz_zqQgdoQmXL41" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total lease cost</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">836</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">930</td><td style="text-align: left"> </td></tr> </table> Other information related to leases as of December 31, 2025 and 2024 were as follows (dollar amounts in thousands): Schedule of Other Information Related Lease <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20251231_zBFAwe22ca65" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20240101__20241231_zVNg2GazMKpc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Supplemental cash flow information:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CashFlowOperatingActivitiesLesseeAbstract_iB_zvwOZ73eY4Kl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Cash paid for amounts included in the measurement of lease liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--CashUsedInOperationsForOperatingLeases_pn3n3_zxWGrwFL8Ugb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; width: 60%; text-align: justify">Cash used in operations for operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">545</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">524</td><td style="width: 1%; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Weighted-average remaining lease term - operating leases (years)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3.3</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4.3</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Weighted-average discount rate - operating leases</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20251231_zXhuDy60YmYa" style="text-align: right" title="Operating leases">8.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20241231_zVHGAIhFNep5" style="text-align: right" title="Operating leases">8.3</td><td style="text-align: left">%</td></tr> </table> Maturities of lease liabilities under noncancellable leases as of December 31, 2025 are as follows (amounts in thousands): Schedule of lease liabilities noncancellable leases <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49B_20251231_zx9904jFFBTi" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_zojtildp30Zk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">567</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_zxDSWG1zF8S8" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">590</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_zZL3vuoQFiIa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">613</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_zmlDDhOTNyja" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">2029</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">212</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_zFqKIAdyKNX5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,982</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_zsOsH4tU0axl" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Less imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(261</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeaseLiability_iI_zcxJmAX8lgB3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,721</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LongTermDebtAndCapitalLeaseObligationsCurrent_iI_zKBQMrssxUN4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Current portion of lease liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">441</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LongTermDebtAndCapitalLeaseObligations_iI_zlDjxJOZnkZa" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Lease liabilities, net of current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,280</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OperatingLeaseLiability_iI_zpCPHZCus0Z9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,721</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

The following table summarizes the outstanding borrowings as of December 31, 2025 and 2024 (amounts in thousands): Schedule of Short term Borrowings <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20251231_zlxNvXmPbT1c" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_491_20241231_zF7ESpsNFh66" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40F_ecustom--RelatedPartyLoans_iI_pn3n3_zvzdsEGdfAoh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Due to related parties</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">45</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--EmployeeLoan_iI_pn3n3_zzZQDyb4MrI9" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Due to employees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--ThirdPartyBorrowings_iI_pn3n3_zMvbRkhrpaqa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Third party borrowings</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">300</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">300</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--ShortTermBorrowings_iI_pn3n3_za1CuLb28MB2" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Total short-term borrowings</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">373</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">300</td><td style="text-align: left"> </td></tr> </table>

45000 28000 300000 300000

373000

300000

125000

100000

25000

19970

4970

15000

44970

25000

0.040

0.02

27857

25000

2857 2857

300000

The components of lease cost for the years ended December 31, 2025 and 2024 were as follows (amounts in thousands): Schedule of Lease Cost <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_494_20250101__20251231_zasWkXVWw9h4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_491_20240101__20241231_z0yhHgmnmJh9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseCost_pn3n3_maLCzNtz_zJ16LdtNjhbb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Operating lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">702</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">702</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--VariableLeaseCost_pn3n3_maLCzNtz_z6vwbvyTvS43" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Variable lease cost</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">134</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">228</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LeaseCost_iT_pn3n3_mtLCzNtz_zqQgdoQmXL41" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total lease cost</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">836</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">930</td><td style="text-align: left"> </td></tr> </table>

702000

134000

228000

836000

930000

Other information related to leases as of December 31, 2025 and 2024 were as follows (dollar amounts in thousands): Schedule of Other Information Related Lease <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20251231_zBFAwe22ca65" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20240101__20241231_zVNg2GazMKpc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Supplemental cash flow information:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CashFlowOperatingActivitiesLesseeAbstract_iB_zvwOZ73eY4Kl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Cash paid for amounts included in the measurement of lease liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--CashUsedInOperationsForOperatingLeases_pn3n3_zxWGrwFL8Ugb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; width: 60%; text-align: justify">Cash used in operations for operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">545</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">524</td><td style="width: 1%; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Weighted-average remaining lease term - operating leases (years)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3.3</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4.3</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Weighted-average discount rate - operating leases</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20251231_zXhuDy60YmYa" style="text-align: right" title="Operating leases">8.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20241231_zVHGAIhFNep5" style="text-align: right" title="Operating leases">8.3</td><td style="text-align: left">%</td></tr> </table> 545000 524000

P3Y3M18D

P4Y3M18D

0.083

Maturities of lease liabilities under noncancellable leases as of December 31, 2025 are as follows (amounts in thousands): Schedule of lease liabilities noncancellable leases <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49B_20251231_zx9904jFFBTi" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_zojtildp30Zk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">567</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_zxDSWG1zF8S8" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">590</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_zZL3vuoQFiIa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">613</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_zmlDDhOTNyja" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">2029</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">212</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_zFqKIAdyKNX5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,982</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_zsOsH4tU0axl" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Less imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(261</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeaseLiability_iI_zcxJmAX8lgB3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,721</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--LongTermDebtAndCapitalLeaseObligationsCurrent_iI_zKBQMrssxUN4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Current portion of lease liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">441</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LongTermDebtAndCapitalLeaseObligations_iI_zlDjxJOZnkZa" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Lease liabilities, net of current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,280</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OperatingLeaseLiability_iI_zpCPHZCus0Z9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,721</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

567000

590000

613000

212000

1982000

261000

1721000

441000

1280000

1721000

7. Fair Value Measurements <p id="xdx_898_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_znUqN8iVBcMi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis (amounts in thousands): Schedule of Company’s Assets and Liabilities Measured at Fair Value on Recurring Basis <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_49D_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zs7zEM3ahHS4" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Level 1</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_49B_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zf1bPADjZwW" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Level 2</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_496_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zReUaW0DGkbf" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Level 3</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_495_20251231_zxTwsMm7Sn98" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total Fair Value</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Level 1</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Level 2</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Level 3</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total Fair Value</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesFairValueDisclosureAbstract_iB_z0fdpMmdyNBg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Liabilities:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_zpbFek8qIe4d" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 44%; text-align: justify">Convertible promissory notes</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">5,739</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">5,739</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisObligations_iI_pn3n3_z9oajZ20tcgl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify">Warrant liabilities</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,934</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,934</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--FairValueMeasuredOnRecurringBasisSAFELiabilities_iI_pn3n3_zxdzAe2jxyQg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify">SAFE liabilities</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,109</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,109</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LiabilitiesFairValueDisclosure_iI_pn3n3_zKd7ViOyutoi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Total liabilities</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">18,782</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">18,782</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zMGH8VIWbWY8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zjI1j9qhRs63" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z65TzNReWnA3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20241231_zo1HF4QCbbzg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesFairValueDisclosureAbstract_iB_zA6Gy27ohye8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Liabilities:</td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr id="xdx_400_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_zC3moNozk5Nc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 44%; text-align: justify">Convertible promissory notes</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4,248</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4,248</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisObligations_iI_pn3n3_zUGK5CbZG6Ma" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Warrant liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">949</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">949</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--FairValueMeasuredOnRecurringBasisSAFELiabilities_iI_pn3n3_zhaYOtmuIhqc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1pt">SAFE liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,673</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,673</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LiabilitiesFairValueDisclosure_iI_pn3n3_zni4pGoEb9Of" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,870</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,870</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> There were no transfers between levels 1, 2, or 3, of such instruments during the years ended December 31, 2025 and 2024. SAFEs Since inception, the Company has issued SAFEs to various investors. The SAFEs are classified as liabilities and measured at fair value under the fair value option elected in accordance with ASC 825, Financial Instruments. Refer to Note 3 for additional information regarding the Company’s accounting policy for SAFEs. <p id="xdx_89E_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zCqTIJEPG6Kc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following table summarizes the change in SAFE fair value for the years ended December 31, 2025 and 2024 (amounts in thousands): Schedule of Change in Fair Value <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_4B7_us-gaap--FairValueByLiabilityClassAxis_custom--SAFELiabilitiesMember_zJj5ZOr0ff24" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_4B3_us-gaap--FairValueByLiabilityClassAxis_custom--RelatedPartySAFELiabilitiesMember_zhJfz30Q7Gek" style="font-weight: bold; text-align: center">Related Party</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_4BE_zhjDtwfsasf1" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">SAFE</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">SAFE</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr id="xdx_434_c20240101__20241231_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_zRHhZK1OrBnf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: justify">Balance at January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,375</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">133</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,508</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AssetsFairValueAdjustment_zQIfna3gbQOe" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Issuance of SAFES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,557</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,057</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_zhYSfshPSOZe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Change in fair value</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">993</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">115</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,108</td><td style="text-align: left"> </td></tr> <tr id="xdx_43E_c20250101__20251231_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_zDQa7iiiuM2h" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Balance at December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,925</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,748</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,673</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AssetsFairValueAdjustment_zv5MNsV4QRx9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Issuance of SAFES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">655</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,940</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,595</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_zlKmOA08GMX2" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Change in fair value</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(986</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(173</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,159</td><td style="text-align: left">)</td></tr> <tr id="xdx_432_c20250101__20251231_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_zdCCDlUuHaxg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Balance at December 31, 2025</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,594</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,515</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,109</td><td style="text-align: left"> </td></tr> </table> In connection with certain 2025 SAFE financings, the Company also issued pre-funded warrants to purchase shares of common stock at an exercise price of $0.01 per share. The warrants were exercisable within two business days of issuance and were immediately exercised. The Company allocated the total financing proceeds using the with-and-without method, whereby the SAFEs, which are measured at fair value on a recurring basis, were initially recorded at fair value, and the residual proceeds were allocated to the warrants and recorded in additional paid-in capital. Refer to Note 9 for additional information regarding warrants to purchase common stock. The fair value estimate of SAFEs includes significant inputs not observable in market, which represents a Level 3 measurement within the fair value hierarchy. The Company estimates fair value using a probability-weighted scenario analysis combined with a Black-Scholes option pricing model. Under this approach, three potential settlement outcomes are modeled for each SAFE: (i) an equity financing, in which the SAFEs automatically convert into shares of redeemable convertible preferred stock at a price based on the lower of the price per share paid by new investors or the price implied by the applicable post-money valuation cap; (ii) a liquidity event, in which the SAFEs convert into the greater of the cash-out amount (the original purchase amount) or the amount payable on the number of shares of common stock equal to the purchase amount divided by the liquidity price; and (iii) a dissolution event, in which SAFE holders receive a pro rata portion of remaining proceeds, subject to the liquidation priority provisions of the SAFE agreements. The fair value of each scenario comprises the present value of the bond-like payoff component plus the value of an embedded call option representing incremental equity upside above the SAFE conversion price. The scenario values are then probability-weighted to arrive at the indicated fair value for each SAFE series. <p id="xdx_890_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_hus-gaap--FairValueByLiabilityClassAxis__custom--SAFELiabilitiesMember_zvbOPXQmWDd4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The significant inputs used in the Level 3 fair value measurement of the SAFEs are as follows: Schedule of Significant Inputs Used in Fair Value Measurement <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_492_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zjpVbsELdqSc" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_499_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zwtdeAk5EOG6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_40D_eus-gaap--EquityFairValueDisclosure_iI_zLdGe5mFGGr1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: justify">Equity value</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">111,800</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">30,601</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Volatility</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90F_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zflZmQQws0pf" title="Measurement input">32.0% - <span id="xdx_90C_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zJYLCP6AG2l8" title="Measurement input">32.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90B_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zPCLsdNKZiMg" title="Measurement input">33.5% - <span id="xdx_905_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zKZXI1KUSpkb" title="Measurement input">36.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Discount rate</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_908_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zNffUBWL5443" title="Measurement input">3.8% - <span id="xdx_907_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zDZVKJYUVXof" title="Measurement input">9.2</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90F_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zBixxWlevtbk" title="Measurement input">5.2% - <span id="xdx_90E_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zDMZiQZ9unbg" title="Measurement input">8.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Expected term to event (in years)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_906_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zBoWgKvymg6i" title="Measurement input">0.13 - <span id="xdx_905_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zI4AVWQ3hTX5" title="Measurement input">0.75</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90A_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zdL9qCN3SmVe" title="Measurement input">1.0 - <span id="xdx_90C_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zGirenII0oJe" title="Measurement input">1.75</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Probability of equity financing</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_900_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfEquityFinancingMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zNImACRa9vu" title="Measurement input">85.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_908_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfEquityFinancingMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zuv6V9H49Bj8" title="Measurement input">75.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Probability of liquidity event</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_907_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfLiquidityEventMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zWZcIJuUXl7j" title="Measurement input">12.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_902_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfLiquidityEventMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zSlH5OvMz9bb" title="Measurement input">15.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Probability of dissolution event</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_905_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfDissloutionEventMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_znHZqWGp77Bk" title="Measurement input">2.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_907_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfDissloutionEventMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zZl5jdgOGfg8" title="Measurement input">10.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> </table> Equity value: The fair value of the Company’s equity as of December 31, 2024 was estimated at approximately $30.6 million based on a third party valuation. The fair value of the Company’s equity as of December 31, 2025 was estimated at approximately $111.8 million, based on the anticipated Series A financing (see Note 16). This equity value was allocated across the Company’s fully diluted capitalization to derive implied per-share values used in measuring the fair value of the Company’s SAFEs, convertible promissory notes, and warrant liabilities. Volatility: Equity volatility was estimated using a structural credit model, which derives implied asset volatility from publicly traded comparable companies in the aerospace and defense industry and adjusts for the Company’s capital structure. The narrower range and modest decline from December 31, 2024 to December 31, 2025 reflect the significantly shortened expected terms to the anticipated settlement events as of December 31, 2025. Discount rate. The discount rate applied to the bond-like payoff component of each SAFE was determined through a calibration approach. The calibrated rate is adjusted for changes in market credit conditions as indicated by movements in selected effective yield indices. The range of discount rates reflects the different credit characteristics implied at each series’ respective calibration date and subsequent market conditions. Expected term and scenario probabilities: The expected timing of each settlement event and the assigned probability weights are based on management’s assessment of the Company’s most likely path, informed by the status of ongoing financing activities, market conditions, and the Company’s financial position. As of December 31, 2025, management assigned an <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20250101__20251231_zY4GfChsxOCc" title="Expected volatility rate">85% probability to an equity financing expected to close by February 15, 2026, reflecting the advanced stage of the Company’s Series A preferred stock financing, compared to a <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20240101__20241231_zG57ILO9JIC1" title="Expected volatility rate">75% probability assigned as of December 31, 2024 for an equity financing expected by December 31, 2025. The probability of a dissolution event decreased from 10.0% to 2.5%, reflecting the near-term availability of capital through the anticipated financing. The expected terms shortened significantly from December 31, 2024 to December 31, 2025, driven by the proximity of the anticipated Series A closing date. In January 2026, the Company completed a Series A preferred stock financing (see Note 16). The fair value of the SAFE liabilities as of December 31, 2025 was significantly influenced by the terms of this subsequent financing, as the equity value and scenario probabilities were informed by the expected Series A transaction price and the advanced status of that transaction as of the measurement date. Convertible promissory notes The Company’s convertible promissory notes are measured at fair value on a recurring basis and are classified within Level 3 of the fair value hierarchy under ASC 820, Fair Value Measurement, as the fair value measurements incorporate significant unobservable inputs. Refer to Note 3 for additional information regarding the Company’s accounting policy for convertible promissory notes. <p id="xdx_899_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_hus-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zMzKA9b4uB28" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following table summarizes the change in convertible promissory note fair value for the years ended December 31, 2025 and 2024 (amounts in thousands): Schedule of Change in Convertible Promissory Note of Fair Value <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_4BC_us-gaap--ShortTermDebtTypeAxis_us-gaap--ConvertibleDebtMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_zVzvKyEsSBdb" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_4B0_us-gaap--ShortTermDebtTypeAxis_custom--RelatedPartyConvertibleDebtMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_zRwKAx2NUFG" style="font-weight: bold; text-align: center">Related Party</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_4B0_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_zFBkh2WdHSs3" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Convertible</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Convertible</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Promissory</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Promissory</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Notes</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Notes</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr id="xdx_43A_c20240101__20241231_eus-gaap--ConvertibleDebtFairValueDisclosures_iS_z8iBzBE4dyCh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: justify">Balance at January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">4,433</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">386</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">4,819</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_zQ2XYYgJbBy" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,112</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">134</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,246</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RepaymentsOfConvertibleDebt_iN_pn3n3_di_zNW5AS859eR8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Repayment of interest, including $199 PIK interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(749</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(749</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--EquityFairValueAdjustment_iN_pn3n3_di_zA7INbBnde4j" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Settlements</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,068</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,068</td><td style="text-align: left">)</td></tr> <tr id="xdx_438_c20250101__20251231_eus-gaap--ConvertibleDebtFairValueDisclosures_iS_zilg5bhnNkca" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Balance at December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,728</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">520</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,248</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_zK0GHscbfNBf" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,604</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">254</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,858</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RepaymentsOfConvertibleDebt_iN_pn3n3_di_zkhuPqWTAFR2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Repayment of interest, including $92 PIK interest</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(367</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(367</td><td style="text-align: left">)</td></tr> <tr id="xdx_43A_c20250101__20251231_eus-gaap--ConvertibleDebtFairValueDisclosures_iE_zakGKDKfnHb2" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Balance at December 31, 2025</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,965</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">774</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,739</td><td style="text-align: left"> </td></tr> </table> The fair values of the convertible notes were determined using a probability-weighted scenario analysis and a Black-Scholes option pricing model for the embedded conversion feature. The valuation models four possible outcomes: (1) an equity financing event, (2) a corporate transaction, (3) repayment at maturity, and (4) dissolution. Each scenario is assigned a probability weighting based on management’s assessment of the likelihood of occurrence. Under each scenario, the bond component is valued using a discounted cash flow approach at an adjusted yield derived from the migrated market yield for similar credit rated debt instruments. The conversion feature is valued as a call option using the Black-Scholes model. <p id="xdx_897_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_hus-gaap--ShortTermDebtTypeAxis__custom--ConvertiblePromissoryNoteMember_zx8FzgEiyLqb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The significant inputs used in the Level 3 fair value measurement of convertible promissory notes are as follows: Schedule of Significant Inputs Used in Fair Value Measurement <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zrKU4CkHhOH" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zG3suRqLClb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--EquityFairValueDisclosure_iI_hus-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zjm3wbgNT8wd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Equity value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">111,800</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">30,601</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zFVnw7bIaNY8" title="Measurement input">57.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__srt--RangeAxis__srt--MinimumMember_zt6RqudC0xM6" title="Measurement input">47.0% - <span id="xdx_902_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__srt--RangeAxis__srt--MaximumMember_zwuQgUmMzCp3" title="Measurement input">54.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zDKsFZ1woXYa" title="Measurement input">20.3% - <span id="xdx_906_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zHujQEhuMjx1" title="Measurement input">35.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zhwB7qZlyh2" title="Measurement input">19.6% - <span id="xdx_905_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zKmBQXhIzeF3" title="Measurement input">34.8</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Expected term to event (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zXJtTAKpRDi8" title="Measurement input">0.13 - <span id="xdx_90F_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zoJ44PA3x7F5" title="Measurement input">0.83</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zsEK18fJi7V2" title="Measurement input">1.0 - <span id="xdx_907_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zyRxBfceF0ra" title="Measurement input">1.83</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Probability of equity financing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfEquityFinancingMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zyTuKJCZvaQa" title="Measurement input">85.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfEquityFinancingMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z8vX3dKom4Gd" title="Measurement input">75.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Probability of corporate transaction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfCorporateTransactionMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z34okNhkmq77" title="Measurement input">10.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfCorporateTransactionMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zJTxDUBdnyai" title="Measurement input">10.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Probability of maturity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputMaturityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zvnaFf5qUBxj" title="Measurement input">2.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputMaturityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zqSy37Qp9gB8" title="Measurement input">5.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Probability of dissolution</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfDissloutionEventMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zl786LDY2w4b" title="Measurement input">2.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfDissloutionEventMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zbp1ykMzxp3a" title="Measurement input">10.0</td><td style="text-align: left">%</td></tr> </table> Equity value: The fair value of the Company’s equity as of December 31, 2024 was estimated at approximately $30.6 million based on a third party valuation. The fair value of the Company’s equity as of December 31, 2025 was estimated at approximately $111.8 million, based on the anticipated Series A financing (see Note 16). This equity value was allocated across the Company’s fully diluted capitalization to derive implied per-share values used in measuring the fair value of the Company’s SAFEs, convertible promissory notes, and warrant liabilities. Volatility: the expected equity volatility was estimated using structural credit model applied to a group of comparable publicly traded aerospace and defense companies. The analysis selects the implied asset volatility of the comparable group, which is then converted to equity volatility using the Company’s capital structure and leverage. The increase year-over-year reflects higher observed volatility among the comparable company set and the Company’s capital structure. Discount rate: the discount rate represents an adjusted yield derived from the migrated market yield for selected effective yield indices, adjusted from each note’s issuance date to the respective valuation date. The range across notes reflects different issuance dates and corresponding initial market yields at inception for each note. Expected term and scenario probabilities: the expected timing of each settlement event and the assigned probability weights are based on management’s assessment of the Company’s most likely path, informed by the status of ongoing financing activities, market conditions, and the Company’s financial position. As of December 31, 2025, management assigned an <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20250101__20251231__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleNotesPayableMember_zjrB5N4PsQ26" title="Expected volatility rate">85% probability to an equity financing expected to close by February 15, 2026, reflecting the advanced stage of the Company’s Series A preferred stock financing, compared to a <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20240101__20241231__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleNotesPayableMember_z6sZHTw1uvkl" title="Expected volatility rate">75% probability assigned as of December 31, 2024 for an equity financing expected by December 31, 2025. The probability of a dissolution event decreased from <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20240101__20241231__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleNotesPayableMember_z5H1C2lQPAT7" title="Probability percentage">10.0% to <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20250101__20251231__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleNotesPayableMember_zeFLHO1je9sh" title="Probability percentage">2.5%, reflecting the near-term availability of capital through the anticipated financing. The expected terms shortened significantly from December 31, 2024 to December 31, 2025, driven by the proximity of the anticipated Series A closing date (see Note 16). Warrant liabilities <p id="xdx_891_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_hus-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zAKLLW0NeHCd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following table summarizes the change in liability-classified warrant fair value for the years ended December 31, 2025 and 2024 (amounts in thousands): Schedule of Change in Liability Classified Warrant Fair Value <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_4B4_us-gaap--StatementEquityComponentsAxis_custom--WarrantLiabilitiesMember_zqENEFCYokW9" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_4B6_us-gaap--StatementEquityComponentsAxis_custom--RelatedPartyWarrantLiabilitiesMember_z36GGONSyIZj" style="font-weight: bold; text-align: center">Related Party</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_4BD_us-gaap--StatementEquityComponentsAxis_us-gaap--WarrantMember_z7AAY5rxspak" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Warrant</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Warrant</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr id="xdx_43C_c20240101__20241231_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_zQQD6M4VZuXc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: justify">Balance at January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">817</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">107</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">924</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_zTmCHgTjHkHf" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">87</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ChangeInClassificationToEquity_iN_pn3n3_di_zBCdCSAdD1ih" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Change in classification to equity</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(62</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(62</td><td style="text-align: left">)</td></tr> <tr id="xdx_436_c20250101__20251231_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_z1CFUdnGX1hh" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Balance at December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">830</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">119</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">949</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_zyPsAV877TV2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Change in fair value</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,859</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">126</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,985</td><td style="text-align: left"> </td></tr> <tr id="xdx_431_c20250101__20251231_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_za1PU6DYtl24" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Balance at December 31, 2025</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,689</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">245</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,934</td><td style="text-align: left"> </td></tr> </table> The Company’s liability-classified warrants are measured at fair value on a recurring basis and are classified within Level 3 of the fair value hierarchy under ASC 820. The fair values of the warrant liabilities were determined using an intrinsic value method. The warrants entitle the holders to a variable number of shares of common stock equal to a specified percentage of the Company’s fully diluted capitalization; accordingly, the fair value of each warrant is computed as the product of the indicated number of warrant shares (based on the applicable equity ownership percentage and the fully diluted capitalization at the measurement date) and the concluded common stock value per share at that date. <p id="xdx_89B_ecustom--FairValueLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_hus-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zc4BaUrLpCRj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The significant inputs used in the Level 3 fair value measurement of the warrant liabilities are as follows: Schedule of Significant Inputs Used in Fair Value Measurement of Warrant Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z6ncHlfUQQq9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zf5vPnhfJG5k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--EquityFairValueDisclosure_iI_hus-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zJL87391meSl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Equity value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">111,800</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">30,601</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--SharesIssued_iI_hus-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zAUINSXIP6S7" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Fully diluted capitalization (shares)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,013,152</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,820,109</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Equity ownership percentage (per warrant)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MinimumMember_ziJcRWBOeje2" title="Measurement input">0.5% - <span id="xdx_90B_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_zF9tLykmueL6" title="Measurement input">6.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MinimumMember_zI9nf9W7ciC9" title="Measurement input">0.5% - <span id="xdx_90D_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_zYSYuWpGIYCi" title="Measurement input">6.0</td><td style="text-align: left">%</td></tr> </table> Equity value: The fair value of the Company’s equity as of December 31, 2024 was estimated at approximately $30.6 million based on a third party valuation. The fair value of the Company’s equity as of December 31, 2025 was estimated at approximately $<span id="xdx_906_eus-gaap--DebtInstrumentIncreaseAccruedInterest_pn5n6_c20250101__20251231__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleNotesPayableMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zerd4yQZKVh" title="Accrued interest">111.8 million, based on the anticipated Series A financing (see Note 16). This equity value was allocated across the Company’s fully diluted capitalization to derive implied per-share values used in measuring the fair value of the Company’s SAFEs, convertible promissory notes, and warrant liabilities. Fully diluted capitalization: the Company’s fully diluted capitalization reflects the number of shares issuable upon the exercise or conversion of outstanding convertible securities as of the valuation date. Equity ownership percentage: the equity ownership percentage is contractually stated within each convertible note purchase agreement

<p id="xdx_898_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_znUqN8iVBcMi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis (amounts in thousands): Schedule of Company’s Assets and Liabilities Measured at Fair Value on Recurring Basis <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_49D_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zs7zEM3ahHS4" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Level 1</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_49B_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zf1bPADjZwW" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Level 2</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_496_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zReUaW0DGkbf" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Level 3</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_495_20251231_zxTwsMm7Sn98" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total Fair Value</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Level 1</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Level 2</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Level 3</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total Fair Value</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesFairValueDisclosureAbstract_iB_z0fdpMmdyNBg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Liabilities:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_zpbFek8qIe4d" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 44%; text-align: justify">Convertible promissory notes</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">5,739</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">5,739</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisObligations_iI_pn3n3_z9oajZ20tcgl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify">Warrant liabilities</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,934</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,934</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--FairValueMeasuredOnRecurringBasisSAFELiabilities_iI_pn3n3_zxdzAe2jxyQg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify">SAFE liabilities</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,109</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,109</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LiabilitiesFairValueDisclosure_iI_pn3n3_zKd7ViOyutoi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Total liabilities</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">18,782</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">18,782</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zMGH8VIWbWY8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zjI1j9qhRs63" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z65TzNReWnA3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20241231_zo1HF4QCbbzg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesFairValueDisclosureAbstract_iB_zA6Gy27ohye8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Liabilities:</td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr id="xdx_400_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_zC3moNozk5Nc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 44%; text-align: justify">Convertible promissory notes</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4,248</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4,248</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisObligations_iI_pn3n3_zUGK5CbZG6Ma" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Warrant liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">949</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">949</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--FairValueMeasuredOnRecurringBasisSAFELiabilities_iI_pn3n3_zhaYOtmuIhqc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1pt">SAFE liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,673</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,673</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LiabilitiesFairValueDisclosure_iI_pn3n3_zni4pGoEb9Of" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,870</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,870</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

5739000

2934000

10109000 10109000

18782000

4248000

949000

7673000 7673000

12870000

<p id="xdx_89E_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zCqTIJEPG6Kc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following table summarizes the change in SAFE fair value for the years ended December 31, 2025 and 2024 (amounts in thousands): Schedule of Change in Fair Value <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_4B7_us-gaap--FairValueByLiabilityClassAxis_custom--SAFELiabilitiesMember_zJj5ZOr0ff24" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_4B3_us-gaap--FairValueByLiabilityClassAxis_custom--RelatedPartySAFELiabilitiesMember_zhJfz30Q7Gek" style="font-weight: bold; text-align: center">Related Party</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_4BE_zhjDtwfsasf1" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">SAFE</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">SAFE</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liabilities</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr id="xdx_434_c20240101__20241231_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_zRHhZK1OrBnf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: justify">Balance at January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,375</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">133</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,508</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AssetsFairValueAdjustment_zQIfna3gbQOe" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Issuance of SAFES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,557</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,057</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_zhYSfshPSOZe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Change in fair value</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">993</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">115</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,108</td><td style="text-align: left"> </td></tr> <tr id="xdx_43E_c20250101__20251231_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_zDQa7iiiuM2h" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Balance at December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,925</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,748</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,673</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AssetsFairValueAdjustment_zv5MNsV4QRx9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Issuance of SAFES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">655</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,940</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,595</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LiabilitiesFairValueAdjustment_pn3n3_zlKmOA08GMX2" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Change in fair value</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(986</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(173</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,159</td><td style="text-align: left">)</td></tr> <tr id="xdx_432_c20250101__20251231_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_zdCCDlUuHaxg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Balance at December 31, 2025</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,594</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,515</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,109</td><td style="text-align: left"> </td></tr> </table>

3375000

133000

3508000

1557000

1500000

3057000

993000

115000

1108000

5925000

1748000

7673000

655000

2940000

3595000

-986000

-173000

-1159000

5594000

4515000

10109000

0.01

<p id="xdx_890_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_hus-gaap--FairValueByLiabilityClassAxis__custom--SAFELiabilitiesMember_zvbOPXQmWDd4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The significant inputs used in the Level 3 fair value measurement of the SAFEs are as follows: Schedule of Significant Inputs Used in Fair Value Measurement <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_492_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zjpVbsELdqSc" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_499_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zwtdeAk5EOG6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_40D_eus-gaap--EquityFairValueDisclosure_iI_zLdGe5mFGGr1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: justify">Equity value</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">111,800</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">30,601</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Volatility</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90F_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zflZmQQws0pf" title="Measurement input">32.0% - <span id="xdx_90C_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zJYLCP6AG2l8" title="Measurement input">32.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90B_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zPCLsdNKZiMg" title="Measurement input">33.5% - <span id="xdx_905_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zKZXI1KUSpkb" title="Measurement input">36.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Discount rate</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_908_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zNffUBWL5443" title="Measurement input">3.8% - <span id="xdx_907_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zDZVKJYUVXof" title="Measurement input">9.2</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90F_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zBixxWlevtbk" title="Measurement input">5.2% - <span id="xdx_90E_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zDMZiQZ9unbg" title="Measurement input">8.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Expected term to event (in years)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_906_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zBoWgKvymg6i" title="Measurement input">0.13 - <span id="xdx_905_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zI4AVWQ3hTX5" title="Measurement input">0.75</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90A_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zdL9qCN3SmVe" title="Measurement input">1.0 - <span id="xdx_90C_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zGirenII0oJe" title="Measurement input">1.75</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Probability of equity financing</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_900_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfEquityFinancingMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zNImACRa9vu" title="Measurement input">85.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_908_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfEquityFinancingMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zuv6V9H49Bj8" title="Measurement input">75.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Probability of liquidity event</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_907_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfLiquidityEventMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zWZcIJuUXl7j" title="Measurement input">12.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_902_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfLiquidityEventMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zSlH5OvMz9bb" title="Measurement input">15.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Probability of dissolution event</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_905_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfDissloutionEventMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_znHZqWGp77Bk" title="Measurement input">2.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_907_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfDissloutionEventMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zZl5jdgOGfg8" title="Measurement input">10.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> </table>

111800000

30601000

0.320

0.325

0.335

0.365

0.038

0.092

0.052

0.085

0.13

0.75

1.0

1.75

0.850

0.750

0.125

0.150

0.025

0.100

30600000

111800000

0.85

0.75

0.100

0.025

4433000

386000

4819000

1112000

134000

1246000

749000

1068000

3728000

520000

4248000

1604000

254000

1858000

367000

4965000

774000

5739000

<p id="xdx_897_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_hus-gaap--ShortTermDebtTypeAxis__custom--ConvertiblePromissoryNoteMember_zx8FzgEiyLqb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The significant inputs used in the Level 3 fair value measurement of convertible promissory notes are as follows: Schedule of Significant Inputs Used in Fair Value Measurement <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zrKU4CkHhOH" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zG3suRqLClb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--EquityFairValueDisclosure_iI_hus-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zjm3wbgNT8wd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Equity value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">111,800</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">30,601</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zFVnw7bIaNY8" title="Measurement input">57.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__srt--RangeAxis__srt--MinimumMember_zt6RqudC0xM6" title="Measurement input">47.0% - <span id="xdx_902_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__srt--RangeAxis__srt--MaximumMember_zwuQgUmMzCp3" title="Measurement input">54.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zDKsFZ1woXYa" title="Measurement input">20.3% - <span id="xdx_906_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zHujQEhuMjx1" title="Measurement input">35.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zhwB7qZlyh2" title="Measurement input">19.6% - <span id="xdx_905_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zKmBQXhIzeF3" title="Measurement input">34.8</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Expected term to event (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zXJtTAKpRDi8" title="Measurement input">0.13 - <span id="xdx_90F_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zoJ44PA3x7F5" title="Measurement input">0.83</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zsEK18fJi7V2" title="Measurement input">1.0 - <span id="xdx_907_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zyRxBfceF0ra" title="Measurement input">1.83</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Probability of equity financing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfEquityFinancingMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zyTuKJCZvaQa" title="Measurement input">85.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfEquityFinancingMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z8vX3dKom4Gd" title="Measurement input">75.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Probability of corporate transaction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfCorporateTransactionMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z34okNhkmq77" title="Measurement input">10.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfCorporateTransactionMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zJTxDUBdnyai" title="Measurement input">10.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Probability of maturity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputMaturityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zvnaFf5qUBxj" title="Measurement input">2.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputMaturityMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zqSy37Qp9gB8" title="Measurement input">5.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Probability of dissolution</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfDissloutionEventMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zl786LDY2w4b" title="Measurement input">2.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfDissloutionEventMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zbp1ykMzxp3a" title="Measurement input">10.0</td><td style="text-align: left">%</td></tr> </table>

111800000

30601000

0.570

0.470

0.540

0.203

0.355

0.196

0.348

0.13

0.83

1.0

1.83

0.850

0.750

0.100

10.0

0.025

0.050

0.025

0.100

111800000

0.85

0.75

0.100

0.025

817000

107000

924000

75000

12000

87000

62000 62000

830000

119000

949000

1859000

126000

1985000

2689000

245000

2934000

<p id="xdx_89B_ecustom--FairValueLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_hus-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zc4BaUrLpCRj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The significant inputs used in the Level 3 fair value measurement of the warrant liabilities are as follows: Schedule of Significant Inputs Used in Fair Value Measurement of Warrant Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z6ncHlfUQQq9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zf5vPnhfJG5k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--EquityFairValueDisclosure_iI_hus-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zJL87391meSl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Equity value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">111,800</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">30,601</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--SharesIssued_iI_hus-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zAUINSXIP6S7" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Fully diluted capitalization (shares)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,013,152</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,820,109</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Equity ownership percentage (per warrant)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MinimumMember_ziJcRWBOeje2" title="Measurement input">0.5% - <span id="xdx_90B_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_zF9tLykmueL6" title="Measurement input">6.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MinimumMember_zI9nf9W7ciC9" title="Measurement input">0.5% - <span id="xdx_90D_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_zYSYuWpGIYCi" title="Measurement input">6.0</td><td style="text-align: left">%</td></tr> </table>

111800000

30601000

20013152000

18820109000

0.005

0.060

0.005

0.060

30600000

111800000

8. Convertible Promissory Notes Secured Promissory Notes During the period from September through December 2023, the Company issued four convertible promissory notes to various investors for aggregate principal borrowings of $4.8 million, all of which remain outstanding as of December 31, 2025. One of the four notes, with an initial principal balance of $<span id="xdx_90D_eus-gaap--DebtConversionConvertedInstrumentAmount1_pn5n6_c20260101__20260331__us-gaap--DebtInstrumentAxis__custom--SecuredPromissoryNotesMember_zNjgwbWyKiTj" title="Initial principal balance">0.5 million, was issued to TVC Momentum Fund I, LP (“TVC”), an entity affiliated with a member of the Company’s Board of Directors and therefore considered a related party. Each note bears interest at <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20251231__us-gaap--DebtInstrumentAxis__custom--SecuredPromissoryNotesMember_zdDRnEWAna26" title="Debt interest rate">18% per annum, is a senior secured obligation of the Company ranking pari passu with the other notes, and matures on October 31, 2026. Three of such notes, inclusive of the TVC note, accrue interest on a payment-in-kind (“PIK”) basis, with interest compounded monthly and added to the outstanding note balance; one note requires cash interest payments on a monthly basis. As the convertible notes are measured at fair value under the fair value option, see below, interest is not separately presented but is reflected as a component of the change in fair value of convertible promissory notes in the accompanying statements of operations. Each note is convertible into shares of common stock at a conversion price equal to the lower of (a) $100.0 million divided by the Company’s Fully Diluted Capitalization, or (b) the price per share paid by investors in a Next Equity Financing, subject to minimum ownership floors ranging from <span id="xdx_905_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20251231__us-gaap--DebtInstrumentAxis__custom--SecuredPromissoryNotesMember__srt--RangeAxis__srt--MinimumMember_zzy1SiNj5zAe" title="Debt interest rate">0.25% to <span id="xdx_905_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20251231__us-gaap--DebtInstrumentAxis__custom--SecuredPromissoryNotesMember__srt--RangeAxis__srt--MaximumMember_zt8KeOxQGtHk" title="Debt interest rate">3.00%. The notes convert automatically upon a Corporate Transaction or Initial Public Offering, and at maturity the lender may elect to convert or receive cash payment. In connection with the issuance of each note, the Company also issued warrants to the respective lenders (see Note 9). Due to certain embedded features within the convertible notes that would require potential bifurcation, the Company elected to account for the convertible notes under the fair value option pursuant to ASC 825, to which changes in fair value, inclusive of stated interest, are recorded through the accompanying statements of operations. As of December 31, 2025 and 2024, the aggregate estimated fair value of the four outstanding convertible promissory notes was $5.7 million and $4.2 million, respectively. The aggregate unpaid principal balance of the convertible promissory notes, inclusive of accumulated PIK interest, was approximately $5.4 million and $4.9 million as of December 31, 2025 and 2024, respectively. As of December 31, 2025, the aggregate fair value exceeded the aggregate unpaid principal balance by approximately $0.3 million. As of December 31, 2024, the aggregate fair value was less than the aggregate unpaid principal balance by approximately $0.7 million. Refer to Note 7 for additional information regarding the fair value measurement of the convertible promissory notes. Default In February 2025, the Company failed to make required interest payments within the five business day contractual cure period, constituting an Event of Default under the terms of two note agreements. While the Company subsequently cured the February 2025 payments, it ceased making cash interest payments beginning in August 2025. The Event of Default remained outstanding and uncured as of December 31, 2025. Under the terms of these notes, upon an Event of Default, the contractual interest rate increases to the maximum legally permitted rate in the State of Delaware until all Events of Default have been cured. During the year ended December 31, 2025, the Company incurred $0.2 million of incremental default interest. As the note is measured at fair value under the fair value option, the default interest and the effects of the modified default interest rate are reflected as a component of the change in fair value of the convertible promissory note in the accompanying statements of operations rather than as a separate interest expense line item. In addition, the Event of Default entitled the holders to additional warrants to purchase shares of common stock equal to <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zxrwqCnSgy1l" title="Debt interest rate">1.0% and <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20251231__us-gaap--DebtInstrumentAxis__custom--SecuredPromissoryNotesMember__srt--RangeAxis__srt--MaximumMember_zsKmu4M53jEl" title="Debt interest rate">3.0%, respectively, of the Company’s fully diluted capitalization, without cash consideration (the “Default Warrants”). Refer to Note 9 for further information. Unsecured Promissory Note On June 16, 2023, the Company issued a $1.0 million unsecured convertible promissory note (the “Unsecured Promissory Note”) bearing interest at 15% per annum with a maturity date of May 16, 2024. The Company elected the FVO for the Unsecured Promissory Note at issuance. On May 14, 2024, the Unsecured Promissory Note was converted in its entirety into <span id="xdx_907_ecustom--IssuanceOfRedeemableConvertiblePreferredStockAndCommonStockUponConversionOfPromissoryNoteShares_c20240514__20240514__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--RedeemableConvertiblePreferredStockMember_znFt4ZEy7rNd" title="Issuance of redeemable convertible preferred stock and common stock upon conversion of promissory note, shares">132,097 shares of Series Seed-I Preferred Stock and <span id="xdx_90B_ecustom--IssuanceOfRedeemableConvertiblePreferredStockAndCommonStockUponConversionOfPromissoryNoteShares_c20240514__20240514_zpdIaIynnCPj" title="Issuance of redeemable convertible preferred stock and common stock upon conversion of promissory note, shares">66,049 shares of common stock pursuant to a Stock Issuance Agreement that modified the original conversion terms. The Company recognized a gain on extinguishment of $0.2 million in conjunction with the modification. In connection with the issuance of the Unsecured Promissory Note in June 2023, the Company issued a warrant entitling the holder to purchase a number of shares equal to 50% of the shares issuable upon conversion of the note (the “Unsecured Promissory Note Warrant”). At issuance, the number of shares underlying the Unsecured Promissory Note Warrant was variable because the settlement amount was based on a percentage of shares issued upon conversion rather than a fixed number of shares. As a result, the Unsecured Promissory Note Warrant was not considered indexed to the Company’s own stock under ASC 815-40-15, which precluded equity classification. The Unsecured Promissory Note Warrant was accordingly classified as a liability and measured at fair value, with changes in fair value recognized in earnings. Upon conversion of the Unsecured Promissory Note on May 14, 2024, the number of shares underlying the Unsecured Promissory Note Warrant became fixed at <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20240514__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember_zGLJERBr1zBh">99,072 shares of common stock. Because the exercise shares were no longer variable, the Note Warrant met the conditions for equity classification and was reclassified from a liability to equity at its then-current fair value of $0.1 million. In April 2026, the Unsecured Promissory Note Warrant was cancelled for no consideration.

4800000

500000

0.18

100000000.0

0.0025

0.0300

5700000

4200000

5400000

4900000

300000

700000

200000

0.010

0.030

1000000.0

0.15

132097 66049

200000

99072

100000

9. Warrants to Purchase Common Stock Common stock warrants are accounted for in accordance with ASC 815, Derivatives and Hedging - Contracts in Entity’s Own Equity, as either derivative liabilities or equity instruments depending on the specific terms of the warrant agreement. In connection with the issuance of four convertible promissory notes during the year ended December 31, 2023 (see Note 8) (the “Convertible Note Warrants”), the Company issued warrants to each respective noteholder entitling them to receive a variable number of shares of common stock equal to a specified percentage (ranging from <span id="xdx_90C_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MinimumMember_z1cW0ZabOkgi" title="Measurement input">0.5% to <span id="xdx_903_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_z5bmE3vbotE9" title="Measurement input">6.0%) of the Company’s fully diluted capitalization, exercisable without cash consideration, each expiring on the 10-year anniversary of its issuance date. One of the four Convertible Note Warrants was issued to TVC, a related party (see Note 8). Each warrant must be exercised in whole upon full mandatory conversion of the related convertible note and contains only standard anti-dilution adjustments. The convertible note warrants are freestanding financial instruments not within the scope of ASC 480. As the convertible note warrants fail the indexation test, they are precluded from equity classification and are classified as liabilities under ASC 815-40 and measured at fair value each reporting period with changes recognized in the statements of operations. Default Warrants As discussed in Note 8, the Event of Default under the Company’s convertible notes entitled the holders to additional warrants to purchase shares of common stock equal to 1.0% and 3.0%, respectively, of the Company’s fully diluted capitalization. As of December 31, 2025, the Default Warrants had not yet been issued; however, the Company’s obligation to issue the warrants had been triggered by the uncured Event of Default. Because the Default Warrants, as contemplated under the note agreements, entitled the holders to a variable number of shares based on a fixed percentage of the Company’s fully diluted capitalization, the warrant obligation failed the indexation criteria under ASC 815-40 and was classified as a liability measured at fair value. The Company recognized the fair value of the Default Warrant obligation of $1.0 million as a component of the change in fair value of warrant liabilities in the accompanying statements of operations for the year ended December 31, 2025. The Company issued <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--DefaultWarrantsMember_zPb8lQLJ9pV9" title="Default warrants">870,164 default warrants in January 2026 in conjunction with the Series A financing (see Note 16). Pre-funded Warrants In connection with certain 2025 SAFE financings (refer to Note 10), the Company issued pre-funded warrants to purchase an aggregate of <span id="xdx_904_ecustom--ExerciseOfPrefundedWarrantsShares_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zcSOAxnNvlf8" title="Excercise of pre-funded warrants, shares">694,673 shares of common stock at a nominal exercise price of $<span id="xdx_909_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20251231__us-gaap--StatementEquityComponentsAxis__custom--PreFundWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__custom--ServiceProviderMember_zCsiPfQxDYbd" title="Sale of common stock, price per share">0.01 per share, in two tranches in April 2025 to entities affiliated with Type One Ventures, a related party (the “Pre-funded Warrants”.) The pre-funded warrants were exercisable for a period of two business days from the respective dates of issuance and contained standard anti-dilution adjustments. The pre-funded warrants do not meet the definition of a derivative under ASC 815 because the initial net investment approximated the value of the underlying shares due to the pre-funded nature of the instruments. Accordingly, the Company evaluated the pre-funded warrants as hybrid instruments containing embedded written call options under ASC 815-40 and concluded that they are indexed to the Company’s own stock and meet the equity classification requirements. Warrants outstanding and warrant activity (reflects the number of common shares as if the warrants were converted to common stock) for the year ended December 31, 2025 is as follows: Schedule of Warrant Outstanding and Warrant Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Description</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Classification</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercise Price</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expiration Date</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Balance December 31, 2024</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Issued</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Exercised</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Expired</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Adjustments (i)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Balance December 31, 2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 9%; text-align: center">Secured Promissory Note Warrants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: center"> </td><td style="width: 7%; text-align: center">Liability</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--SecuredPromissoryNoteWarrantsMember_zOgMqL4hmI" title="Exercise Price">0.01</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 8%; text-align: center"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember_zeAgmcgV4qLd" title="Expiration Date">11/24/2033</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zIcj6rQCpLW5" title="Balance, beginning">1,411,508</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_d0_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zLVOAS95frGk" title="Warrants Issued">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_d0_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_z5AtXNRgBFBe" title="Warrants Exercised">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_d0_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zTV6RVDGbYc9" title="Warrants Expired">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zxHziS1a0R9f" title="Adjustments">89,478</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zYFp0VTBCHK8" title="Balance, ending">1,500,986</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">Secured Promissory Note Warrants</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">Liability</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--SecuredPromissoryNoteWarrantsMember_z6T5w7KeVT39" title="Exercise Price">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsOneMember_zrG3a6uLjbMb" title="Expiration Date">12/5/2033</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zrb8lGTirXad" title="Balance, beginning">94,101</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_d0_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zEMJi8UEhnyh" title="Warrants Issued">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_d0_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zq4WVZGputo2" title="Warrants Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_d0_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_z2otOhBeiN6i" title="Warrants Expired">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zUMAbCoX9iR1" title="Adjustments">5,965</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zKlUQcP1QMWk" title="Balance, ending">100,066</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">Default Warrants</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">Liability</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember_zC5AFoPWMAkb" title="Expiration Date">11/24/2033</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zXdgoOX4Wqi4" title="Balance, beginning">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zlvGyXVLAgX5" title="Warrants Issued">600,395</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_z2f8nmPkZyM6" title="Warrants Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zX7h4dhKKDel" title="Warrants Expired">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zIkU0hGuAO05" title="Adjustments">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_za5pHB0pwrRb" title="Balance, ending">600,395</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">Default Warrants</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">Liability</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsOneMember_zn4C8ijmcKl5" title="Expiration Date">12/5/2033</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zbL2FT07Qi6g" title="Balance, beginning">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zOJzTF1uO6U8" title="Warrants Issued">200,131</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zAM9dVMUL853" title="Warrants Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zGuZ5VJRBDKb" title="Warrants Expired">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_ziBIuQuHp5Ia" title="Adjustments">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zN463EKGYk2h" title="Balance, ending">200,131</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">Pre-funded warrants</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">Equity</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(ii)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--PreFundWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zg6vx6Y9cs5e" title="Balance, beginning">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--PreFundWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zhGlRTIIUvy6" title="Warrants Issued">694,673</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_pid_di_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--PreFundWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zawIHPVpIB3d" title="Warrants Exercised">(694,673</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--PreFundWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zuXeQApOLZra" title="Warrants Expired">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--PreFundWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zgIQ9AXKUz99" title="Adjustments">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--PreFundWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zLmMAM6psH39" title="Balance, ending">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt">Unsecured Promissory Note Warrants</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center">Equity</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td style="padding-bottom: 1pt; text-align: right"><span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--UnsecuredPromissoryNoteWarrantsMember_zDm5eRcWeDvb" title="Exercise Price">0.00</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember_zuiKhMn26zXf" title="Expiration Date">8/24/2034</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zxRavNIHnq25" title="Balance, beginning">99,072</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_d0_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zjVAbZNR1Scg" title="Warrants Issued">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_d0_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zO5H3VRpAYG3" title="Warrants Exercised">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_d0_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zTtAj0M94Ud4" title="Warrants Expired">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_d0_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zpMOR7r0K6r2" title="Adjustments">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_z8Ba63Gaa65k" title="Balance, ending">99,072</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20250101__20251231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zP6ATH2RwcLl" title="Balance, beginning">1,604,681</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20250101__20251231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zOPmiQUCBF8k" title="Warrants Issued">1,495,199</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_pid_di_c20250101__20251231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zMt9PEWM4dHl" title="Warrants Exercised">(694,673</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_d0_c20250101__20251231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_ztdl96NrVjAe" title="Warrants Expired">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_c20250101__20251231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zdFqBAulnU99" title="Adjustments">95,443</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20250101__20251231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zFR3FcOpWvy9" title="Balance, ending">2,500,650</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(i)</td><td style="text-align: justify">Reflects changes in estimated shares issuable due to changes in the Company’s fully diluted capitalization from December 31, 2024 to December 31, 2025. The Secured Promissory Note Warrants entitle holders to a specified percentage of fully diluted equity rather than a fixed number of shares.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(ii)</td><td style="text-align: justify">Pre-funded warrants were exercisable for two business days from date of issuance and were immediately exercised upon issuance.</td> </tr></table>

0.005

0.060

0.010

0.030

1000000.0

870164

694673

0.01

Schedule of Warrant Outstanding and Warrant Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Description</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Classification</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercise Price</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expiration Date</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Balance December 31, 2024</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Issued</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Exercised</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Expired</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Adjustments (i)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Balance December 31, 2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 9%; text-align: center">Secured Promissory Note Warrants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: center"> </td><td style="width: 7%; text-align: center">Liability</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--SecuredPromissoryNoteWarrantsMember_zOgMqL4hmI" title="Exercise Price">0.01</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 8%; text-align: center"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember_zeAgmcgV4qLd" title="Expiration Date">11/24/2033</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zIcj6rQCpLW5" title="Balance, beginning">1,411,508</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_d0_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zLVOAS95frGk" title="Warrants Issued">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_d0_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_z5AtXNRgBFBe" title="Warrants Exercised">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_d0_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zTV6RVDGbYc9" title="Warrants Expired">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zxHziS1a0R9f" title="Adjustments">89,478</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zYFp0VTBCHK8" title="Balance, ending">1,500,986</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">Secured Promissory Note Warrants</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">Liability</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--SecuredPromissoryNoteWarrantsMember_z6T5w7KeVT39" title="Exercise Price">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsOneMember_zrG3a6uLjbMb" title="Expiration Date">12/5/2033</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zrb8lGTirXad" title="Balance, beginning">94,101</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_d0_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zEMJi8UEhnyh" title="Warrants Issued">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_d0_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zq4WVZGputo2" title="Warrants Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_d0_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_z2otOhBeiN6i" title="Warrants Expired">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zUMAbCoX9iR1" title="Adjustments">5,965</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--SecuredPromissoryNoteWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zKlUQcP1QMWk" title="Balance, ending">100,066</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">Default Warrants</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">Liability</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember_zC5AFoPWMAkb" title="Expiration Date">11/24/2033</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zXdgoOX4Wqi4" title="Balance, beginning">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zlvGyXVLAgX5" title="Warrants Issued">600,395</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_z2f8nmPkZyM6" title="Warrants Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zX7h4dhKKDel" title="Warrants Expired">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zIkU0hGuAO05" title="Adjustments">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_za5pHB0pwrRb" title="Balance, ending">600,395</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">Default Warrants</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">Liability</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsOneMember_zn4C8ijmcKl5" title="Expiration Date">12/5/2033</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zbL2FT07Qi6g" title="Balance, beginning">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zOJzTF1uO6U8" title="Warrants Issued">200,131</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zAM9dVMUL853" title="Warrants Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zGuZ5VJRBDKb" title="Warrants Expired">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_ziBIuQuHp5Ia" title="Adjustments">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--DefaultWarrantsOneMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zN463EKGYk2h" title="Balance, ending">200,131</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">Pre-funded warrants</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">Equity</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">(ii)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--PreFundWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zg6vx6Y9cs5e" title="Balance, beginning">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--PreFundWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zhGlRTIIUvy6" title="Warrants Issued">694,673</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_pid_di_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--PreFundWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zawIHPVpIB3d" title="Warrants Exercised">(694,673</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--PreFundWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zuXeQApOLZra" title="Warrants Expired">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--PreFundWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zgIQ9AXKUz99" title="Adjustments">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--PreFundWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zLmMAM6psH39" title="Balance, ending">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt">Unsecured Promissory Note Warrants</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center">Equity</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td style="padding-bottom: 1pt; text-align: right"><span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--UnsecuredPromissoryNoteWarrantsMember_zDm5eRcWeDvb" title="Exercise Price">0.00</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember_zuiKhMn26zXf" title="Expiration Date">8/24/2034</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zxRavNIHnq25" title="Balance, beginning">99,072</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_d0_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zjVAbZNR1Scg" title="Warrants Issued">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_d0_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zO5H3VRpAYG3" title="Warrants Exercised">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_d0_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zTtAj0M94Ud4" title="Warrants Expired">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_d0_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zpMOR7r0K6r2" title="Adjustments">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--SubsidiarySaleOfStockAxis__custom--UnsecuredPromissoryNoteWarrantsMember__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_z8Ba63Gaa65k" title="Balance, ending">99,072</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20250101__20251231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zP6ATH2RwcLl" title="Balance, beginning">1,604,681</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20250101__20251231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zOPmiQUCBF8k" title="Warrants Issued">1,495,199</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_pid_di_c20250101__20251231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zMt9PEWM4dHl" title="Warrants Exercised">(694,673</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_d0_c20250101__20251231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_ztdl96NrVjAe" title="Warrants Expired">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease_pid_c20250101__20251231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_fKGkp_zdFqBAulnU99" title="Adjustments">95,443</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20250101__20251231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zFR3FcOpWvy9" title="Balance, ending">2,500,650</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(i)</td><td style="text-align: justify">Reflects changes in estimated shares issuable due to changes in the Company’s fully diluted capitalization from December 31, 2024 to December 31, 2025. The Secured Promissory Note Warrants entitle holders to a specified percentage of fully diluted equity rather than a fixed number of shares.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(ii)</td><td style="text-align: justify">Pre-funded warrants were exercisable for two business days from date of issuance and were immediately exercised upon issuance.</td> </tr></table>

0.01

2033-11-24

1411508

-0

89478

1500986

0.01

2033-12-05

94101

-0

5965

100066

0.01

2033-11-24

600395

0.01

2033-12-05

200131

0.01

694673

0.00

2034-08-24

99072

-0

99072

1604681

1495199

694673

-0

95443

2500650

10. SAFE Liabilities During the years ended December 31, 2025 and 2024, the Company issued SAFEs with an aggregate purchase amount of $3.6 million and $3.1 million, respectively, of which $2.9 million and $1.5 million, respectively, were issued to entities affiliated with Type One Ventures, a significant investor whose representative serves as a member of the Company’s Board of Directors (the “Related Party SAFE Investors”). The SAFEs provide for automatic conversion upon an equity financing and specified rights upon a liquidity or dissolution event. If there is an equity financing prior to termination of the SAFEs, each SAFE will automatically convert on the initial closing of such equity financing into a number of shares of the Company’s redeemable convertible preferred stock. For each tranche, the conversion price will be the lower of (a) the price per share paid by the new money investors in the equity financing, and (b) the SAFE price determined for that tranche in accordance with its terms, which is calculated based on the stated post-money valuation cap and the Company’s capitalization immediately prior to the financing. If a liquidity event (including a change of control, direct listing, or initial public offering) occurs prior to termination of the SAFEs, each investor will be entitled, immediately prior to such event and subject to the liquidation priority described below, to receive the greater of: (1) a cash payment equal to the purchase amount (the “cash-out amount”), or (2) the consideration payable in respect of a number of shares of common stock equal to the purchase amount divided by the “liquidity price,” which is determined by reference to the applicable post-money valuation cap for the tranche and the liquidity capitalization at the time of the event. If a dissolution event occurs prior to termination, each investor will be entitled, subject to the liquidation priority, to receive proceeds equal to the cash-out amount. The SAFEs do not bear interest, have no stated maturity date, and do not provide dividend or participation rights prior to conversion. In a liquidity or dissolution event, the SAFEs are intended to operate like non-participating convertible preferred stock with the following priority: junior to all outstanding indebtedness and other creditor claims; on par with other SAFEs and the Company’s redeemable convertible preferred stock; and senior to the Company’s common stock. The SAFEs are classified as non-current liabilities in the balance sheets based on their contractual terms and recorded at fair value under the fair value option pursuant to ASC 825. Changes in fair value are recognized in earnings within other income (expense) in the accompanying statements of operations. The Company recognized issuance costs related to the SAFEs as incurred. Refer to Note 7 for additional information regarding the fair value measurement of the SAFEs.

3600000

3100000

2900000

1500000

(1) a cash payment equal to the purchase amount (the “cash-out amount”), or (2) the consideration payable in respect of a number of shares of common stock equal to the purchase amount divided by the “liquidity price,” which is determined by reference to the applicable post-money valuation cap for the tranche and the liquidity capitalization at the time of the event. If a dissolution event occurs prior to termination, each investor will be entitled, subject to the liquidation priority, to receive proceeds equal to the cash-out amount

11. Commitments and Contingencies In the ordinary course of business, the Company may be subject to certain legal actions and claims, which may arise from time to time. The Company is not aware of any such pending legal or other proceedings that are reasonably likely to have a material impact on the Company. Notwithstanding, legal proceedings are subject to inherent uncertainties, and an unfavorable outcome could include monetary damages. Excessive verdicts can result from litigation, and as such, could result in a material adverse impact on the Company’s business, financial position, results of operations, and/or cash flows. Additionally, the Company may in the future incur judgments or enter into settlements of claims which may have a material adverse impact on the Company’s business, financial position, results of operations and/or cash flows.

12. Redeemable Convertible Preferred Stock and Stockholders’ Deficit Redeemable Convertible Preferred Stock In 2024, the Company issued 132,097 shares of Series Seed-I upon conversion of the outstanding principal balance of the Unsecured Promissory Note (see Note 8). The redeemable convertible preferred stock consisted of the following at each of December 31, 2025 and 2024 (dollar amounts in thousands): Schedule Redeemable Convertible Preferred Stock <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Authorized Shares</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Issued and Outstanding Shares</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liquidation Value</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Carrying Value</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: justify">Series Seed-I</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_z4rH9xb3Uwed" style="width: 10%; text-align: right" title="Preferred stock, shares authorized">3,202,357</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zGczlw4U5PHi" style="width: 10%; text-align: right" title="Issued and Outstanding Shares">1,375,958</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zuVMQAidUle" style="width: 10%; text-align: right" title="Liquidation Value">12,890</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zT9OUmDtNmz8" style="width: 10%; text-align: right" title="Carrying Value">8,554</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Series Seed-II</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_zM7Zgmd7DBe1" style="text-align: right" title="Preferred stock, shares authorized">1,280,902</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_zRxtmVruZGYh" style="text-align: right" title="Issued and Outstanding Shares">1,280,902</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_zEuK8kUL7S43" style="text-align: right" title="Liquidation Value">1,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_ziktiyxSM7c4" style="text-align: right" title="Carrying Value">2,600</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Series Seed-III</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_z4Ehj9zvaOq3" style="border-bottom: Black 1pt solid; text-align: right" title="Preferred stock, shares authorized">1,528,560</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_zIa9SO9poyN6" style="border-bottom: Black 1pt solid; text-align: right" title="Issued and Outstanding Shares">1,528,560</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_zdyYSPWc9l89" style="border-bottom: Black 1pt solid; text-align: right" title="Liquidation Value">4,475</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_ztv8Vv4bd3v8" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying Value">4,616</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231_zuqLwvtalpG3" style="border-bottom: Black 2.5pt double; text-align: right" title="Preferred stock, shares authorized">6,011,819</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20251231_zBlgSdV1RHki" style="border-bottom: Black 2.5pt double; text-align: right" title="Issued and Outstanding Shares">4,185,420</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20251231_zNjQsM3Cdg9j" style="border-bottom: Black 2.5pt double; text-align: right" title="Liquidation Value">18,865</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20251231_zfwwKfQLX3gi" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying Value">15,770</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The significant rights and preferences of the Series Seed-I, Series Seed-II, and Series Seed-III, redeemable convertible preferred stock (collectively, the “Preferred Stock” or “Series Seed”) are as follows: Dividends Holders of Preferred Stock are entitled to receive non-cumulative dividends at a rate of 6% of the applicable original issue price per share when and if declared by the board of directors. No dividends have been declared through December 31, 2025. Liquidation In the event of a liquidation, dissolution, winding up or deemed liquidation event of the Company, either voluntary or involuntary, holders of the Preferred Stock are entitled to receive, prior to any distribution to holders of common stock, an amount per share equal to the greater of (1) 1.5 times the applicable original issue price per share, plus any declared but unpaid dividends, or (2) the amount that would have been received if such shares had been converted into common stock immediately prior to such event. If the assets of the Company available for distribution are insufficient to permit payment in full of the liquidation preference, the available assets will be distributed ratably among the holders of preferred stock in proportion to the full amounts to which they would otherwise be entitled. Conversion Each share of Preferred Stock is convertible into common stock at the option of the holder at any time at a conversion price equal to the applicable original issue price, subject to customary anti-dilution adjustments. The applicable original issue prices are of the Series Seed-I, Series Seed-II, and Series Seed-III are $<span id="xdx_90B_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneRedeemableConvertiblePreferredStockMember_z9acsi3wMDWj" title="Sale of stock, price per share">6.25 per share, $<span id="xdx_90F_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoRedeemableConvertiblePreferredStockMember_zrk7Re629Kc6" title="Sale of stock, price per share">0.78 per share, and $<span id="xdx_908_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeRedeemableConvertiblePreferredStockMember_zPj6E4JzqTAa" title="Sale of stock, price per share">1.95 per share, respectively. Each share of preferred stock is initially convertible on a one-for-one basis into common stock, subject to adjustment for stock splits, dividends, recapitalizations and certain dilutive issuances. All outstanding shares of preferred stock will automatically convert into common stock upon the occurrence of certain events, including the closing of a firm-commitment underwritten public offering meeting specified thresholds or upon written consent of the requisite holders. Voting Each holder of Preferred Stock shall be entitled to a number of votes equal to the number of common shares they can convert to as of the record date. The holders of record of preferred stockholders vote with common stockholders as a single class on an as-converted basis and can elect one (1) director of the Company (the “Preferred Director”). Common stockholders can elect two (2) directors. Initially, the board of Directors may appoint the Preferred Director. Redemption Rights The Preferred Stock is subject to redemption under certain deemed liquidation events not solely within the control of the Company, as defined, and as such is considered contingently redeemable for accounting purposes and is classified as temporary equity in the Company’s balance sheets. Common Stock The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders. In any liquidation, dissolution or winding up, after payment in full of the convertible preferred stock liquidation preference (including any declared but unpaid dividends), the remaining assets are distributed pro rata among the holders of convertible preferred stock and common stock on an as-converted basis. In January 2024, the Company amended and restated its certificate of incorporation to increase the authorized shares of capital stock to 25,853,696 shares, consisting of 19,841,878 shares of common stock and 6,011,819 shares of preferred stock. Subscription Liability During the year ended December 31, 2025, the Company received $<span id="xdx_903_eus-gaap--ProceedsFromRepaymentsOfShortTermDebt_pn5n6_c20251231__20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAIRedeemableConvertiblePreferredStockMember_zPzLAxLlNEmg" title="Gross proceeds">1.7 million of proceeds from investors in advance of the closing of its planned Series A equity financing (the “Series-A financing”). The Series-A financing did not close as of December 31, 2025, and such proceeds were recorded as a subscription liability within current liabilities on the balance sheets. Refer to Note 16 for further information.

132097

The redeemable convertible preferred stock consisted of the following at each of December 31, 2025 and 2024 (dollar amounts in thousands): Schedule Redeemable Convertible Preferred Stock <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Authorized Shares</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Issued and Outstanding Shares</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Liquidation Value</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Carrying Value</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: justify">Series Seed-I</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_z4rH9xb3Uwed" style="width: 10%; text-align: right" title="Preferred stock, shares authorized">3,202,357</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zGczlw4U5PHi" style="width: 10%; text-align: right" title="Issued and Outstanding Shares">1,375,958</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zuVMQAidUle" style="width: 10%; text-align: right" title="Liquidation Value">12,890</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedOneMember_zT9OUmDtNmz8" style="width: 10%; text-align: right" title="Carrying Value">8,554</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Series Seed-II</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_zM7Zgmd7DBe1" style="text-align: right" title="Preferred stock, shares authorized">1,280,902</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_zRxtmVruZGYh" style="text-align: right" title="Issued and Outstanding Shares">1,280,902</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_zEuK8kUL7S43" style="text-align: right" title="Liquidation Value">1,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedTwoMember_ziktiyxSM7c4" style="text-align: right" title="Carrying Value">2,600</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Series Seed-III</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_z4Ehj9zvaOq3" style="border-bottom: Black 1pt solid; text-align: right" title="Preferred stock, shares authorized">1,528,560</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_zIa9SO9poyN6" style="border-bottom: Black 1pt solid; text-align: right" title="Issued and Outstanding Shares">1,528,560</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_zdyYSPWc9l89" style="border-bottom: Black 1pt solid; text-align: right" title="Liquidation Value">4,475</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedThreeMember_ztv8Vv4bd3v8" style="border-bottom: Black 1pt solid; text-align: right" title="Carrying Value">4,616</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231_zuqLwvtalpG3" style="border-bottom: Black 2.5pt double; text-align: right" title="Preferred stock, shares authorized">6,011,819</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20251231_zBlgSdV1RHki" style="border-bottom: Black 2.5pt double; text-align: right" title="Issued and Outstanding Shares">4,185,420</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pn3n3_c20251231_zNjQsM3Cdg9j" style="border-bottom: Black 2.5pt double; text-align: right" title="Liquidation Value">18,865</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_c20251231_zfwwKfQLX3gi" style="border-bottom: Black 2.5pt double; text-align: right" title="Carrying Value">15,770</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

3202357

1375958

12890000

8554000

1280902

1500000

2600000

1528560

4475000

4616000

6011819

4185420

18865000

15770000

0.06

6.25

0.78

1.95

25853696

19841878

6011819

1700000

13. Revenue from contracts with customers Revenue from Contracts with Customers The Company generates revenue from fixed-price contracts for the design and manufacture of customized space structures and related services. The Company’s significant revenue contracts during the years ended December 31, 2025 and 2024 are summarized below: U.S. Government Contracts On March 25, 2024, the Company executed a $<span id="xdx_90E_eus-gaap--CostOfRevenue_pn5n6_c20240325__20240325__us-gaap--ContractWithCustomerBasisOfPricingAxis__us-gaap--FixedPriceContractMember__dei--LegalEntityAxis__custom--USAirForceResearchLaboratoryMember_zkShmIAWeLmj" title="U.S. government contracts">1.7 million fixed-price contract with the U.S. Air Force Research Laboratory (“SpaceWERX”) pursuant to which the Company will develop orbital platforms that will enable rapid and flexible response options for the United States Space Force. The contract was subject to the Federal Acquisition Regulation and included termination for the U.S. government’s convenience provisions. The contract included a single, combined performance obligation of module design services and was substantially completed in 2025. Commercial Contracts On May 18, 2024, the Company executed a $<span id="xdx_90B_eus-gaap--CostOfRevenue_pn5n6_c20240518__20240518__us-gaap--ContractWithCustomerBasisOfPricingAxis__us-gaap--FixedPriceContractMember__dei--LegalEntityAxis__custom--AxiomSpaceIncMember_zlpCy78VaBK9" title="U.S. government contracts">125.0 million fixed-price contract with Axiom Space, Inc. (“Axiom”), a related party, for the design, manufacture, assembly, integration, testing, and delivery of a cargo vehicle compatible with berthing to Axiom’s commercial space station. Axiom is considered a related party because the lead investor in Axiom also serves as the lead investor of the Company and has board representation at both entities, enabling it to significantly influence the management and operating policies of both the Company and Axiom. The contract includes a single, combined performance obligation for the integrated design and manufacture of the cargo vehicle. The contract term extends through December 31, 2029, or another mutually agreed date. The contract provides for milestone-based payments that are scheduled to coincide with the Company’s expected performance and are intended to provide the customer with protection against nonperformance. The Company has evaluated these payment terms and concluded that the contract does not contain a significant financing component, as the timing and structure of payments arise for reasons other than the provision of finance to either party. Performance under the contract was ongoing as of December 31, 2025 and 2024. In February 2025, the Company and Axiom executed a modification to the Axiom contract that revised the milestone payment schedule, including the addition of a $1.5 million project kickoff payment and a $6.0 million payment upon successful completion of a Preliminary Design Review (“PDR”), as defined in the Axiom contract. The total contract price was unchanged at $125.0 million. As the remaining goods and services were not distinct from the goods and services transferred prior to the modification, the modification was accounted for as part of the existing contract. Because the modification affected only the timing of milestone payments and did not change the transaction price or the estimated costs to complete, no cumulative catch-up adjustment to revenue was required. <span id="xdx_90C_ecustom--BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsideration_iI_c20250228_zBec6wA1GF5c" title="Business combination contingent consideration amount of contingent consideration">Payment of the $6.0 million PDR milestone is contingent upon Axiom receiving additional equity funding from the lead investor of its initial Series D preferred funding (the “Funding Contingency”), may be paid in one or more installments in line with Axiom’s equity closings, and may not exceed 5% of such funding; any portion that cannot be paid due to the Funding Contingency will be added to a later contractual milestone payment, and accordingly the total transaction price of $125.0 million is not affected. As of December 31, 2025, the Company had successfully completed the PDR milestone and billed and collected $0.5 million; however, the remaining $<span id="xdx_908_eus-gaap--GainContingencyUnrecordedAmount_iI_pn5n6_c20251231__us-gaap--AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis__us-gaap--BilledRevenuesMember_zrLJZz6rMbSl" title="Gain Contingency">5.5 million remained subject to the Funding Contingency. As of December 31, 2025, the Company had recognized cumulative revenue of approximately $1.9 million under the Axiom contract and had received cumulative milestone payments of approximately $2.1 million. The excess of payments received over cumulative revenue recognized resulted in a net contract liability of approximately $0.2 million, which is presented as deferred revenue in the accompanying balance sheet. The following table presents the Company’s revenue from contracts with customers disaggregated by customer type for the years ended December 31, 2025 and 2024 (amounts in thousands): Schedule of Disaggregation of Revenue <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20251231_zYASO5BIEmj7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240101__20241231_z8yqrnWrlKz9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__custom--USGovernmentMember_zvvDWMJP1ld2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">U.S. Government</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">761</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,014</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__custom--CommercialMember_zj7qBv7v4h38" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Commercial</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">283</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,596</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zufFhpOTubw3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total revenues</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,044</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,610</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> All revenue from contracts with customers is recognized over time and is derived from contracts with customers in the United States. Contract Balances The Company receives payments from customers based on billing schedules established in its contracts. For U.S. government contracts, payments are made upon the completion and acceptance of specified contractual tasks. For commercial contracts, payments are made upon the achievement of contractual milestones. Contract assets relate to the Company’s conditional right to consideration for performance completed under its contracts in advance of billing. Contract assets are reclassified to accounts receivable when the right to consideration becomes unconditional. Contract liabilities relate to payments received in advance of performance. Contract liabilities are recognized as revenue as the Company satisfies its performance obligations. Contract assets and contract liabilities arising from the same contract are presented net as either a single contract asset or a single contract liability on a contract-by-contract basis. Contract assets and contract liabilities consist of unbilled accounts receivable and deferred revenues, respectively. The activity within the Company’s unbilled revenue for the years ended December 31, 2025 and December 31, 2024 was as follows (amounts in thousands): Schedule of Unbilled Revenue <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250101__20251231_znYDqyJShMId" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20240101__20241231_zsEzR4eF5N68" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_ecustom--UnbilledRevenue_iS_pn3n3_z0WduSyuQ1Gb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Balance, beginning of year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">226</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--IncreaseInUnbilledRevenue_pn3n3_zD2szOYWdsp8" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Increase in unbilled revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">558</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">226</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--RevenueBilled_pn3n3_zSNvZBVoLtS8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Revenue billed</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(754</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--UnbilledRevenue_iE_pn3n3_zw2MYvLjDPg9" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Balance, end of year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">226</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The activity within the Company’s deferred revenue for the years ended December 31, 2025 and December 31, 2024 was as follows (amounts in thousands): Schedule of Deferred Revenue <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20250101__20251231_zHgqdlvPTdAc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20240101__20241231_zqEoVVLPrOx3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredRevenue_iS_pn3n3_z8MPa6nh9C8g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Balance, beginning of year</td><td> </td> <td colspan="2" style="text-align: justify">$-</td><td> </td><td> </td> <td colspan="2" style="text-align: justify">$-</td><td> </td></tr> <tr id="xdx_40F_ecustom--DeferralOfRevenue_pn3n3_zsNlgLkszGR5" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: justify">Deferral of revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">161</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--RecognitionOfDeferredRevenue_pn3n3_zoPhg540Zjte" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Recognition of unearned revenue</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredRevenue_iE_pn3n3_zYFclNRPyBGj" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Balance, end of year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">161</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company’s SpaceWERX contract was substantially complete as of the reporting date. The Company’s contract with Axiom for the design and manufacture of a customized cargo vehicle has a total transaction price of $125.0 million; however, the contract is terminable by the customer for convenience at any time without advance notice prior to the completion of the Critical Design Review milestone, as defined in the Axiom contract, which had not occurred as of December 31, 2025. Upon termination, the Company is entitled to payment only for services performed through the date of termination. Accordingly, the noncancelable portion of the transaction price allocated to remaining performance obligations under this contract was not material as of December 31, 2025.

1700000

125000000.0

500000

5500000

1900000

2100000

200000

The following table presents the Company’s revenue from contracts with customers disaggregated by customer type for the years ended December 31, 2025 and 2024 (amounts in thousands): Schedule of Disaggregation of Revenue <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20251231_zYASO5BIEmj7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240101__20241231_z8yqrnWrlKz9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__custom--USGovernmentMember_zvvDWMJP1ld2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">U.S. Government</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">761</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,014</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__custom--CommercialMember_zj7qBv7v4h38" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Commercial</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">283</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,596</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zufFhpOTubw3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total revenues</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,044</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,610</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

761000

1014000

283000

1596000

1044000

2610000

The activity within the Company’s unbilled revenue for the years ended December 31, 2025 and December 31, 2024 was as follows (amounts in thousands): Schedule of Unbilled Revenue <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250101__20251231_znYDqyJShMId" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20240101__20241231_zsEzR4eF5N68" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_ecustom--UnbilledRevenue_iS_pn3n3_z0WduSyuQ1Gb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Balance, beginning of year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">226</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--IncreaseInUnbilledRevenue_pn3n3_zD2szOYWdsp8" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Increase in unbilled revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">558</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">226</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--RevenueBilled_pn3n3_zSNvZBVoLtS8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Revenue billed</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(754</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--UnbilledRevenue_iE_pn3n3_zw2MYvLjDPg9" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Balance, end of year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">226</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 226000 558000 226000 -754000 30000 226000 The activity within the Company’s deferred revenue for the years ended December 31, 2025 and December 31, 2024 was as follows (amounts in thousands): Schedule of Deferred Revenue <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20250101__20251231_zHgqdlvPTdAc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20240101__20241231_zqEoVVLPrOx3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredRevenue_iS_pn3n3_z8MPa6nh9C8g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Balance, beginning of year</td><td> </td> <td colspan="2" style="text-align: justify">$-</td><td> </td><td> </td> <td colspan="2" style="text-align: justify">$-</td><td> </td></tr> <tr id="xdx_40F_ecustom--DeferralOfRevenue_pn3n3_zsNlgLkszGR5" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: justify">Deferral of revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">161</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--RecognitionOfDeferredRevenue_pn3n3_zoPhg540Zjte" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Recognition of unearned revenue</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredRevenue_iE_pn3n3_zYFclNRPyBGj" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Balance, end of year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">161</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 161000

161000

125000000.0

14. Share-based Compensation In August 2022, the Company adopted the 2022 Equity Incentive Plan (the “2022 Plan”), which provides for the issuance of stock options, restricted stock and restricted stock units, and other equity awards to employees, directors, and consultants. In August 2024, the 2022 Plan was amended to increase the number of shares of common stock reserved for issuance under the plan to <span id="xdx_90D_ecustom--SharesAvailableForIssuanceUnderTheGraviticsStockOptionPlan_iI_pid_c20240831__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoEquityIncentivePlanMember_zESRyRPMezIh" title="Issuance of shares">3,546,000. As of December 31, 2025, <span id="xdx_90E_ecustom--SharesAvailableForIssuanceUnderTheGraviticsStockOptionPlan_iI_pid_c20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoEquityIncentivePlanMember_zkBjJtsG5ozg" title="Issuance of shares">780,415 shares remained available for issuance under the 2022 Plan. Stock options and restricted shares granted under the Company’s 2022 plan generally vest over a period of four years from the date of grant, and in the case of stock options, have a term of <span id="xdx_908_ecustom--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_zRhEgOLeunsk" title="Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term">10 years. The Company recognizes the grant date fair value of each option and restricted share over its vesting period The Company recorded stock-based compensation expense for stock options and restricted stock outside of the 2022 plan, see below, in the following expense categories of its statements of operations for the years ended December 31, 2025 and 2024 (amounts in thousands): Schedule of Condensed Statements Of Operations <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_494_20250101__20251231_zCua660kv425" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20240101__20241231_zKGo1a5EvRA6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--OtherResearchAndDevelopmentExpense_pn3n3_maEBASBzV7l_zdh2Wjp23lHi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">356</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">529</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OtherGeneralAndAdministrativeExpense_pn3n3_maEBASBzV7l_z119Iv4qDQI6" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">General and administrative</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,008</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">979</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_iT_pn3n3_mtEBASBzV7l_zFVxQsAilNN4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Stock based compensation</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,364</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,508</td><td style="text-align: left"> </td></tr> </table> Stock Options The following table summarizes stock option activity for the 2022 Plan for the year ended December 31, 2025: Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Aggregate</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Remaining</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Intrinsic</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Number</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Contractual</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Value</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">of Shares</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Price</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Term (in years)</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(in thousands)</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: justify">Balance, January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250101__20251231_zxb3SBd3LeLl" style="width: 10%; text-align: right" title="Number of shares beginning balance">2,920,881</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231_zaHz6d5GtJse" style="width: 10%; text-align: right" title="Weighted average exercise price beginning balance">0.46</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_90D_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm_dtY_c20240101__20241231_z1BZqRVyDNfk" title="Weighted average remaining contractual term, years outstanding">8.06</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_iS_pn3n3_c20250101__20251231_zX1JCb3uzK9" title="Aggregate intrinsic value beginning balance">748</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250101__20251231_z65Ak1SbOpA1" style="text-align: right" title="Number of shares granted">798,667</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231_z7QUHT12Gdd4" style="text-align: right" title="Weighted average exercise price granted">0.63</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iI_pn3n3_c20251231_zHDzuOdb3rL9" title="Aggregate intrinsic value granted">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20250101__20251231_zh1gAv9Z2K2k" style="text-align: right" title="Number of shares exercised">(11,458</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231_zdF8DRDmKlV1" style="text-align: right" title="Weighted average exercise price exercised">0.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Forfeitures</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20250101__20251231_z5Mj4TZPy0u1" style="text-align: right" title="Number of shares forfeited">(726,506</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231_zA3rboEqpHjj" style="text-align: right" title="Weighted average exercise price forfeited">0.71</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingForfeitedAggregateIntrinsicValue_iI_pn3n3_c20251231_z0vFwJndwRWd" title="Aggregate intrinsic value forfeited">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Expired</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pid_di_c20250101__20251231_zBhUuSQWG7Fa" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares expired">(293,290</td><td style="text-align: left">)</td><td> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231_zLsqlgqz8OXe" style="padding-bottom: 1pt; text-align: right" title="Weighted average exercise price expired">0.18</td><td style="text-align: left"> </td><td> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"><span id="xdx_906_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingExpiredAggregateIntrinsicValue_iI_pn3n3_c20251231_zQv36CcZXKAh" title="Aggregate intrinsic value expired">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Balance, December 31, 2025</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250101__20251231_zaFs6oYARP93" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of shares ending balance">2,688,294</td><td style="text-align: left"> </td><td> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231_zm04WdkWfir4" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price ending balance">0.48</td><td style="text-align: left"> </td><td> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_906_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm_dtY_c20250101__20251231_zSj5CYzv0l75" title="Weighted average remaining contractual term, years outstanding">7.76</td><td style="text-align: left"> </td><td> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_iE_pn3n3_c20250101__20251231_zPMWAp2RnBej" title="Aggregate intrinsic value ending balance">1,991</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Exercisable at December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20251231_zdXmgqrjwLAe" style="text-align: right" title="Number of shares exercisable">1,775,082</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisable_iE_pid_c20250101__20251231_z09w3HY1Dx23" style="text-align: right" title="Weighted average exercise price exercisable">0.41</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExercisableRemainingContractualTerm_dtY_c20250101__20251231_zKxlehY3UZS9" title="Weighted average remaining contractual term, exercisable">7.45</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,446</td><td style="text-align: left"> </td></tr> </table> The aggregate intrinsic value represents the total amount by which the fair market value of the common stock subject to options exceeds the exercise price of the related options. The total intrinsic value of stock options exercised during the years ended December 31, 2025 and 2024 was $<span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_pn3n3_c20250101__20251231_zCJZJedRU8t5" title="Stock options exercised, value">7,217 and $<span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_pn3n3_c20240101__20241231_zydZ6vmWQw21" title="Stock options exercised, value">47,393, respectively. The Company uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in estimating the fair value of stock-based awards represent management’s estimate and involve inherent uncertainties and the application of management’s judgment. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The risk-free interest rate used is based on the published U.S. Department of Treasury interest rates in effect at the time of stock option grant for zero-coupon U.S. Treasury notes with maturities approximating each grant’s expected term;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The dividend yield is zero as the Company has not paid dividends and does not anticipate paying a cash dividend in the foreseeable future;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The expected term for options granted is calculated using the simplified method and represents the average time that options are expected to be outstanding based on the midpoint between the vesting date and the end of the contractual term of the award;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">As the Company is a privately held company with no trading history of common stock, expected volatility is derived from the historical volatilities of a select group of comparable peer companies, for a look-back period commensurate with the expected term of the stock options.</td></tr></table> The weighted-average grant-date fair value of the options awarded to employees and directors for the years ended December 31, 2025 and 2024 was $<span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iI_pid_c20251231_zl0lDF9xtdOd" title="Weighted-average grant-date fair value">0.30 and $<span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iI_pid_c20241231_zFoVIlyXXMr9" title="Weighted-average grant-date fair value">0.37 per option, respectively. The fair value of the options was estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions: <p id="xdx_894_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock_z7Sp6j5wI65h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> Schedule of Fair Value of Options <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_498_20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EmployeesAndDirectorsMember_zXxi2sMwSwC9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EmployeesAndDirectorsMember_z3W3l8ZkR2V4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_z8gdnsPhHGUa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Risk-free interest rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4.2</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4.3</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Expected term (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EmployeesAndDirectorsMember_zcwlKIzQDAI4" title="Expected term (years)">5.9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EmployeesAndDirectorsMember_zTbHW3hHhX94" title="Expected term (years)">5.8</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_zAWM5keFut7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44.1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49.5</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_zvdIDVOFNg37" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> </table> As of December 31, 2025, there was $0.3 million of unrecognized compensation expense that is expected to be recognized over a weighted-average period of 2.3 years. Restricted Stock – Outside of the 2022 Plan In November 2022, the Company entered into agreements, outside of the 2022 plan, with certain founders and executive shareholders that imposed vesting and repurchase restrictions on previously issued shares of common stock. The affected shares were accounted for as restricted stock awards under ASC 718, Compensation—Stock Compensation. The restricted shares vest over a four-year service period, subject to continued service. Compensation expense is recognized over the requisite service period based on the grant-date fair value of the common stock on the date which the repurchase restrictions were placed. In December 2024, the Company entered into a contribution agreement with a founder shareholder pursuant to which <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_pid_c20241201__20241231__us-gaap--TypeOfArrangementAxis__custom--ContributionAgreementMember_zRwZ5SB2w8E9" title="Restricted shares">500,000 of the restricted shares subject to the vesting and repurchase restrictions described above were returned to the Company and cancelled, consisting of <span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_pid_c20241201__20241231__us-gaap--TypeOfArrangementAxis__custom--ContributionAgreementMember_zIqujRqIdv48" title="Restricted vested shares">343,654 vested shares and <span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_iI_pid_c20241231__us-gaap--TypeOfArrangementAxis__custom--ContributionAgreementMember_zyASrkfTcQ0a" title="Restricted unvested shares">156,346 unvested shares. The cancelled shares resumed the status of authorized and unissued common stock. No cash or other consideration was paid in connection with the cancellation. The Company accounted for the cancellation of the restricted shares as a repurchase for no consideration in accordance with ASC 718. Because no replacement award or other consideration was provided, and previously unrecognized compensation cost was recognized at the cancellation date. The cancellation of the 156,346 unvested shares resulted in the acceleration of $0.1 million of previously unrecognized compensation cost, which was recognized in the statements of operations for the year ended December 31, 2024. <p id="xdx_899_eus-gaap--DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock_zTajmBb01XG4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Restricted stock outside of the 2022 plan activity for the year ended December 31, 2025 was as follows: Schedule of Restricted Stock <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Number</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Grant Date</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">of Shares</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Unvested at December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_iS_pid_c20250101__20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoPlanMember_z9zYSC8VF7Z2" style="width: 16%; text-align: right" title="Number of Shares Unvested Beginning">1,927,741</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoPlanMember_zvzmqkcDj7gb" style="width: 16%; text-align: right" title="Weighted Average Grant Date Fair Value Unvested Beginning">0.72</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Vested</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_iN_pid_di_c20250101__20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoPlanMember_zqFAvraFfqnl" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares Vested">(1,627,918</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_988_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoPlanMember_zDPm9EPuartl" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Grant Date Fair Value Vested">0.72</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Unvested at December 31, 2025</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_iE_pid_c20250101__20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoPlanMember_zku5iRxpPoJ4" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares Unvested Ending">299,823</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoPlanMember_z4q5Y093p761" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Grant Date Fair Value Unvested Ending">0.72</td><td style="text-align: left"> </td></tr> </table> As of December 31, 2025, total unrecognized compensation expense related to unvested restricted stock was $<span id="xdx_901_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pn5n6_c20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zqWyAjzeooy7" title="Unrecognized compensation expense">0.2 million, which is expected to be recognized over a weighted-average period of approximately <span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zOZmO6fbDlob" title="Weighted-average period">0.3 years.

3546000 780415 P10Y The Company recorded stock-based compensation expense for stock options and restricted stock outside of the 2022 plan, see below, in the following expense categories of its statements of operations for the years ended December 31, 2025 and 2024 (amounts in thousands): Schedule of Condensed Statements Of Operations <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_494_20250101__20251231_zCua660kv425" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20240101__20241231_zKGo1a5EvRA6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--OtherResearchAndDevelopmentExpense_pn3n3_maEBASBzV7l_zdh2Wjp23lHi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">356</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">529</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OtherGeneralAndAdministrativeExpense_pn3n3_maEBASBzV7l_z119Iv4qDQI6" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">General and administrative</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,008</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">979</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_iT_pn3n3_mtEBASBzV7l_zFVxQsAilNN4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Stock based compensation</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,364</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,508</td><td style="text-align: left"> </td></tr> </table>

356000

529000

1008000

979000

1364000

1508000

The following table summarizes stock option activity for the 2022 Plan for the year ended December 31, 2025: Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Aggregate</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Remaining</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Intrinsic</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Number</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Contractual</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Value</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">of Shares</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Price</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Term (in years)</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(in thousands)</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: justify">Balance, January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250101__20251231_zxb3SBd3LeLl" style="width: 10%; text-align: right" title="Number of shares beginning balance">2,920,881</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231_zaHz6d5GtJse" style="width: 10%; text-align: right" title="Weighted average exercise price beginning balance">0.46</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_90D_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm_dtY_c20240101__20241231_z1BZqRVyDNfk" title="Weighted average remaining contractual term, years outstanding">8.06</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_iS_pn3n3_c20250101__20251231_zX1JCb3uzK9" title="Aggregate intrinsic value beginning balance">748</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250101__20251231_z65Ak1SbOpA1" style="text-align: right" title="Number of shares granted">798,667</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231_z7QUHT12Gdd4" style="text-align: right" title="Weighted average exercise price granted">0.63</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iI_pn3n3_c20251231_zHDzuOdb3rL9" title="Aggregate intrinsic value granted">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20250101__20251231_zh1gAv9Z2K2k" style="text-align: right" title="Number of shares exercised">(11,458</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231_zdF8DRDmKlV1" style="text-align: right" title="Weighted average exercise price exercised">0.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Forfeitures</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20250101__20251231_z5Mj4TZPy0u1" style="text-align: right" title="Number of shares forfeited">(726,506</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231_zA3rboEqpHjj" style="text-align: right" title="Weighted average exercise price forfeited">0.71</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingForfeitedAggregateIntrinsicValue_iI_pn3n3_c20251231_z0vFwJndwRWd" title="Aggregate intrinsic value forfeited">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Expired</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pid_di_c20250101__20251231_zBhUuSQWG7Fa" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares expired">(293,290</td><td style="text-align: left">)</td><td> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231_zLsqlgqz8OXe" style="padding-bottom: 1pt; text-align: right" title="Weighted average exercise price expired">0.18</td><td style="text-align: left"> </td><td> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"><span id="xdx_906_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingExpiredAggregateIntrinsicValue_iI_pn3n3_c20251231_zQv36CcZXKAh" title="Aggregate intrinsic value expired">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Balance, December 31, 2025</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250101__20251231_zaFs6oYARP93" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of shares ending balance">2,688,294</td><td style="text-align: left"> </td><td> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231_zm04WdkWfir4" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price ending balance">0.48</td><td style="text-align: left"> </td><td> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_906_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm_dtY_c20250101__20251231_zSj5CYzv0l75" title="Weighted average remaining contractual term, years outstanding">7.76</td><td style="text-align: left"> </td><td> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_iE_pn3n3_c20250101__20251231_zPMWAp2RnBej" title="Aggregate intrinsic value ending balance">1,991</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Exercisable at December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20251231_zdXmgqrjwLAe" style="text-align: right" title="Number of shares exercisable">1,775,082</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisable_iE_pid_c20250101__20251231_z09w3HY1Dx23" style="text-align: right" title="Weighted average exercise price exercisable">0.41</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExercisableRemainingContractualTerm_dtY_c20250101__20251231_zKxlehY3UZS9" title="Weighted average remaining contractual term, exercisable">7.45</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,446</td><td style="text-align: left"> </td></tr> </table>

2920881

0.46

P8Y21D

748000

798667

0.63

11458

0.00

726506

0.71

293290

0.18

2688294

0.48

P7Y9M3D

1991000

1775082

0.41 P7Y5M12D

1446000

7217000

47393000

0.30

0.37

<p id="xdx_894_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock_z7Sp6j5wI65h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> Schedule of Fair Value of Options <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_498_20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EmployeesAndDirectorsMember_zXxi2sMwSwC9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EmployeesAndDirectorsMember_z3W3l8ZkR2V4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_z8gdnsPhHGUa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Risk-free interest rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4.2</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4.3</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Expected term (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EmployeesAndDirectorsMember_zcwlKIzQDAI4" title="Expected term (years)">5.9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EmployeesAndDirectorsMember_zTbHW3hHhX94" title="Expected term (years)">5.8</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_zAWM5keFut7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44.1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49.5</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_zvdIDVOFNg37" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> </table>

0.042

0.043

P5Y10M24D

P5Y9M18D

0.441

0.495

300000

P2Y3M18D

500000

343654

156346

100000

<p id="xdx_899_eus-gaap--DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock_zTajmBb01XG4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Restricted stock outside of the 2022 plan activity for the year ended December 31, 2025 was as follows: Schedule of Restricted Stock <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Number</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Grant Date</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">of Shares</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Unvested at December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_iS_pid_c20250101__20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoPlanMember_z9zYSC8VF7Z2" style="width: 16%; text-align: right" title="Number of Shares Unvested Beginning">1,927,741</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoPlanMember_zvzmqkcDj7gb" style="width: 16%; text-align: right" title="Weighted Average Grant Date Fair Value Unvested Beginning">0.72</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Vested</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_iN_pid_di_c20250101__20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoPlanMember_zqFAvraFfqnl" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares Vested">(1,627,918</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_988_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoPlanMember_zDPm9EPuartl" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Grant Date Fair Value Vested">0.72</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Unvested at December 31, 2025</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_iE_pid_c20250101__20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoPlanMember_zku5iRxpPoJ4" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares Unvested Ending">299,823</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoPlanMember_z4q5Y093p761" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Grant Date Fair Value Unvested Ending">0.72</td><td style="text-align: left"> </td></tr> </table>

1927741

0.72

1627918

0.72

299823

0.72

200000

P0Y3M18D

15. Income Tax The Company is taxed as a corporation for income tax purposes and is subject to federal, state, and local income taxes. For the years ended December 31, 2025 and 2024, the Company had no federal or state income tax expense. The effective tax rate was (0.0%) for the years ended December 31, 2025 and 2024. A reconciliation of income tax benefit at the statutory federal income tax rate to income taxes as reflected in the financial statements is as follows: Schedule of Reconciliation of Income Tax Benefit <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_497_20250101__20251231_zx0MHZs0MRyi" style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_492_20240101__20241231_ziq5ZBxpRkK6" style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">$</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">$</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="text-align: center"> </td></tr> <tr id="xdx_408_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_zp3SrgcoX9N1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; font-weight: bold; text-align: justify">U.S. Statutory Tax Rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_c20250101__20251231_z9Dc0VQbVxac" style="width: 10%; text-align: right" title="U.S. Statutory Tax Rate Amount">(2,457</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_c20240101__20241231_zlOrPHHn2lee" style="width: 10%; text-align: right" title="U.S. Statutory Tax Rate Amount">(1,900</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_401_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_z5gA43iJ5A5i" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Change in Valuation Allowances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_c20250101__20251231_zpCv9mo6DpI2" style="text-align: right" title="Change in Valuation Allowances amount">1,594</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-13.6</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_c20240101__20241231_zt88J76GzjCg" style="text-align: right" title="Change in Valuation Allowances amount">1,075</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-11.9</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Nontaxable or Nondeductible Items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueOfSafeNotes_pid_dp_uPure_zzgevbeVmYHg" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Change in Fair Value of SAFE Notes</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueOfSafeNotesAmount_pn3n3_c20250101__20251231_zDLgAfYARaZk" style="text-align: right" title="Change in Fair Value of SAFE Notes amount">(243</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueOfSafeNotesAmount_pn3n3_c20240101__20241231_zvbavxR86LM" style="text-align: right" title="Change in Fair Value of SAFE Notes amount">233</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-2.6</td><td style="text-align: left">%</td></tr> <tr id="xdx_400_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueConvertibleNotes_pid_dp_uPure_zjYjYBzhRacg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Change in FV Convertible Notes</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueConvertibleNotesAmount_pn3n3_c20250101__20251231_zHM61duEmaMc" style="text-align: right" title="Change in FV Convertible Notes amount">390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-3.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueConvertibleNotesAmount_pn3n3_c20240101__20241231_zl2Zyq0TZQ67" style="text-align: right" title="Change in FV Convertible Notes amount">262</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-2.9</td><td style="text-align: left">%</td></tr> <tr id="xdx_40A_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrants_pid_dp_uPure_zC6HFrj427uc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Change in FV of Warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrantsAmount_pn3n3_c20250101__20251231_zSgJPpsmjFb6" style="text-align: right" title="Change in FV of Warrants amount">417</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-3.6</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrantsAmount_pn3n3_c20240101__20241231_zeiALCMX4pH5" style="text-align: right" title="Change in FV of Warrants amount">18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-0.2</td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eus-gaap--EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent_pid_dp_uPure_z3HRxNgZPE2d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Share-Based Compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount_pn3n3_c20250101__20251231_zLvb1OFdBlK2" style="text-align: right" title="Share-Based Compensation amount">278</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-2.4</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount_pn3n3_c20240101__20241231_ztbTJMiZMwGl" style="text-align: right" title="Share-Based Compensation amount">310</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-3.4</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxExemptIncome_pid_dp_uPure_z7ZWxL5iENS5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Payroll Tax Credit</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--IncomeTaxReconciliationTaxExemptIncome_pn3n3_c20250101__20251231_zyDfeGcqa1i5" style="text-align: right" title="Payroll Tax Credit amount">(63</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--IncomeTaxReconciliationTaxExemptIncome_pn3n3_c20240101__20241231_z2Alx0Tb7vij" style="text-align: right" title="Payroll Tax Credit amount">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr> <tr id="xdx_400_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment_pid_dp_uPure_zCNvfbaI7SQk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">R&D 280(c) Addback</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment_pn3n3_c20250101__20251231_zZAlFMqRXaUd" style="text-align: right" title="R&D 280(c) Addback amount">80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-0.7</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment_pn3n3_c20240101__20241231_zVaYMtMRrsR3" style="text-align: right" title="R&D 280(c) Addback amount">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr> <tr id="xdx_40F_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_uPure_zPKZkc4f3C38" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Other</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--IncomeTaxReconciliationOtherAdjustments_pn3n3_c20250101__20251231_zBndFgZpEzOa" style="border-bottom: Black 1pt solid; text-align: right" title="Other amount">4</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--IncomeTaxReconciliationOtherAdjustments_pn3n3_c20240101__20241231_zaJNIF05HnZ3" style="border-bottom: Black 1pt solid; text-align: right" title="Other amount">2</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.0</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_zvAvCUG1qqWj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Actual income tax benefit effective tax rate</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_c20250101__20251231_zaYJnLI5sUh9" style="border-bottom: Black 2.5pt double; text-align: right" title="Actual income tax benefit effective tax rate amount">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_c20240101__20241231_z9SHeY4xt1da" style="border-bottom: Black 2.5pt double; text-align: right" title="Actual income tax benefit effective tax rate amount">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.0</td><td style="text-align: left">%</td></tr> </table> Deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and tax bases of assets using enacted tax rates in effect for years in which differences are expected to reverse. Significant components of the Company’s deferred tax assets for federal income taxes consisted of the following: Schedule of Deferred Tax Assets For Federal Income Taxes <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20251231_zVzW23xr84l" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_494_20241231_zE7Ux9XGegVe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn3n3_zxMQWlb3Pu5b" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: justify">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,956</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,980</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DeferredTaxAssetsCapitalizedResearchAndDevelopmentExpenditures_iI_pn3n3_z2jk8prKzftb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Capitalized research and development expenditures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,146</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,580</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DeferredTaxAssetsLeaseLiability_iI_pn3n3_zGlVwcrKHFJd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">361</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">442</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pn3n3_zpFGV0keuAWe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Research and development tax credits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_pn3n3_zBkvcpFLOoSa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Share-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities_iI_pn3n3_zRocKQ7qjlvi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Accrued expenses and other</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsGross_iI_pn3n3_zbreRCquSQ6e" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Total deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,504</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,034</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_zuZo6oM6nZq2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Less: valuation allowance</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,081</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,487</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsNet_iI_pn3n3_zZcuxq4lBEcd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Deferred tax asset, net of valuation allowance</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">423</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">547</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Deferred tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--DeferredTaxLiabilitiesFixedAssets_iI_pn3n3_zMTmHMF94Hj7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Fixed assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(46</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(63</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_ecustom--DeferredTaxLiabilitiesRightOfUseAsset_iI_pn3n3_zYkUwVZEU0b1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Right-of-use assets</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(377</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(484</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--DeferredIncomeTaxLiabilities_iNI_pn3n3_di_zNzV5iJN7Mfc" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Total deferred tax liabilities</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(423</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(547</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxLiabilities_iTI_pn3n3_zbqaZSvehRS3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Net deferred tax assets</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td></tr> </table> Based upon the Company’s history of operating losses and anticipated future losses, management has determined that the deferred tax assets do not meet the more likely than not threshold for realizability. Accordingly, a full valuation allowance has been recorded against the Company’s net deferred tax assets as of December 31, 2025 and 2024. The valuation allowance increased by $1.6 million and $1.1 million, respectively, during the years ended December 31, 2025 and 2024. The valuation allowance balance as of December 31, 2025 and 2024 was $6.1 million and $4.5 million, respectively. As of December 31, 2025 and 2024, the Company has federal net operating loss (“NOL”) carryforwards of approximately $23.6 million and $14.2 million, respectively, which are available to offset future federal taxable income. As of December 31, 2025 and 2024, the Company has federal research and development tax credits of approximately $23,000 and $23,000, respectively. The federal NOL carryforwards have no expiration. The state NOL carryforwards will begin to expire in 2042. The research and development tax credits will begin to expire in 2043. Net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service (the “IRS”) and may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50% as defined under Sections 382 and 383 of the Internal Revenue Code, which could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the Company’s value immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has not yet conducted a study to determine if any such limitation exists. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The legislation includes significant corporate tax reforms, including the permanent reinstatement of the ability to deduct domestic research and development expenditures as incurred beginning in fiscal 2025, replacing the previous requirement to capitalize and amortize such expenditures over five years. As part of OBBBA, the law changed such that all the R&D costs that were required to be capitalized from 2022 through 2024 can (1) be 100% deducted in 2025, (2) be 50% deducted in 2025 and 50% deducted in 2026, or (3) be deducted over the remaining years per the original amortization schedule. Foreign R&D expenditures are still required to be capitalized and amortized over a period of fifteen years. The Company did not accelerate deductions related to previously capitalized domestic R&D expenditures and continues to amortize such amounts over their original five-year recovery period. The Company is subject to taxation in the United States (federal) and in the state of Colorado. Due to the Company’s NOL carryforwards, tax years 2022 through 2024 remain open for examination by federal and state tax authorities.

0.000

A reconciliation of income tax benefit at the statutory federal income tax rate to income taxes as reflected in the financial statements is as follows: Schedule of Reconciliation of Income Tax Benefit <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_497_20250101__20251231_zx0MHZs0MRyi" style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_492_20240101__20241231_ziq5ZBxpRkK6" style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">$</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">$</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="text-align: center"> </td></tr> <tr id="xdx_408_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_zp3SrgcoX9N1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; font-weight: bold; text-align: justify">U.S. Statutory Tax Rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_c20250101__20251231_z9Dc0VQbVxac" style="width: 10%; text-align: right" title="U.S. Statutory Tax Rate Amount">(2,457</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_c20240101__20241231_zlOrPHHn2lee" style="width: 10%; text-align: right" title="U.S. Statutory Tax Rate Amount">(1,900</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_401_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_z5gA43iJ5A5i" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Change in Valuation Allowances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_c20250101__20251231_zpCv9mo6DpI2" style="text-align: right" title="Change in Valuation Allowances amount">1,594</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-13.6</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_c20240101__20241231_zt88J76GzjCg" style="text-align: right" title="Change in Valuation Allowances amount">1,075</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-11.9</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Nontaxable or Nondeductible Items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueOfSafeNotes_pid_dp_uPure_zzgevbeVmYHg" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Change in Fair Value of SAFE Notes</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueOfSafeNotesAmount_pn3n3_c20250101__20251231_zDLgAfYARaZk" style="text-align: right" title="Change in Fair Value of SAFE Notes amount">(243</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueOfSafeNotesAmount_pn3n3_c20240101__20241231_zvbavxR86LM" style="text-align: right" title="Change in Fair Value of SAFE Notes amount">233</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-2.6</td><td style="text-align: left">%</td></tr> <tr id="xdx_400_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueConvertibleNotes_pid_dp_uPure_zjYjYBzhRacg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Change in FV Convertible Notes</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueConvertibleNotesAmount_pn3n3_c20250101__20251231_zHM61duEmaMc" style="text-align: right" title="Change in FV Convertible Notes amount">390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-3.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueConvertibleNotesAmount_pn3n3_c20240101__20241231_zl2Zyq0TZQ67" style="text-align: right" title="Change in FV Convertible Notes amount">262</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-2.9</td><td style="text-align: left">%</td></tr> <tr id="xdx_40A_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrants_pid_dp_uPure_zC6HFrj427uc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Change in FV of Warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrantsAmount_pn3n3_c20250101__20251231_zSgJPpsmjFb6" style="text-align: right" title="Change in FV of Warrants amount">417</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-3.6</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrantsAmount_pn3n3_c20240101__20241231_zeiALCMX4pH5" style="text-align: right" title="Change in FV of Warrants amount">18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-0.2</td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eus-gaap--EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent_pid_dp_uPure_z3HRxNgZPE2d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Share-Based Compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount_pn3n3_c20250101__20251231_zLvb1OFdBlK2" style="text-align: right" title="Share-Based Compensation amount">278</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-2.4</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount_pn3n3_c20240101__20241231_ztbTJMiZMwGl" style="text-align: right" title="Share-Based Compensation amount">310</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-3.4</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxExemptIncome_pid_dp_uPure_z7ZWxL5iENS5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Payroll Tax Credit</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--IncomeTaxReconciliationTaxExemptIncome_pn3n3_c20250101__20251231_zyDfeGcqa1i5" style="text-align: right" title="Payroll Tax Credit amount">(63</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--IncomeTaxReconciliationTaxExemptIncome_pn3n3_c20240101__20241231_z2Alx0Tb7vij" style="text-align: right" title="Payroll Tax Credit amount">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr> <tr id="xdx_400_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment_pid_dp_uPure_zCNvfbaI7SQk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">R&D 280(c) Addback</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment_pn3n3_c20250101__20251231_zZAlFMqRXaUd" style="text-align: right" title="R&D 280(c) Addback amount">80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-0.7</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment_pn3n3_c20240101__20241231_zVaYMtMRrsR3" style="text-align: right" title="R&D 280(c) Addback amount">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr> <tr id="xdx_40F_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_uPure_zPKZkc4f3C38" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Other</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--IncomeTaxReconciliationOtherAdjustments_pn3n3_c20250101__20251231_zBndFgZpEzOa" style="border-bottom: Black 1pt solid; text-align: right" title="Other amount">4</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--IncomeTaxReconciliationOtherAdjustments_pn3n3_c20240101__20241231_zaJNIF05HnZ3" style="border-bottom: Black 1pt solid; text-align: right" title="Other amount">2</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.0</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_zvAvCUG1qqWj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Actual income tax benefit effective tax rate</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_c20250101__20251231_zaYJnLI5sUh9" style="border-bottom: Black 2.5pt double; text-align: right" title="Actual income tax benefit effective tax rate amount">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_c20240101__20241231_z9SHeY4xt1da" style="border-bottom: Black 2.5pt double; text-align: right" title="Actual income tax benefit effective tax rate amount">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.0</td><td style="text-align: left">%</td></tr> </table>

-2457000

0.210

-1900000

0.210

1594000

-0.136

1075000

-0.119

-243000 0.021 233000 -0.026 390000 -0.033 262000 -0.029 417000 -0.036 18000 -0.002

278000

-0.024

310000

-0.034

-63000

0.005

0.000

80000

-0.007

0.000

4000

0.000

2000

0.000

Significant components of the Company’s deferred tax assets for federal income taxes consisted of the following: Schedule of Deferred Tax Assets For Federal Income Taxes <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20251231_zVzW23xr84l" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_494_20241231_zE7Ux9XGegVe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn3n3_zxMQWlb3Pu5b" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: justify">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,956</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,980</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DeferredTaxAssetsCapitalizedResearchAndDevelopmentExpenditures_iI_pn3n3_z2jk8prKzftb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Capitalized research and development expenditures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,146</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,580</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DeferredTaxAssetsLeaseLiability_iI_pn3n3_zGlVwcrKHFJd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">361</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">442</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pn3n3_zpFGV0keuAWe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Research and development tax credits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_pn3n3_zBkvcpFLOoSa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Share-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities_iI_pn3n3_zRocKQ7qjlvi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Accrued expenses and other</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsGross_iI_pn3n3_zbreRCquSQ6e" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Total deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,504</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,034</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_zuZo6oM6nZq2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Less: valuation allowance</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,081</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,487</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsNet_iI_pn3n3_zZcuxq4lBEcd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Deferred tax asset, net of valuation allowance</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">423</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">547</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Deferred tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--DeferredTaxLiabilitiesFixedAssets_iI_pn3n3_zMTmHMF94Hj7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Fixed assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(46</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(63</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_ecustom--DeferredTaxLiabilitiesRightOfUseAsset_iI_pn3n3_zYkUwVZEU0b1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Right-of-use assets</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(377</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(484</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--DeferredIncomeTaxLiabilities_iNI_pn3n3_di_zNzV5iJN7Mfc" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Total deferred tax liabilities</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(423</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(547</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxLiabilities_iTI_pn3n3_zbqaZSvehRS3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Net deferred tax assets</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td></tr> </table>

4956000

2980000

1146000 1580000 361000 442000

23000

14000

6000

4000

3000

6504000

5034000

6081000

4487000

423000

547000

-46000 -63000 -377000 -484000

423000

547000

1600000

1100000

6100000

4500000

23600000

14200000

23000

the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The legislation includes significant corporate tax reforms, including the permanent reinstatement of the ability to deduct domestic research and development expenditures as incurred beginning in fiscal 2025, replacing the previous requirement to capitalize and amortize such expenditures over five years. As part of OBBBA, the law changed such that all the R&D costs that were required to be capitalized from 2022 through 2024 can (1) be 100% deducted in 2025, (2) be 50% deducted in 2025 and 50% deducted in 2026, or (3) be deducted over the remaining years per the original amortization schedule. Foreign R&D expenditures are still required to be capitalized and amortized over a period of fifteen years. The Company did not accelerate deductions related to previously capitalized domestic R&D expenditures and continues to amortize such amounts over their original five-year recovery period.

16. Subsequent Events Series A redeemable convertible preferred stock In January 2026, the Company issued <span id="xdx_902_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20260101__20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zLou4gPb9rT6" title="Number of shares issued">337,540 shares of Series A-1 redeemable convertible preferred stock at a price of $<span id="xdx_905_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zDwIoGHXi5Jg" title="Stock price per share">4.89 per share for gross proceeds of $<span id="xdx_907_eus-gaap--ProceedsFromIssuanceOfConvertiblePreferredStock_pn5n6_c20260101__20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zYWTWpppDVX8" title="Gross proceeds">1.7 million, which were received during 2025 in advance of the closing and recorded as subscription liability (see Note 12), and further sold <span id="xdx_90F_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20260201__20260228__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z3WEqInQwTgg" title="Number of shares issued">2,240,041 shares of Series A-1 redeemable convertible preferred stock at a price of $<span id="xdx_907_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260228__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zzztabkpIaHi" title="Stock price per share">4.89 per share for gross proceeds of $<span id="xdx_909_eus-gaap--ProceedsFromIssuanceOfConvertiblePreferredStock_pn5n6_c20260201__20260228__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zrRuAkPsodnc" title="Gross proceeds">10.9 million in a subsequent closing in January and February 2026 (collectively, the “Series A-I Closing”). Total gross proceeds of the Series A-I Closing are inclusive of $4.9 million received from existing investors. In connection with the Series A-I Closing, the Company amended and restated its certificate of incorporation to, among other things, increase the authorized shares of capital stock to <span id="xdx_901_ecustom--CapitalSharesAuthorized_iI_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zEZPs40rhEsi" title="Authorized shares of capital stock">37,179,718 shares, consisting of <span id="xdx_903_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z2BbcJa5F7E4" title="Common stock, shares authorized">27,000,000 shares of common stock and <span id="xdx_905_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIClosingMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z90vPkWtcBBc" title="Preferred stock, shares authorized">10,179,718 shares of preferred stock, and to authorize and designate three new series of preferred stock: Series A-I (<span id="xdx_902_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zyM6YZ9gp33b" title="Series Seed-I preferred stock">4,073,456 shares), Series A-II (<span id="xdx_909_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIIMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zU6GU3OwdGsa" title="Series Seed-I preferred stock">738,035 shares), and Series A-III (<span id="xdx_908_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIIIMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zUOMlZ6tfB7j" title="Series Seed-I preferred stock">1,116,759 shares) (collectively, the “Series A Preferred Stock”). The Company also amended its 2022 Equity Incentive Plan to increase the number of shares of common stock reserved for issuance under the plan from <span id="xdx_900_ecustom--SharesAvailableForIssuanceUnderTheGraviticsStockOptionPlan_iI_pid_c20260131__srt--RangeAxis__srt--MinimumMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zJlZMQDmAm8j">3,546,000 to <span id="xdx_90A_ecustom--SharesAvailableForIssuanceUnderTheGraviticsStockOptionPlan_iI_pid_c20260131__srt--RangeAxis__srt--MaximumMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z3TeVkbvva0l">5,381,207. The Series A-I Closing constituted an equity financing under the SAFE agreements (see Note 10). In connection with the Series A-I Closing, all outstanding SAFEs converted into <span id="xdx_901_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIMember__dei--LegalEntityAxis__custom--SAFEAgreementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zHc6YbjOw5rf" title="Preferred stock, shares outstanding">1,373,131 shares of Series A-I redeemable convertible preferred stock at a conversion price of $<span id="xdx_903_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIMember__dei--LegalEntityAxis__custom--SAFEAgreementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zzvplnh5y4nf" title="Preferred stock, shares outstanding">4.89 per share, and <span id="xdx_90B_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIIMember__dei--LegalEntityAxis__custom--SAFEAgreementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zXn2GVtFsLj1" title="Preferred stock, shares outstanding">738,035 shares of Series A-II redeemable convertible preferred stock at a conversion price of $<span id="xdx_90A_eus-gaap--SaleOfStockPricePerShare_iI_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIIMember__dei--LegalEntityAxis__custom--SAFEAgreementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z2uCLNeKDuY5" title="Conversion price per share">4.75 per share. The SAFE liabilities of $10.1 million as of December 31, 2025 were fully satisfied and settled as a result of the conversion. The Series A-I Closing constituted a next equity financing under the Company’s convertible promissory note agreements (see Note 8). In connection with the Series A-I Closing, and the signing of the Merger Agreement on March 6, 2026 (see below), all outstanding convertible promissory notes and accrued interest, inclusive of $<span id="xdx_901_eus-gaap--IncreaseDecreaseInNotesPayableCurrent_pn5n6_c20260306__20260306__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zBUtERTKREY3" title="Promissory notes and accrued interest">0.6 million of default interest, converted into <span id="xdx_904_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260306__us-gaap--StatementClassOfStockAxis__custom--SeriesAIMember__dei--LegalEntityAxis__custom--MergerAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z6psq1NM4zN1" title="Preferred stock, shares outstanding">122,744 shares of Series A-I redeemable convertible preferred stock at a conversion price of $<span id="xdx_902_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260306__us-gaap--StatementClassOfStockAxis__custom--SeriesAIMember__dei--LegalEntityAxis__custom--MergerAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zrkzwWPCJgi8" title="Preferred stock, shares outstanding">4.89 per share, and <span id="xdx_90D_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260306__us-gaap--StatementClassOfStockAxis__custom--SeriesAIIIRedeemableConvertiblePreferredStockMember__dei--LegalEntityAxis__custom--MergerAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zm275NR6qX9i" title="Preferred stock, shares outstanding">1,121,204 shares of Series A-III redeemable convertible preferred stock at a conversion price of $<span id="xdx_908_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260306__us-gaap--StatementClassOfStockAxis__custom--SeriesAIIIRedeemableConvertiblePreferredStockMember__dei--LegalEntityAxis__custom--MergerAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zdJGHyJKeoDl" title="Preferred stock, shares outstanding">4.60 per share. The convertible promissory note liabilities of $5.7 million as of December 31, 2025 were fully satisfied and settled as a result of the conversion. The Series A Closing further constituted an equity financing under the SAFE agreements. In connection with the Series A Closing, all outstanding SAFEs converted into <span id="xdx_902_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIMember__dei--LegalEntityAxis__custom--SAFEAgreementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z8qINLNcZW3l" title="Preferred stock, shares outstanding">1,373,131 shares of Series A-I redeemable convertible preferred stock at a conversion price of $<span id="xdx_901_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIMember__dei--LegalEntityAxis__custom--SAFEAgreementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zPDKN5JrBjhi" title="Preferred stock, shares outstanding">4.89 per share, and <span id="xdx_907_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIIMember__dei--LegalEntityAxis__custom--SAFEAgreementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zBUUFne4pftf" title="Preferred stock, shares outstanding">738,035 shares of Series A-II redeemable convertible preferred stock at a conversion price of $<span id="xdx_902_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAIIMember__dei--LegalEntityAxis__custom--SAFEAgreementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zTf4wXMCnZzk" title="Preferred stock, shares outstanding">4.75 per share. The SAFE liabilities of $10.1 million as of December 31, 2025 were derecognized accordingly. The Series A Closing constituted a next equity financing under the Company’s convertible note agreements. In connection with the Series A Closing, all outstanding convertible promissory notes and accrued interest, inclusive of $<span id="xdx_900_eus-gaap--DebtInstrumentIncreaseAccruedInterest_pn5n6_c20260131__20260131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zJ2xGRZLgV19" title="Promissory notes and accrued interest">0.6 million of default interest, converted into <span id="xdx_90B_eus-gaap--ConversionOfStockSharesConverted1_pid_c20260101__20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zUB85fQxCYFj" title="Conversion of stock">122,744 shares of Series A-I redeemable convertible preferred stock at a conversion price of $<span id="xdx_905_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAOneRedeemableConvertiblePreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z2fIGJgA4SOe" title="Conversion price per share">4.89 per share, and <span id="xdx_905_eus-gaap--ConversionOfStockSharesConverted1_pid_c20260101__20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAThreeRedeemableConvertiblePreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zo5cd12zRc68" title="Conversion of stock">1,121,204 shares of Series A-III redeemable convertible preferred stock at a conversion price of $<span id="xdx_905_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__custom--SeriesAThreeRedeemableConvertiblePreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zN6dOlgV9mC5" title="Conversion price per share">4.60 per share. The convertible note liabilities of $5.7 million as of December 31, 2025 were derecognized accordingly. Entry into materially definitive agreement On March 6, 2026, the Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) with Non-Invasive Monitoring Systems, Inc., a publicly traded shell company, and Gravitics Merger Sub, Inc., a wholly owned subsidiary of Non-Invasive Monitoring Systems. Pursuant to the Merger Agreement, Merger Sub will merge with and into the Company, with the Company surviving as a wholly owned subsidiary of Non-Invasive Monitoring Systems (the “Merger”). The transaction is expected to be accounted for as a reverse recapitalization, with the Company treated as the accounting acquirer. At the effective time of the Merger, all outstanding shares of the Company’s capital stock will be converted into shares of Non-Invasive Monitoring Systems common stock, such that the Company’s stockholders will hold not less than 95.5% of the total post-merger equity. All outstanding stock options and warrants of the Company will be exchanged for equivalent instruments of the post-merger entity. Closing of the Merger is expected on or before June 30, 2026 and is subject to customary conditions, including regulatory approvals, stockholder approvals by both companies, effectiveness of a registration statement on Form S-4, and readiness of the public offering. The financial effect of the Merger on the Company’s financial statements cannot be estimated at this time, as the transaction has not yet closed.

337540

4.89

1700000

2240041

4.89

10900000

4900000

37179718

27000000

10179718

4073456

738035

1116759

3546000 5381207

1373131

4.89

738035

4.75

10100000

600000

122744

4.89

1121204

4.60

5700000

1373131

4.89

738035

4.75

10100000

600000

122744

4.89

1121204

4.60

5700000

The secured promissory note warrants and default warrants were reclassified to equity upon the conversion to the convertible promissory notes in connection with the Series A-I Closing in January and February 2026. Reflects changes in estimated shares issuable due to changes in the Company’s fully diluted capitalization determined upon the Series A financing. The Secured Promissory Note Warrants and the Default Warrants entitled holders to a specified percentage of fully diluted equity rather than a fixed number of shares prior to their reclassification to equity. Reflects changes in estimated shares issuable due to changes in the Company’s fully diluted capitalization from December 31, 2024 to December 31, 2025. The Secured Promissory Note Warrants entitle holders to a specified percentage of fully diluted equity rather than a fixed number of shares.