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DE 83-4079594 5818 El Camino Real Carlsbad CA 92008 (858) 371-3151 Class B Common Stock, par value $0.0001 per share SEV NASDAQ Yes Yes Non-accelerated Filer true true false false 28560115 0.0001 10131000 9608000 1783000 511000 11914000 10119000 1050000 1139000 17594000 17753000 1849000 1226000 32407000 30237000 640000 1700000 1082000 2538000 4103000 4077000 287000 978000 1156000 7090000 9471000 921000 311000 15000 15000 8026000 9797000 0.0001 0.0001 20000000 20000000 0 0 0 0 0.0001 0.0001 190000000 190000000 11983010 11983010 12266105 12266105 1000 1000 0.0001 0.0001 115000000 115000000 25439653 25439653 15718440 15718440 3000 2000 3000 2000 364333000 339256000 190000 131000 -339766000 -318688000 24381000 20440000 32407000 30237000 4074000 8032000 8501000 15981000 7089000 5872000 12994000 9086000 11163000 13904000 21495000 25067000 -11163000 -13904000 -21495000 -25067000 279000 1833000 416000 2129000 -10884000 -12071000 -21079000 -22938000 -0.30 -0.30 -0.52 -0.52 -0.61 -0.61 -0.98 -0.98 36843558 36843558 23412769 23412769 34507674 34507674 23422208 23422208 3721394 18486999 2000 4877990 1000 301953000 -281000 -274781000 26894000 30990 956000 193000 1149000 6076000 6076000 -10867000 -10867000 3721394 18486999 2000 4908980 1000 308985000 -88000 -285648000 23252000 155261 5846000 76000 5922000 9710000 9710000 -12071000 -12071000 3721394 18486999 2000 5064588 1000 324541000 -12000 -297719000 26813000 12266105 1000 15718440 2000 339256000 -131000 -318688000 20440000 8564580 1000 15910000 131000 16042000 -239235 239235 51486 3356000 3356000 -10194000 -10194000 12026870 1000 24573741 3000 358522000 -328882000 29644000 617000 1315000 -190000 1125000 -43860 43860 148872 646000 646000 56180 150000 150000 3700000 3700000 -10884000 -10884000 11983010 1000 25439653 3000 364333000 -190000 -339766000 24381000 -21079000 -22938000 359000 270000 7056000 15786000 646000 744000 479000 48000 -89000 -500000 -1060000 197000 -1280000 -79000 -192000 -75000 -15940000 -7131000 202000 30000 -202000 -30000 17167000 7071000 502000 16665000 7071000 523000 -90000 9608000 13160000 10131000 13070000 30000 3000 1123000 646000 150000 789000 <p id="xdx_805_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_znJwIVwifcBb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1—<span id="xdx_820_zARq3CundWKl">ORGANIZATION AND BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aptera Motors Corp. (“Aptera,” the “Company,” “we,” “us” or “our” and similar terms refers to Aptera Motors Corp. and its subsidiaries unless the context otherwise requires) was incorporated on March 4, 2019 (“Inception”) in the State of Delaware. The Company is developing a solar electric vehicle focused on efficiency. In September 2023, the Company established the subsidiary company Aptera Motors Italia Srl, based in Modena, Italy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risks and Uncertainties</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our business is highly sensitive to domestic and global economic and business conditions as well as local, state, and federal government policy decisions. Several factors beyond our control could cause material fluctuations in our business and financial condition. In addition, we require a significant amount of capital to fund vehicle manufacturing, have a limited operating history and operate with small management and development teams that contain key employees. We also face significant barriers to market entry and competing technologies. At times, we have experienced constraints and volatility in our supply chain that resulted in increased costs to us. Furthermore, we are affected by uncertain regulatory conditions, fluctuations in demand, and inflation in production and shipping costs. These conditions could affect the volatility of our business, our financial condition and our results of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Going Concern and Our Plans</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have incurred losses from operations since inception and have not generated any revenue to date. We expect to incur significant costs associated with vehicle development, testing, and the commencement of production before generating revenue. As of June 30, 2026, our existing cash and cash equivalents were not sufficient to fund our current operations for the next twelve months. These factors, among others, raise substantial doubt about our ability to continue as a going concern. After considering the plans described above, we have concluded that substantial doubt about our ability to continue as a going concern has not been alleviated because our plans are dependent on events and conditions that are not within our control, including our ability to raise additional capital on acceptable terms and in amounts sufficient to fund our operating and capital needs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is executing a multi-phased financial strategy to address our liquidity needs and fund our path to production. Significant milestones achieved include:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nasdaq Direct Listing:</b> On October 16, 2025, our Class B Common Stock commenced trading on the Nasdaq Capital Market under the ticker symbol “SEV,” providing a platform for broader access to public capital markets.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Line of Credit (“ELOC”):</b> In October 2025, we entered into a share purchase agreement providing a committed $<span id="xdx_906_eus-gaap--EquityMethodInvestments_iI_pn6n6_c20251031__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zi5ilwBPl1O" title="Equity method investments">75</span> million equity line of credit. Through June 30, 2026, we had utilized this facility to raise approximately $<span id="xdx_902_eus-gaap--ProceedsFromLinesOfCredit_pn5n6_c20260101__20260630_z6z2nv1VKLY6" title="Gross proceeds">4.3</span> million in aggregate gross proceeds.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>January 2026 Capital Raise:</b> In January 2026, the Company successfully raised an additional $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn6n6_c20260101__20260131_z9a1ELWucvah" title="Issuance of common stock and warrants">9</span> million ($<span id="xdx_90C_eus-gaap--DeferredOfferingCosts_iI_pn5n6_c20260131_zFemw5w2kGJ6" title="Direct offering expenses">8.2</span> million, net of direct offering expenses) through the issuance of common stock and warrants. </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 2026 Warrant Exercises:</b> During the first quarter of 2026, the Company received aggregate gross cash proceeds of approximately $<span id="xdx_904_eus-gaap--ProceedsFromWarrantExercises_pn5n6_c20260101__20260331_zQV817lQukg" title="Gross proceeds from warrant exercises">8.1</span> million from warrant exercises, which included a $<span id="xdx_90F_eus-gaap--ProceedsFromOtherEquity_pn5n6_c20260101__20260331_zRFcLJKIembd" title="Warrant inducement transaction">6.3</span> million warrant inducement transaction completed on March 12, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <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></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>July 2026 Warrant Inducement Transaction:</b> On July 13, 2026, subsequent to quarter-end, the Company closed a warrant inducement transaction generating approximately $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfWarrants_pn5n6_c20260713__20260713__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zgmZDxBSdcI5" title="Gross proceeds form cash">6.0</span> million in gross cash proceeds. In connection with the transaction, the Company issued <span id="xdx_905_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260713__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z9A1sKoIgHMl" title="Number of warrants issued">4,320,000</span> new warrants at an exercise price of $<span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260713__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zyB6r6W0slz" title="Warrants exercise price">2.25</span> per share, subject to a six-month lock-up before becoming exercisable.</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to continue as a going concern is dependent on our ability to obtain sufficient funding by accessing the remaining capacity under our $<span id="xdx_904_eus-gaap--EquityMethodInvestments_iI_pn6n6_c20260630__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zwd6Z7JKeZ69" title="Equity method investments">75</span> million ELOC and raising additional capital through public or private markets. Following the successful capital raises in early 2026, the Company estimates that an additional $<span id="xdx_90F_eus-gaap--OtherAdditionalCapital_iI_pn6n6_c20260630__srt--RangeAxis__srt--MinimumMember_zOzlqc8uEo22" title="Additional fund requirement">40</span> million to $<span id="xdx_90F_eus-gaap--OtherAdditionalCapital_iI_pn6n6_c20260630__srt--RangeAxis__srt--MaximumMember_z6HWe5s7YVGj" title="Additional fund requirement">45</span> million is required to fund the initial low-volume production phase of our Carlsbad facility.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While the Company believes its access to the public markets and the ELOC provide a viable path to necessary liquidity, there is no guarantee that we will be able to draw down sufficient amounts or secure additional financing on favorable terms. If the Company is unable to obtain adequate financing, it may be required to implement significant cost-cutting measures or significantly curtail our operations. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 75000000 4300000 9000000 8200000 8100000 6300000 6000000.0 4320000 2.25 75000000 40000000 45000000 <p id="xdx_80B_eus-gaap--BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_zuDOeTjt6L7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 2 – <span id="xdx_82E_zVzjmTyMFOKi">BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--ConsolidationPolicyTextBlock_zAI7HB0Wl3Jc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Basis of Presentation and Principles of Consolidation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying condensed consolidated financial statements included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted as permitted by such rules and regulations; however, the Company believes the disclosures are adequate to make the information presented not misleading.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The interim financial information is unaudited, but reflects all normal recurring adjustments that are necessary in the Company’s opinion to fairly present the information set forth herein. The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2025 included in Form 10-K filed with the SEC on March 30, 2026. Interim results are not necessarily indicative of the results expected for the full year.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company operates as a single reportable segment focused on the development of solar electric vehicles. The Co-Chief Executive Officers review consolidated financial information to assess performance and allocate resources. The Co-Chief Executive Officers function collectively as our chief operating decision maker.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--UseOfEstimates_z3PB5hr0pkJh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Use of Estimates</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with U.S. GAAP requires the Company to make certain 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 amount of expenses during the reporting periods. We use historical and other pertinent information to determine those estimates. Actual results could materially differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zDssjshpcAJk" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Reclassification </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain amounts in the condensed consolidated financial statements have been reclassified to conform to the current period presentation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_ecustom--CorrectionOfImmaterialErrorAndOutOfPeriodAdjustmentsPolicyTextBlock_zH2UFjIJ3eYe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_868_zS6tbvEQeAel">Correction of Immaterial Error and Out of Period Adjustments</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the quarter ended June 30, 2026, management identified an error related to the accounting for contingent considerations within its technology licensing agreement (“TLA”) entered into in 2022. Specifically, that the recording of amounts related to those stock-based contingent consideration as expenses and paid-in capital prior to such liabilities being incurred was not appropriate under GAAP.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The error resulted in an overstatement of additional paid-in capital and an overstatement of accumulated deficit in previously issued interim and annual financial statements beginning with the year ended December 31, 2022. The error had no effect on the statement of cash flows previously reported due to its non-cash operating nature and has zero effect on total stockholders’ equity.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluated the error qualitatively and quantitatively in accordance with SEC Staff Accounting Bulletin Nos. 99 and 108 and determined it was immaterial to each previously issued reporting period. Because correcting the cumulative amount solely through a catch-up adjustment in the current period would materially affect the comparability of the current period financial statements, management revised prior period comparative financial information for periods ended on or prior to December 31, 2024 and recorded an out-of-period adjustment of $</span><span id="xdx_908_eus-gaap--ShareBasedCompensation_pn5n6_c20260401__20260630__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zud54NcqeW41" title="Stock-based compensation expense">0.4</span> million in the three months ended June 30, 2026 to reduce stock-based compensation expense and additional paid-in capital for amounts previously recorded in the year ended December 31, 2025 and the three months ended March 31, 2026. The net loss for the three months ended June 30, 2026 includes this adjustment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_esrt--ScheduleOfCondensedBalanceSheetTableTextBlock_zXYzDWEYrr19" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the impact of the correction on the Company’s consolidated balance sheet as of December 31, 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zbQ6JQcnXzbk" style="display: none">SCHEDULE OF IMPACT ON CONSOLIDATED BALANCE SHEET</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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; padding-left: 0pt; font-weight: bold; text-indent: 0pt">(in thousands)</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20241231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zWePQmS2He5h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Previously Reported</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_490_20241231__srt--RestatementAxis__srt--RestatementAdjustmentMember_zRyjyqWiZ7b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20241231__srt--RestatementAxis__custom--AsRevisedMember_zqfa2BHcHEQe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Revised</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_z6bdzJwR8EHj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 0pt; width: 49%; text-align: left; padding-left: 0pt">Additional paid-in capital</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">304,584</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: 13%; text-align: right">(2,631</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: 13%; text-align: right">301,953</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn3n3_zH8FDlvELqVf" style="vertical-align: bottom; background-color: White"> <td style="text-indent: 0pt; text-align: left; padding-left: 0pt">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(277,412</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(274,781</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the impact of the correction on the Company’s consolidated balance sheet as of March 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <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">(in thousands)</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zdbbrqfZLHu4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Previously Reported</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49E_20250331__srt--RestatementAxis__srt--RestatementAdjustmentMember_zzwcrd01i9c7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20250331__srt--RestatementAxis__custom--AsRevisedMember_zXdk0kTQwq74" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Revised</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_zGStZl7m4iac" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; text-align: left; text-indent: 0pt; padding-left: 0pt">Additional paid-in capital</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">311,616</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: 13%; text-align: right">(2,631</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: 13%; text-align: right">308,985</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn3n3_zpkWiB2blr4h" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(288,279</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(285,648</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the impact of the correction on the Company’s consolidated balance sheet as of June 30, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <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">(in thousands)</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20250630__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_z26elpWXPqih" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Previously Reported</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_494_20250630__srt--RestatementAxis__srt--RestatementAdjustmentMember_zMsdxfAtFrY6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_494_20250630__srt--RestatementAxis__custom--AsRevisedMember_zKSKaTjpZXih" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Revised</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_zjq4eZjRIWUf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; text-align: left; text-indent: 0pt; padding-left: 0pt">Additional paid-in capital</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">327,172</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: 13%; text-align: right">(2,631</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: 13%; text-align: right">324,541</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn3n3_zaZhgsGm7p3f" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(300,350</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(297,719</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the impact of the correction on the Company’s consolidated balance sheet as of September 30, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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">(in thousands)</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20250930__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zJZIOrq0ZpGj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Previously Reported</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_491_20250930__srt--RestatementAxis__srt--RestatementAdjustmentMember_zfoPpl1ySX8j" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_498_20250930__srt--RestatementAxis__custom--AsRevisedMember_zIH9ZQtjRzRe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Revised</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_zebfoHzZr2Uf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; text-align: left; text-indent: 0pt; padding-left: 0pt">Additional paid-in capital</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">333,078</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: 13%; text-align: right">(2,631</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: 13%; text-align: right">330,447</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn3n3_zwtBPkpIOYuk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(305,839</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(303,208</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the impact of the correction on the Company’s consolidated balance sheet as of December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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">(in thousands)</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_490_20251231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zJZibyWUPXJc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Previously Reported</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20251231__srt--RestatementAxis__srt--RestatementAdjustmentMember_zSgVyvJoKz47" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20251231__srt--RestatementAxis__custom--AsRevisedMember_zzPZSunpkQpi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Revised</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_ziPHizQwUHP" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; text-align: left; text-indent: 0pt; padding-left: 0pt">Additional paid-in capital</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">341,887</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: 13%; text-align: right">(2,631</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: 13%; text-align: right">339,256</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn3n3_z1wdEnN3FBoc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(321,319</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(318,688</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the impact of the correction on the Company’s consolidated balance sheet as of March 31, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <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">(in thousands)</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20260331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_z2pF9NrCoAjc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Previously Reported</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20260331__srt--RestatementAxis__srt--RestatementAdjustmentMember_zxqxhzBHA3zd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20260331__srt--RestatementAxis__custom--AsRevisedMember_zgwHETb6oEug" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Revised</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_zmHOmKAZ0ced" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; text-align: left; text-indent: 0pt; padding-left: 0pt">Additional paid-in capital</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">361,153</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: 13%; text-align: right">(2,631</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: 13%; text-align: right">358,522</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn3n3_zcBD7gEogFI2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(331,513</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(328,882</td><td style="text-align: left">)</td></tr> </table> <p id="xdx_8A6_zqDOh4FE15Mk" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, during the quarter ended June 30, 2026, management identified an error in the presentation of financed arrangements for certain prepaid insurance policies and software licenses which were incorrectly presented on a net basis within prepaid assets, resulting in an understatement of financed arrangements and understatement of prepaids and other assets. Management evaluated the correction and determined that the effect of the correction was not material on previously reported financial statements and recorded the correction as of the current period. The out-of-period adjustment related to the balances of the financed arrangements as of December 31, 2025 was $<span id="xdx_905_ecustom--FinancedArrangements_iI_pn5n6_c20251231_z1nvxsc1Yv5j" title="Financed arrangements">0.7</span> million with a corresponding offset to prepaid assets. There was no impact on the statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zODhHZni8338" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair Value of Financial Instruments</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance provides an established hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors that market participants would use in valuing the asset or liability. There are three levels of inputs that may be used to measure fair value:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1—Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2—Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair-value estimates discussed herein are based upon certain market assumptions and pertinent information available to the Company as of the balance sheet dates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zk6ahieSMDXf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following are the classes of assets and liabilities measured at fair value (amounts in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_z7IwlER8IQ85" style="display: none">SCHEDULE OF CLASSES OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Description</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_491_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zgkKUczN0B3j" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Level 1</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_495_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_ziMd3LTMjjj7" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Level 2</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49C_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zfyvBL98qW68" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Level 3</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_495_20260630_zNsiNZkHaKul" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Total</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></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">As of June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center">Description</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</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--AssetsFairValueDisclosureAbstract_iB_zkhc65sD6aGf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Assets:</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><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_40B_eus-gaap--AssetsFairValueDisclosure_i01I_pn3n3_hus-gaap--CashAndCashEquivalentsAxis__us-gaap--MoneyMarketFundsMember_znhuC3DK0Btc" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; padding-bottom: 1pt">Money market fund</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: 10%; text-align: right">4,788</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">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0702">-</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0703">-</span></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">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">4,788</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AssetsFairValueDisclosure_i01I_pn3n3_zPJzWXAGKdY6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,788</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0707">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0708">-</span></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">4,788</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Description</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_492_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z5K9BkTTbaJa" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Level 1</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_495_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zt7SkeiNuDza" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Level 2</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_490_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zOor0fFfbAQa" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Level 3</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49E_20251231_zy0kjoDSqAOa" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Total</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></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">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center">Description</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</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--AssetsFairValueDisclosureAbstract_iB_zGQUN0jnYYBl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>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><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--AssetsFairValueDisclosure_i01I_pn3n3_hus-gaap--CashAndCashEquivalentsAxis__us-gaap--MoneyMarketFundsMember_zVaD4hqUc0ua" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; padding-bottom: 1pt">Money market fund</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: 10%; text-align: right">4,799</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">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0717">-</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0718">-</span></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">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">4,799</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AssetsFairValueDisclosure_i01I_pn3n3_zrVwk1EIIfUd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,799</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0722">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0723">-</span></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">4,799</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zPLSqq9Q7nv4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026 and December 31, 2025, the respective carrying value of cash and cash equivalents, receivables, other current assets, accounts payable, unearned reservation fees and financing arrangements approximated their fair values.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zkVeXzqHcih" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash and Cash Equivalents</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all highly liquid cash instruments purchased with an original maturity of three months or less to be cash equivalents. As of June 30, 2026 and December 31, 2025, cash and cash equivalents contained $<span id="xdx_908_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pn5n6_c20260630_zpx4BiHlD7wc" title="Unearned refundable customer reservation fees">4.1</span> million and $<span id="xdx_90A_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pn5n6_c20251231_zQyoHPKfPiof" title="Unearned refundable customer reservation fees">4.1</span> million, respectively, of unearned refundable customer reservation fees.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zDxe2qpX3878" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Property and Equipment</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_ecustom--ScheduleOfPropertyAndEquipmentEstimatedUsefulLivesTableTextBlock_z9Di16lQANV3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the following estimated useful lives:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zvnXSQayhDMi" style="display: none">SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <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; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computers, hardware and software</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputersHardwareAndSoftwareMember_zFCWYWluTO8g" title="Property and equipment, estimated useful lives">3</span> years</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvements</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zijwuCx79uF" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2026%23UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember"><span style="-sec-ix-hidden: xdx2ixbrl0737">shorter of remaining lease term or </span><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zx3Nxpos2Oib" title="Property and equipment, Estimated useful lives">5</span> years</span></span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machinery, tooling, and equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_z0RfauVHaHWd" title="Property and equipment, Estimated useful lives">5</span> - <span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_zGOqfHLCD1Ub" title="Property and equipment, Estimated useful lives">10</span> years</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OtherEquipmentMember_zpNbMto6Tnhh" title="Property and equipment, estimated useful lives">5</span> years</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production tooling equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ProductionToolingEquipmentMember_z0pjNu2eKHfg" title="Property and equipment, estimated useful lives">5</span> years</span></td></tr> </table> <p id="xdx_8A4_zEab0QKoEl17" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zpaezTFTSIZ6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Long-Lived Assets</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived assets, such as property, plant and equipment and operating lease assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for potential impairment, we first compare undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent the carrying amount of the underlying asset exceeds its fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_ecustom--UnearnedReservationFeesPolicyTextBlock_zWU2yCQcDrR4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Unearned Reservation Fees</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unearned reservation fee liabilities are recorded based on all funds we expect to collect on each transaction, including merchant processor fees charged. We maintain a separate money market account for all customer reservation fees collected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p id="xdx_842_eus-gaap--LesseeLeasesPolicyTextBlock_zPtXznbvqEXl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leases</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes all operating leases on the condensed consolidated balance sheets at the commencement date. This includes:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A right-of-use (ROU) asset representing the right to use the leased asset.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A lease liability representing the future lease payments discounted to present value.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease expense is recognized on a straight-line basis over the lease term, reflecting the benefit of using the leased asset. Our assessed lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We recognize a ROU asset at the commencement of an operating lease, representing the right to use the leased asset. The ROU asset is initially measured at the present value of the non-cancellable lease payments, including any initial direct payments. The ROU asset is depreciated over the lease term, using the same depreciation method and useful life as the underlying leased asset, or if not readily determinable, using a straight-line method over the lease term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We recognize a lease liability at the commencement of an operating lease, representing the obligation to make lease payments. The lease liability is initially measured at the present value of the non-cancellable lease payments, less any initial direct payments. The lease liability is subsequently remeasured to reflect the present value of the remaining lease payments using the lessee’s incremental borrowing rate at the initial recognition date or the subsequent remeasurement date, if applicable. Interest expense is recognized on the lease liability using the effective interest method.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--CommitmentsAndContingenciesPolicyTextBlock_zpy9nwRvSeja" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Commitments and Contingencies</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount within a range of loss can be reasonably estimated. When no amount within the range is a better estimate than any other amount, we accrue for the minimum amount within the range. Legal costs incurred in connection with loss contingencies are expensed as incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_ecustom--ContractsContainingShareBasedConsiderationsPolicyTextBlock_zRv5iPeHZEtj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contracts Containing Share-Based Considerations</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contracts that must be settled in a variable number of the Company’s equity securities based on a fixed dollar amount are classified as liabilities and remeasured to fair value at each reporting date. When such a contract is settled through the issuance of stock, or when the number of shares to be issued becomes fixed, the liability is reclassified to additional paid-in capital. No such liabilities existed as of June 30, 2026. Accrued liabilities related to such contracts were $<span id="xdx_90D_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_pn5n6_c20251231_zf0to5EYQFSf">0.2</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million as of December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended June 30, 2026, the Company settled previously accrued liabilities of $</span><span id="xdx_905_ecustom--SettlementOfPreviouslyAccruedLiabilities_pn5n6_c20260401__20260630_zpjHcWOT2Jv7" title="Settlement of previously accrued liabilities">0.8</span> million through issuance of equity classified instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zq85smPobirg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue Recognition</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To date, the Company has not generated any revenue from operations. The Company is currently in the pre-production development, testing and validation stage.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company expects to recognize revenue upon the delivery of its product to customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s ability to generate revenue is subject to various risks and uncertainties, including successful product development, market acceptance and regulatory approvals. These factors could materially impact the timing and amount of future revenue recognized by the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key Considerations for Future Revenue Recognition:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performance obligations: The Company will assess its contracts with customers to identify the distinct performance obligations and allocate the transaction price accordingly.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable consideration: If applicable, the Company will estimate the amount of variable consideration to which it is entitled based on the probability-weighted approach.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right of return: If customers have a right to return products, the Company will recognize a refund liability and adjust revenue accordingly.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal versus agent: The Company will determine whether it acts as a principal or an agent in its transactions, which will impact the presentation of revenue in the financial statements.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will continue to evaluate its revenue recognition policies and procedures as its business evolves and will make any necessary disclosures in future financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--AdvertisingCostsPolicyTextBlock_zQZuolSnAvdk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Advertising Costs</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company expenses advertising and promotional costs as incurred. Advertising costs are included within general, selling, and administrative expenses in the accompanying consolidated statements of operations. Advertising expenses were $<span id="xdx_90C_eus-gaap--AdvertisingExpense_pn5n6_c20260401__20260630_zy8XBqzIMgyg" title="Advertising expense">0.1</span> million and $<span id="xdx_90B_eus-gaap--AdvertisingExpense_pn5n6_c20250401__20250630_zJHhdkcPVQp2" title="Advertising expense">0.4</span> million for the three months ended June 30, 2026 and 2025, respectively, and $<span id="xdx_901_eus-gaap--AdvertisingExpense_pn5n6_c20260101__20260630_zkqV9pJATzBi" title="Advertising expense">0.2</span> million and $<span id="xdx_90C_eus-gaap--AdvertisingExpense_pn5n6_c20250101__20250630_zVJ9d8luEcB4" title="Advertising expense">0.8</span> million for the six months ended June 30, 2026 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--IncomeTaxPolicyTextBlock_zvOt9LkEWmI6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Income Taxes</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company provides for income taxes using the asset and liability approach. As of June 30, 2026, the Company continues to maintain a full valuation allowance against its net deferred tax assets, as the Company believes it remains more likely than not that they will not be realized. There have been no material changes to the Company’s liability for uncertain tax positions since December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zybxr6HR5rXe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock-Based Compensation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measures and recognizes compensation expense for all stock-based awards, including stock options and restricted stock units (“RSUs”), granted to employees, directors, and non-employees based on their estimated grant-date fair value. Equity instruments issued in connection with financing transactions or settlements of liabilities are not classified as stock-based compensation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock Options:</b> The fair value of stock options is estimated at the date of grant using the Black-Scholes option-pricing model.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restricted Stock Units:</b> The fair value of RSUs is determined based on the closing market price of the Company’s Class B Common Stock on the date of grant. </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for forfeitures as they occur. Accordingly, compensation expense is recognized only for awards that ultimately vest. Forfeitures are recognized in the period in which they occur, and no estimations or adjustments are made for anticipated forfeitures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--ResearchAndDevelopmentExpensePolicy_z8BdwlTAwVc1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research and Development</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and development costs are expensed as incurred and represent costs incurred to further new technologies, product design and technical capabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--ConcentrationRiskCreditRisk_zKoFTkmj4te5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Concentration of Credit Risk</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject us to concentration of credit risk are cash, cash equivalents, and restricted cash. We hold cash in domestic financial institutions that are federally insured within statutory limits. At times, deposits exceed federally insured limits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_ecustom--ConcentrationRiskSupplyRiskPolicyTextBlock_zM2hCn4dwiDk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Concentration of Supply Risk</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is dependent on a few suppliers for capital equipment, the majority of which are single-source suppliers, and the inability of these suppliers to deliver necessary equipment and components of its products according to the schedule and at prices, quality levels and volumes acceptable to the Company, or its inability to efficiently manage these components, could have a material adverse effect on the Company’s results of operations and financial condition.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--EarningsPerSharePolicyTextBlock_zUw6p2NOUF8c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Loss Per Share</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We compute net loss per share of Class A and Class B Common Stock using the two-class method. Basic net loss per share is computed using the weighted-average number of shares outstanding during the period. Diluted net loss per share is computed using the weighted-average number of shares and the effect of potentially dilutive securities outstanding during the period. For periods in which we incur a net loss, the effects of potentially dilutive securities would be antidilutive and would be excluded from diluted calculations. Dilutive securities consist of Preferred Stock, restricted stock units, stock options and warrants issued under the Company’s Equity Incentive Plans.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zlh5y7LE5rck" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Potentially dilutive securities outstanding were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zX02hhJdaQtk" style="display: none">SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES OUTSTANDING</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260101__20260630_zsgACwMMq0a8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 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_49A_20250101__20250630_zaTRdBHpw6jj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--PreferredStockMember_zkbqg3AUqJci" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Preferred stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0788">-</span></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">3,721,394</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockMember_zWdcdaBbQoOd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted stock units</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">637,895</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0792">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_z2HMfIplsCmf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,847,074</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,404,688</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zJG6JjRMlX21" style="vertical-align: bottom; background-color: White"> <td>Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,386,337</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">868,167</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--StockAwardedAndNotYetIssuedMember_zcuhNZJ29O63" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Stock awarded and not yet issued</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">105,000</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 style="-sec-ix-hidden: xdx2ixbrl0801">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_z3FbBLCgtlkg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Potentially dilutive securities</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">13,976,306</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">8,994,249</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A4_zyrwa18B0J21" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the three and six months ended June 30, 2026 and 2025, we incurred a net loss for which the effects of our potentially dilutive securities would be antidilutive and are therefore excluded from diluted net loss per share calculations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zeFUUn8IcKpk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the computation of basic net loss per share of Class A and Class B stock (in thousands, except share and per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_zWHyBvlTomvl" style="display: none">SCHEDULE OF COMPUTATION OF BASIC NET LOSS PER SHARE OF CLASS A AND CLASS B STOCK</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_49D_20260401__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zOLzWTc0kxUk" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class A</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_497_20260401__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zM424JI7k6Xd" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class B</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_496_20250401__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zTCFRaGZgKLk" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class A</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_49F_20250401__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zK0LXQw8lyY3" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class B</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </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">Three Months Ended June 30,</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="6" 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="6" 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 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">Class A</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">Class B</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">Class A</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">Class B</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</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_407_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_z7uzMGirWs3l" style="vertical-align: bottom; background-color: White"> <td style="width: 36%; padding-left: 10pt">Allocation of losses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(3,552</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(7,332</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(9,531</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">(2,540</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</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_40B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_zk9BpC07R4P4" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt">Weighted average shares outstanding</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">12,024,460</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">24,819,098</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">18,486,999</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">4,925,770</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--EarningsPerShareBasic_pid_zvnE1RE3TJLi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Basic net loss per share</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">(0.30</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">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(0.30</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(0.52</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">(0.52</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_491_20260101__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zVqo6cc1dAa3" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class A</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_492_20260101__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z3Rtcv3uecZ7" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class B</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_494_20250101__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z7JG1uWcGDgg" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class A</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_49C_20250101__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zY4dqQ7Ef6Rj" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class B</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </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">Six Months Ended June 30,</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="6" 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="6" 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 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">Class A</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">Class B</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">Class A</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">Class B</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</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_407_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zkf7IP9d9R3a" style="vertical-align: bottom; background-color: White"> <td style="width: 36%; padding-left: 10pt">Allocation of losses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(7,403</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(13,676</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(18,105</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">(4,833</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</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_40B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_zR4C5i5PFhbh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt">Weighted average shares outstanding</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">12,119,502</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">22,388,172</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">18,486,999</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">4,935,209</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--EarningsPerShareBasic_pid_z6DnDaqwIJy8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Basic net loss per share</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">(0.61</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">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(0.61</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(0.98</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">(0.98</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p id="xdx_8A5_zIFZFfVf6Vle" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zXxhfBMywua4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recent Accounting Pronouncements</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued ASU 2024-03, <i>Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)</i>, which requires public business entities to disclose specific natural expense categories within relevant expense captions. The standard is effective for annual reporting periods beginning after December 15, 2026. The Company is currently evaluating the impact of this standard on its financial statement disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2025, the FASB issued ASU 2025-11, <i>Interim Reporting (Topic 270): Narrow-Scope Improvements</i>, which is intended to improve the guidance in Topic 270 by enhancing the navigability of required interim disclosures and clarifying the applicability of the guidance. The update also introduces a disclosure principle requiring the disclosure of events occurring since the end of the most recent annual reporting period that have a material impact on the entity. For the Company, the standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of this standard on its financial statement disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In May 2026, the FASB issued ASU No. 2026-02, <i>Environmental Credits and Environmental Credit Obligations</i> <i>(Topic 818).</i> The ASU establishes authoritative guidance for the accounting of environmental credits and environmental credit obligations, including recognition, measurement, presentation, and disclosure requirements, in an effort to reduce diversity in practice and increase consistency of application across reporting entities. The ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Adoption of this ASU should be applied on a retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets on the balance sheet) as of the beginning of the annual reporting period of adoption, without recasting for any financial statement information before the period of adoption. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the provisions of this ASU.</span></p> <p id="xdx_85E_zTpWY96qrAX3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--ConsolidationPolicyTextBlock_zAI7HB0Wl3Jc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Basis of Presentation and Principles of Consolidation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying condensed consolidated financial statements included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted as permitted by such rules and regulations; however, the Company believes the disclosures are adequate to make the information presented not misleading.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The interim financial information is unaudited, but reflects all normal recurring adjustments that are necessary in the Company’s opinion to fairly present the information set forth herein. The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2025 included in Form 10-K filed with the SEC on March 30, 2026. Interim results are not necessarily indicative of the results expected for the full year.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company operates as a single reportable segment focused on the development of solar electric vehicles. The Co-Chief Executive Officers review consolidated financial information to assess performance and allocate resources. The Co-Chief Executive Officers function collectively as our chief operating decision maker.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--UseOfEstimates_z3PB5hr0pkJh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Use of Estimates</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with U.S. GAAP requires the Company to make certain 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 amount of expenses during the reporting periods. We use historical and other pertinent information to determine those estimates. Actual results could materially differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zDssjshpcAJk" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Reclassification </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain amounts in the condensed consolidated financial statements have been reclassified to conform to the current period presentation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_ecustom--CorrectionOfImmaterialErrorAndOutOfPeriodAdjustmentsPolicyTextBlock_zH2UFjIJ3eYe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_868_zS6tbvEQeAel">Correction of Immaterial Error and Out of Period Adjustments</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the quarter ended June 30, 2026, management identified an error related to the accounting for contingent considerations within its technology licensing agreement (“TLA”) entered into in 2022. Specifically, that the recording of amounts related to those stock-based contingent consideration as expenses and paid-in capital prior to such liabilities being incurred was not appropriate under GAAP.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The error resulted in an overstatement of additional paid-in capital and an overstatement of accumulated deficit in previously issued interim and annual financial statements beginning with the year ended December 31, 2022. The error had no effect on the statement of cash flows previously reported due to its non-cash operating nature and has zero effect on total stockholders’ equity.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluated the error qualitatively and quantitatively in accordance with SEC Staff Accounting Bulletin Nos. 99 and 108 and determined it was immaterial to each previously issued reporting period. Because correcting the cumulative amount solely through a catch-up adjustment in the current period would materially affect the comparability of the current period financial statements, management revised prior period comparative financial information for periods ended on or prior to December 31, 2024 and recorded an out-of-period adjustment of $</span><span id="xdx_908_eus-gaap--ShareBasedCompensation_pn5n6_c20260401__20260630__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zud54NcqeW41" title="Stock-based compensation expense">0.4</span> million in the three months ended June 30, 2026 to reduce stock-based compensation expense and additional paid-in capital for amounts previously recorded in the year ended December 31, 2025 and the three months ended March 31, 2026. The net loss for the three months ended June 30, 2026 includes this adjustment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_esrt--ScheduleOfCondensedBalanceSheetTableTextBlock_zXYzDWEYrr19" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the impact of the correction on the Company’s consolidated balance sheet as of December 31, 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zbQ6JQcnXzbk" style="display: none">SCHEDULE OF IMPACT ON CONSOLIDATED BALANCE SHEET</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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; padding-left: 0pt; font-weight: bold; text-indent: 0pt">(in thousands)</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20241231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zWePQmS2He5h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Previously Reported</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_490_20241231__srt--RestatementAxis__srt--RestatementAdjustmentMember_zRyjyqWiZ7b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20241231__srt--RestatementAxis__custom--AsRevisedMember_zqfa2BHcHEQe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Revised</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_z6bdzJwR8EHj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 0pt; width: 49%; text-align: left; padding-left: 0pt">Additional paid-in capital</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">304,584</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: 13%; text-align: right">(2,631</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: 13%; text-align: right">301,953</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn3n3_zH8FDlvELqVf" style="vertical-align: bottom; background-color: White"> <td style="text-indent: 0pt; text-align: left; padding-left: 0pt">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(277,412</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(274,781</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the impact of the correction on the Company’s consolidated balance sheet as of March 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <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">(in thousands)</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zdbbrqfZLHu4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Previously Reported</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49E_20250331__srt--RestatementAxis__srt--RestatementAdjustmentMember_zzwcrd01i9c7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20250331__srt--RestatementAxis__custom--AsRevisedMember_zXdk0kTQwq74" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Revised</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_zGStZl7m4iac" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; text-align: left; text-indent: 0pt; padding-left: 0pt">Additional paid-in capital</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">311,616</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: 13%; text-align: right">(2,631</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: 13%; text-align: right">308,985</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn3n3_zpkWiB2blr4h" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(288,279</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(285,648</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the impact of the correction on the Company’s consolidated balance sheet as of June 30, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <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">(in thousands)</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20250630__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_z26elpWXPqih" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Previously Reported</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_494_20250630__srt--RestatementAxis__srt--RestatementAdjustmentMember_zMsdxfAtFrY6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_494_20250630__srt--RestatementAxis__custom--AsRevisedMember_zKSKaTjpZXih" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Revised</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_zjq4eZjRIWUf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; text-align: left; text-indent: 0pt; padding-left: 0pt">Additional paid-in capital</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">327,172</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: 13%; text-align: right">(2,631</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: 13%; text-align: right">324,541</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn3n3_zaZhgsGm7p3f" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(300,350</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(297,719</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the impact of the correction on the Company’s consolidated balance sheet as of September 30, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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">(in thousands)</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20250930__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zJZIOrq0ZpGj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Previously Reported</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_491_20250930__srt--RestatementAxis__srt--RestatementAdjustmentMember_zfoPpl1ySX8j" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_498_20250930__srt--RestatementAxis__custom--AsRevisedMember_zIH9ZQtjRzRe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Revised</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_zebfoHzZr2Uf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; text-align: left; text-indent: 0pt; padding-left: 0pt">Additional paid-in capital</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">333,078</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: 13%; text-align: right">(2,631</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: 13%; text-align: right">330,447</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn3n3_zwtBPkpIOYuk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(305,839</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(303,208</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the impact of the correction on the Company’s consolidated balance sheet as of December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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">(in thousands)</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_490_20251231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zJZibyWUPXJc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Previously Reported</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20251231__srt--RestatementAxis__srt--RestatementAdjustmentMember_zSgVyvJoKz47" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20251231__srt--RestatementAxis__custom--AsRevisedMember_zzPZSunpkQpi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Revised</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_ziPHizQwUHP" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; text-align: left; text-indent: 0pt; padding-left: 0pt">Additional paid-in capital</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">341,887</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: 13%; text-align: right">(2,631</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: 13%; text-align: right">339,256</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn3n3_z1wdEnN3FBoc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(321,319</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(318,688</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the impact of the correction on the Company’s consolidated balance sheet as of March 31, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <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">(in thousands)</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20260331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_z2pF9NrCoAjc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Previously Reported</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20260331__srt--RestatementAxis__srt--RestatementAdjustmentMember_zxqxhzBHA3zd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20260331__srt--RestatementAxis__custom--AsRevisedMember_zgwHETb6oEug" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Revised</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_zmHOmKAZ0ced" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; text-align: left; text-indent: 0pt; padding-left: 0pt">Additional paid-in capital</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">361,153</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: 13%; text-align: right">(2,631</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: 13%; text-align: right">358,522</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn3n3_zcBD7gEogFI2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(331,513</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(328,882</td><td style="text-align: left">)</td></tr> </table> <p id="xdx_8A6_zqDOh4FE15Mk" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, during the quarter ended June 30, 2026, management identified an error in the presentation of financed arrangements for certain prepaid insurance policies and software licenses which were incorrectly presented on a net basis within prepaid assets, resulting in an understatement of financed arrangements and understatement of prepaids and other assets. Management evaluated the correction and determined that the effect of the correction was not material on previously reported financial statements and recorded the correction as of the current period. The out-of-period adjustment related to the balances of the financed arrangements as of December 31, 2025 was $<span id="xdx_905_ecustom--FinancedArrangements_iI_pn5n6_c20251231_z1nvxsc1Yv5j" title="Financed arrangements">0.7</span> million with a corresponding offset to prepaid assets. There was no impact on the statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 400000 <p id="xdx_899_esrt--ScheduleOfCondensedBalanceSheetTableTextBlock_zXYzDWEYrr19" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the impact of the correction on the Company’s consolidated balance sheet as of December 31, 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zbQ6JQcnXzbk" style="display: none">SCHEDULE OF IMPACT ON CONSOLIDATED BALANCE SHEET</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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; padding-left: 0pt; font-weight: bold; text-indent: 0pt">(in thousands)</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_496_20241231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zWePQmS2He5h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Previously Reported</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_490_20241231__srt--RestatementAxis__srt--RestatementAdjustmentMember_zRyjyqWiZ7b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20241231__srt--RestatementAxis__custom--AsRevisedMember_zqfa2BHcHEQe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Revised</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_z6bdzJwR8EHj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 0pt; width: 49%; text-align: left; padding-left: 0pt">Additional paid-in capital</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">304,584</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: 13%; text-align: right">(2,631</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: 13%; text-align: right">301,953</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn3n3_zH8FDlvELqVf" style="vertical-align: bottom; background-color: White"> <td style="text-indent: 0pt; text-align: left; padding-left: 0pt">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(277,412</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(274,781</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the impact of the correction on the Company’s consolidated balance sheet as of March 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <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">(in thousands)</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20250331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zdbbrqfZLHu4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Previously Reported</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49E_20250331__srt--RestatementAxis__srt--RestatementAdjustmentMember_zzwcrd01i9c7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20250331__srt--RestatementAxis__custom--AsRevisedMember_zXdk0kTQwq74" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Revised</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_zGStZl7m4iac" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; text-align: left; text-indent: 0pt; padding-left: 0pt">Additional paid-in capital</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">311,616</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: 13%; text-align: right">(2,631</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: 13%; text-align: right">308,985</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn3n3_zpkWiB2blr4h" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(288,279</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(285,648</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the impact of the correction on the Company’s consolidated balance sheet as of June 30, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <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">(in thousands)</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20250630__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_z26elpWXPqih" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Previously Reported</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_494_20250630__srt--RestatementAxis__srt--RestatementAdjustmentMember_zMsdxfAtFrY6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_494_20250630__srt--RestatementAxis__custom--AsRevisedMember_zKSKaTjpZXih" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Revised</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_zjq4eZjRIWUf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; text-align: left; text-indent: 0pt; padding-left: 0pt">Additional paid-in capital</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">327,172</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: 13%; text-align: right">(2,631</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: 13%; text-align: right">324,541</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn3n3_zaZhgsGm7p3f" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(300,350</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(297,719</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the impact of the correction on the Company’s consolidated balance sheet as of September 30, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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">(in thousands)</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20250930__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zJZIOrq0ZpGj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Previously Reported</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_491_20250930__srt--RestatementAxis__srt--RestatementAdjustmentMember_zfoPpl1ySX8j" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_498_20250930__srt--RestatementAxis__custom--AsRevisedMember_zIH9ZQtjRzRe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Revised</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_zebfoHzZr2Uf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; text-align: left; text-indent: 0pt; padding-left: 0pt">Additional paid-in capital</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">333,078</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: 13%; text-align: right">(2,631</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: 13%; text-align: right">330,447</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn3n3_zwtBPkpIOYuk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(305,839</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(303,208</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the impact of the correction on the Company’s consolidated balance sheet as of December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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">(in thousands)</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_490_20251231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zJZibyWUPXJc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Previously Reported</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20251231__srt--RestatementAxis__srt--RestatementAdjustmentMember_zSgVyvJoKz47" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20251231__srt--RestatementAxis__custom--AsRevisedMember_zzPZSunpkQpi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Revised</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_ziPHizQwUHP" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; text-align: left; text-indent: 0pt; padding-left: 0pt">Additional paid-in capital</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">341,887</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: 13%; text-align: right">(2,631</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: 13%; text-align: right">339,256</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn3n3_z1wdEnN3FBoc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(321,319</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(318,688</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the impact of the correction on the Company’s consolidated balance sheet as of March 31, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <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">(in thousands)</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20260331__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_z2pF9NrCoAjc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Previously Reported</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20260331__srt--RestatementAxis__srt--RestatementAdjustmentMember_zxqxhzBHA3zd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20260331__srt--RestatementAxis__custom--AsRevisedMember_zgwHETb6oEug" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As Revised</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--AdditionalPaidInCapital_iI_pn3n3_zmHOmKAZ0ced" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; text-align: left; text-indent: 0pt; padding-left: 0pt">Additional paid-in capital</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">361,153</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: 13%; text-align: right">(2,631</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: 13%; text-align: right">358,522</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn3n3_zcBD7gEogFI2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(331,513</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(328,882</td><td style="text-align: left">)</td></tr> </table> 304584000 -2631000 301953000 -277412000 2631000 -274781000 311616000 -2631000 308985000 -288279000 2631000 -285648000 327172000 -2631000 324541000 -300350000 2631000 -297719000 333078000 -2631000 330447000 -305839000 2631000 -303208000 341887000 -2631000 339256000 -321319000 2631000 -318688000 361153000 -2631000 358522000 -331513000 2631000 -328882000 700000 <p id="xdx_84B_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zODhHZni8338" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair Value of Financial Instruments</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance provides an established hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors that market participants would use in valuing the asset or liability. There are three levels of inputs that may be used to measure fair value:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1—Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2—Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair-value estimates discussed herein are based upon certain market assumptions and pertinent information available to the Company as of the balance sheet dates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zk6ahieSMDXf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following are the classes of assets and liabilities measured at fair value (amounts in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_z7IwlER8IQ85" style="display: none">SCHEDULE OF CLASSES OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Description</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_491_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zgkKUczN0B3j" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Level 1</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_495_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_ziMd3LTMjjj7" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Level 2</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49C_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zfyvBL98qW68" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Level 3</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_495_20260630_zNsiNZkHaKul" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Total</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></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">As of June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center">Description</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</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--AssetsFairValueDisclosureAbstract_iB_zkhc65sD6aGf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Assets:</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><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_40B_eus-gaap--AssetsFairValueDisclosure_i01I_pn3n3_hus-gaap--CashAndCashEquivalentsAxis__us-gaap--MoneyMarketFundsMember_znhuC3DK0Btc" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; padding-bottom: 1pt">Money market fund</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: 10%; text-align: right">4,788</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">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0702">-</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0703">-</span></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">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">4,788</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AssetsFairValueDisclosure_i01I_pn3n3_zPJzWXAGKdY6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,788</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0707">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0708">-</span></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">4,788</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Description</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_492_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z5K9BkTTbaJa" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Level 1</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_495_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zt7SkeiNuDza" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Level 2</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_490_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zOor0fFfbAQa" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Level 3</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49E_20251231_zy0kjoDSqAOa" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Total</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></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">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center">Description</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</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--AssetsFairValueDisclosureAbstract_iB_zGQUN0jnYYBl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>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><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--AssetsFairValueDisclosure_i01I_pn3n3_hus-gaap--CashAndCashEquivalentsAxis__us-gaap--MoneyMarketFundsMember_zVaD4hqUc0ua" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; padding-bottom: 1pt">Money market fund</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: 10%; text-align: right">4,799</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">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0717">-</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0718">-</span></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">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">4,799</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AssetsFairValueDisclosure_i01I_pn3n3_zrVwk1EIIfUd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,799</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0722">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0723">-</span></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">4,799</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zPLSqq9Q7nv4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026 and December 31, 2025, the respective carrying value of cash and cash equivalents, receivables, other current assets, accounts payable, unearned reservation fees and financing arrangements approximated their fair values.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zk6ahieSMDXf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following are the classes of assets and liabilities measured at fair value (amounts in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_z7IwlER8IQ85" style="display: none">SCHEDULE OF CLASSES OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Description</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_491_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zgkKUczN0B3j" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Level 1</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_495_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_ziMd3LTMjjj7" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Level 2</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49C_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zfyvBL98qW68" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Level 3</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_495_20260630_zNsiNZkHaKul" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Total</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></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">As of June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center">Description</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</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--AssetsFairValueDisclosureAbstract_iB_zkhc65sD6aGf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Assets:</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><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_40B_eus-gaap--AssetsFairValueDisclosure_i01I_pn3n3_hus-gaap--CashAndCashEquivalentsAxis__us-gaap--MoneyMarketFundsMember_znhuC3DK0Btc" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; padding-bottom: 1pt">Money market fund</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: 10%; text-align: right">4,788</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">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0702">-</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0703">-</span></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">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">4,788</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AssetsFairValueDisclosure_i01I_pn3n3_zPJzWXAGKdY6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,788</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0707">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0708">-</span></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">4,788</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Description</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_492_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z5K9BkTTbaJa" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Level 1</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_495_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zt7SkeiNuDza" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Level 2</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_490_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zOor0fFfbAQa" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Level 3</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49E_20251231_zy0kjoDSqAOa" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif">Total</span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></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">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center">Description</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</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--AssetsFairValueDisclosureAbstract_iB_zGQUN0jnYYBl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>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><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--AssetsFairValueDisclosure_i01I_pn3n3_hus-gaap--CashAndCashEquivalentsAxis__us-gaap--MoneyMarketFundsMember_zVaD4hqUc0ua" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; padding-bottom: 1pt">Money market fund</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: 10%; text-align: right">4,799</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">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0717">-</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0718">-</span></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">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">4,799</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AssetsFairValueDisclosure_i01I_pn3n3_zrVwk1EIIfUd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,799</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0722">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0723">-</span></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">4,799</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 4788000 4788000 4788000 4788000 4799000 4799000 4799000 4799000 <p id="xdx_84E_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zkVeXzqHcih" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash and Cash Equivalents</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all highly liquid cash instruments purchased with an original maturity of three months or less to be cash equivalents. As of June 30, 2026 and December 31, 2025, cash and cash equivalents contained $<span id="xdx_908_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pn5n6_c20260630_zpx4BiHlD7wc" title="Unearned refundable customer reservation fees">4.1</span> million and $<span id="xdx_90A_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pn5n6_c20251231_zQyoHPKfPiof" title="Unearned refundable customer reservation fees">4.1</span> million, respectively, of unearned refundable customer reservation fees.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 4100000 4100000 <p id="xdx_84F_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zDxe2qpX3878" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Property and Equipment</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_ecustom--ScheduleOfPropertyAndEquipmentEstimatedUsefulLivesTableTextBlock_z9Di16lQANV3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the following estimated useful lives:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zvnXSQayhDMi" style="display: none">SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <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; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computers, hardware and software</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputersHardwareAndSoftwareMember_zFCWYWluTO8g" title="Property and equipment, estimated useful lives">3</span> years</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvements</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zijwuCx79uF" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2026%23UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember"><span style="-sec-ix-hidden: xdx2ixbrl0737">shorter of remaining lease term or </span><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zx3Nxpos2Oib" title="Property and equipment, Estimated useful lives">5</span> years</span></span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machinery, tooling, and equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_z0RfauVHaHWd" title="Property and equipment, Estimated useful lives">5</span> - <span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_zGOqfHLCD1Ub" title="Property and equipment, Estimated useful lives">10</span> years</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OtherEquipmentMember_zpNbMto6Tnhh" title="Property and equipment, estimated useful lives">5</span> years</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production tooling equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ProductionToolingEquipmentMember_z0pjNu2eKHfg" title="Property and equipment, estimated useful lives">5</span> years</span></td></tr> </table> <p id="xdx_8A4_zEab0QKoEl17" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_ecustom--ScheduleOfPropertyAndEquipmentEstimatedUsefulLivesTableTextBlock_z9Di16lQANV3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the following estimated useful lives:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zvnXSQayhDMi" style="display: none">SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <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; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computers, hardware and software</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputersHardwareAndSoftwareMember_zFCWYWluTO8g" title="Property and equipment, estimated useful lives">3</span> years</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvements</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zijwuCx79uF" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2026%23UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember"><span style="-sec-ix-hidden: xdx2ixbrl0737">shorter of remaining lease term or </span><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zx3Nxpos2Oib" title="Property and equipment, Estimated useful lives">5</span> years</span></span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machinery, tooling, and equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_z0RfauVHaHWd" title="Property and equipment, Estimated useful lives">5</span> - <span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_zGOqfHLCD1Ub" title="Property and equipment, Estimated useful lives">10</span> years</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OtherEquipmentMember_zpNbMto6Tnhh" title="Property and equipment, estimated useful lives">5</span> years</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production tooling equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ProductionToolingEquipmentMember_z0pjNu2eKHfg" title="Property and equipment, estimated useful lives">5</span> years</span></td></tr> </table> P3Y P5Y P5Y P10Y P5Y P5Y <p id="xdx_840_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zpaezTFTSIZ6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Long-Lived Assets</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived assets, such as property, plant and equipment and operating lease assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for potential impairment, we first compare undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent the carrying amount of the underlying asset exceeds its fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_ecustom--UnearnedReservationFeesPolicyTextBlock_zWU2yCQcDrR4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Unearned Reservation Fees</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unearned reservation fee liabilities are recorded based on all funds we expect to collect on each transaction, including merchant processor fees charged. We maintain a separate money market account for all customer reservation fees collected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p id="xdx_842_eus-gaap--LesseeLeasesPolicyTextBlock_zPtXznbvqEXl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leases</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes all operating leases on the condensed consolidated balance sheets at the commencement date. This includes:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A right-of-use (ROU) asset representing the right to use the leased asset.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A lease liability representing the future lease payments discounted to present value.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease expense is recognized on a straight-line basis over the lease term, reflecting the benefit of using the leased asset. Our assessed lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We recognize a ROU asset at the commencement of an operating lease, representing the right to use the leased asset. The ROU asset is initially measured at the present value of the non-cancellable lease payments, including any initial direct payments. The ROU asset is depreciated over the lease term, using the same depreciation method and useful life as the underlying leased asset, or if not readily determinable, using a straight-line method over the lease term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We recognize a lease liability at the commencement of an operating lease, representing the obligation to make lease payments. The lease liability is initially measured at the present value of the non-cancellable lease payments, less any initial direct payments. The lease liability is subsequently remeasured to reflect the present value of the remaining lease payments using the lessee’s incremental borrowing rate at the initial recognition date or the subsequent remeasurement date, if applicable. Interest expense is recognized on the lease liability using the effective interest method.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--CommitmentsAndContingenciesPolicyTextBlock_zpy9nwRvSeja" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Commitments and Contingencies</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount within a range of loss can be reasonably estimated. When no amount within the range is a better estimate than any other amount, we accrue for the minimum amount within the range. Legal costs incurred in connection with loss contingencies are expensed as incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_ecustom--ContractsContainingShareBasedConsiderationsPolicyTextBlock_zRv5iPeHZEtj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contracts Containing Share-Based Considerations</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contracts that must be settled in a variable number of the Company’s equity securities based on a fixed dollar amount are classified as liabilities and remeasured to fair value at each reporting date. When such a contract is settled through the issuance of stock, or when the number of shares to be issued becomes fixed, the liability is reclassified to additional paid-in capital. No such liabilities existed as of June 30, 2026. Accrued liabilities related to such contracts were $<span id="xdx_90D_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_pn5n6_c20251231_zf0to5EYQFSf">0.2</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million as of December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended June 30, 2026, the Company settled previously accrued liabilities of $</span><span id="xdx_905_ecustom--SettlementOfPreviouslyAccruedLiabilities_pn5n6_c20260401__20260630_zpjHcWOT2Jv7" title="Settlement of previously accrued liabilities">0.8</span> million through issuance of equity classified instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 200000 800000 <p id="xdx_84F_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zq85smPobirg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue Recognition</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To date, the Company has not generated any revenue from operations. The Company is currently in the pre-production development, testing and validation stage.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company expects to recognize revenue upon the delivery of its product to customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s ability to generate revenue is subject to various risks and uncertainties, including successful product development, market acceptance and regulatory approvals. These factors could materially impact the timing and amount of future revenue recognized by the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key Considerations for Future Revenue Recognition:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performance obligations: The Company will assess its contracts with customers to identify the distinct performance obligations and allocate the transaction price accordingly.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable consideration: If applicable, the Company will estimate the amount of variable consideration to which it is entitled based on the probability-weighted approach.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right of return: If customers have a right to return products, the Company will recognize a refund liability and adjust revenue accordingly.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal versus agent: The Company will determine whether it acts as a principal or an agent in its transactions, which will impact the presentation of revenue in the financial statements.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will continue to evaluate its revenue recognition policies and procedures as its business evolves and will make any necessary disclosures in future financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--AdvertisingCostsPolicyTextBlock_zQZuolSnAvdk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Advertising Costs</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company expenses advertising and promotional costs as incurred. Advertising costs are included within general, selling, and administrative expenses in the accompanying consolidated statements of operations. Advertising expenses were $<span id="xdx_90C_eus-gaap--AdvertisingExpense_pn5n6_c20260401__20260630_zy8XBqzIMgyg" title="Advertising expense">0.1</span> million and $<span id="xdx_90B_eus-gaap--AdvertisingExpense_pn5n6_c20250401__20250630_zJHhdkcPVQp2" title="Advertising expense">0.4</span> million for the three months ended June 30, 2026 and 2025, respectively, and $<span id="xdx_901_eus-gaap--AdvertisingExpense_pn5n6_c20260101__20260630_zkqV9pJATzBi" title="Advertising expense">0.2</span> million and $<span id="xdx_90C_eus-gaap--AdvertisingExpense_pn5n6_c20250101__20250630_zVJ9d8luEcB4" title="Advertising expense">0.8</span> million for the six months ended June 30, 2026 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 100000 400000 200000 800000 <p id="xdx_845_eus-gaap--IncomeTaxPolicyTextBlock_zvOt9LkEWmI6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Income Taxes</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company provides for income taxes using the asset and liability approach. As of June 30, 2026, the Company continues to maintain a full valuation allowance against its net deferred tax assets, as the Company believes it remains more likely than not that they will not be realized. There have been no material changes to the Company’s liability for uncertain tax positions since December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zybxr6HR5rXe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock-Based Compensation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measures and recognizes compensation expense for all stock-based awards, including stock options and restricted stock units (“RSUs”), granted to employees, directors, and non-employees based on their estimated grant-date fair value. Equity instruments issued in connection with financing transactions or settlements of liabilities are not classified as stock-based compensation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock Options:</b> The fair value of stock options is estimated at the date of grant using the Black-Scholes option-pricing model.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restricted Stock Units:</b> The fair value of RSUs is determined based on the closing market price of the Company’s Class B Common Stock on the date of grant. </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for forfeitures as they occur. Accordingly, compensation expense is recognized only for awards that ultimately vest. Forfeitures are recognized in the period in which they occur, and no estimations or adjustments are made for anticipated forfeitures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--ResearchAndDevelopmentExpensePolicy_z8BdwlTAwVc1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research and Development</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and development costs are expensed as incurred and represent costs incurred to further new technologies, product design and technical capabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--ConcentrationRiskCreditRisk_zKoFTkmj4te5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Concentration of Credit Risk</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject us to concentration of credit risk are cash, cash equivalents, and restricted cash. We hold cash in domestic financial institutions that are federally insured within statutory limits. At times, deposits exceed federally insured limits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_ecustom--ConcentrationRiskSupplyRiskPolicyTextBlock_zM2hCn4dwiDk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Concentration of Supply Risk</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is dependent on a few suppliers for capital equipment, the majority of which are single-source suppliers, and the inability of these suppliers to deliver necessary equipment and components of its products according to the schedule and at prices, quality levels and volumes acceptable to the Company, or its inability to efficiently manage these components, could have a material adverse effect on the Company’s results of operations and financial condition.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--EarningsPerSharePolicyTextBlock_zUw6p2NOUF8c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Loss Per Share</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We compute net loss per share of Class A and Class B Common Stock using the two-class method. Basic net loss per share is computed using the weighted-average number of shares outstanding during the period. Diluted net loss per share is computed using the weighted-average number of shares and the effect of potentially dilutive securities outstanding during the period. For periods in which we incur a net loss, the effects of potentially dilutive securities would be antidilutive and would be excluded from diluted calculations. Dilutive securities consist of Preferred Stock, restricted stock units, stock options and warrants issued under the Company’s Equity Incentive Plans.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zlh5y7LE5rck" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Potentially dilutive securities outstanding were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zX02hhJdaQtk" style="display: none">SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES OUTSTANDING</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260101__20260630_zsgACwMMq0a8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 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_49A_20250101__20250630_zaTRdBHpw6jj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--PreferredStockMember_zkbqg3AUqJci" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Preferred stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0788">-</span></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">3,721,394</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockMember_zWdcdaBbQoOd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted stock units</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">637,895</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0792">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_z2HMfIplsCmf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,847,074</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,404,688</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zJG6JjRMlX21" style="vertical-align: bottom; background-color: White"> <td>Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,386,337</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">868,167</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--StockAwardedAndNotYetIssuedMember_zcuhNZJ29O63" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Stock awarded and not yet issued</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">105,000</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 style="-sec-ix-hidden: xdx2ixbrl0801">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_z3FbBLCgtlkg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Potentially dilutive securities</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">13,976,306</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">8,994,249</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A4_zyrwa18B0J21" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the three and six months ended June 30, 2026 and 2025, we incurred a net loss for which the effects of our potentially dilutive securities would be antidilutive and are therefore excluded from diluted net loss per share calculations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zeFUUn8IcKpk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the computation of basic net loss per share of Class A and Class B stock (in thousands, except share and per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_zWHyBvlTomvl" style="display: none">SCHEDULE OF COMPUTATION OF BASIC NET LOSS PER SHARE OF CLASS A AND CLASS B STOCK</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_49D_20260401__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zOLzWTc0kxUk" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class A</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_497_20260401__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zM424JI7k6Xd" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class B</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_496_20250401__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zTCFRaGZgKLk" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class A</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_49F_20250401__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zK0LXQw8lyY3" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class B</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </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">Three Months Ended June 30,</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="6" 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="6" 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 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">Class A</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">Class B</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">Class A</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">Class B</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</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_407_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_z7uzMGirWs3l" style="vertical-align: bottom; background-color: White"> <td style="width: 36%; padding-left: 10pt">Allocation of losses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(3,552</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(7,332</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(9,531</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">(2,540</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</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_40B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_zk9BpC07R4P4" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt">Weighted average shares outstanding</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">12,024,460</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">24,819,098</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">18,486,999</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">4,925,770</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--EarningsPerShareBasic_pid_zvnE1RE3TJLi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Basic net loss per share</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">(0.30</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">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(0.30</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(0.52</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">(0.52</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_491_20260101__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zVqo6cc1dAa3" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class A</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_492_20260101__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z3Rtcv3uecZ7" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class B</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_494_20250101__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z7JG1uWcGDgg" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class A</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_49C_20250101__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zY4dqQ7Ef6Rj" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class B</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </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">Six Months Ended June 30,</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="6" 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="6" 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 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">Class A</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">Class B</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">Class A</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">Class B</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</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_407_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zkf7IP9d9R3a" style="vertical-align: bottom; background-color: White"> <td style="width: 36%; padding-left: 10pt">Allocation of losses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(7,403</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(13,676</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(18,105</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">(4,833</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</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_40B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_zR4C5i5PFhbh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt">Weighted average shares outstanding</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">12,119,502</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">22,388,172</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">18,486,999</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">4,935,209</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--EarningsPerShareBasic_pid_z6DnDaqwIJy8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Basic net loss per share</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">(0.61</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">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(0.61</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(0.98</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">(0.98</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p id="xdx_8A5_zIFZFfVf6Vle" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zlh5y7LE5rck" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Potentially dilutive securities outstanding were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zX02hhJdaQtk" style="display: none">SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES OUTSTANDING</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260101__20260630_zsgACwMMq0a8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 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_49A_20250101__20250630_zaTRdBHpw6jj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--PreferredStockMember_zkbqg3AUqJci" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Preferred stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0788">-</span></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">3,721,394</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockMember_zWdcdaBbQoOd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted stock units</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">637,895</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0792">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_z2HMfIplsCmf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,847,074</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,404,688</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zJG6JjRMlX21" style="vertical-align: bottom; background-color: White"> <td>Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,386,337</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">868,167</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--StockAwardedAndNotYetIssuedMember_zcuhNZJ29O63" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Stock awarded and not yet issued</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">105,000</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 style="-sec-ix-hidden: xdx2ixbrl0801">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_z3FbBLCgtlkg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Potentially dilutive securities</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">13,976,306</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">8,994,249</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 3721394 637895 6847074 4404688 6386337 868167 105000 13976306 8994249 <p id="xdx_89A_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zeFUUn8IcKpk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the computation of basic net loss per share of Class A and Class B stock (in thousands, except share and per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_zWHyBvlTomvl" style="display: none">SCHEDULE OF COMPUTATION OF BASIC NET LOSS PER SHARE OF CLASS A AND CLASS B STOCK</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_49D_20260401__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zOLzWTc0kxUk" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class A</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_497_20260401__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zM424JI7k6Xd" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class B</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_496_20250401__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zTCFRaGZgKLk" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class A</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_49F_20250401__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zK0LXQw8lyY3" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class B</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </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">Three Months Ended June 30,</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="6" 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="6" 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 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">Class A</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">Class B</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">Class A</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">Class B</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</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_407_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_z7uzMGirWs3l" style="vertical-align: bottom; background-color: White"> <td style="width: 36%; padding-left: 10pt">Allocation of losses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(3,552</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(7,332</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(9,531</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">(2,540</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</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_40B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_zk9BpC07R4P4" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt">Weighted average shares outstanding</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">12,024,460</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">24,819,098</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">18,486,999</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">4,925,770</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--EarningsPerShareBasic_pid_zvnE1RE3TJLi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Basic net loss per share</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">(0.30</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">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(0.30</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(0.52</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">(0.52</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_491_20260101__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zVqo6cc1dAa3" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class A</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_492_20260101__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z3Rtcv3uecZ7" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class B</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_494_20250101__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z7JG1uWcGDgg" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class A</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td style="display: none; font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td> <td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_49C_20250101__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zY4dqQ7Ef6Rj" style="border-bottom: Black 1pt solid; display: none; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Class B</b></span></td><td style="display: none; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </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">Six Months Ended June 30,</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="6" 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="6" 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 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">Class A</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">Class B</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">Class A</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">Class B</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</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_407_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zkf7IP9d9R3a" style="vertical-align: bottom; background-color: White"> <td style="width: 36%; padding-left: 10pt">Allocation of losses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(7,403</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(13,676</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(18,105</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">(4,833</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</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_40B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_zR4C5i5PFhbh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt">Weighted average shares outstanding</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">12,119,502</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">22,388,172</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">18,486,999</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">4,935,209</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--EarningsPerShareBasic_pid_z6DnDaqwIJy8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Basic net loss per share</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">(0.61</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">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(0.61</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(0.98</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">(0.98</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr> </table> -3552000 -7332000 -9531000 -2540000 12024460 24819098 18486999 4925770 -0.30 -0.30 -0.52 -0.52 -7403000 -13676000 -18105000 -4833000 12119502 22388172 18486999 4935209 -0.61 -0.61 -0.98 -0.98 <p id="xdx_848_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zXxhfBMywua4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recent Accounting Pronouncements</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued ASU 2024-03, <i>Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)</i>, which requires public business entities to disclose specific natural expense categories within relevant expense captions. The standard is effective for annual reporting periods beginning after December 15, 2026. The Company is currently evaluating the impact of this standard on its financial statement disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2025, the FASB issued ASU 2025-11, <i>Interim Reporting (Topic 270): Narrow-Scope Improvements</i>, which is intended to improve the guidance in Topic 270 by enhancing the navigability of required interim disclosures and clarifying the applicability of the guidance. The update also introduces a disclosure principle requiring the disclosure of events occurring since the end of the most recent annual reporting period that have a material impact on the entity. For the Company, the standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of this standard on its financial statement disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In May 2026, the FASB issued ASU No. 2026-02, <i>Environmental Credits and Environmental Credit Obligations</i> <i>(Topic 818).</i> The ASU establishes authoritative guidance for the accounting of environmental credits and environmental credit obligations, including recognition, measurement, presentation, and disclosure requirements, in an effort to reduce diversity in practice and increase consistency of application across reporting entities. The ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Adoption of this ASU should be applied on a retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets on the balance sheet) as of the beginning of the annual reporting period of adoption, without recasting for any financial statement information before the period of adoption. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the provisions of this ASU.</span></p> <p id="xdx_806_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zq1nwW2ZGEne" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 3 – <span id="xdx_823_zREDpfLM1Qz1">COMMITMENTS AND CONTINGENCIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Litigation and Regulation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Various aspects of our business and service areas are subject to U.S. federal, state, and local regulation, as well as regulation outside the United States. The Company is also subject to legal proceedings which arise in the ordinary course of business.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August 2024, Zaptera USA, Inc. (“Zaptera”) filed a complaint against Aptera Motors Corp. in the U.S. District Court for the Southern District of California alleging design patent infringement, misappropriation of trade secrets, and declaratory judgment of patent ownership, among other claims.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In April 2026, the Company entered into a settlement agreement with Zaptera. Pursuant to the terms of the settlement, the Company agreed to issue <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260430__20260430__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zqKNcBwHoC1a">105,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class B Common Stock and warrants to purchase up to <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260430__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zKEmuLNDx6fd">210,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class B Common Stock at an exercise price of $<span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260430__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zLjx9fdLviK2">2.78</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expiring on <span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_pid_dd_c20260430__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zH0loVoEmSF6">April 8, 2029</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. As a result of the settlement, the Company accrued liability and recognized litigation expense equivalent to the estimated fair value of the settlement of approximately $<span id="xdx_905_eus-gaap--SettlementLiabilitiesCurrent_iI_pn5n6_c20260331_ziVCs84TPvH6">0.6</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million during the three months ended March 31, 2026, which was included in “General, selling, and administrative” expenses in the condensed consolidated statements of operations. On April 9, 2026, all claims related to the action were dismissed with prejudice. The fair value of the <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260408__20260408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zzqZ11YxhVIf">105,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares was measured based on the closing price of Class B Common Stock on April 8, 2026 of $<span id="xdx_901_eus-gaap--SharePrice_iI_pid_c20260408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zCFnBoq0uon5">2.78</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, resulting in a fair value of $<span id="xdx_90F_eus-gaap--EquityFairValueDisclosure_iI_pn5n6_c20260408__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zdn0tLGIwKB1">0.3 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million. The fair value of the <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260409_zPfiaSbsq1zg">210,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">warrants was measured using the Black-Scholes option-pricing model with a unit fair value of $<span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260409__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputFairValueMember_z1Ec4vKyWZ25">1.69</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, based on a stock price of $<span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260409__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zd9kCDrmGU8d">2.78</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, an exercise price of $<span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260409__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember_zwu6Quo87Ecd">2.78</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, a </span><span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dtY_uPure_c20260409__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zCA2cmngx8bf" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 9pt">3</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">three-year term, expected volatility of <span id="xdx_907_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dp_uPure_c20260409__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zsqAfTMAi8L2">93.68</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% based on a peer-group daily volatility average, a risk-free rate of <span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dp_uPure_c20260409__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_z33DMbEjkhoi">3.78</span>%, and <span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dpo_uPure_c20260409__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_z0BFbrN7Zn4g">no</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expected dividend yield, resulting in a fair value of $<span id="xdx_907_eus-gaap--EquityFairValueDisclosure_iI_pn5n6_c20260409_zBlxq512kfxc">0.4</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> million. Under the settlement, the Company committed to issue a fixed number of shares and warrants; the related accrued liability was reclassified from accrued liabilities to additional paid-in capital during the three months ended June 30, 2026. As of June 30, 2026, the warrants have been issued and the <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightUnissued_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zQEWKv25dqU" title="Warrants issued">105,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class B Common Stock are pending issuance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2025, the Company received a subpoena for documents from the staff of the Securities and Exchange Commission (SEC) related to its securities offerings and the production, design, and manufacture of our vehicles. This subpoena is part of an ongoing SEC investigation. The Company continues to cooperate fully with the investigation and is continuing to produce documents in response to the subpoena and subsequent requests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SEC has informed us that the investigation does not mean that it has concluded that anyone has violated the law and that the receipt of the subpoena does not mean that the SEC has a negative opinion of any person, entity, or security. However, the Company can offer no assurances as to the timing, outcome or potential effect, if any, of this ongoing investigation. Responding to the subpoena and related requests continues to require the dedication of management time and attention and has resulted, and may continue to result, in the incurrence of significant expenses, including legal and other professional services fees.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Chery Technology License Agreement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In 2022, the Company entered into a Technology License Agreement (“TLA”) with Chery New Energy Automobile Co. Ltd. (“Chery”). The TLA provides the Company with access to Chery’s established supply chain, which helps streamline procurement and production processes. In addition, it provides the Company with access and option to incorporate certain Chery technologies and parts, such as components of their HVAC (Heating, Ventilation, and Air Conditioning) system, into Aptera’s vehicles. This collaboration aims to accelerate lead-up to production and drive the advancement of solar mobility.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The TLA, as amended in 2023, grants the Company a non-transferable license to use certain Chery automobile parts technology, know-how, and data. As consideration, the Company provided a total of $<span id="xdx_90D_eus-gaap--Cash_iI_pn5n6_c20231231__us-gaap--TypeOfArrangementAxis__custom--TechnologyLicenseAgreementMember_zHuLlnI3Qjjl" title="Cash">1.0</span> million in cash and issued common shares for a value equivalent to $<span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20221231__20221231__us-gaap--TypeOfArrangementAxis__custom--TechnologyLicenseAgreementMember_zY9ORBXJd5yd" title="Number of shares issued, value">4.0</span> million during 2022 for milestone 1 and 2 related to the transfer of technical documents for the technology. The TLA also contains contingent considerations to issue shares of class B common Stock to Chery for value equivalent to $<span id="xdx_905_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20231231__20231231__us-gaap--TypeOfArrangementAxis__custom--TechnologyLicenseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zKX8LtiNrmU2" title="Number of shares issued, value">5.0</span> million. This contingent obligation is triggered in two equal installments upon the Company entering into specific parts supply agreements with Chery and receiving the initial batches of parts under those agreements. The timing and ultimate issuance of these shares are dependent on the Company proceeding with these specific purchasing milestones. The Company also holds certain rights of first refusal regarding the shares held by Chery. The contract also calls for royalty per vehicle sold to be paid to Chery based on components or technology used in the final produced vehicles.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Purchase Obligations</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company regularly enters into purchase obligations with vendors and service providers, which represent expected payments and commitments during the normal course of our business. These purchase obligations are generally cancellable with or without notice and without penalty, although certain vendor agreements provide for cancellation fees or penalties. As of June 30, 2026 and December 31, 2025, we had approximately $<span id="xdx_901_eus-gaap--PurchaseObligation_iI_pn5n6_c20260630_z7V8iY1vllN">5.5</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million and $<span id="xdx_905_eus-gaap--PurchaseObligation_iI_pn5n6_c20251231_zi6iPXlrhuF2">2.1</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million in open purchase orders, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 105000 210000 2.78 2029-04-08 600000 105000 2.78 300000 210000 1.69 2.78 2.78 3 0.9368 0.0378 0 400000 105000 1000000.0 4000000.0 5000000.0 5500000 2100000 <p id="xdx_80E_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zjCY4qXwlryl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 4 – <span id="xdx_82F_z3obVFnVOir9">PROPERTY AND EQUIPMENT</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--PropertyPlantAndEquipmentTextBlock_zAzCcaLGkBah" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, net consisted of the following (amounts in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B0_zeuHMUUHEPCh" style="display: none">SCHEDULE OF PROPERTY AND EQUIPMENT</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20260630_zxS52SfMUSv" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 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_492_20251231_zol8Od1gr4va" 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 id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zs2C2Uwnd18b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; text-indent: 0pt; padding-left: 0pt">Leasehold improvements</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">841</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">843</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_znRHttKrkcLf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Computers, hardware and software</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">142</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OtherMachineryAndEquipmentMember_zORE3ZdyQFJ3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Machinery, tooling, and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,921</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,801</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ConstructionInProgressMember_zKvqEZBXStYd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt; padding-left: 0pt">Construction in progress</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">1,766</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">15,684</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzzDu_z0PG8OumwX4k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 0pt; padding-left: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, gross</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,665</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,470</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENzzDu_zszAj8S0yZhb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Less: accumulated depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,071</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,717</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzzDu_z66LGMbsYXTb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: 0pt; padding-left: 0pt">Property and equipment, net</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">17,594</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">17,753</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A1_zuVJnKOuOYx" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended June 30, 2026, the Company placed production tooling and related equipment in service. As a result, $<span id="xdx_900_eus-gaap--Depreciation_pn5n6_c20260401__20260630_z83ZTqVTWD4c" title="Depreciation expense">14.1</span> million was reclassified from construction in progress to machinery, tooling, and equipment. Depreciation of the production tooling is charged to research and development expense.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--PropertyPlantAndEquipmentTextBlock_zAzCcaLGkBah" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, net consisted of the following (amounts in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B0_zeuHMUUHEPCh" style="display: none">SCHEDULE OF PROPERTY AND EQUIPMENT</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20260630_zxS52SfMUSv" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 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_492_20251231_zol8Od1gr4va" 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 id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zs2C2Uwnd18b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; text-indent: 0pt; padding-left: 0pt">Leasehold improvements</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">841</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">843</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_znRHttKrkcLf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Computers, hardware and software</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">142</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OtherMachineryAndEquipmentMember_zORE3ZdyQFJ3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Machinery, tooling, and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,921</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,801</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ConstructionInProgressMember_zKvqEZBXStYd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt; padding-left: 0pt">Construction in progress</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">1,766</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">15,684</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzzDu_z0PG8OumwX4k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 0pt; padding-left: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, gross</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,665</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,470</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENzzDu_zszAj8S0yZhb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Less: accumulated depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,071</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,717</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzzDu_z66LGMbsYXTb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: 0pt; padding-left: 0pt">Property and equipment, net</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">17,594</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">17,753</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 841000 843000 137000 142000 16921000 2801000 1766000 15684000 19665000 19470000 2071000 1717000 17594000 17753000 14100000 <p id="xdx_80B_eus-gaap--LesseeOperatingLeasesTextBlock_zUkitJfDzcK7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 5 – <span id="xdx_826_zaS3XCbcUA73">LEASES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operating Lease</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company leases approximately <span id="xdx_909_eus-gaap--AreaOfLand_iI_uSqft_c20260630_zUQkmMsl87sd" title="Number of square feet">77,000</span> rentable square feet of office, manufacturing, and assembly space at its principal facility in Carlsbad, California.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the six months ended June 30, 2026, the Company executed an amendment to extend the lease term for this facility by an additional twelve months, establishing a new expiration date of March 31, 2028. The amendment established a revised monthly base rent of approximately $<span id="xdx_905_eus-gaap--PaymentsForRent_pp0p0_c20260101__20260630_zyifyqxmdVsd" title="Payments for rent">106,000</span> during the extension period and eliminated the Company’s previously existing options to extend the lease for two additional 60-month periods. Additionally, the amendment stipulates that $<span id="xdx_90A_eus-gaap--SecurityDeposit_iI_pn5n6_c20260630_zWqw1N52rL2d" title="Security deposit">0.7</span> million of the Company’s existing security deposit will be applied toward monthly base rent payments commencing April 1, 2027, reducing the held deposit to $<span id="xdx_901_eus-gaap--Deposits_iI_pn5n6_c20260630_zc9SDYWnrcae" title="Deposits">0.3</span> million over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of this lease modification, the Company remeasured its lease liability and corresponding right-of-use (ROU) asset based on an updated incremental borrowing rate of <span id="xdx_90E_ecustom--PercentageOfRightofuseAssetIncrementalBorrowingRate_iI_pid_dp_uPure_c20260630_zrBh9qP8zAy1" title="Percentage of right-of-use asset incremental borrowing rate">9.75</span>%. This remeasurement resulted in an increase of $<span id="xdx_90F_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn5n6_c20260630__srt--RangeAxis__srt--MaximumMember_zgf0cJxelDHc" title="Operating lease right-of-use asset"><span id="xdx_90A_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn5n6_c20260630__srt--RangeAxis__srt--MaximumMember_zbDdxvKbTloh" title="Operating lease liability">1.1</span></span> million to both the operating lease ROU asset and operating lease liability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_eus-gaap--LeaseCostTableTextBlock_zDhkMnFVyJb8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents supplemental information related to the Company’s operating lease:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span><span id="xdx_8B3_zc8jjhgmzvja" style="display: none">SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO OPERATING LEASE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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_20260630_zCq6qvbeTRM" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30, 2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231_zZd5og1lzaP5" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2025</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Supplemental lease 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 style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Weighted average remaining lease term (in years)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_902_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20260630_zFTavyeXe5l8" title="Weighted average remaining lease term (in years)">1.75</span></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"><span id="xdx_900_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20251231_zNphivlQshEg" title="Weighted average remaining lease term (in years)">1.25</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_zWGW1iUj7dX2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.75</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.30</td><td style="text-align: left">%</td></tr> </table> <p id="xdx_8AF_zqv5nciRNIRk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturities of operating lease liabilities as of June 30, 2026, are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zCXfQYUpnubj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the annual contractual maturities of operating lease liabilities (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span><span id="xdx_8B4_zWQxYTIj1nK3" style="display: none">SCHEDULE OF OPERATING LEASE LIABILITIES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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: left"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260630_zy8P1os6Agic" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30, 2026</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_pn3n3_maLOLLPzRUp_zNugSCy9Cib8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 80%">2026 (remaining 6 months)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">487</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPzRUp_zhPF2GyWgJQb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,265</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPzRUp_zE7EO4du4QK2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">2028</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">317</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPzRUp_zvADqGJyRTb9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total minimum lease payments</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">2,069</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_z947uwSPpRGj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">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">(170</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseLiability_iI_pn3n3_zAqrsRSrPEif" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Present value of 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">1,899</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AA_zQf4Tik63wm9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recorded $<span id="xdx_906_eus-gaap--OperatingLeaseExpense_pn5n6_c20260401__20260630_z9kmYWSuoUhc" title="Operating lease expense">0.3</span> million and $<span id="xdx_908_eus-gaap--OperatingLeaseExpense_pn5n6_c20250401__20250630_zjHJYduilLTb" title="Operating lease expense">0.3</span> million as operating lease expense for the three months ended June 30, 2026 and 2025, respectively, and $<span id="xdx_900_eus-gaap--OperatingLeaseExpense_pn5n6_c20260101__20260630_zhDzIJy1Q349" title="Operating lease expense">0.5</span> million and $<span id="xdx_907_eus-gaap--OperatingLeaseExpense_pn5n6_c20250101__20250630_zpCvNKexZ9zc" title="Operating lease expense">0.5</span> million for the six months ended June 30, 2026 and 2025, respectively. This expense is allocated to “General, selling, and administrative” and “Research and development” expenses in the condensed consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 77000 106000 700000 300000 0.0975 1100000 1100000 <p id="xdx_897_eus-gaap--LeaseCostTableTextBlock_zDhkMnFVyJb8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents supplemental information related to the Company’s operating lease:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span><span id="xdx_8B3_zc8jjhgmzvja" style="display: none">SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO OPERATING LEASE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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_20260630_zCq6qvbeTRM" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30, 2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231_zZd5og1lzaP5" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2025</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Supplemental lease 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 style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Weighted average remaining lease term (in years)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_902_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20260630_zFTavyeXe5l8" title="Weighted average remaining lease term (in years)">1.75</span></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"><span id="xdx_900_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20251231_zNphivlQshEg" title="Weighted average remaining lease term (in years)">1.25</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_zWGW1iUj7dX2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.75</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.30</td><td style="text-align: left">%</td></tr> </table> P1Y9M P1Y3M 0.0975 0.0830 <p id="xdx_89A_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zCXfQYUpnubj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the annual contractual maturities of operating lease liabilities (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span><span id="xdx_8B4_zWQxYTIj1nK3" style="display: none">SCHEDULE OF OPERATING LEASE LIABILITIES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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: left"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260630_zy8P1os6Agic" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30, 2026</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_pn3n3_maLOLLPzRUp_zNugSCy9Cib8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 80%">2026 (remaining 6 months)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">487</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPzRUp_zhPF2GyWgJQb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,265</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPzRUp_zE7EO4du4QK2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">2028</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">317</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPzRUp_zvADqGJyRTb9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total minimum lease payments</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">2,069</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_z947uwSPpRGj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">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">(170</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseLiability_iI_pn3n3_zAqrsRSrPEif" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Present value of 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">1,899</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 487000 1265000 317000 2069000 170000 1899000 300000 300000 500000 500000 <p id="xdx_80B_ecustom--FinancingArrangementsTextBlock_zudZInPyi0F2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 6 – <span id="xdx_82C_zhATYqL8K2c8">FINANCING ARRANGEMENTS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time the Company may enter into financing arrangements with its vendors or third party lenders to pay for certain expenditures for multiple annual insurance policies and multi-year software licenses. The Company presents such financing arrangements as liabilities when the right-of-setoff criteria are not met. As of June 30, 2026, the Company had outstanding $<span id="xdx_905_ecustom--FinancingArrangements_iI_pn5n6_c20260630_z7HR1liQNp71" title="Financing arrangements">0.3</span></span> million related to such financing arrangements with annual interest rates ranging from <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260630__srt--RangeAxis__srt--MinimumMember_z74RhpxTYQTd" title="Annual interest rate">0</span>% to <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260630__srt--RangeAxis__srt--MaximumMember_zaX2dJXKTDY2" title="Annual interest rate">7.82</span>% and remaining months to maturity ranging from <span id="xdx_90F_eus-gaap--DebtInstrumentTerm_pid_dtM_c20260630__20260630__srt--RangeAxis__srt--MinimumMember_zo8rNiZB3CIe" title="Maturity term">2</span> to <span id="xdx_909_eus-gaap--DebtInstrumentTerm_pid_dtM_c20260630__20260630__srt--RangeAxis__srt--MaximumMember_z7hKk6eMGKX2" title="Maturity term">11</span> months.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> 300000 0 0.0782 P2M P11M <p id="xdx_804_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_z2Xt68oLFXB" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 7 – <span id="xdx_829_zd84jEbOvGq">STOCKHOLDERS’ EQUITY</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Common Stock</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s authorized capital stock includes Class A Common Stock and Class B Common Stock. The rights of the holders of both classes are identical, including rights to dividends and distributions upon liquidation, except with respect to voting and conversion. <span id="xdx_906_eus-gaap--CommonStockVotingRights_c20260101__20260630_zibEjt58r0tj" title="Voting rights">Holders of Class A Common Stock are entitled to one vote per share on all matters submitted to a vote of stockholders, while holders of Class B Common Stock are not entitled to voting rights, except as required by applicable law. Additionally, each share of Class A Common Stock is convertible at any time, at the option of the holder, into one share of non-voting Class B Common Stock on a one-for-one basis.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>January 2026 Public Offering </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 26, 2026, the Company closed a registered public offering, issuing <span id="xdx_90C_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20260126__20260126__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zmfdL935NID1" title="Issuance of shares">4,500,000</span> shares of Class B Common Stock and accompanying common stock warrants to purchase up to <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20260126__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__srt--RangeAxis__srt--MaximumMember_zqTdQG5YMk9c" title="Purcahase of warrants">4,500,000</span> shares of Class B Common Stock (“Existing Warrants”). The combined public offering price was $<span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260126__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zLdJ3VyNRvSc" title="Offering price">2.00</span> per share and accompanying warrant, resulting in gross proceeds of approximately $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pn5n6_c20260126__20260126__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zDa6H47vFYl5" title="Gross proceeds">9.0</span> million, before deducting placement agent fees and other offering expenses of approximately $<span id="xdx_90F_eus-gaap--OtherExpenses_pn5n6_c20260126__20260126__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zVpMp2UdfX2f" title="Placement agent fees and other offering expenses">0.8</span> million. The warrants were issued with an exercise price of $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260126_zbGRJWptAhV9" title="Offering price">2.00</span> per share, became exercisable immediately, and expire <span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20260126_zJINRy1OJgxa" title="Issuance term">five years</span> from the issuance date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the January 2026 registered public offering, the Company issued to A.G.P./Alliance Global Partners, as placement agent, warrants to purchase up to <span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__dei--LegalEntityAxis__custom--AllianceGlobalPartnersMember_zgF537jeGRA1" title="Purcahase of warrants">135,000</span> shares of Class B Common Stock (the “Placement Agent Warrants”). The Placement Agent Warrants have an exercise price of $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260131__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__dei--LegalEntityAxis__custom--AllianceGlobalPartnersMember_zdGP2SSRIso7" title="Offering price">2.10</span> per share, become exercisable approximately 181 days after the issuance date, and expire <span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20260131__dei--LegalEntityAxis__custom--AllianceGlobalPartnersMember_zmCnOTpszpSa" title="Issuance term">five years</span> from the issuance date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>March 2026 Warrant Inducement </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 12, 2026, the Company entered into a warrant inducement agreement with certain holders of the warrants previously issued in the January 2026 public offering. Pursuant to the agreement, the holders exercised Existing Warrants to purchase <span id="xdx_904_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_pid_c20260312__us-gaap--TypeOfArrangementAxis__custom--WarrantInducementAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z3qLD1nA01Zg" title="Exercised warrants shares">3,167,500</span> shares of Class B Common Stock for gross cash proceeds of approximately $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOfWarrants_pn5n6_c20260312__20260312__us-gaap--TypeOfArrangementAxis__custom--WarrantInducementAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z1pfd8XatScj" title="Gross cash proceeds">6.3</span> million, before deducting placement agent fees and other offering expenses of approximately $<span id="xdx_90C_eus-gaap--OtherExpenses_pn5n6_c20260312__20260312__us-gaap--TypeOfArrangementAxis__custom--WarrantInducementAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z965kKNbxJuj" title="Placement agent fees and other offering expenses">0.4</span> million. As consideration for the immediate cash exercise of these warrants, the Company issued new, warrants to purchase up to <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260312__us-gaap--TypeOfArrangementAxis__custom--WarrantInducementAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__srt--RangeAxis__srt--MaximumMember_zZD5DpR7B004" title="Warrants purchase up shares">4,751,250</span> shares of Class B Common Stock (“New Warrants”). The New Warrants have an exercise price of $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260312__us-gaap--TypeOfArrangementAxis__custom--WarrantInducementAgreementMember_znVRKaaagcB" title="Warrants exercise price">3.50</span> per share, are immediately exercisable, and expire <span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20260312__us-gaap--TypeOfArrangementAxis__custom--WarrantInducementAgreementMember_zvxpZUVLEFu2" title="Warrants expire year">five years</span> from the date of issuance. The issuance of the New Warrants was accounted for as an equity issuance cost associated with the exercise of the Existing Warrants, which had no net impact on equity as the New Warrants conveyed were determined to be equity classified.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Warrant Activity</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zpxcxfBQWVX1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the Company’s warrant activity for the six months ended June 30, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span><span id="xdx_8B7_zCcmnbn2jGk2" style="display: none">SCHEDULE OF WARRANT ACTIVITY</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>exercise price</b></span></p></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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>remaining</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>contractual term</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; padding-bottom: 2.5pt">Balance at December 31, 2025</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20260101__20260630_z3FcTaTdtLq5" style="border-bottom: Black 2.5pt double; width: 13%; text-align: right" title="Warrants, Outstanding beginning balance">866,667</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_981_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePrice_iS_pid_c20260101__20260630_zu2ckYCse6Wh" style="width: 13%; padding-bottom: 2.5pt; text-align: right" title="Warrants, Weighted average exercise price beginning balance">15.36</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 13%; padding-bottom: 2.5pt; text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms_dtY_c20250101__20251231_zOYuLU6Jmdu4" title="Warrants, Weighted average remaining contractual term">8.4</span></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20260101__20260630_zp6TlJVxWfa6" style="text-align: right" title="Warrants, Issued">9,596,250</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePriceIssued_pid_c20260101__20260630_zVTXKDxY80v3" style="text-align: right" title="Weighted average exercise price, Issued">2.76</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsIssuedWeightedAverageRemainingContractualTerms_dtY_c20260101__20260630_zpBDelRVnBzg" title="Weighted average remaining contractual term, Issued">4.6</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_pid_di_c20260101__20260630_zlXLT033JTv7" style="text-align: right" title="Warrants, Exercised">(4,076,580</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePriceExercised_pid_c20260101__20260630_zPSvzsx1WP11" style="text-align: right" title="Weighted average exercise price, Exercised">2.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedWeightedAverageRemainingContractualTerms_dtY_c20260101__20260630_zJteABWnXkX7" title="Weighted average remaining contractual term, Exercised">4.6</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_c20260101__20260630_zV2fXp4gBui3" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants, Expired"><span style="-sec-ix-hidden: xdx2ixbrl1011">-</span></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 id="xdx_98F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePriceExpired_pid_c20260101__20260630_zx0k1wZrlpz3" style="padding-bottom: 1pt; text-align: right" title="Weighted average exercise price, Expired"><span style="-sec-ix-hidden: xdx2ixbrl1013">-</span></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">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Outstanding at June 30, 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"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20260101__20260630_zZ1C0tUCK1F1" title="Warrants, Outstanding ending balance">6,386,337</span></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"><span id="xdx_90D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePrice_iE_pid_c20260101__20260630_zydm9khAYxAd" title="Warrants, Weighted average exercise price ending balance">4.96</span></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"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms_dtY_c20260101__20260630_zvHOr67LdAig" title="Warrants, Weighted average remaining contractual term">5.2</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Exercisable at June 30, 2026</p></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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_909_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableNumber_iE_pid_c20260101__20260630_zbyAT1qcENDf" title="Warrants, Exercisable ending balance">6,251,337</span></p></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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_90A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePriceExercisableNumber_iE_pid_c20260101__20260630_zT1J2fkwAAkl" title="Warrants exercisable, Weighted average exercise price ending balance">5.02</span></p></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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_908_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisableWeightedAverageRemainingContractualTerms_dtY_c20260101__20260630_zhrQzgQvS4Ll" title="Warrants exercisable, Weighted average remaining contractual term">5.2</span></p></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A6_zaDTXOl83um4" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity Line of Credit (ELOC)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2025, the Company entered into a Share Purchase Agreement with New Circle Principal Investments LLC, providing the Company with the right, but not the obligation, to sell up to $<span id="xdx_900_eus-gaap--EquityMethodInvestments_iI_pn5n6_c20251031__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zAg0UJ1H8vmd" title="Equity method investments">75.0</span> million of its Class B Common Stock over a 36-month period. <span id="xdx_909_ecustom--VolumeWeightedAveragePriceDescription_c20251001__20251031__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zuqijeVYuF2k" title="Volume weighted average price description">Shares are sold at the Company’s discretion at a purchase price based on the Volume Weighted Average Price (VWAP) during a specified pricing period, less a negotiated discount.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s ability to access capital under the ELOC is subject to the following primary constraints:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange Cap:</b> <span id="xdx_90B_ecustom--ShareIssuableUnderEquityLineOfCreditDescription_c20251001__20251031_zFab8NOjrXce" title="Share issuable under equity line of credit, description">Total shares issued under the facility cannot exceed 19.99% of the shares outstanding as of October 13, 2025, unless stockholder approval is obtained or is not required under applicable Nasdaq rules.</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ownership Cap:</b> <span id="xdx_901_ecustom--ShareIssuableUnderEquityLineOfCreditDescription_c20251001__20251031__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z3inJcUi6c21" title="Share issuable under equity line of credit, description">The investor cannot beneficially own more than 4.99% (or 9.99% upon notice) of the Company’s outstanding Class B Common Stock at any given time.</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration Requirement:</b> Accessing the facility requires the Company to maintain an effective resale registration statement covering the shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the January 2026 Public Offering, the Company’s utilization of the ELOC became subject to a 45-day lock-up period, which expired on March 12, 2026. As of June 30, 2026, $<span id="xdx_903_ecustom--AvailableForFutureUtilizationUnderFacility_iI_pn5n6_c20260630_zTvqeNbcOlX9">70.7</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million remained available for future utilization under the facility.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended June 30, 2026, the Company sold <span id="xdx_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20260401__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z7ZgLbHm5yH7" title="Number of stock issued, shares">605,000</span> shares of Class B Common Stock under the ELOC facility for aggregate net proceeds of approximately $<span id="xdx_90E_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20260401__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zCLjZbxKGkd6" title="Net proceeds">1.3</span> million, of which $<span id="xdx_90C_ecustom--SubscriptionReceivableOutstanding_pn5n6_c20260401__20260630_zunfi8qeKBDh" title="Subscription receivable">0.2</span> million is outstanding as a subscription receivable. As of June 30, 2026, the Company had issued an aggregate of <span id="xdx_909_eus-gaap--SharesIssued_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zijXZTi3Frv" title="Shares issued">1,170,000</span> shares of Class B Common Stock under the ELOC facility since inception. <span id="xdx_905_eus-gaap--LineOfCreditFacilityDescription_c20260401__20260630_z8nZCu03p1C8" title="Line of credit facility, description">Aggregate issuances under the ELOC are limited to 5,471,846 shares (19.99% of the Company’s combined Class A and Class B outstanding as of October 13, 2025, the effective date of the facility). </span>As of June 30, 2026, approximately <span id="xdx_90D_eus-gaap--SharesIssued_iI_pid_c20260630_zntOOuEhIR1d" title="Shares issued">4,301,846</span> of the shares registered in connection with the ELOC remain available for issuance. Subsequent to June 30, 2026, the Company sold an additional <span id="xdx_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20260701__20260814__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zRyBpD8uCTH7" title="Number of stock issued, shares">100,000</span> shares under the ELOC facility for aggregate net proceeds of approximately $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20260701__20260814__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zMHpHOPZLkdj" title="Net proceeds">0.2</span> million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contracts Containing Share-Based Considerations</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended June 30, 2026, the Company settled previously accrued liabilities of $</span><span id="xdx_90F_ecustom--SettlementOfPreviouslyAccruedLiabilities_pn5n6_c20260401__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zqJhWNPN1Ta8" title="Settlement of previously accrued liabilities">0.2</span> million through issuance of Class B Common Stock. Additionally, the Company settled a previously accrued loss contingency for litigation of $<span id="xdx_90D_eus-gaap--LitigationSettlementLoss_pn5n6_c20260401__20260630_zSY1r31EyUAk" title="Loss on Litigation">0.6</span> million by executing a settlement agreement providing for the issuance of a fixed quantity of Class B Common Stock and warrants that was evaluated and determined to be an equity-classified contract.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Holders of Class A Common Stock are entitled to one vote per share on all matters submitted to a vote of stockholders, while holders of Class B Common Stock are not entitled to voting rights, except as required by applicable law. Additionally, each share of Class A Common Stock is convertible at any time, at the option of the holder, into one share of non-voting Class B Common Stock on a one-for-one basis. 4500000 4500000 2.00 9000000.0 800000 2.00 P5Y 135000 2.10 P5Y 3167500 6300000 400000 4751250 3.50 P5Y <p id="xdx_893_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zpxcxfBQWVX1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the Company’s warrant activity for the six months ended June 30, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span><span id="xdx_8B7_zCcmnbn2jGk2" style="display: none">SCHEDULE OF WARRANT ACTIVITY</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>exercise price</b></span></p></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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>remaining</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>contractual term</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; padding-bottom: 2.5pt">Balance at December 31, 2025</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20260101__20260630_z3FcTaTdtLq5" style="border-bottom: Black 2.5pt double; width: 13%; text-align: right" title="Warrants, Outstanding beginning balance">866,667</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_981_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePrice_iS_pid_c20260101__20260630_zu2ckYCse6Wh" style="width: 13%; padding-bottom: 2.5pt; text-align: right" title="Warrants, Weighted average exercise price beginning balance">15.36</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 13%; padding-bottom: 2.5pt; text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms_dtY_c20250101__20251231_zOYuLU6Jmdu4" title="Warrants, Weighted average remaining contractual term">8.4</span></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20260101__20260630_zp6TlJVxWfa6" style="text-align: right" title="Warrants, Issued">9,596,250</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePriceIssued_pid_c20260101__20260630_zVTXKDxY80v3" style="text-align: right" title="Weighted average exercise price, Issued">2.76</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsIssuedWeightedAverageRemainingContractualTerms_dtY_c20260101__20260630_zpBDelRVnBzg" title="Weighted average remaining contractual term, Issued">4.6</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_pid_di_c20260101__20260630_zlXLT033JTv7" style="text-align: right" title="Warrants, Exercised">(4,076,580</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePriceExercised_pid_c20260101__20260630_zPSvzsx1WP11" style="text-align: right" title="Weighted average exercise price, Exercised">2.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedWeightedAverageRemainingContractualTerms_dtY_c20260101__20260630_zJteABWnXkX7" title="Weighted average remaining contractual term, Exercised">4.6</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_pid_c20260101__20260630_zV2fXp4gBui3" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants, Expired"><span style="-sec-ix-hidden: xdx2ixbrl1011">-</span></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 id="xdx_98F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePriceExpired_pid_c20260101__20260630_zx0k1wZrlpz3" style="padding-bottom: 1pt; text-align: right" title="Weighted average exercise price, Expired"><span style="-sec-ix-hidden: xdx2ixbrl1013">-</span></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">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Outstanding at June 30, 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"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20260101__20260630_zZ1C0tUCK1F1" title="Warrants, Outstanding ending balance">6,386,337</span></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"><span id="xdx_90D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePrice_iE_pid_c20260101__20260630_zydm9khAYxAd" title="Warrants, Weighted average exercise price ending balance">4.96</span></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"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms_dtY_c20260101__20260630_zvHOr67LdAig" title="Warrants, Weighted average remaining contractual term">5.2</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Exercisable at June 30, 2026</p></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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_909_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableNumber_iE_pid_c20260101__20260630_zbyAT1qcENDf" title="Warrants, Exercisable ending balance">6,251,337</span></p></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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_90A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePriceExercisableNumber_iE_pid_c20260101__20260630_zT1J2fkwAAkl" title="Warrants exercisable, Weighted average exercise price ending balance">5.02</span></p></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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_908_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisableWeightedAverageRemainingContractualTerms_dtY_c20260101__20260630_zhrQzgQvS4Ll" title="Warrants exercisable, Weighted average remaining contractual term">5.2</span></p></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 866667 15.36 P8Y4M24D 9596250 2.76 P4Y7M6D 4076580 2.00 P4Y7M6D 6386337 4.96 P5Y2M12D 6251337 5.02 P5Y2M12D 75000000.0 Shares are sold at the Company’s discretion at a purchase price based on the Volume Weighted Average Price (VWAP) during a specified pricing period, less a negotiated discount. Total shares issued under the facility cannot exceed 19.99% of the shares outstanding as of October 13, 2025, unless stockholder approval is obtained or is not required under applicable Nasdaq rules. The investor cannot beneficially own more than 4.99% (or 9.99% upon notice) of the Company’s outstanding Class B Common Stock at any given time. 70700000 605000 1300000 200000 1170000 Aggregate issuances under the ELOC are limited to 5,471,846 shares (19.99% of the Company’s combined Class A and Class B outstanding as of October 13, 2025, the effective date of the facility). 4301846 100000 200000 200000 600000 <p id="xdx_80C_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zIXVkZAIm7ec" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 8 – <span id="xdx_82E_zrL47w8N2Cub">STOCK-BASED COMPENSATION</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity Incentive Plans </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company maintains the 2025 Omnibus Equity Incentive Plan (the “2025 Plan”), which allows for the grant of various equity-based awards to employees, officers, directors, and consultants. As of June 30, 2026, <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFiveOmnibusEquityIncentivePlanMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zjORpLC0vf74">10,428,023</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class B Common Stock remained available for future issuance under the 2025 Plan. Although the 2021 Stock Option and Incentive Plan was terminated in October 2025, outstanding awards under that plan remain in effect according to their original terms.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In April 2026, <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260401__20260430_zjZ6HetP2QKc" title="Stock options awarded">1,126,005</span> stock options awarded in December 2025 were modified to change the terms of vesting. There was no incremental compensation cost as a result of the modifications.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock Option Activity</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_z5gdfLFNhwD2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of stock option activity for the six months ended June 30, 2026, is as follows (aggregate intrinsic values in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zo4UheaBC2t4" style="display: none">SUMMARY OF STOCK OPTION ACTIVITY</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>exercise price</b></span></p></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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aggregate</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intrinsic value</b></span></p></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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>grant date</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>fair value</b></span></p></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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>remaining</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>contractual Term</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; padding-bottom: 2.5pt">Balance at December 31, 2025</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260630_zS8hk7Rzq3hb" style="border-bottom: Black 2.5pt double; width: 8%; text-align: right" title="Options, Outstanding">6,652,405</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20260101__20260630_z9E4iF5Ejm0h" style="width: 8%; padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, Outstanding and expected to vest">15.54</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20260101__20260630_zjYh1JZxeNm4" style="width: 8%; padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic value, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1067">-</span></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_981_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20260101__20260630_zqrG9HIIKfB7" style="width: 8%; padding-bottom: 2.5pt; text-align: right" title="Weighted average grant date fair value, Outstanding">14.13</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 8%; padding-bottom: 2.5pt; text-align: right"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_zS1T01Er8Uql" title="Weighted average remaining contractual term, Outstanding">7.72</span></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260101__20260630_zZGi010TDd5k" style="text-align: right" title="Options, Granted">406,819</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630_zhQWo1AKpE84" style="text-align: right" title="Weighted average exercise price, Granted">2.89</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedIntrinsicValue_iI_pn3n3_c20260630_zWJhnJS6sC5g" style="text-align: right" title="Aggregate Intrinsic value, Granted"><span style="-sec-ix-hidden: xdx2ixbrl1077">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20260101__20260630_z0q9pjSb4xTi" style="text-align: right" title="Weighted average grant date fair value, Granted">2.33</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTermGranted_dtY_c20260101__20260630_zAqLd1q9MyJ2" title="Weighted average remaining contractual term, Granted">9.22</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20260101__20260630_zyBpaF4ci6ug" style="text-align: right" title="Options, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1083">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630_zdFYRw07nSw7" style="text-align: right" title="Weighted average exercise price, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1085">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancelledIntrinsicValue_iI_pn3n3_c20260630_zDsTx9Gtngx6" style="text-align: right" title="Aggregate Intrinsic value, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1087">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue_pid_c20260101__20260630_zOfLPOUJryCd" style="text-align: right" title="Weighted average grant date fair value, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1089">-</span></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>Expired</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pid_di_c20260101__20260630_zLRRPPiwZHX4" style="text-align: right" title="Options, Expired">(212,150</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630_zFCQWICIJXWf" style="text-align: right" title="Weighted average exercise price, Expired">13.96</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpiredIntrinsicValue_iI_pn3n3_c20260630_zlENhcBbBiOe" style="text-align: right" title="Aggregate Intrinsic value, Expired"><span style="-sec-ix-hidden: xdx2ixbrl1095">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpiredInPeriodWeightedAverageGrantDateFairValue_pid_c20260101__20260630_zG1fXehTUnv1" style="text-align: right" title="Weighted average grant date fair value, Expired">22.92</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: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Outstanding and expected to vest at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iE_pid_c20260101__20260630_zVWxeGQJ9H9b" style="border-bottom: Black 2.5pt double; text-align: right" title="Options, Outstanding and expected to vest">6,847,074</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 id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20260101__20260630_zCGNByi4dd04" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, Outstanding and expected to vest">14.84</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 id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20260101__20260630_zfkSv2w3fQe" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic value, Outstanding and expected to vest"><span style="-sec-ix-hidden: xdx2ixbrl1103">-</span></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 id="xdx_986_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20260101__20260630_zbIo0PqdSoBk" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average grant date fair value, Outstanding and expected to vest">13.29</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"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630_zOCr64WiErV9" title="Weighted average remaining contractual term, Outstanding and expected to vest">7.43</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Vested and exercisable at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20260101__20260630_zZaI6X2IR7de" style="border-bottom: Black 2.5pt double; text-align: right" title="Options vested and exercisable">3,762,610</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 id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20260101__20260630_z6ixD3eGrx1k" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, Vested and exercisable">19.10</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 id="xdx_98E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_pn3n3_c20260101__20260630_z50hKYM0kZxc" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic value, Vested and exercisable"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1113">-</span></span></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 id="xdx_989_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageGrantDateFairValue_iE_pid_c20260101__20260630_zmvtXxHerUA5" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average grant date fair value, Vested and exercisable">16.16</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"><span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630_zABYEjJnYKyg" title="Weighted average remaining contractual term, Vested and exercisable">6.20</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AA_zXgw2WRXPaei" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260101__20260630_ziRxHfUV9Cnl" title="Options, Granted">406,819</span> options granted during the six months ended June 30, 2026 with a total grant-date fair value of $<span id="xdx_905_eus-gaap--StockIssuedDuringPeriodValueShareBasedCompensationGross_pn5n6_c20260101__20260630_zeE5BPCsWZ59" title="Fair value of stock options granted">1.0</span> million. During the six months ended June 30, 2025, the Company granted <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250101__20250630_zDBtE9AtGmmf" title="Options, Granted">746,847</span> options with a total grant-date fair value of $<span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodValueShareBasedCompensationGross_pn5n6_c20250101__20250630_zjtuEWUejMtg" title="Fair value of stock options granted">28.3</span> million. The total fair value of stock options vested during the six months ended June 30, 2026 and 2025 was approximately $<span id="xdx_90C_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensation_pn5n6_c20260101__20260630_zey2RmuBqQWg" title="Fair value of stock options vested">5.4</span> million and $<span id="xdx_909_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensation_pn5n6_c20250101__20250630_zXMlURzQ6BTg" title="Fair value of stock options vested">5.6</span> million, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company utilizes the Black-Scholes option-pricing model to estimate the fair value of stock options on the date of grant. The expected term is estimated using the simplified method, and expected volatility is based on the historical volatility of a peer group of publicly traded companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--ScheduleOfShareBasedCompensationActivityTableTextBlock_zIxcV1CopTe9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the weighted-average assumptions used in the Black-Scholes option-pricing model:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zIp9yzlhiL3g" style="display: none">SCHEDULE OF BLACK-SCHOLES OPTION PRICING MODEL</span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><b> </b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>Six Months Ended</b></td><td><b> </b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>Six Months Ended</b></td><td><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"><b> </b></td><td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June 30, 2026</b></td><td style="padding-bottom: 1pt"><b> </b></td><td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June 30, 2025</b></td><td style="padding-bottom: 1pt"><b> </b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-indent: 0pt; padding-left: 0pt">Weighted average 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"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20260101__20260630_z8rwjOBIEPzb" title="Weighted average risk-free interest rate">3.98</span></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"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20250101__20250630_zQfFtgZpqDc4" title="Weighted average risk-free interest rate">4.05</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 0pt; padding-left: 0pt">Weighted average expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20260101__20260630_zJCSJohyqzIe" title="Weighted average expected volatility">93.94</span></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--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20250101__20250630_zGQdW6vMqiO7" title="Weighted average expected volatility">105.97</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Weighted average expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20260101__20260630_zLTxt3vuQ6D6" title="Weighted average expected term (in years)">7.03</span></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--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20250630_zwP407ChF249" title="Weighted average expected term (in years)">5.84</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments_pid_c20260101__20260630_z1aue2jNJDpk" title="Expected dividend yield"><span style="-sec-ix-hidden: xdx2ixbrl1145">-</span></span></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--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments_pid_c20250101__20250630_zrSZb8U6EpDf" title="Expected dividend yield"><span style="-sec-ix-hidden: xdx2ixbrl1147">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 0pt; padding-left: 0pt">Weighted average exercise price</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_pid_c20260630_zV17HyRupMQa" title="Weighted average exercise price">4.32</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_pid_c20250630_zPi7nbrQfuGf" title="Weighted average exercise price">31.50</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 0pt; padding-left: 0pt">Estimated fair value of stock price</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_900_eus-gaap--SharePrice_iI_pid_c20260630_zXIUDpCWMaX7" title="Estimated fair value of stock price">4.17</span></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--SharePrice_iI_pid_c20250630_zngTUPOMjAbf" title="Estimated fair value of stock price">44.40</span></td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AA_z6ldcZyGBax7" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restricted Stock Unit Activity</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_znySKbfpzKV9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of restricted stock unit activity for the six months ended June 30, 2026 is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B4_zsdhLZ2wFhsg" style="display: none">SCHEDULE OF RESTRICTED STOCK UNIT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares</b></span></p></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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Grant Date</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair Value</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Nonvested at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zz2QX7a8MQg5" style="width: 16%; text-align: right" title="Number of shares, Begining">381,414</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--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zQXu362F80zd" style="width: 16%; text-align: right" title="Weighted average grant date fair value, Begining">5.10</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zO6OZhCNAry4" style="text-align: right" title="Number of shares, Granted">423,933</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zChnUB5cFtP5" style="text-align: right" title="Weighted average grant date fair value, Granted">3.41</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_za5XCn7DEeg3" style="text-align: right" title="Number of shares, Vested">(196,825</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zKYoJnUNTTsj" style="text-align: right" title="Weighted average grant date fair value, Vested">4.08</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zH1cARZMxi5" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1171">-</span></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 id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zvXhc3dWrwie" style="padding-bottom: 1pt; text-align: right" title="Weighted average grant date fair value, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1173">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Nonvested at June 30, 2026</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--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zHZTmt6Vzyt8" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of shares, Ending">608,522</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 id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zyTfQkTSEJB3" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average grant date fair value, Ending">4.52</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; padding-bottom: 2.5pt">Vested not yet issued at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNotYetIssued_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zPTTI6m09Rtl" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of shares, Vested not yet issued, Ending">29,373</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 id="xdx_987_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNotYetIssuedWeightedAverageGrantDateFairValue_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z2cJVKqJRJ86" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average grant date fair value, Vested not yet issued Ending">6.98</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A9_zyIIIm7yz8B7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The total fair value of RSUs granted and vested during the six months ended June 30, 2026 was approximately $<span id="xdx_901_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardGrantedInPeriodFairValue1_pn5n6_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zwyLosk3LOqb" title="Fair value of options granted">1.5</span> million and $<span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_pn5n6_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zQQ7apaZ1rol" title="Fair value of options vested">0.8</span> million, respectively. There were <span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardGrantedInPeriodFairValue1_pn5n6_do_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zgmbfAMnghS1" title="Fair value of options granted"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_pn5n6_do_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zyp8FVHCLgkf" title="Fair value of options vested">no</span></span> RSUs granted or vested during the six months ended June 30, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Allocation of Stock-based Compensation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zf86igjExzo7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The allocation of stock-based compensation expense was as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zHcOneNTKERk" style="display: none">SCHEDULE OF ALLOCATION OF STOCK-BASED COMPENSATION EXPENSE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260401__20260630_zs7dgyIn0rl1" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2026</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250401__20250630_zNskXyRqp2Dh" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; 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 <br/> June 30,</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_40E_eus-gaap--ShareBasedCompensation_pn3n3_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--SellingGeneralAndAdministrativeExpense_zjMq4tC43iul" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">General, selling and administrative</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,295</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">5,896</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShareBasedCompensation_pn3n3_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ResearchAndDevelopmentExpense_z0GBVMLB9lDh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Research and development</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,405</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,814</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--ShareBasedCompensation_pn3n3_zpoQ3RMOc8I" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total stock-based compensation</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,700</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">9,710</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="margin: 0"> </p> <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="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260101__20260630_zV3AalRpLyLl" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2026</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20250630_zCCpOynBsUQi" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; 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 six months ended <br/> June 30,</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_40A_eus-gaap--ShareBasedCompensation_pn3n3_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--SellingGeneralAndAdministrativeExpense_zDqRK3sBR98a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">General, selling and administrative</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,636</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">11,167</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShareBasedCompensation_pn3n3_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ResearchAndDevelopmentExpense_ziRdM6kslP3i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Research and development</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,420</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,619</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--ShareBasedCompensation_pn3n3_zjqCBhenREB3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total stock-based compensation</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,056</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">15,786</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AE_zEAvMycTHZzi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, the total unrecognized compensation cost related to outstanding time-based options was $<span id="xdx_90B_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn5n6_c20260630_zW6JmcXcuLMg" title="Share-based compensation cost not yet recognized amount">30.0</span> million, which is expected to be recognized over a weighted-average period of <span id="xdx_907_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20260101__20260630_zVj8XJSJUDi7" title="Weighted-average period">2.68</span> years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 10428023 1126005 <p id="xdx_89E_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_z5gdfLFNhwD2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of stock option activity for the six months ended June 30, 2026, is as follows (aggregate intrinsic values in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zo4UheaBC2t4" style="display: none">SUMMARY OF STOCK OPTION ACTIVITY</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>exercise price</b></span></p></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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aggregate</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intrinsic value</b></span></p></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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>grant date</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>fair value</b></span></p></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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>remaining</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>contractual Term</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; padding-bottom: 2.5pt">Balance at December 31, 2025</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260630_zS8hk7Rzq3hb" style="border-bottom: Black 2.5pt double; width: 8%; text-align: right" title="Options, Outstanding">6,652,405</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20260101__20260630_z9E4iF5Ejm0h" style="width: 8%; padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, Outstanding and expected to vest">15.54</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20260101__20260630_zjYh1JZxeNm4" style="width: 8%; padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic value, Outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1067">-</span></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_981_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20260101__20260630_zqrG9HIIKfB7" style="width: 8%; padding-bottom: 2.5pt; text-align: right" title="Weighted average grant date fair value, Outstanding">14.13</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 8%; padding-bottom: 2.5pt; text-align: right"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_zS1T01Er8Uql" title="Weighted average remaining contractual term, Outstanding">7.72</span></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260101__20260630_zZGi010TDd5k" style="text-align: right" title="Options, Granted">406,819</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630_zhQWo1AKpE84" style="text-align: right" title="Weighted average exercise price, Granted">2.89</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedIntrinsicValue_iI_pn3n3_c20260630_zWJhnJS6sC5g" style="text-align: right" title="Aggregate Intrinsic value, Granted"><span style="-sec-ix-hidden: xdx2ixbrl1077">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20260101__20260630_z0q9pjSb4xTi" style="text-align: right" title="Weighted average grant date fair value, Granted">2.33</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTermGranted_dtY_c20260101__20260630_zAqLd1q9MyJ2" title="Weighted average remaining contractual term, Granted">9.22</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20260101__20260630_zyBpaF4ci6ug" style="text-align: right" title="Options, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1083">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630_zdFYRw07nSw7" style="text-align: right" title="Weighted average exercise price, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1085">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancelledIntrinsicValue_iI_pn3n3_c20260630_zDsTx9Gtngx6" style="text-align: right" title="Aggregate Intrinsic value, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1087">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue_pid_c20260101__20260630_zOfLPOUJryCd" style="text-align: right" title="Weighted average grant date fair value, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1089">-</span></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>Expired</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pid_di_c20260101__20260630_zLRRPPiwZHX4" style="text-align: right" title="Options, Expired">(212,150</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630_zFCQWICIJXWf" style="text-align: right" title="Weighted average exercise price, Expired">13.96</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpiredIntrinsicValue_iI_pn3n3_c20260630_zlENhcBbBiOe" style="text-align: right" title="Aggregate Intrinsic value, Expired"><span style="-sec-ix-hidden: xdx2ixbrl1095">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpiredInPeriodWeightedAverageGrantDateFairValue_pid_c20260101__20260630_zG1fXehTUnv1" style="text-align: right" title="Weighted average grant date fair value, Expired">22.92</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: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Outstanding and expected to vest at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iE_pid_c20260101__20260630_zVWxeGQJ9H9b" style="border-bottom: Black 2.5pt double; text-align: right" title="Options, Outstanding and expected to vest">6,847,074</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 id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20260101__20260630_zCGNByi4dd04" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, Outstanding and expected to vest">14.84</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 id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20260101__20260630_zfkSv2w3fQe" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic value, Outstanding and expected to vest"><span style="-sec-ix-hidden: xdx2ixbrl1103">-</span></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 id="xdx_986_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20260101__20260630_zbIo0PqdSoBk" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average grant date fair value, Outstanding and expected to vest">13.29</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"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630_zOCr64WiErV9" title="Weighted average remaining contractual term, Outstanding and expected to vest">7.43</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Vested and exercisable at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20260101__20260630_zZaI6X2IR7de" style="border-bottom: Black 2.5pt double; text-align: right" title="Options vested and exercisable">3,762,610</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 id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20260101__20260630_z6ixD3eGrx1k" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, Vested and exercisable">19.10</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 id="xdx_98E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_pn3n3_c20260101__20260630_z50hKYM0kZxc" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic value, Vested and exercisable"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1113">-</span></span></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 id="xdx_989_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageGrantDateFairValue_iE_pid_c20260101__20260630_zmvtXxHerUA5" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average grant date fair value, Vested and exercisable">16.16</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"><span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630_zABYEjJnYKyg" title="Weighted average remaining contractual term, Vested and exercisable">6.20</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 6652405 15.54 14.13 P7Y8M19D 406819 2.89 2.33 P9Y2M19D 212150 13.96 22.92 6847074 14.84 13.29 P7Y5M4D 3762610 19.10 16.16 P6Y2M12D 406819 1000000.0 746847 28300000 5400000 5600000 <p id="xdx_89C_eus-gaap--ScheduleOfShareBasedCompensationActivityTableTextBlock_zIxcV1CopTe9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the weighted-average assumptions used in the Black-Scholes option-pricing model:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zIp9yzlhiL3g" style="display: none">SCHEDULE OF BLACK-SCHOLES OPTION PRICING MODEL</span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><b> </b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>Six Months Ended</b></td><td><b> </b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>Six Months Ended</b></td><td><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"><b> </b></td><td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June 30, 2026</b></td><td style="padding-bottom: 1pt"><b> </b></td><td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June 30, 2025</b></td><td style="padding-bottom: 1pt"><b> </b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-indent: 0pt; padding-left: 0pt">Weighted average 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"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20260101__20260630_z8rwjOBIEPzb" title="Weighted average risk-free interest rate">3.98</span></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"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20250101__20250630_zQfFtgZpqDc4" title="Weighted average risk-free interest rate">4.05</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 0pt; padding-left: 0pt">Weighted average expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20260101__20260630_zJCSJohyqzIe" title="Weighted average expected volatility">93.94</span></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--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20250101__20250630_zGQdW6vMqiO7" title="Weighted average expected volatility">105.97</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Weighted average expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20260101__20260630_zLTxt3vuQ6D6" title="Weighted average expected term (in years)">7.03</span></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--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20250630_zwP407ChF249" title="Weighted average expected term (in years)">5.84</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments_pid_c20260101__20260630_z1aue2jNJDpk" title="Expected dividend yield"><span style="-sec-ix-hidden: xdx2ixbrl1145">-</span></span></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--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments_pid_c20250101__20250630_zrSZb8U6EpDf" title="Expected dividend yield"><span style="-sec-ix-hidden: xdx2ixbrl1147">-</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 0pt; padding-left: 0pt">Weighted average exercise price</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_pid_c20260630_zV17HyRupMQa" title="Weighted average exercise price">4.32</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_pid_c20250630_zPi7nbrQfuGf" title="Weighted average exercise price">31.50</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 0pt; padding-left: 0pt">Estimated fair value of stock price</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_900_eus-gaap--SharePrice_iI_pid_c20260630_zXIUDpCWMaX7" title="Estimated fair value of stock price">4.17</span></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--SharePrice_iI_pid_c20250630_zngTUPOMjAbf" title="Estimated fair value of stock price">44.40</span></td><td style="text-align: left"> </td></tr> </table> 0.0398 0.0405 0.9394 1.0597 P7Y10D P5Y10M2D 4.32 31.50 4.17 44.40 <p id="xdx_891_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_znySKbfpzKV9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of restricted stock unit activity for the six months ended June 30, 2026 is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B4_zsdhLZ2wFhsg" style="display: none">SCHEDULE OF RESTRICTED STOCK UNIT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares</b></span></p></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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Grant Date</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair Value</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Nonvested at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zz2QX7a8MQg5" style="width: 16%; text-align: right" title="Number of shares, Begining">381,414</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--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zQXu362F80zd" style="width: 16%; text-align: right" title="Weighted average grant date fair value, Begining">5.10</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zO6OZhCNAry4" style="text-align: right" title="Number of shares, Granted">423,933</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zChnUB5cFtP5" style="text-align: right" title="Weighted average grant date fair value, Granted">3.41</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_za5XCn7DEeg3" style="text-align: right" title="Number of shares, Vested">(196,825</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zKYoJnUNTTsj" style="text-align: right" title="Weighted average grant date fair value, Vested">4.08</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zH1cARZMxi5" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1171">-</span></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 id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zvXhc3dWrwie" style="padding-bottom: 1pt; text-align: right" title="Weighted average grant date fair value, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1173">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Nonvested at June 30, 2026</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--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zHZTmt6Vzyt8" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of shares, Ending">608,522</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 id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zyTfQkTSEJB3" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average grant date fair value, Ending">4.52</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; padding-bottom: 2.5pt">Vested not yet issued at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNotYetIssued_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zPTTI6m09Rtl" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of shares, Vested not yet issued, Ending">29,373</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 id="xdx_987_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNotYetIssuedWeightedAverageGrantDateFairValue_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z2cJVKqJRJ86" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average grant date fair value, Vested not yet issued Ending">6.98</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 381414 5.10 423933 3.41 196825 4.08 608522 4.52 29373 6.98 1500000 800000 0 0 <p id="xdx_898_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zf86igjExzo7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The allocation of stock-based compensation expense was as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zHcOneNTKERk" style="display: none">SCHEDULE OF ALLOCATION OF STOCK-BASED COMPENSATION EXPENSE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260401__20260630_zs7dgyIn0rl1" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2026</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250401__20250630_zNskXyRqp2Dh" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; 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 <br/> June 30,</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_40E_eus-gaap--ShareBasedCompensation_pn3n3_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--SellingGeneralAndAdministrativeExpense_zjMq4tC43iul" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">General, selling and administrative</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,295</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">5,896</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShareBasedCompensation_pn3n3_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ResearchAndDevelopmentExpense_z0GBVMLB9lDh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Research and development</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">1,405</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">3,814</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--ShareBasedCompensation_pn3n3_zpoQ3RMOc8I" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total stock-based compensation</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,700</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9,710</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="margin: 0"> </p> <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="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260101__20260630_zV3AalRpLyLl" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2026</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20250630_zCCpOynBsUQi" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; 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 six months ended <br/> June 30,</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_40A_eus-gaap--ShareBasedCompensation_pn3n3_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--SellingGeneralAndAdministrativeExpense_zDqRK3sBR98a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">General, selling and administrative</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,636</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">11,167</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShareBasedCompensation_pn3n3_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ResearchAndDevelopmentExpense_ziRdM6kslP3i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Research and development</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">3,420</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">4,619</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--ShareBasedCompensation_pn3n3_zjqCBhenREB3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total stock-based compensation</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,056</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,786</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 2295000 5896000 1405000 3814000 3700000 9710000 3636000 11167000 3420000 4619000 7056000 15786000 30000000.0 P2Y8M4D <p id="xdx_806_eus-gaap--SubsequentEventsTextBlock_zbe65FBi6Vql" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 9 – <span id="xdx_829_zklaFVghXlv5">SUBSEQUENT EVENTS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluated subsequent events from the balance sheet date of June 30, 2026, through August 12, 2026, the date these condensed consolidated financial statements were issued. Material events include:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>July 2026 Warrant Inducement Transaction</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 10, 2026, the Company entered into an inducement offer letter agreement with an existing holder of the Company’s warrants (the “July 2026 Inducement Agreement”). Under the terms of the July 2026 Inducement Agreement, the holder agreed to exercise <span id="xdx_908_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260710__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--July2026InducementAgreementMember_zrsSGZtgXgb3" title="Warrants exercise">2,880,000</span> warrants at a reduced exercise price of $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260710__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--July2026InducementAgreementMember_zIVRGhQETzd8" title="Warrants exercise price">2.07</span> per share, generating aggregate gross proceeds to the Company of approximately $<span id="xdx_906_eus-gaap--ProceedsFromWarrantExercises_pn5n6_c20260710__20260710__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--July2026InducementAgreementMember_zwYtv4xFlD2f" title="Proceeds from warrant exercises">6.0</span> million. As inducement consideration for the exercise, the Company agreed to issue to the holder new warrants (the “July 2026 New Warrants”) to purchase up to <span id="xdx_907_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260710__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--July2026InducementAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zqLhlT1SlsF6" title="Warrants exercise">4,320,000</span> shares of Class B Common Stock at an exercise price of $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260710__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--July2026InducementAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_ze2NZ4Hyc7O4" title="Warrants exercise price">2.25</span> per share, subject to a six-month lock-up before becoming exercisable. The Company closed the transaction on July 13, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluated the July 2026 New Warrants and determined that they meet the criteria for equity classification consistent with the equity classification analysis applied to warrants issued in the March 2026 warrant inducement transaction. The July 2026 Inducement Agreement was entered into after the balance sheet date and accordingly no amounts have been recognized with respect to the Inducement Agreement in the accompanying condensed consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Board Appointment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 11, 2026, the Board of Directors appointed Wellington "Duke" Reiter to serve as a director of the Company. In connection with his appointment, the Company approved compensation consisting of <span id="xdx_90E_ecustom--RestrictedStockUnitsApprovedBoardOfDirectorsDescription_pid_c20260811__20260811__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zxpW8ZNHZtr6" title="Restricted stock units approved, board of directors">(i) an annual Board service retainer of $50,000 payable in fully-vested restricted stock units and (ii) a long-term incentive grant of restricted stock units with a grant-date value of $400,000, vesting in equal annual installments over four years, in each case with the number of restricted stock units determined by reference to the fair market value per share of the Company's Class B Common Stock on the applicable grant date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> 2880000 2.07 6000000.0 4320000 2.25 (i) an annual Board service retainer of $50,000 payable in fully-vested restricted stock units and (ii) a long-term incentive grant of restricted stock units with a grant-date value of $400,000, vesting in equal annual installments over four years, in each case with the number of restricted stock units determined by reference to the fair market value per share of the Company's Class B Common Stock on the applicable grant date. false false false false