Note 16 - Subsequent Events

On July 29, 2026, the Company paid Sandia $1,487 in exchange for return of 226,509 Class A ordinary shares which satisfied the Company’s outstanding obligations under the Sandia FPA, pursuant to the Letter Agreement, as amended.

Subsequent to June 30, 2026, the Company entered into a Settlement and Release Agreement with Kirkland & Ellis LLP (“Kirkland”) to resolve amounts owed in connection with professional consulting services provided under an engagement letter dated March 8, 2023. Kirkland has an outstanding balance of approximately $3,316.

Under the agreement, the Company agreed to pay Kirkland a settlement amount of $900 in full settlement of the outstanding balance and all other amounts payable under the engagement letter. The settlement amount is payable in five installments from August 3, 2026 through December 15, 2026. Upon timely payment of the settlement amount in full, the outstanding balance will be deemed fully and finally satisfied, and Kirkland will have no further claims against the Company relating to the outstanding balance or the engagement letter.

On August 3, 2026, the Company entered into the Sea Otter Letter Agreement to amend the settlement terms of the maturity consideration payable under the existing FPA with Sea Otter. Under the Sea Otter Letter Agreement, the Company agreed to satisfy the outstanding payment obligation through an initial cash payment of $100, followed by monthly principal payments of $75 commencing September 15, 2026, with interest accruing at 7.5% per annum on the outstanding balance.

As security for the outstanding obligation, the Company agreed to issue 145,183 Class A ordinary shares to Sea Otter as collateral and may be required to issue additional shares if the aggregate market value of the collateral falls below the outstanding payment obligation. Sea Otter may not sell or otherwise dispose of the collateral shares while the Company remains current on its payment obligations; however, any permitted sale of the collateral shares may not occur below a minimum sale price of $8.40 per share (the “Minimum Sales Price”). Proceeds from such sales, up to the Minimum Sales Price, will be applied toward the outstanding payment obligation. Management is evaluating the accounting impact of the Sea Otter Letter Agreement, including its effect on the related liability.

On July 16, 2026, the Company received written notification from The Nasdaq Stock Market LLC confirming that it had regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). The Company regained compliance following the effectiveness of its 1-for-8 reverse stock split on June 12, 2026, and the maintenance of a closing bid price of at least $1.00 per share for the required compliance period.