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DE 98-1597194 15 Independence Boulevard Suite #210 Warren NJ 07059 (877) 838-6434 Common Stock, $0.0001 par value per share TVGN NASDAQ Warrants, each exercisable for one share of Common Stock for $575 per share TVGNW NASDAQ Yes Yes Non-accelerated Filer true true false false 6511540 1082155 552372 768286 828592 158819 158819 2009260 1539783 109772 170308 1364814 1423473 178011 183546 1065884 1065884 4727741 4382994 2829264 3340127 1092580 1499624 327740 327740 1651000 1651000 250000 250000 6150584 7068491 6400000 4400000 1064092 1122750 1825 26479 13616501 12617720 0.0001 0.0001 2000 2000 500 500 500 500 2246137 2799990 2799990 0.0001 0.0001 1300 1300 600 600 600 600 6815261 6000000 6000000 6000000 6000000 0.0001 0.0001 800000000 800000000 4255107 4255107 4020746 4020746 426 402 133179568 122625431 -150868744 -139660549 -8888760 -8234726 4727741 4382994 3282557 2699991 6417367 5895059 2379819 2744545 4645929 9905824 5662376 5444536 11063296 15800883 -5662376 -5444536 -11063296 -15800883 -98387 -38033 -169553 -62604 1177 21410 -24654 7553 -5761940 -5503979 -11208195 -15871040 -5839776 -5839776 -5641102 -5641102 -11560278 -11560278 -16145287 -16145287 -1.52 -1.52 -1.71 -1.71 -3.16 -3.16 -4.95 -4.95 3829365 3829365 3293065 3293065 3658135 3658135 3260783 3260783 500 2799990 600 6000000 4020746 402 122625431 -139660549 -8234726 25868 3 -3 122091 12 989219 989231 2849592 2849592 -5446255 -5446255 500 2799990 600 6000000 4168705 417 126464239 -145106804 -9842158 34000 4 -4 1764 134461 134461 2967000 2967000 50638 5 325248 325253 3288624 3288624 -5761940 -5761940 500 2799990 600 6000000 4255107 426 133179568 -150868744 -8888760 500 2799990 600 6000000 3559827 356 97910766 -113385117 -6674005 118041 11 -11 28269 28269 2000000 2000000 7292701 7292701 -10367061 -10367061 500 2799990 600 6000000 3677868 367 107231725 -123752178 -7720096 196000 20 -20 500000 500000 3239333 3239333 -5503979 -5503979 500 2799990 600 6000000 3873868 387 110971037 -129256157 -9484742 -11208195 -15871040 60536 131994 6138216 10532034 -24654 7553 58659 264192 -78370 297763 -9957 -510863 -959943 -272583 -71206 -58658 -243544 -5739172 -6497766 2000000 3400000 2967000 1301955 2500000 6268955 5900000 529783 -597766 552372 1282995 1082155 685229 134461 5535 18064 1513607 <p id="xdx_801_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_ziNJdK0Wx6n1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1. <span id="xdx_827_zJpTq2RfCuK1">NATURE OF BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tevogen Inc., a Delaware corporation (the “Company”), is a healthcare company focused on addressing unmet needs across biotechnology, technology, and healthcare services. The Company’s business includes Tevogen Bio, its biotechnology initiative focused on developing off-the-shelf cellular immunotherapies, and Tevogen.AI, an initiative leveraging artificial intelligence and advanced data analytics to advance precision medicine. The Company also recently established Tevogen Healthcare Services, a healthcare services initiative intended to support longer-term efforts to improve healthcare affordability, accessibility, and efficiency.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is harnessing the power of CD8+ cytotoxic T lymphocytes (“CD8+ CTLs”) to develop off-the-shelf, precision T cell therapies for the treatment of infectious diseases, cancers, and other disorders through its Tevogen Bio initiative. The Company’s precision T cell technology, ExacTcell^TM, is a set of processes and methodologies to develop, enrich, and expand single human leukocyte antigen-restricted CTL therapies with proactively selected, precisely defined targets. The Company has completed a Phase 1 proof-of-concept trial for the first clinical product of ExacTcell, TVGN 489, for the treatment of ambulatory, high-risk adult COVID-19 patients, and has other product candidates in its pipeline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, through the Company’s Tevogen.AI artificial intelligence (“AI”) initiative, it is focused on harnessing the potential of AI to expedite drug development, optimize laboratory processes and clinical trials, unravel complex biological data, improve patient outcomes, and pass on related savings to patients.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tevogen Healthcare Services is an emerging initiative and remains at an early stage of development.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reverse Stock Split</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective March 6, 2026, the Company effected a reverse stock split at a ratio of <span id="xdx_90E_eus-gaap--StockholdersEquityReverseStockSplit_c20260306__20260306_zVbA42CFWnt3" title="Reverse stock split ratio">1-for-50</span> shares of its common stock (the “Reverse Stock Split”). As a result, every fifty shares of the Company’s issued and outstanding common stock were automatically combined into one share. The Reverse Stock Split affected all stockholders uniformly and did not alter any stockholder’s percentage ownership interest in the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fractional shares were issued as a result of the Reverse Stock Split and the split did not impact the par value of the Company’s common stock. Any fractional shares that would otherwise have resulted from the Reverse Stock Split were rounded down to the next whole share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1-for-50 <p id="xdx_80C_ecustom--DevelopmentStageRisksAndLiquidityTextBlock_zrAKSKMtpl04" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 2. <span id="xdx_82A_zqQzdqsmWjSj">DEVELOPMENT-STAGE RISKS AND LIQUIDITY</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has generally incurred losses and negative cash flows from operations since inception. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales from its product candidates currently in development. On July 3, 2025, the Company entered into a Sales Agreement (the “Sales Agreement”) with A.G.P./Alliance Global Partners (the “Agent”), pursuant to which the Company may issue and sell from time to time up to $<span id="xdx_900_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20250703__20250703__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember_zOJQnbsNrOc2" title="Value of shares of common stock">50.0</span> million of shares of common stock through the Agent as the Company’s sales agent by any method that is deemed to be an “at-the-market” equity offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended (the “Securities Act”). Management believes that cash of $<span id="xdx_90A_eus-gaap--Cash_iI_c20260630_zWtXXR6IfsMd">1,082,155</span> as of June 30, 2026, combined with the amounts available under the Loan Agreement (the “Loan Agreement”) entered into in June 2024 with The Patel Family, LLP (the “Patel Family”) and the remaining commitment for a $<span id="xdx_904_eus-gaap--PurchaseCommitmentRemainingMinimumAmountCommitted_iI_pn5n6_c20260630_zVP13rJfuwcl" title="Remaining commitment">7.0</span> million grant from KRHP LLC, a New Jersey limited liability company (“KRHP”), will allow the Company to have adequate cash and financial resources to operate for at least the next 12 months from the date of issuance of these unaudited consolidated financial statements. The Company does not plan to initiate another clinical trial until additional funding is received.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management regularly evaluates different strategies to obtain funding for operations for subsequent periods. These strategies may include but are not limited to private placements of securities, licensing and/or marketing arrangements, partnerships with other pharmaceutical or biotechnology companies, and public offerings of securities. The Company may not be able to obtain financing on acceptable terms and the Company may not be able to enter into strategic alliances or other arrangements on favorable terms. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. If the Company is unable to obtain sufficient funding, the Company could be required to delay, reduce or eliminate research and development programs, product portfolio expansion, or future commercialization efforts, which could adversely affect its business prospects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 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: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operations since inception have consisted primarily of organizing the Company, securing financing, developing licensed technologies, performing research, conducting preclinical studies and a clinical trial, and pursuing and completing the business combination pursuant to that certain Agreement and Plan of Merger, dated June 28, 2023 (the “Merger Agreement”), by and among Semper Paratus Acquisition Corporation, a Cayman Islands exempted company (“Semper Paratus”), Semper Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Semper Paratus (“Merger Sub”), SSVK Associates, LLC, a Delaware limited liability company (the “Sponsor”), in its capacity as purchaser representative, Tevogen Bio Inc (n/k/a Tevogen Bio Inc.), a Delaware corporation (“Tevogen Bio”), and Dr. Ryan Saadi, in his capacity as seller representative, pursuant to which Merger Sub merged with and into Tevogen Bio (the “Merger”), with Tevogen Bio being the surviving company and a wholly owned subsidiary of Semper Paratus (the “Business Combination”). The Company is subject to risks associated with any company with specialty biotechnology initiatives that require considerable expenditures for research and development. The Company’s research and development projects may not be successful, products developed may not obtain necessary regulatory approval, and any approved product may not be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees and consultants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 50000000.0 1082155 7000000.0 <p id="xdx_808_eus-gaap--SignificantAccountingPoliciesTextBlock_zYsprbQFJfZf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 3. <span id="xdx_82D_zlNKTQe9kc55">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The summary of significant accounting policies in Note 3 to the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2026 (the “Annual Report”) has not materially changed, except as reflected in the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zORb88Hkkvck" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis of Presentation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These unaudited consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, all adjustments considered necessary for a fair statement of the financial position and results of operations of the Company have been included.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zMSz0I9OnEW9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair Value Measurements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1</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">Unadjusted quoted prices in active markets for identical assets or liabilities;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <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"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2</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">Observable inputs other than Level 1 prices, such as quoted prices for similar, but not identical, assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <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"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3</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">Unobservable inputs in which there is little or no market data available and which require the Company to develop its own assumptions that market participants would use in pricing an asset or liability.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments recognized at historical amounts in the balance sheets consist of accounts payable and notes payable. The Company believes that the carrying value of accounts payable and notes payable approximates their fair values due to the short-term nature of these instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no transfers between levels during the six months ended June 30, 2026 and 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 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: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recorded a loss and a gain on change in fair value of derivative warrant liabilities of $<span id="xdx_90D_eus-gaap--DerivativeGainLossOnDerivativeNet_c20260401__20260630_zvqc9dPTJ5K9" title="Changes in fair value of derivative liabilities">1,177</span> and $<span id="xdx_908_eus-gaap--DerivativeGainLossOnDerivativeNet_c20260101__20260630_zqp6okHBMsfl" title="Changes in fair value of derivative liabilities">24,654</span> during the three and six months ended June 30, 2026, respectively. The Company recorded losses on change in fair value of derivative warrant liabilities of $<span id="xdx_901_eus-gaap--DerivativeGainLossOnDerivativeNet_c20250401__20250630_z8dgIJ5yRuVg" title="Changes in fair value of derivative liabilities">21,410</span> and $<span id="xdx_90F_eus-gaap--DerivativeGainLossOnDerivativeNet_c20250101__20250630_zploGuHt7wi2" title="Changes in fair value of derivative liabilities">7,553</span> during the three and six months ended June 30, 2025. The change in value during these periods was largely attributable to changes in the price of the underlying common stock and risk-free rates. During the fiscal year ended December 31, 2024, the Company acquired private warrants in connection with the closing of the Business Combination (the “Closing”) of the transactions pursuant to the Merger Agreement on February 14, 2024 (the “Closing Date”) and issued written call options in connection with the Loan Agreement. The fair value of the written call options decreased to $<span id="xdx_90D_ecustom--FairValueOfWrittenCallOptions_iI_c20241231_zVJLSOtTF916" title="Fair value of written call options">0</span> between their issuance and December 31, 2024, and remained at $<span id="xdx_90C_ecustom--FairValueOfWrittenCallOptions_iI_c20260630_zatqLKlHgCb2" title="Fair value of written call options">0</span> as of June 30, 2026. Such fair value measurements are Level 3 inputs. The following table provides a roll-forward of the aggregate fair values of the warrants.</span></p> <p id="xdx_896_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_z7Hu2xH5Lki4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zgsswo73PrN2" style="display: none">SCHEDULE OF FAIR VALUES OF WARRANTS</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Derivative</p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">warrant liabilities</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-weight: bold">Balance at January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--DerivativeLiabilitiesNoncurrent_iS_c20250101__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zV0jk2GVKwV7" style="width: 16%; text-align: right" title="Derivative warrant liabilities, Balance">87,180</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--FairValueAdjustmentOfWarrants_c20250101__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zUz9ELE7J5H" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value">7,553</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance at June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--DerivativeLiabilitiesNoncurrent_iE_c20250101__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zdLGi77FMtzh" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative warrant liabilities, Balance">94,733</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance at January 1, 2026</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--DerivativeLiabilitiesNoncurrent_iS_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zdBVq5L7ZT2f" style="text-align: right" title="Derivative warrant liabilities, Balance">26,479</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--FairValueAdjustmentOfWarrants_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zp8BQTKa6yT2" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value">(24,654</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance 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_98E_eus-gaap--DerivativeLiabilitiesNoncurrent_iE_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zuFdksBoUPYd" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative warrant liabilities, Balance">1,825</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zKaluQGoiN1b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_ztKUUuQLaGTc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at June 30, 2026, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B7_zcUFVMqMO623" style="display: none">SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS</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: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level</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">Quoted Prices <br/>in Active <br/>Markets <br/>(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">Significant <br/>Other <br/> Observable <br/>Inputs <br/> (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"><p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Significant</p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Other</p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Unobservable</p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Input<b>s</b></p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">(Level 3)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: justify">Derivative warrant liabilities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zuCOMoMXbzs7" style="width: 10%; text-align: right" title="Derivative warrant liabilities"><span style="-sec-ix-hidden: xdx2ixbrl0679">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zg08K1YQ7UI5" style="width: 10%; text-align: right" title="Derivative warrant liabilities"><span style="-sec-ix-hidden: xdx2ixbrl0681">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zhT4h4IAYZ93" style="width: 10%; text-align: right" title="Derivative warrant liabilities">1,825</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zMWy4SzCDpc9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company used a Monte Carlo simulation (“MCS”) valuation methodology to determine the fair value of the freestanding $<span id="xdx_903_ecustom--FreeStandingPurchaseOptions_c20260101__20260630_zLJSz2DhdLGh" title="Free standing purchase options">14,000,000</span> purchase option and remaining embedded $<span id="xdx_900_ecustom--EmbeddedPurchaseOptions_c20260101__20260630_z8VE3kJ2sSif" title="Embedded options">11,000,000</span> purchase option associated with the Loan Agreement as of June 30, 2026. The MCS methodology simulates the Company’s future stock price to estimate if and when the 10-day trailing volume weighted average price of the common stock (the “Trailing VWAP”) will reach $<span id="xdx_904_eus-gaap--SharePrice_iI_pid_c20260630_zl4ZCih0Tsi5" title="Share price">500.00</span> per share (as adjusted for the Reverse Stock Split), and discounts the resulting payoff back to each valuation date using a present value factor. Significant assumptions used in determining the fair value of these options include volatilities of <span id="xdx_90E_eus-gaap--AlternativeInvestmentMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputOptionVolatilityMember_zI3AQlIRq6Xe">84.04</span> % and <span id="xdx_90D_eus-gaap--AlternativeInvestmentMeasurementInput_iI_pid_uPure_c20250630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputOptionVolatilityMember_z8De6jkpkach">78.5</span>% and discount rates of <span id="xdx_907_eus-gaap--AlternativeInvestmentMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember_zDWso4ZwIfZ" title="Alternative investment measurement input">3.7</span>% and <span id="xdx_90C_eus-gaap--AlternativeInvestmentMeasurementInput_iI_pid_uPure_c20250630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember_zG7s2OmfTsEe" title="Alternative investment measurement input">4.0</span>% for the six months ended June 30, 2026 and 2025, respectively. At June 30, 2026 and December 31, 2025, the MCS produced a fair value of $<span id="xdx_900_ecustom--EmbeddedOptions_c20260101__20260630_zHdUc5E4Y3V6" title="Embedded options"><span id="xdx_901_ecustom--EmbeddedOptions_c20250101__20251231_zZ6smoS9B5gl" title="Embedded options">0</span></span> relating to these freestanding and embedded options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--EarningsPerSharePolicyTextBlock_zlPv1YHaWi6e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net Loss Per Share</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company computes basic net loss per share by dividing net loss by the weighted-average common stock outstanding during the period. Given the Company’s net loss, basic and diluted net loss per share for the three and six months ended June 30, 2026 and 2025 are the same.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_ecustom--PreFundedWarrantPolicyTextBlock_zuLfcGRg3yoa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pre-funded Warrants</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In May 2026, the Company issued pre-funded warrants to purchase shares of its common stock in a private placement (the “Pre-funded Warrants”). Consistent with the accounting framework described above, the Company evaluated the Pre-funded Warrants under ASC 480 and ASC 815 to determine whether they are freestanding financial instruments that meet the definition of a liability pursuant to ASC 480 and meet all of the conditions for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock and whether they are subject to any provision that could require net cash settlement outside of the Company’s control. Based on this assessment, the Company concluded that the Pre-funded Warrants meet all of the criteria for equity classification and are recorded as a component of additional paid-in capital at the time of issuance, net of issuance costs directly attributable to the offering. The Pre-funded Warrants are not subsequently remeasured.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z3ZF5ww42xzi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recently Issued Accounting Standards</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued ASU No. 2024-03, <i>Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses</i>, which requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the financial statements. The amendments in this pronouncement will be effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently assessing the potential impacts of adoption on its unaudited consolidated financial statements and related disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt; text-indent: 20pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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>. This update clarifies the applicability of interim reporting guidance and the form and content of interim financial statements. It also establishes a disclosure principle requiring an entity to disclose material events and changes occurring since the end of the last annual reporting period. ASU 2025-11 is effective for the Company for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is assessing the impact of adopting this standard.</span></p> <p id="xdx_858_zlihTdB0S0A1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zORb88Hkkvck" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis of Presentation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These unaudited consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, all adjustments considered necessary for a fair statement of the financial position and results of operations of the Company have been included.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zMSz0I9OnEW9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair Value Measurements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1</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">Unadjusted quoted prices in active markets for identical assets or liabilities;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <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"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2</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">Observable inputs other than Level 1 prices, such as quoted prices for similar, but not identical, assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <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"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3</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">Unobservable inputs in which there is little or no market data available and which require the Company to develop its own assumptions that market participants would use in pricing an asset or liability.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments recognized at historical amounts in the balance sheets consist of accounts payable and notes payable. The Company believes that the carrying value of accounts payable and notes payable approximates their fair values due to the short-term nature of these instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no transfers between levels during the six months ended June 30, 2026 and 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 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: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recorded a loss and a gain on change in fair value of derivative warrant liabilities of $<span id="xdx_90D_eus-gaap--DerivativeGainLossOnDerivativeNet_c20260401__20260630_zvqc9dPTJ5K9" title="Changes in fair value of derivative liabilities">1,177</span> and $<span id="xdx_908_eus-gaap--DerivativeGainLossOnDerivativeNet_c20260101__20260630_zqp6okHBMsfl" title="Changes in fair value of derivative liabilities">24,654</span> during the three and six months ended June 30, 2026, respectively. The Company recorded losses on change in fair value of derivative warrant liabilities of $<span id="xdx_901_eus-gaap--DerivativeGainLossOnDerivativeNet_c20250401__20250630_z8dgIJ5yRuVg" title="Changes in fair value of derivative liabilities">21,410</span> and $<span id="xdx_90F_eus-gaap--DerivativeGainLossOnDerivativeNet_c20250101__20250630_zploGuHt7wi2" title="Changes in fair value of derivative liabilities">7,553</span> during the three and six months ended June 30, 2025. The change in value during these periods was largely attributable to changes in the price of the underlying common stock and risk-free rates. During the fiscal year ended December 31, 2024, the Company acquired private warrants in connection with the closing of the Business Combination (the “Closing”) of the transactions pursuant to the Merger Agreement on February 14, 2024 (the “Closing Date”) and issued written call options in connection with the Loan Agreement. The fair value of the written call options decreased to $<span id="xdx_90D_ecustom--FairValueOfWrittenCallOptions_iI_c20241231_zVJLSOtTF916" title="Fair value of written call options">0</span> between their issuance and December 31, 2024, and remained at $<span id="xdx_90C_ecustom--FairValueOfWrittenCallOptions_iI_c20260630_zatqLKlHgCb2" title="Fair value of written call options">0</span> as of June 30, 2026. Such fair value measurements are Level 3 inputs. The following table provides a roll-forward of the aggregate fair values of the warrants.</span></p> <p id="xdx_896_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_z7Hu2xH5Lki4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zgsswo73PrN2" style="display: none">SCHEDULE OF FAIR VALUES OF WARRANTS</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Derivative</p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">warrant liabilities</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-weight: bold">Balance at January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--DerivativeLiabilitiesNoncurrent_iS_c20250101__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zV0jk2GVKwV7" style="width: 16%; text-align: right" title="Derivative warrant liabilities, Balance">87,180</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--FairValueAdjustmentOfWarrants_c20250101__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zUz9ELE7J5H" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value">7,553</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance at June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--DerivativeLiabilitiesNoncurrent_iE_c20250101__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zdLGi77FMtzh" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative warrant liabilities, Balance">94,733</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance at January 1, 2026</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--DerivativeLiabilitiesNoncurrent_iS_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zdBVq5L7ZT2f" style="text-align: right" title="Derivative warrant liabilities, Balance">26,479</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--FairValueAdjustmentOfWarrants_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zp8BQTKa6yT2" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value">(24,654</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance 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_98E_eus-gaap--DerivativeLiabilitiesNoncurrent_iE_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zuFdksBoUPYd" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative warrant liabilities, Balance">1,825</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zKaluQGoiN1b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_ztKUUuQLaGTc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at June 30, 2026, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B7_zcUFVMqMO623" style="display: none">SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS</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: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level</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">Quoted Prices <br/>in Active <br/>Markets <br/>(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">Significant <br/>Other <br/> Observable <br/>Inputs <br/> (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"><p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Significant</p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Other</p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Unobservable</p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Input<b>s</b></p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">(Level 3)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: justify">Derivative warrant liabilities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zuCOMoMXbzs7" style="width: 10%; text-align: right" title="Derivative warrant liabilities"><span style="-sec-ix-hidden: xdx2ixbrl0679">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zg08K1YQ7UI5" style="width: 10%; text-align: right" title="Derivative warrant liabilities"><span style="-sec-ix-hidden: xdx2ixbrl0681">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zhT4h4IAYZ93" style="width: 10%; text-align: right" title="Derivative warrant liabilities">1,825</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zMWy4SzCDpc9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company used a Monte Carlo simulation (“MCS”) valuation methodology to determine the fair value of the freestanding $<span id="xdx_903_ecustom--FreeStandingPurchaseOptions_c20260101__20260630_zLJSz2DhdLGh" title="Free standing purchase options">14,000,000</span> purchase option and remaining embedded $<span id="xdx_900_ecustom--EmbeddedPurchaseOptions_c20260101__20260630_z8VE3kJ2sSif" title="Embedded options">11,000,000</span> purchase option associated with the Loan Agreement as of June 30, 2026. The MCS methodology simulates the Company’s future stock price to estimate if and when the 10-day trailing volume weighted average price of the common stock (the “Trailing VWAP”) will reach $<span id="xdx_904_eus-gaap--SharePrice_iI_pid_c20260630_zl4ZCih0Tsi5" title="Share price">500.00</span> per share (as adjusted for the Reverse Stock Split), and discounts the resulting payoff back to each valuation date using a present value factor. Significant assumptions used in determining the fair value of these options include volatilities of <span id="xdx_90E_eus-gaap--AlternativeInvestmentMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputOptionVolatilityMember_zI3AQlIRq6Xe">84.04</span> % and <span id="xdx_90D_eus-gaap--AlternativeInvestmentMeasurementInput_iI_pid_uPure_c20250630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputOptionVolatilityMember_z8De6jkpkach">78.5</span>% and discount rates of <span id="xdx_907_eus-gaap--AlternativeInvestmentMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember_zDWso4ZwIfZ" title="Alternative investment measurement input">3.7</span>% and <span id="xdx_90C_eus-gaap--AlternativeInvestmentMeasurementInput_iI_pid_uPure_c20250630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember_zG7s2OmfTsEe" title="Alternative investment measurement input">4.0</span>% for the six months ended June 30, 2026 and 2025, respectively. At June 30, 2026 and December 31, 2025, the MCS produced a fair value of $<span id="xdx_900_ecustom--EmbeddedOptions_c20260101__20260630_zHdUc5E4Y3V6" title="Embedded options"><span id="xdx_901_ecustom--EmbeddedOptions_c20250101__20251231_zZ6smoS9B5gl" title="Embedded options">0</span></span> relating to these freestanding and embedded options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1177 24654 21410 7553 0 0 <p id="xdx_896_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_z7Hu2xH5Lki4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zgsswo73PrN2" style="display: none">SCHEDULE OF FAIR VALUES OF WARRANTS</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Derivative</p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">warrant liabilities</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-weight: bold">Balance at January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--DerivativeLiabilitiesNoncurrent_iS_c20250101__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zV0jk2GVKwV7" style="width: 16%; text-align: right" title="Derivative warrant liabilities, Balance">87,180</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--FairValueAdjustmentOfWarrants_c20250101__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zUz9ELE7J5H" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value">7,553</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance at June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--DerivativeLiabilitiesNoncurrent_iE_c20250101__20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zdLGi77FMtzh" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative warrant liabilities, Balance">94,733</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance at January 1, 2026</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--DerivativeLiabilitiesNoncurrent_iS_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zdBVq5L7ZT2f" style="text-align: right" title="Derivative warrant liabilities, Balance">26,479</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--FairValueAdjustmentOfWarrants_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zp8BQTKa6yT2" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value">(24,654</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance 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_98E_eus-gaap--DerivativeLiabilitiesNoncurrent_iE_c20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zuFdksBoUPYd" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative warrant liabilities, Balance">1,825</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 87180 7553 94733 26479 -24654 1825 <p id="xdx_893_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_ztKUUuQLaGTc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at June 30, 2026, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B7_zcUFVMqMO623" style="display: none">SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS</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: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level</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">Quoted Prices <br/>in Active <br/>Markets <br/>(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">Significant <br/>Other <br/> Observable <br/>Inputs <br/> (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"><p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Significant</p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Other</p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Unobservable</p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Input<b>s</b></p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">(Level 3)</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: justify">Derivative warrant liabilities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zuCOMoMXbzs7" style="width: 10%; text-align: right" title="Derivative warrant liabilities"><span style="-sec-ix-hidden: xdx2ixbrl0679">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zg08K1YQ7UI5" style="width: 10%; text-align: right" title="Derivative warrant liabilities"><span style="-sec-ix-hidden: xdx2ixbrl0681">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zhT4h4IAYZ93" style="width: 10%; text-align: right" title="Derivative warrant liabilities">1,825</td><td style="width: 1%; text-align: left"> </td></tr> </table> 1825 14000000 11000000 500.00 84.04 78.5 3.7 4.0 0 0 <p id="xdx_840_eus-gaap--EarningsPerSharePolicyTextBlock_zlPv1YHaWi6e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net Loss Per Share</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company computes basic net loss per share by dividing net loss by the weighted-average common stock outstanding during the period. Given the Company’s net loss, basic and diluted net loss per share for the three and six months ended June 30, 2026 and 2025 are the same.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_ecustom--PreFundedWarrantPolicyTextBlock_zuLfcGRg3yoa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pre-funded Warrants</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In May 2026, the Company issued pre-funded warrants to purchase shares of its common stock in a private placement (the “Pre-funded Warrants”). Consistent with the accounting framework described above, the Company evaluated the Pre-funded Warrants under ASC 480 and ASC 815 to determine whether they are freestanding financial instruments that meet the definition of a liability pursuant to ASC 480 and meet all of the conditions for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock and whether they are subject to any provision that could require net cash settlement outside of the Company’s control. Based on this assessment, the Company concluded that the Pre-funded Warrants meet all of the criteria for equity classification and are recorded as a component of additional paid-in capital at the time of issuance, net of issuance costs directly attributable to the offering. The Pre-funded Warrants are not subsequently remeasured.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z3ZF5ww42xzi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recently Issued Accounting Standards</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued ASU No. 2024-03, <i>Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses</i>, which requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the financial statements. The amendments in this pronouncement will be effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently assessing the potential impacts of adoption on its unaudited consolidated financial statements and related disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt; text-indent: 20pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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>. This update clarifies the applicability of interim reporting guidance and the form and content of interim financial statements. It also establishes a disclosure principle requiring an entity to disclose material events and changes occurring since the end of the last annual reporting period. ASU 2025-11 is effective for the Company for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is assessing the impact of adopting this standard.</span></p> <p id="xdx_80B_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_z8ZW7V3SUWg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 4. <span id="xdx_829_z5radI90VNIb">ACCRUED EXPENSES AND OTHER LIABILITIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_zDtZNzf5vNz5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses and other liabilities consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zwK6ug5TiZS3" style="display: none">SCHEDULE OF ACCRUED EXPENSES AND OTHER LIABILITIES</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: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260630_zMh3J55pYWb5" 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_zAft404v7Gv6" 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_403_eus-gaap--AccruedProfessionalFeesCurrent_iI_maALCzC3I_zK9S57y3LWda" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Professional services</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">958,679</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,168,538</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maALCzC3I_z1il5QmcQU5h" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">133,901</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">331,086</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtALCzC3I_z3ruR1aG42I6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,092,580</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,499,624</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AC_zZD9K5b64Yy9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_zDtZNzf5vNz5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses and other liabilities consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zwK6ug5TiZS3" style="display: none">SCHEDULE OF ACCRUED EXPENSES AND OTHER LIABILITIES</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: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260630_zMh3J55pYWb5" 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_zAft404v7Gv6" 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_403_eus-gaap--AccruedProfessionalFeesCurrent_iI_maALCzC3I_zK9S57y3LWda" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Professional services</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">958,679</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,168,538</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maALCzC3I_z1il5QmcQU5h" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">133,901</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">331,086</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtALCzC3I_z3ruR1aG42I6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,092,580</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,499,624</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 958679 1168538 133901 331086 1092580 1499624 <p id="xdx_800_eus-gaap--DebtDisclosureTextBlock_zxLOrkwOyUDa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 5. <span id="xdx_825_zPwVlAFwb8xh">DEBT</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Loan Agreement</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In June 2024, the Company entered into the Loan Agreement with the Patel Family, a related party of the Company, providing for an unsecured line of credit facility (the “Facility”) for term loans of up to an initial total of $<span id="xdx_90F_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20240630__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--LongtermDebtTypeAxis__us-gaap--UnsecuredDebtMember_zg1TOhFHj1W" title="Line of credit maximum borrowing capacity">36,000,000</span>. As of December 31, 2025, the Company had drawn $<span id="xdx_907_eus-gaap--LineOfCreditFacilityCurrentBorrowingCapacity_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--LongtermDebtTypeAxis__us-gaap--UnsecuredDebtMember_zFZ6UUE7P0mi" title="Line of credit borrowing capacity">4,400,000</span> from the Facility, with maturity dates ranging from July 2028 to June 2029. The Company drew $<span id="xdx_900_eus-gaap--LineOfCredit_iI_c20260630__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--LongtermDebtTypeAxis__us-gaap--UnsecuredDebtMember__us-gaap--AwardTypeAxis__custom--FebruaryToMarchTwoThousandThirtyMember_zxrl2y2Z5k2k" title="Line of credit">2,000,000</span> during the first six months of 2026, with maturity dates ranging from February to March 2030. As of June 30, 2026, the outstanding balance on the Loan Agreement was $<span id="xdx_90A_eus-gaap--LineOfCredit_iI_c20260630__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--LongtermDebtTypeAxis__us-gaap--UnsecuredDebtMember_zHb1IbyGvzV1" title="Line of credit">6,400,000</span>. As of June 30, 2026, $<span id="xdx_907_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_c20260630__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--LongtermDebtTypeAxis__us-gaap--UnsecuredDebtMember_z0Dl77qmof4j" title="Line of credit remaining capacity">11,000,000</span> remained available for future financing.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Loan Agreement includes a purchase option whereby the Patel Family has the option to purchase up to $<span id="xdx_90C_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensationGross_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zJcEWLlBjTc" title="Option to purchase common stock, value">14,000,000</span> of shares of common stock at a purchase price equal to <span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent_pid_dp_uPure_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zM3Ul0tyCVcc" title="Percentage of price of common stock purchased">70</span>% of the Trailing VWAP per share (the “$<span id="xdx_90C_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensationGross_pn6n6_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_z2jB7XtSWDUa" title="Option to purchase common stock, value">14</span> million Purchase Option”). The $<span id="xdx_90F_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensationGross_pn6n6_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zjamWFX2iZ5e" title="Option to purchase common stock, value">14</span> million Purchase Option only becomes exercisable once Trailing VWAP reaches $<span id="xdx_904_eus-gaap--SharesIssuedPricePerShare_iI_c20260630__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember_zltt6dzP6Ob9" title="Purchase, price per share">500.00</span> per share. The $<span id="xdx_907_eus-gaap--DerivativeLiabilities_iI_pn6n6_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zs747TZE3Fme" title="Derivative liability">14</span> million Purchase Option was determined to be a freestanding derivative liability under ASC 815 and is carried at fair value, with changes in fair value recorded to change in fair value of written call option derivative liabilities within the unaudited consolidated statements of operations and unaudited consolidated statements of cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Loan Agreement also includes a purchase option (the “Additional Amount Purchase Option”) that is identical to the $<span id="xdx_901_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensationGross_pn6n6_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--AdditionalAmountPurchaseOptionMember_zCyr8qp1fs5a" title="Option to purchase common stock, value">14</span> million Purchase Option, except that the option is exercisable for an amount up to the then-remaining undrawn term loan amount under the Loan Agreement at the time Trailing VWAP reaches $<span id="xdx_908_eus-gaap--SharesIssuedPricePerShare_iI_c20260630__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--SubsidiarySaleOfStockAxis__custom--AdditionalAmountPurchaseOptionMember_zGOdWIbocm04" title="Purchase, price per share">500.00</span> per share. The Additional Amount Purchase Option was determined to be an embedded derivative within the written loan commitment that requires bifurcation under ASC 815 and thus is carried at fair value with changes in fair value recorded to change in fair value of written call option derivative liabilities within the unaudited consolidated statements of operations and unaudited consolidated statements of cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The $<span id="xdx_907_eus-gaap--DerivativeLiabilities_iI_pn6n6_c20260630_zGhDxDvaRot8" title="Derivative liability">14</span> million Purchase Option and the Additional Amount Purchase Option are recorded to written call option derivative liabilities within the unaudited consolidated balance sheet and have a fair value of $<span id="xdx_903_eus-gaap--DerivativeLiabilitiesCurrent_iI_c20260630_z9y6zLSiHv2g" title="Derivative liabilities, current"><span id="xdx_907_eus-gaap--DerivativeLiabilitiesCurrent_iI_c20251231_zIC7rnYe6FAd" title="Derivative liabilities, current">0</span></span> as of June 30, 2026 and December 31, 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Loan Agreement is a written loan commitment that is not eligible for the fair value option under ASC 825, <i>Financial Instruments</i>. However, management elected the fair value option for all draws under this commitment and therefore has expensed all issuance costs associated with the Loan Agreement, which are comprised of the fair value of the <span id="xdx_903_ecustom--StockIssuedDuringPeriodSharesCommitmentSharesInConnectionWithUnsecuredEquityLineOfCreditFacility_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zabM1u4cjEH4" title="Common stock fair value">20,000</span> shares of common stock issued to the Patel Family as well as the issuance date fair value of the $<span id="xdx_909_eus-gaap--DerivativeLiabilities_iI_pn6n6_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_z3UWagUC54ee">14</span> million Purchase Option and Additional Amount Purchase Option.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Notes Payable</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of the Merger, the Company assumed notes payable held by Polar Multi-Strategy Master Fund (“Polar”) for which the proceeds were to be used for working capital purposes by Semper Paratus with an outstanding balance of $<span id="xdx_904_eus-gaap--NotesPayableCurrent_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PolarMultiStrategyMasterFundMember_zJ05yNQzlHZk" title="Notes payable">1,651,000</span> on the Closing Date and which remain outstanding at June 30, 2026. The notes payable do not accrue interest. The outstanding balance of the notes was required to be repaid in full within five business days of the Merger, and the Company is therefore in default of its obligations at June 30, 2026. The notes’ default provisions do not require the Company to transfer any shares or pay any amounts to Polar.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 36000000 4400000 2000000 6400000 11000000 14000000 0.70 14000000 14000000 500.00 14000000 14000000 500.00 14000000 0 0 20000 14000000 1651000 <p id="xdx_80A_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zOxtacYPuKy4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 6. <span id="xdx_822_ziWNIbEgdWsk">STOCK-BASED COMPENSATION</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the Closing, the Company adopted the Tevogen Inc. 2024 Omnibus Incentive Plan (the “2024 Plan”) and no longer grants awards pursuant to the 2020 Equity Incentive Plan (the “2020 Plan”). Each restricted stock unit (“RSU”) award granted under the 2020 Plan that was outstanding and unvested as of the Closing Date was automatically canceled and converted into an award under the 2024 Plan with respect to the common stock of the Company (the “Rollover RSUs”). Such Rollover RSUs remain subject to the same terms and conditions as set forth under the applicable award agreement prior to the Closing.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to covering the Rollover RSUs, under the 2024 Plan, as of December 31, 2024, the Company was authorized to grant awards up to an aggregate <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20241231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourPlanMember_zWuW5IMn7Kq9" title="Compensation shares authorized">800,000</span> shares of common stock. During the year ended December 31, 2025, the number of shares authorized under the 2024 Plan was increased to <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourPlanMember_zOHudFjBtIdl" title="Compensation shares authorized">977,991</span>. The 2024 Plan provides for the grant of options, stock appreciation rights, restricted common stock (“Restricted Stock”), RSUs, and other equity-based awards. As of June 30, 2026, awards for <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourPlanMember_zQUT41XCb6Eh" title="Shares available to be granted">112,676</span> shares remained available to be granted under the 2024 Plan.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has issued RSUs that are subject to either service-based vesting conditions or service-based and performance-based vesting conditions. Compensation expense for service-based RSUs is recognized on a straight-line basis over the vesting period of the award. Compensation expense for service-based and performance-based RSUs (“Performance-Based RSUs”) is recognized when the performance condition, which is based on a liquidity event condition being satisfied, is deemed probable of achievement. The fair value of RSUs vested during the six months ended June 30, 2026 and 2025 was $<span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_pn5n6_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zg0kB2MSunba" title="Fair value of RSUs vested">0.6</span> million and $<span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_pn5n6_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zyZHF59eNG4e" title="Fair value of RSUs vested">7.9</span> million, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 27, 2025, the Company issued an aggregate of <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20250627__20250627__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourPlanMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zs2pSubNheUk" title="Number of shares issued for RSUs">185,000</span> shares of Restricted Stock under the 2024 Plan to the Company’s executive officers, including a grant of <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20250627__20250627__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourPlanMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_z0VdvaF4Ysei" title="Number of shares issued for granted">160,000</span> shares of Restricted Stock to Dr. Saadi. The shares of Restricted Stock granted to Dr. Saadi will vest in four equal annual installments beginning on June 27, 2032 and the shares of Restricted Stock granted to each other grantee will vest in three equal annual installments beginning on June 27, 2030 (the “2025 RSA Vesting Period”), subject in each case to the applicable grantee’s continuous service with the Company through the vesting date, and provided that the shares will automatically vest in full in the event of termination due to death or disability. Pursuant to the terms of these awards, the Company’s executive officers are entitled to vote the Restricted Stock, but the shares may not be sold, assigned, transferred, pledged, hypothecated, or otherwise encumbered, subject to automatic forfeit. The Company’s executive officers will automatically forfeit all unvested Restricted Stock in the event they depart the Company for any reason, unless termination of their service triggers accelerated vesting pursuant to the terms of the applicable award agreement or the 2024 Plan. The fair value per share for these awards was determined to be $<span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_uUSDPShares_c20250627__20250627__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourPlanMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_z0q6MNMQfMi2" title="Fair value per share for award">62</span> per share, equivalent to the Company’s stock price on the grant date, resulting in a total grant date fair value of $<span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20250627__20250627__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourPlanMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zSYUBDPPO06e" title="Grant date fair value of shares">11,470,000</span>. In accordance with ASC 718, the Company will recognize compensation expense on a straight-line basis from the grant date until the completion of the 2025 RSA Vesting Period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_zRsvLxGIctu5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted Stock and RSU activity was as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_zU3MvveroU7a" style="display: none">SCHEDULE OF RESTRICTED STOCK AND RSU ACTIVITY</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="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Service-Based Restricted Stock and RSUs</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">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Weighted average<br/> grant-date fair</p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">value</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Nonvested as of January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zKB3rrLTKA0j" style="width: 16%; text-align: right" title="Nonvested Shares, Outstanding">619,793</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zPoDwS0HMSN4" style="width: 16%; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">163.47</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_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zBZQo7Ln06ke" style="text-align: right" title="Nonvested Shares, Granted">74,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zA8eZnmz9wUg" style="text-align: right" title="Nonvested weighted average grant-date fair value, Granted">10.40</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_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zAP6bDU05JR8" style="text-align: right" title="Nonvested Shares, Vested">(53,711</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zlBehV1tC188" style="text-align: right" title="Nonvested weighted average grant-date fair value, Vested">21.54</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_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_ziR5Sd0euE23" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested Shares, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl0793">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zFZWXE8TH5hk" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested weighted average grant-date fair value, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl0795">-</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="padding-bottom: 2.5pt">Nonvested as of 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_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zX3uic7POkab" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested Shares, Outstanding">640,082</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zZNJQlzWZyri" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">166.80</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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> </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">Service-Based Restricted Stock and RSUs</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">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Weighted average<br/> grant-date fair</p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">value</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Nonvested as of January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20250101__20250630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zaIw6UfI6r0k" style="width: 16%; text-align: right" title="Nonvested Shares, Outstanding">533,805</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_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20250101__20250630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zzLGmvA35Wh7" style="width: 16%; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">177.00</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_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20250101__20250630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_z7TVs2ztjjW3" style="text-align: right" title="Nonvested Shares, Granted">201,997</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zHjvpHZbXbe8" style="text-align: right" title="Nonvested weighted average grant-date fair value, Granted">62.50</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_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20250101__20250630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zCwP0nr8Pc4a" style="text-align: right" title="Nonvested Shares, Vested">(114,128</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zycprgI932r1" style="text-align: right" title="Nonvested weighted average grant-date fair value, Vested">49.00</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_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20250101__20250630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zG0yuk9R6jbf" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested Shares, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl0813">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zpKjywTGX8G5" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested weighted average grant-date fair value, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl0815">-</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="padding-bottom: 2.5pt">Nonvested as of June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20250101__20250630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zKDjpH4BRAQa" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested Shares, Outstanding">621,674</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20250101__20250630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zn8iIX6xhK8d" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">163.00</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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> </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">Performance-Based RSUs</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">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Weighted average<br/> grant-date fair</p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">value</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Nonvested as of January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zNrXrmVpzkd7" style="width: 16%; text-align: right" title="Nonvested Shares, Outstanding">5,633</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z9f5g70npry3" style="width: 16%; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">265.67</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_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zS0iqLSEa1Ok" style="text-align: right" title="Nonvested Shares, Granted"><span style="-sec-ix-hidden: xdx2ixbrl0825">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zQ7ohi2bWehf" style="text-align: right" title="Nonvested weighted average grant-date fair value, Granted"><span style="-sec-ix-hidden: xdx2ixbrl0827">-</span></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_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zmjDFnngmJvf" style="text-align: right" title="Nonvested Shares, Vested"><span style="-sec-ix-hidden: xdx2ixbrl0829">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zBpL4GnSWOhe" style="text-align: right" title="Nonvested weighted average grant-date fair value, Vested"><span style="-sec-ix-hidden: xdx2ixbrl0831">-</span></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_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zs0qON9L0AF7" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested Shares, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl0833">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zGekoayPzg1g" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested weighted average grant-date fair value, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl0835">-</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="padding-bottom: 2.5pt">Nonvested as of 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_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zgwAICboQlRg" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested Shares, Outstanding">5,633</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zohkyIrgTI84" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">265.67</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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> </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">Performance-Based RSUs</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">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted average<br/> grant-date fair <br/>value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Nonvested as of January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20250101__20250630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zGbzmjbNMukf" style="width: 16%; text-align: right" title="Nonvested Shares, Outstanding">25,792</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_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20250101__20250630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zG5OS6faUqKa" style="width: 16%; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">185.00</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_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20250101__20250630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zFlpASdtvsv" style="text-align: right" title="Nonvested Shares, Granted"><span style="-sec-ix-hidden: xdx2ixbrl0845">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zT0Ba99Cp4hl" style="text-align: right" title="Nonvested weighted average grant-date fair value, Granted"><span style="-sec-ix-hidden: xdx2ixbrl0847">-</span></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_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20250101__20250630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z0RstAMU2S2c" style="text-align: right" title="Nonvested Shares, Vested">(4,186</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zHpfPrfczN9h" style="text-align: right" title="Nonvested weighted average grant-date fair value, Vested">171.00</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_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20250101__20250630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zDKrXvTC486j" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested Shares, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl0853">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zmaYs7qcm3Y" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested weighted average grant-date fair value, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl0855">-</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="padding-bottom: 2.5pt">Nonvested as of June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20250101__20250630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z3mVCzKEosZ9" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested Shares, Outstanding">21,606</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20250101__20250630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zlLRQViz2Xl" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">188.00</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A3_zl6bXQaJdb1e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There was $<span id="xdx_90A_eus-gaap--ShareBasedCompensation_c20260401__20260630__us-gaap--AwardTypeAxis__custom--ServicebasedRestrictedStockAndRSUMember_zi3ooTbTfZI7" title="Compensation cost">3,107,254</span> and $<span id="xdx_903_eus-gaap--ShareBasedCompensation_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServicebasedRestrictedStockAndRSUMember_zUcDoPS0tGd8" title="Compensation cost">5,776,812</span> of compensation cost related to shares of service-based Restricted Stock and service-based RSUs during the three and six months ended June 30, 2026. There was $<span id="xdx_90A_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pid_c20260630__us-gaap--AwardTypeAxis__custom--ServicebasedRestrictedStockAndRSUMember_ztB1GCXmOOyi" title="Unrecognized compensation cost">78,914,936</span> of unrecognized compensation cost related to shares of service-based Restricted Stock and service-based RSUs as of June 30, 2026, which will be expensed over a weighted average period of <span id="xdx_905_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServicebasedRestrictedStockAndRSUMember_zsOgLqjVsiG8" title="Weighted average period for recognition">7.7</span> years. There was $<span id="xdx_909_eus-gaap--ShareBasedCompensation_c20260401__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zVyjUYfQh5x5" title="Compensation cost">181,369</span> and $<span id="xdx_901_eus-gaap--ShareBasedCompensation_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zbDIMcmr7L7e" title="Compensation cost">361,404</span> of compensation cost related to Performance-Based RSUs during the three and six months ended June 30, 2026. There was $<span id="xdx_904_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zAuFPWR5TEji" title="Unrecognized compensation cost">744,984</span> of unrecognized compensation cost related to Performance-Based RSUs as of June 30, 2026, which will be expensed over a weighted average period of <span id="xdx_90F_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zTf9zqY1CsWf" title="Weighted average period for recognition">1.0</span> years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zK3ydF9QbQRe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recorded stock-based compensation expense in the following expense categories in the accompanying unaudited consolidated statements of operations:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_z58gZycb39y8" style="display: none">SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE</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> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260401__20260630_zOff4F6cSo4e" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250401__20250630_zx1JE7exZv2k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended 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_408_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ResearchAndDevelopmentExpense_z4Jdm5eJQ6Ce" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,136,272</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,720,666</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--GeneralAndAdministrativeExpense_z87m8pGh6DR" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">General and administrative</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,152,352</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,518,667</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ShareBasedCompensation_zyZLzmbWWRmd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,288,624</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">3,239,333</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260101__20260630_zsSVfObCssKh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20250630_zYiyMsCDUFj1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six months ended 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_408_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ResearchAndDevelopmentExpense_zgwfrJaLwrJ" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,021,590</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,547,013</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--GeneralAndAdministrativeExpense_z7uoxK2FHUGk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">General and administrative</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,116,626</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,985,021</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ShareBasedCompensation_zUAgshcAuA4e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,138,216</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">10,532,034</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AF_z18bf5tlvwbh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 800000 977991 112676 600000 7900000 185000 160000 62 11470000 <p id="xdx_89B_eus-gaap--ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_zRsvLxGIctu5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted Stock and RSU activity was as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_zU3MvveroU7a" style="display: none">SCHEDULE OF RESTRICTED STOCK AND RSU ACTIVITY</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="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Service-Based Restricted Stock and RSUs</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">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Weighted average<br/> grant-date fair</p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">value</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Nonvested as of January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zKB3rrLTKA0j" style="width: 16%; text-align: right" title="Nonvested Shares, Outstanding">619,793</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zPoDwS0HMSN4" style="width: 16%; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">163.47</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_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zBZQo7Ln06ke" style="text-align: right" title="Nonvested Shares, Granted">74,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zA8eZnmz9wUg" style="text-align: right" title="Nonvested weighted average grant-date fair value, Granted">10.40</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_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zAP6bDU05JR8" style="text-align: right" title="Nonvested Shares, Vested">(53,711</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zlBehV1tC188" style="text-align: right" title="Nonvested weighted average grant-date fair value, Vested">21.54</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_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_ziR5Sd0euE23" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested Shares, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl0793">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zFZWXE8TH5hk" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested weighted average grant-date fair value, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl0795">-</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="padding-bottom: 2.5pt">Nonvested as of 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_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zX3uic7POkab" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested Shares, Outstanding">640,082</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zZNJQlzWZyri" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">166.80</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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> </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">Service-Based Restricted Stock and RSUs</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">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Weighted average<br/> grant-date fair</p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">value</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Nonvested as of January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20250101__20250630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zaIw6UfI6r0k" style="width: 16%; text-align: right" title="Nonvested Shares, Outstanding">533,805</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_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20250101__20250630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zzLGmvA35Wh7" style="width: 16%; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">177.00</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_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20250101__20250630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_z7TVs2ztjjW3" style="text-align: right" title="Nonvested Shares, Granted">201,997</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zHjvpHZbXbe8" style="text-align: right" title="Nonvested weighted average grant-date fair value, Granted">62.50</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_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20250101__20250630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zCwP0nr8Pc4a" style="text-align: right" title="Nonvested Shares, Vested">(114,128</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zycprgI932r1" style="text-align: right" title="Nonvested weighted average grant-date fair value, Vested">49.00</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_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20250101__20250630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zG0yuk9R6jbf" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested Shares, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl0813">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zpKjywTGX8G5" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested weighted average grant-date fair value, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl0815">-</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="padding-bottom: 2.5pt">Nonvested as of June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20250101__20250630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zKDjpH4BRAQa" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested Shares, Outstanding">621,674</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20250101__20250630__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zn8iIX6xhK8d" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">163.00</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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> </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">Performance-Based RSUs</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">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Weighted average<br/> grant-date fair</p> <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">value</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Nonvested as of January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zNrXrmVpzkd7" style="width: 16%; text-align: right" title="Nonvested Shares, Outstanding">5,633</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z9f5g70npry3" style="width: 16%; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">265.67</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_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zS0iqLSEa1Ok" style="text-align: right" title="Nonvested Shares, Granted"><span style="-sec-ix-hidden: xdx2ixbrl0825">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zQ7ohi2bWehf" style="text-align: right" title="Nonvested weighted average grant-date fair value, Granted"><span style="-sec-ix-hidden: xdx2ixbrl0827">-</span></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_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zmjDFnngmJvf" style="text-align: right" title="Nonvested Shares, Vested"><span style="-sec-ix-hidden: xdx2ixbrl0829">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zBpL4GnSWOhe" style="text-align: right" title="Nonvested weighted average grant-date fair value, Vested"><span style="-sec-ix-hidden: xdx2ixbrl0831">-</span></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_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zs0qON9L0AF7" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested Shares, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl0833">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zGekoayPzg1g" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested weighted average grant-date fair value, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl0835">-</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="padding-bottom: 2.5pt">Nonvested as of 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_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zgwAICboQlRg" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested Shares, Outstanding">5,633</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zohkyIrgTI84" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">265.67</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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> </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">Performance-Based RSUs</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">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted average<br/> grant-date fair <br/>value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Nonvested as of January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20250101__20250630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zGbzmjbNMukf" style="width: 16%; text-align: right" title="Nonvested Shares, Outstanding">25,792</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_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20250101__20250630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zG5OS6faUqKa" style="width: 16%; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">185.00</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_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20250101__20250630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zFlpASdtvsv" style="text-align: right" title="Nonvested Shares, Granted"><span style="-sec-ix-hidden: xdx2ixbrl0845">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zT0Ba99Cp4hl" style="text-align: right" title="Nonvested weighted average grant-date fair value, Granted"><span style="-sec-ix-hidden: xdx2ixbrl0847">-</span></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_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20250101__20250630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z0RstAMU2S2c" style="text-align: right" title="Nonvested Shares, Vested">(4,186</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zHpfPrfczN9h" style="text-align: right" title="Nonvested weighted average grant-date fair value, Vested">171.00</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_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20250101__20250630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zDKrXvTC486j" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested Shares, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl0853">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zmaYs7qcm3Y" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested weighted average grant-date fair value, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl0855">-</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="padding-bottom: 2.5pt">Nonvested as of June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20250101__20250630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z3mVCzKEosZ9" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested Shares, Outstanding">21,606</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20250101__20250630__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zlLRQViz2Xl" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">188.00</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 619793 163.47 74000 10.40 53711 21.54 640082 166.80 533805 177.00 201997 62.50 114128 49.00 621674 163.00 5633 265.67 5633 265.67 25792 185.00 4186 171.00 21606 188.00 3107254 5776812 78914936 P7Y8M12D 181369 361404 744984 P1Y <p id="xdx_89C_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zK3ydF9QbQRe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recorded stock-based compensation expense in the following expense categories in the accompanying unaudited consolidated statements of operations:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_z58gZycb39y8" style="display: none">SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE</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> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260401__20260630_zOff4F6cSo4e" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250401__20250630_zx1JE7exZv2k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended 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_408_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ResearchAndDevelopmentExpense_z4Jdm5eJQ6Ce" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,136,272</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,720,666</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--GeneralAndAdministrativeExpense_z87m8pGh6DR" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">General and administrative</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,152,352</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,518,667</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ShareBasedCompensation_zyZLzmbWWRmd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,288,624</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">3,239,333</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260101__20260630_zsSVfObCssKh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20250630_zYiyMsCDUFj1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six months ended 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_408_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ResearchAndDevelopmentExpense_zgwfrJaLwrJ" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,021,590</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,547,013</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--GeneralAndAdministrativeExpense_z7uoxK2FHUGk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">General and administrative</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,116,626</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,985,021</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ShareBasedCompensation_zUAgshcAuA4e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,138,216</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">10,532,034</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 2136272 1720666 1152352 1518667 3288624 3239333 4021590 3547013 2116626 6985021 6138216 10532034 <p id="xdx_802_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zbR0MW8vEep9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 7. <span id="xdx_82B_z98t6v6IaH3a">STOCKHOLDERS’ DEFICIT</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 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: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, the Company had <span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_c20260630_zPFTfQCajdI6" title="Common shares, shares issued"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_c20260630_zRY7UNdLZGs8" title="Common shares, shares outstanding">4,255,107</span></span> shares of common stock issued and outstanding. For accounting purposes related to earnings per share, only shares that are fully vested are considered issued and outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--ScheduleOfStockholdersEquityTableTextBlock_zXBg7KtB0fQ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below is a reconciliation of shares of common stock issued and outstanding:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B1_zKTVMNdMRg56" style="display: none">SCHEDULE OF RECONCILIATION OF SHARES OF COMMON STOCK ISSUED AND OUTSTANDING</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">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Total shares of common stock issued and outstanding</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_905_ecustom--CommonStockSharesIssuedAndOutstanding_iI_c20260630_zaRUF8tVycWd" title="Total shares of common stock issued and outstanding">4,255,107</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Plus: shares to be issued:</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="padding-left: 10pt; text-align: left">Vested RSUs not yet legally settled into common stock (a)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--VestedRestrictedStockUnitsNotYetLegallySettledIntoCommonStock_iI_c20260630_fKGEp_zrM3hc8FKPDf" style="text-align: right" title="Vested RSUs not yet legally settled into common stock">13,712</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Pre-funded warrants not yet legally settled into common stock (b)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--PrefundedWarrantsNotYetLegallySettledIntoCommonStock_iI_c20260630_fKGIp_zmQQUIgihSY9" style="text-align: right" title="Pre-funded warrants not yet legally settled into common stock">375,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: Shares subject to future vesting:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Issuance of restricted common stock subject to forfeiture (c)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_ecustom--IssuanceOfRestrictedCommonStockSubjectToForfeiture_iI_c20260630_fKGMp_zpSRyY89zldi" style="border-bottom: Black 1pt solid; text-align: right" title="Issuance of restricted common stock subject to forfeiture">(571,979</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total shares, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_ecustom--CommonStockSharesIssuedAndOutstandingNet_iI_c20260630_z1BMskdNzZO6" style="border-bottom: Black 2.5pt double; text-align: right" title="Total shares issued and outstanding">4,071,840</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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; text-align: justify"><span id="xdx_F0B_zkJI28Omtgk3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zpS7kzuzbvwg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, there were RSUs that had vested but had not been legally settled into common stock.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <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"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0B_zF3sUlaOptH6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_zBbeyfbKZZd3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, the pre-funded warrants had not been legally settled into common stock.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F07_zMhtLZ8urHzi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zXvavjmrmReh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s executive officers will automatically forfeit all unvested Restricted Stock in the event they depart the Company.</span></td></tr> </table> <p id="xdx_8A3_zpI7VPUYkTbi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Pre-funded Warrants</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 15, 2026, the Company closed the sale of the Pre-funded Warrants to purchase up to <span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20260515__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantsMember_zDgJ6Qq8lhRi" title="Warrants outstanding">375,000</span> shares of common stock to a single accredited investor, the Patel Family, in a private placement exempt from registration under Section 4(a)(2) of the Securities Act pursuant to a Securities Purchase Agreement dated May 11, 2026. The Pre-funded Warrants were sold for an aggregate purchase price of $<span id="xdx_902_eus-gaap--WarrantsAndRightsOutstanding_iI_c20260515__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantsMember_zRgiOK5K4e9d" title="Aggregate purchase price">3,000,000</span>, representing an issue price of $<span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260515__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantsMember_zAYJ3Cdwu3sa" title="Exercise price of warrants">0.0001</span> per warrant plus prepayment of substantially all of the per-share exercise price. Each Pre-funded Warrant is exercisable for one share of the Company’s common stock, par value $<span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20260515__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantsMember_z1zN3Pc5XU3b" title="Common stock, par or stated value per share">0.0001</span> per share, at a remaining exercise price of $<span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260515__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantsMember_zcorYhzGmVF5" title="Exercise price of warrants">0.0001</span> per share, and does not expire until exercised in full.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Pre-funded Warrants may be exercised for cash or, at the holder’s election, on a cashless basis. The Company is not required, under any circumstance, to settle the Pre-funded Warrants in cash. <span id="xdx_90D_ecustom--BeneficialOwnershipPercentageDescription_c20260515__20260515__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantsMember_zX5DhoUBkOc1" title="Beneficial ownership percentage description">The holder’s ability to exercise the Pre-funded Warrants is limited to a beneficial ownership cap of 9.99% of the Company’s then-outstanding common stock, which the holder may increase to up to 19.99% upon 61 days’ prior written notice to the Company.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, none of the Pre-funded Warrants had been exercised. As of June 30, 2026, there are <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantsMember_zsmdzpEO2i7g" title="Warrants outstanding">375,000</span> Pre-funded Warrants outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Public Warrants</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, there are <span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20260630_zi0Y9WEARkr5" title="Warrants outstanding">347,732</span> public warrants outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Private Placement Warrants</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, there are <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SemperParatusMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zwK5nVwVVsHd" title="Number of warrants outstanding">11,768</span> private placement warrants outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See Note 3 for additional information on the Company’s warrant accounting policy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 4255107 4255107 <p id="xdx_893_eus-gaap--ScheduleOfStockholdersEquityTableTextBlock_zXBg7KtB0fQ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below is a reconciliation of shares of common stock issued and outstanding:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B1_zKTVMNdMRg56" style="display: none">SCHEDULE OF RECONCILIATION OF SHARES OF COMMON STOCK ISSUED AND OUTSTANDING</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">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Total shares of common stock issued and outstanding</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_905_ecustom--CommonStockSharesIssuedAndOutstanding_iI_c20260630_zaRUF8tVycWd" title="Total shares of common stock issued and outstanding">4,255,107</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Plus: shares to be issued:</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="padding-left: 10pt; text-align: left">Vested RSUs not yet legally settled into common stock (a)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--VestedRestrictedStockUnitsNotYetLegallySettledIntoCommonStock_iI_c20260630_fKGEp_zrM3hc8FKPDf" style="text-align: right" title="Vested RSUs not yet legally settled into common stock">13,712</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Pre-funded warrants not yet legally settled into common stock (b)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--PrefundedWarrantsNotYetLegallySettledIntoCommonStock_iI_c20260630_fKGIp_zmQQUIgihSY9" style="text-align: right" title="Pre-funded warrants not yet legally settled into common stock">375,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: Shares subject to future vesting:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Issuance of restricted common stock subject to forfeiture (c)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_ecustom--IssuanceOfRestrictedCommonStockSubjectToForfeiture_iI_c20260630_fKGMp_zpSRyY89zldi" style="border-bottom: Black 1pt solid; text-align: right" title="Issuance of restricted common stock subject to forfeiture">(571,979</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total shares, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_ecustom--CommonStockSharesIssuedAndOutstandingNet_iI_c20260630_z1BMskdNzZO6" style="border-bottom: Black 2.5pt double; text-align: right" title="Total shares issued and outstanding">4,071,840</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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; text-align: justify"><span id="xdx_F0B_zkJI28Omtgk3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zpS7kzuzbvwg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, there were RSUs that had vested but had not been legally settled into common stock.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <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"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0B_zF3sUlaOptH6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_zBbeyfbKZZd3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, the pre-funded warrants had not been legally settled into common stock.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F07_zMhtLZ8urHzi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zXvavjmrmReh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s executive officers will automatically forfeit all unvested Restricted Stock in the event they depart the Company.</span></td></tr> </table> 4255107 13712 375000 -571979 4071840 375000 3000000 0.0001 0.0001 0.0001 The holder’s ability to exercise the Pre-funded Warrants is limited to a beneficial ownership cap of 9.99% of the Company’s then-outstanding common stock, which the holder may increase to up to 19.99% upon 61 days’ prior written notice to the Company. 375000 347732 11768 <p id="xdx_80C_eus-gaap--EarningsPerShareTextBlock_z2HRA8ghrSeh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 8. <span id="xdx_822_zFScLo9MEdr9">NET LOSS PER SHARE</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_eus-gaap--ScheduleOfEarningsPerShareBasicByCommonClassTextBlock_z3sNU9thfxSa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The below table is a reconciliation of net loss to net loss attributable to common stockholders. Given the Company’s net loss, basic and diluted net loss per share are the same.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B5_zyo2vd8FPzve" style="display: none">SCHEDULE OF RECONCILIATION OF NET LOSS</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="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260401__20260630_zG9BpHHtu7dj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250401__20250630_zMpp9zxW1V3b" 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="6" 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="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--NetIncomeLoss_iT_pp0p0_zzxobhydZ9dl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(5,761,940</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(5,503,979</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--PreferredStockDividendsIncomeStatementImpact_iN_di_hus-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zb2eb3P6Exyl" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Series A preferred stock cumulative dividend</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,562</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(24,931</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--PreferredStockDividendsIncomeStatementImpact_iN_di_hus-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_zxGmd4d979E7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Series C preferred stock cumulative dividend</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(58,274</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(112,192</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zYIIjohQsvp3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net loss attributable to common stockholders</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,839,776</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">(5,641,102</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><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="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260101__20260630_zFhuudxiptuf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250101__20250630_zywt5Bg4H0xj" 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="6" 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="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--NetIncomeLoss_iT_pp0p0_zj4zIrpdR8pl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(11,208,195</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">(15,871,040</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--PreferredStockDividendsIncomeStatementImpact_iN_di_hus-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zrjPwUNjAcLl" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Series A preferred stock cumulative dividend</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(69,425</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(49,863</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--PreferredStockDividendsIncomeStatementImpact_iN_di_hus-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_zYRlEOyR3Dxf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Series C preferred stock cumulative dividend</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">(282,658</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">(224,384</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--PreferredStockDividendsIncomeStatementImpact_iN_di_hus-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_zLb8HTGutwjl" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Preferred stock dividend</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">(282,658</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">(224,384</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zpRGdQHpm4rg" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net loss attributable to common stockholders</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(11,560,278</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">(16,145,287</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p id="xdx_8A0_zibRRl9QzS3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, there are <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantsMember_z307YW34zzOc" title="Warrants outstanding">375,000</span> Pre-funded Warrants included in the basic and diluted net loss per share calculations.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <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 0pt 0pt 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: 0pt 0pt 0pt 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: 0pt 0pt 0pt 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_zseIHM8nwVWg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company excluded the following potential shares from the computation of diluted net loss per share because including them would have had an anti-dilutive effect:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zbUEuD01WJ3c" style="display: none">SCHEDULE OF ANTI-DILUTIVE NET LOSS PER SHARE</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="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260101__20260630_z0FFkHsuw6ff" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20250630_z9JFN6qvjzM8" 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: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">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="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zjbSxrsh9O64" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Outstanding RSUs <span id="xdx_F4D_zIxmPRn2mjQa">(a)</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">73,736</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">71,249</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockMember_zucenhNP2Z38" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Restricted Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">571,979</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">571,979</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zmiSXqqkg5Ja" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">359,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">359,500</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--EarnoutSharesMember_zjzm2Okrlue8" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Earnout Shares</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">490,000</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">490,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_z5fquSksvKN4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,495,215</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,492,728</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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; text-align: justify"><span id="xdx_F0B_zBVbDVRg82J5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zi0EnsKfASJh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026 there were an additional <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEFOVEktRElMVVRJVkUgTkVUIExPU1MgUEVSIFNIQVJFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z2FbjRUyP68g" title="Stock option vested">13,712</span> RSUs that had vested but had not been legally settled into common stock and therefore were included in the basic net loss per share. </span></td></tr> </table> <p id="xdx_8A9_zz6aT2oPMy7g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The above table excludes any potentially anti-dilutive shares as a result of the $<span id="xdx_902_ecustom--AntidilutiveSecuritiesExcludedFromComputationOfEarningsAmount_pn6n6_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PurchaseOptionMember_zQ8BxZKlFmJ3" title="Potentially anti-dilutive shares">14</span> million Purchase Option and the Additional Amount Purchase Option (see Note 5). These are excluded as the number of shares issuable cannot be determined until the conditions for issuance are met and the share prices are known upon exercise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_eus-gaap--ScheduleOfEarningsPerShareBasicByCommonClassTextBlock_z3sNU9thfxSa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The below table is a reconciliation of net loss to net loss attributable to common stockholders. Given the Company’s net loss, basic and diluted net loss per share are the same.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B5_zyo2vd8FPzve" style="display: none">SCHEDULE OF RECONCILIATION OF NET LOSS</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="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260401__20260630_zG9BpHHtu7dj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250401__20250630_zMpp9zxW1V3b" 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="6" 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="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--NetIncomeLoss_iT_pp0p0_zzxobhydZ9dl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(5,761,940</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(5,503,979</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--PreferredStockDividendsIncomeStatementImpact_iN_di_hus-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zb2eb3P6Exyl" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Series A preferred stock cumulative dividend</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,562</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(24,931</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--PreferredStockDividendsIncomeStatementImpact_iN_di_hus-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_zxGmd4d979E7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Series C preferred stock cumulative dividend</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(58,274</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(112,192</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zYIIjohQsvp3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net loss attributable to common stockholders</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,839,776</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">(5,641,102</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><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="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260101__20260630_zFhuudxiptuf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250101__20250630_zywt5Bg4H0xj" 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="6" 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="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--NetIncomeLoss_iT_pp0p0_zj4zIrpdR8pl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(11,208,195</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">(15,871,040</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--PreferredStockDividendsIncomeStatementImpact_iN_di_hus-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zrjPwUNjAcLl" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Series A preferred stock cumulative dividend</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(69,425</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(49,863</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--PreferredStockDividendsIncomeStatementImpact_iN_di_hus-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_zYRlEOyR3Dxf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Series C preferred stock cumulative dividend</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">(282,658</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">(224,384</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--PreferredStockDividendsIncomeStatementImpact_iN_di_hus-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_zLb8HTGutwjl" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Preferred stock dividend</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">(282,658</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">(224,384</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zpRGdQHpm4rg" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net loss attributable to common stockholders</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(11,560,278</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">(16,145,287</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> -5761940 -5503979 19562 24931 58274 112192 -5839776 -5641102 -11208195 -15871040 69425 49863 282658 224384 282658 224384 -11560278 -16145287 375000 <p id="xdx_893_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zseIHM8nwVWg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company excluded the following potential shares from the computation of diluted net loss per share because including them would have had an anti-dilutive effect:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BA_zbUEuD01WJ3c" style="display: none">SCHEDULE OF ANTI-DILUTIVE NET LOSS PER SHARE</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="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260101__20260630_z0FFkHsuw6ff" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20250630_z9JFN6qvjzM8" 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: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">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="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zjbSxrsh9O64" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Outstanding RSUs <span id="xdx_F4D_zIxmPRn2mjQa">(a)</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">73,736</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">71,249</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockMember_zucenhNP2Z38" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Restricted Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">571,979</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">571,979</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zmiSXqqkg5Ja" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">359,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">359,500</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--EarnoutSharesMember_zjzm2Okrlue8" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Earnout Shares</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">490,000</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">490,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_z5fquSksvKN4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,495,215</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,492,728</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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; text-align: justify"><span id="xdx_F0B_zBVbDVRg82J5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zi0EnsKfASJh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026 there were an additional <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEFOVEktRElMVVRJVkUgTkVUIExPU1MgUEVSIFNIQVJFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z2FbjRUyP68g" title="Stock option vested">13,712</span> RSUs that had vested but had not been legally settled into common stock and therefore were included in the basic net loss per share. </span></td></tr> </table> 73736 71249 571979 571979 359500 359500 490000 490000 1495215 1492728 13712 14000000 <p id="xdx_804_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zseEaWr5hFod" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 9. <span id="xdx_828_zsTUom6cNXw8">RELATED PARTY TRANSACTIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transactions with Sponsor</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the Merger Agreement, the Company incurred fees to the Sponsor for advisory services (the “Sponsor Advisory Service Fee”). The Sponsor Advisory Service Fee payable is presented on the unaudited consolidated balance sheets under the line item “Due to related party.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, the Sponsor owes the Company $<span id="xdx_90F_eus-gaap--OtherReceivables_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember_zMpU98EoQzqh" title="Due from related party">158,819</span> to cover working capital expenses, which is presented on the unaudited consolidated balance sheets under the line item “Due from related party.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Loan Agreement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See Note 5 for additional information on the Loan Agreement with the Patel Family, which provides for a Facility for term loans.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Consulting Agreement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2024, the Company contracted with Dr. Manmohan Patel to provide advisory services to the Company in support of the Company’s manufacturing development, including but not limited to identifying and developing real estate, establishing quality management processes, attracting and hiring an executive to lead operations, providing medical advice, and addressing government affairs and regulatory matters. In exchange for his consultation services, Dr. Patel was granted <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20241201__20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrManmohanPatelMember_znfIbQF2lwx2" title="Granted, shares">120,000</span> RSUs, of which <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_c20241201__20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrManmohanPatelMember__srt--StatementScenarioAxis__custom--ImmediateMember_z7ElzDjmLkn9" title="Vested shares">40,000</span> vested immediately and <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_c20241201__20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrManmohanPatelMember__srt--StatementScenarioAxis__custom--JanuaryTwoThousandTwentyFiveMember_zVHPyY7wdIE2" title="Vested shares"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_c20241201__20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrManmohanPatelMember__srt--StatementScenarioAxis__custom--FebruaryTwoThousandTwentyFiveMember_zaArucETAzeh" title="Vested shares">40,000</span></span> RSUs vested in each of January 2025 and February 2025, with an aggregate grant date fair value of $<span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested_c20241201__20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrManmohanPatelMember_zdIjhfNy9tK6" title="Aggregate grant date fair value">5,976,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>KRHP</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2025, the Company received a grant of $<span id="xdx_904_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20250101__20250131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--KRHPLLCMember_zY2lUlxZmysf" title="Grant fair value">2.0</span> million from KRHP to further the Company’s development of off-the-shelf, genetically unmodified precision T cell therapeutics to treat infectious diseases and cancers. In August 2025, the Company received an additional grant of $<span id="xdx_906_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20250801__20250831__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--KRHPLLCMember_zMC7F6Q6ozD8" title="Grant fair value">1.0</span> million from KRHP to advance Tevogen.AI. KRHP is affiliated with the Patel Family. KRHP also committed to provide an additional $<span id="xdx_903_eus-gaap--GrantsReceivable_iI_pn5n6_c20250831__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--KRHPLLCMember_zWeHy0daIYU7" title="Additional grant funding">7.0</span> million of grant funding to the Company to be used towards the Company’s ongoing operational expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Pre-funded Warrants</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 15, 2026, the Company closed the sale of the Pre-funded Warrants to the Patel Family for an aggregate purchase price of approximately $<span id="xdx_905_eus-gaap--WarrantsAndRightsOutstanding_iI_pn5n6_c20260515__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember_zU6Vg74mwRgb" title="Aggregate purchase price">3.0</span> million. The exercise price of each Pre-funded Warrant is $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260515__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember_zrTwM8m5Nvva" title="Exercise price of warrants">0.0001</span> per share, payable upon exercise. <span id="xdx_90D_ecustom--BeneficialOwnershipPercentageDescription_c20260515__20260515__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember_zHHh4Ygj2NP2" title="Beneficial ownership percentage description">The Patel Family’s ability to exercise the Pre-funded Warrants is limited to a beneficial ownership cap of 9.99% of the Company’s then-outstanding common stock, which the Patel Family may increase to up to 19.99% upon 61 days’ prior written notice to the Company.</span> The Company filed a resale registration statement to register the resale of the shares of common stock issuable upon exercise of the Pre-funded Warrants, and agreed to maintain the effectiveness of such registration statement until such time as the shares of common stock issuable upon exercise of the Pre-funded Warrants are no longer owned by the Patel Family or may be sold without volume or manner of sale restrictions pursuant to Rule 144 under the Securities Act.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 158819 120000 40000 40000 40000 5976000 2000000.0 1000000.0 7000000.0 3000000.0 0.0001 The Patel Family’s ability to exercise the Pre-funded Warrants is limited to a beneficial ownership cap of 9.99% of the Company’s then-outstanding common stock, which the Patel Family may increase to up to 19.99% upon 61 days’ prior written notice to the Company. <p id="xdx_803_eus-gaap--SegmentReportingDisclosureTextBlock_zVUgJ1evQBSc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 10. <span id="xdx_820_zIPgjnEdRLi8">SEGMENT REPORTING</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company operates in <span id="xdx_902_eus-gaap--NumberOfOperatingSegments_dc_uSegment_c20260101__20260630_zXQHvlBtQSo1" title="Number of operating segments">one</span> operating segment, and therefore <span id="xdx_90B_eus-gaap--NumberOfReportableSegments_dc_uSegment_c20260101__20260630_zF6Q2fLr5zy3" title="Number of reportable segments">one</span> reportable segment, and is focused on the global discovery, development and commercialization of proprietary therapeutics. The Company’s business activities are managed on a consolidated basis through the development and potential commercialization of pharmaceutical products, which are aimed at the global market in the event that products are successful in receiving regulatory approvals. The Company’s determination that it operates as a single operating segment is consistent with the financial information regularly reviewed by the chief operating decision maker for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods. The Company’s chief operating decision maker is the Chief Executive Officer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accounting policies for the Company’s single operating segment are the same as those described in the summary of significant accounting policies. The Company’s single operating segment incurs expenses from the development of TVGN 489, which is developed by the Company’s research and development department, designed to target various disease indications. The Company has not yet generated revenue in its operating history.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the segment, the chief operating decision maker uses net loss, which is reported on the unaudited consolidated statements of operations as consolidated net loss, to allocate resources (including employees, property, and financial resources), predominantly during the annual budget and forecasting process. The chief operating decision maker also uses consolidated net loss, along with non-financial inputs and qualitative information, to evaluate the Company’s performance, establish compensation, monitor budget versus actual results, and decide the level of investment in the Company’s various research activities. The measure of segment assets is reported on the unaudited consolidated balance sheet as total consolidated assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1 1 <p id="xdx_808_eus-gaap--SubsequentEventsTextBlock_zdPKwb22wyGc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 11. <span id="xdx_823_zbysmzVF51wj">SUBSEQUENT EVENTS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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; text-indent: 20pt; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 10, 2026 and July 21, 2026, the Company issued an aggregate of <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_pid_c20260710__20260710__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zCfkHVL3ubx" title="Company issued shares"><span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_pid_c20260721__20260721__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zRED1VIu0gQ7" title="Number of restricted shares issued">2,245,000</span></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Restricted Stock under the 2024 Plan to the Company’s executive officers and other key employees and consultants, including a grant of <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20260710__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zQVwuMX7exEi"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20260721__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zi954s6hX5ll" title="Number of shares available for grant">1,220,000</span></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Restricted Stock to Dr. Saadi. The shares of Restricted Stock granted to Dr. Saadi will vest in four equal annual installments beginning on July 10, 2033 and the shares of Restricted Stock granted to each other grantee will vest in three equal installments on the earlier of each of (i) the first anniversary of the grant date and the Issuer having aggregate revenue of $<span id="xdx_90E_eus-gaap--Revenues_pn6n6_c20260710__20260710__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--VestingAxis__custom--FirstAnniversaryOfTheGrantDateMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_ztWOimyA7BS9" title="Aggregate revenue"><span id="xdx_90A_eus-gaap--Revenues_pn6n6_c20260721__20260721__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--VestingAxis__custom--FirstAnniversaryOfTheGrantDateMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zY8jk0JqNnih" title="Aggregate revenue">50</span></span> million since the grant date, (ii) the second anniversary of the grant date and the Issuer having aggregate revenue of $<span id="xdx_90B_eus-gaap--Revenues_pn6n6_c20260710__20260710__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--VestingAxis__custom--SecondAnniversaryOfTheGrantDateMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zaNGReuTFXK2" title="Aggregate revenue"><span id="xdx_90A_eus-gaap--Revenues_pn6n6_c20260721__20260721__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--VestingAxis__custom--SecondAnniversaryOfTheGrantDateMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zCygA07Tv9Rj" title="Aggregate revenue">100</span></span> million since the grant date, and (ii) the third anniversary of the grant date and the Issuer having aggregate revenue of $<span id="xdx_90E_eus-gaap--Revenues_pn6n6_c20260710__20260710__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--VestingAxis__custom--ThirdAnniversaryOfTheGrantDateMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zAvQutN2j1N7" title="Aggregate revenue"><span id="xdx_908_eus-gaap--Revenues_pn6n6_c20260721__20260721__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--VestingAxis__custom--ThirdAnniversaryOfTheGrantDateMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zYoqfqKxScP6" title="Aggregate revenue">150</span></span> million since the grant date, provided that the reporting person remains in service with the Issuer on the applicable vesting date (the “2026 RSA Vesting Period”), and provided that the shares will automatically vest in full in the event of termination due to death or disability. Pursuant to the terms of these awards, the Company’s executive officers are entitled to vote the Restricted Stock, but the shares may not be sold, assigned, transferred, pledged, hypothecated, or otherwise encumbered, subject to automatic forfeit. The grantees will automatically forfeit all unvested Restricted Stock in the event they depart the Company for any reason, unless termination of their service triggers accelerated vesting pursuant to the terms of the applicable award agreement or the 2024 Plan. The fair value per share for these awards was determined to be approximately $<span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20260710__20260710__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourPlanMember_zyS8PyIZQKGh" title="Fair value per share">5.06</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20260721__20260721__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourPlanMember_z5wctBVSuE26" title="Fair value per share">4.06</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share for grants issued on July 10, 2026 and July 21, 2026, respectively, equivalent to the closing price of the Company’s common stock on the grant date, resulting in a total grant date fair value of $<span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_c20260721__20260721__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourPlanMember_zhYf9eN1bNa7" title="Number of shares available for grant, fair value">11,075,000</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. In accordance with ASC 718, the Company will recognize compensation expense on a straight-line basis from the grant date until the completion of the 2026 RSA Vesting Period.</span></p> 2245000 2245000 1220000 1220000 50000000 50000000 100000000 100000000 150000000 150000000 5.06 4.06 11075000 false false false false As of June 30, 2026, there were RSUs that had vested but had not been legally settled into common stock. As of June 30, 2026, the pre-funded warrants had not been legally settled into common stock. The Company’s executive officers will automatically forfeit all unvested Restricted Stock in the event they depart the Company. As of June 30, 2026 there were an additional 13,712 RSUs that had vested but had not been legally settled into common stock and therefore were included in the basic net loss per share.