0001628280-26-056882 | 10-Q | XBRL Viewer

Print Document

Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Accounting Policies [Abstract]
Advertising costs	$ 618	$ 226	$ 1,172	$ 498

Net Loss Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

11. Net Loss Per Share

The Company's Series A Preferred Stock is considered a participating security because it entitles holders to participate in dividends to common stockholders, on an as-converted basis. The participating securities do not have a contractual obligation to share in the losses of the Company. Therefore, net loss is fully attributable to the Company's common stockholders for the three and six months ended June 30, 2026 and 2025.

Basic net loss per share is computed by dividing net loss attributable to the Company's common stockholders by the weighted-average number of shares outstanding during the period. Diluted net loss per share is computed by dividing net loss attributable to the Company's common stockholders by the weighted-average number of shares after adjusting for potential dilution related to the conversion of all dilutive securities into common stock.

The numerators and denominators of the basic and diluted net loss computations for the Company's common stock were calculated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss	$	(58,427)	$	(16,296)	$	(148,846)	$	(29,029)
Series A Preferred Stock dividends and accretion	(8,224)		—		(9,641)		—
Series A Preferred Stock deemed dividend on down round	(60,848)		—		(60,848)		—
Net loss attributable to common stockholders	$	(127,499)	$	(16,296)	$	(219,335)	$	(29,029)

Denominator:
Weighted average shares outstanding, basic and diluted	91,309,267		70,965,177		81,915,507		70,956,489

Net loss per share, basic and diluted	$	(1.40)	$	(0.23)	$	(2.68)	$	(0.41)

The following outstanding potentially dilutive common stock equivalents have been excluded from the computation of diluted net loss per share for the periods presented due to their anti-dilutive effect:


	As of June 30,
	2026	2025
Series A Preferred Stock	18,649,567	—
Stock options	8,172,229	7,595,058
Unvested RSUs	3,866,520	—
Warrants exercisable for common stock	40,116,246	25,181
2019 LSA Warrants	—	449,489
2021 LSA Warrants	—	251,805
2024 LSA Warrants	—	696,940
2024 LSA Conversion Feature	—	663,754
Total	70,804,562	9,682,227

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

The following table presents assets and liabilities measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation as follows:


	As of June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market mutual funds	$	177,456	$	—	$	—	$	177,456
Total Assets	$	177,456	$	—	$	—	$	177,456
Liabilities:
Warrant liabilities	$	—	$	—	$	130,137	$	130,137
Total Liabilities	$	—	$	—	$	130,137	$	130,137


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market mutual funds	$	56,695	$	—	$	—	$	56,695
Total Assets	$	56,695	$	—	$	—	$	56,695
Liabilities:
Current liabilities:
2024 LSA Loans, current portion	$	—	$	—	$	19,175	$	19,175
Convertible promissory notes	—		—		29,107		29,107
Non-current liabilities:
2024 LSA Loans, non-current portion	—		—		12,207		12,207
Warrant liabilities	—		—		76,766		76,766
Total Liabilities	$	—	$	—	$	137,255	$	137,255

Fair value measurements for cash equivalents are based on quoted market prices in active markets.

Prior to and in contemplation of the anticipated Merger, fair value measurements for warrant liabilities and convertible promissory notes were estimated using a probability-weighted expected return method, considering scenarios in which the Merger does or does not occur. As of the Closing Date, the probability assigned to the scenario in which the Merger occurred was 100%, compared to 85% as of December 31, 2025. In all scenarios, the fair value of Pre-PIPE Bridge and Pre-Funded PIPE Notes and Warrants were determined by calibrating the aggregate fair value of instruments issued, as implied by the probability-weighted expected return method, to the proceeds received in each issuance therefrom in accordance with ASC 825, resulting in a calibrated discount rate of 500.0%.

In the scenario in which the Merger does not occur, the fair value of the 2019 LSA Warrants, 2021 LSA Warrants, and 2024 LSA Warrants were estimated using an option pricing approach embedded within a Monte Carlo simulation. The Monte Carlo simulation simulates the Company's equity value from each respective valuation date to the expected financing event date, incorporating breakpoints at which various equity classes participate in distributions. In the scenario in which the Merger occurs, the fair value of the 2019 LSA Warrants, 2021 LSA Warrants, and 2024 LSA Warrants were estimated using a common stock equivalent method which incorporates the expected capital structure and distribution of proceeds in a public company context and allocated value among the Company's equity classes assuming the Company successfully completes the Merger.

In both scenarios, the fair value of the 2024 LSA Amendment Warrants were estimated using a discounted cash flow method, calculating the present value of future cash flows based on the contractual terms thereof at the calibrated discount rate.

In both scenarios, the fair value of the Pre-PIPE Bridge Notes and Pre-Funded PIPE Notes were estimated using a discounted cash flow method, calculating the present value of future cash flows based on the contractual terms of such instruments at the calibrated discount rate.

As of and prior to December 31, 2025, in the scenario in which the Merger does not occur, the fair value of the Pre-PIPE Bridge Warrants and Pre-Funded PIPE Warrants were estimated using an option pricing approach embedded within a lattice model. The lattice model simulates the Company's equity value from each respective valuation date to the expected financing event date, incorporating breakpoints at which various equity classes participate in distributions. In the scenario in which the Merger occurs, the fair value of the Pre-PIPE Bridge Warrants and Pre-Funded PIPE Warrants was estimated using the Black-Scholes option pricing formula. As of the Closing Date, fair value measurements for the Pre-PIPE Bridge Warrants and Pre-Funded PIPE Warrants were estimated using a Monte Carlo simulation, modeling the future stock price of the Company's common stock to simulate payoff scenarios for the PIPE Warrants that the Pre-PIPE Bridge Warrants and Pre-Funded PIPE Warrants were contractually required to be exchanged for, discounted at the term-matched risk-free rate. The fair value measurements of the Pre-PIPE Bridge Warrants and Pre-Funded PIPE Warrants were calculated as the average present value of all future modeled payoff scenarios.

The following relevant assumptions were used in determining the fair value of the warrant liabilities and convertible promissory notes as of December 31, 2025:


	December 31, 2025
Non-Merger scenario - Equity value	$	647,000
Non-Merger scenario - Expected financing amount	$	150,000
Non-Merger scenario - Expected financing date	6/30/2026
Non-Merger scenario - Expected liquidity event	9/30/2028
Non-Merger scenario - Equity volatility	60.0%-75.0%
Merger scenario - Expected Merger date	3/31/2026
Merger scenario - Stock price	$	10.72
Merger scenario - Equity volatility	70.0		%
Calibrated discount rate	500.0		%
Risk-free rate	3.44%-4.78%

As of and prior to December 31, 2025, fair value measurements for the 2024 LSA Loans (refer to Note 8. Debt) were estimated using a discounted cash flow method and a lattice model. The lattice model was used to estimate the fair value measurement impact of various share- and cash-settled redemption features which only apply to a portion of the outstanding principal amount of 2024 LSA Loans and the discounted cash flow method was used to estimate the fair value measurement impact of the principal amount of 2024 LSA Loans not subject to such redemption features. As of the Closing Date, fair value measurements for the 2024 LSA Loans were estimated based on the contractual redemption amount as of the Closing Date.

The following relevant assumptions were used in determining the fair value of the 2024 LSA Loans as of December 31, 2025:


	December 31, 2025
Fair value of Series B Prime redeemable convertible preferred stock	$	29.39
Equity volatility	75.0		%
Credit rating	CCC-
Discount rate	19.7		%

Fair value measurements for the PIPE Warrants and May 2026 PIPE Warrants are estimated using a Monte Carlo simulation, modeling the future stock price of the Company's common stock to simulate payoff scenarios for the PIPE Warrants and May 2026 PIPE Warrants, discounted at the term-matched risk-free rate. The fair value measurements of the PIPE Warrants and May 2026 PIPE Warrants are calculated as the average present value of all future modeled payoff scenarios.

The following relevant assumptions were used in determining the fair value of the PIPE Warrants and May 2026 PIPE Warrants as of June 30, 2026:


	June 30, 2026
Remaining term (years) - PIPE Warrants	4.71
Remaining term (years) - May 2026 PIPE Warrants	4.83
Fair value of common stock	$	5.69
Volatility	65.0		%
Risk-free rate	4.14		%
Dividend yield	—		%

The Company's fair value measurement activity, using unobservable inputs and associated unrealized gains and losses with respect to warrant liabilities outstanding during the six months ended June 30, 2026 and 2025 was as follows:


	Amount
Fair value as of December 31, 2024	$	3,586
Change in fair value of warrants	(46)
Fair value as of March 31, 2025	$	3,540
Change in fair value of warrants	3,925
Fair value as of June 30, 2025	$	7,465


	Amount
Fair value as of December 31, 2025	$	76,766
Change in fair value of warrants prior to the Merger	(22,111)
Exercise of warrants prior to the Merger	(6,859)
Exchange of warrants in the Merger	(3,745)
Issuance of warrants in the Merger	48,195
Change in fair value of warrants after the Merger	(4,443)
Fair value as of March 31, 2026	$	87,803
Change in fair value of warrants	26,144
Exercise of warrants	(11,490)
Issuance of May 2026 PIPE Warrants	27,680
Fair value as of June 30, 2026	$	130,137

The convertible promissory notes were converted in connection with the Merger during the three months ended March 31, 2026. The Company's fair value measurement activity, using unobservable inputs and associated unrealized losses with respect to convertible promissory notes outstanding during the three months ended March 31, 2026 was as follows:


	Amount
Fair value as of December 31, 2025	$	29,107
Change in fair value of convertible promissory notes	87,824
Conversion of convertible promissory notes in the Merger	(116,931)
Fair value as of March 31, 2026	$	—

The 2024 LSA Loans were extinguished in connection with the Merger during the three months ended March 31, 2026. The Company's fair value measurement activity, using unobservable inputs and associated unrealized losses with respect to 2024 LSA Loans outstanding during the three months ended March 31, 2026 was as follows:


	Amount
Fair value as of December 31, 2025	$	31,382
Contractual repayments of principal	(4,562)
Non-cash change in fair value of 2024 LSA Loans	1,514
Extinguishment of 2024 LSA Loans	(28,334)
Fair value as of March 31, 2026	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Property and Equipment, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization [Abstract]
Depreciation	$ 712	$ 390	$ 1,129	$ 770

Summary of Significant Accounting Policies - Risks and Uncertainties (Details) - USD ($) $ in Thousands			3 Months Ended				6 Months Ended
	May 01, 2026	Mar. 16, 2026	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Accounting Policies [Abstract]
Net loss			$ 58,427	$ 90,419	$ 16,296	$ 12,733	$ 148,846	$ 29,029
Cash flows used in operating activities							50,896	$ 25,220
Accumulated deficit			699,899				699,899		$ 551,053
Cash and cash equivalents			$ 183,550				$ 183,550		$ 59,343
Cash - Closing PIPE	$ 80,000	$ 120,000
Issuance of common stock in connection with the Merger (in Shares)	8,000,000
Shares Underlying Warrants (in shares)	4,000,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482705/350-40-65-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479719/606-10-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 32: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 51: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 53: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-4

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(23)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(17))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

+ Details

- Definition

Number of new stock issued during the period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Fair Value Measurements - Convertible Promissory Notes Unobservable Inputs Reconciliation Rollforward (Details) - Short-Term Debt $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	$ 29,107
Change in fair value of convertible promissory notes	87,824
Conversion of convertible promissory notes in the Merger	(116,931)
Fair value, ending balance	$ 0

Summary of Significant Accounting Policies - Research and Development Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Accounting Policies [Abstract]
Amounts received under research and development agreements	$ 150	$ 0	$ 300	$ 150

Summary of Significant Accounting Policies - Capitalized Transaction Costs (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Accounting Policies [Abstract]
Capitalized transaction costs	$ 2,061

Revenue Recognition from Contracts with Customers

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition from Contracts with Customers

4. Revenue Recognition from Contracts with Customers

Disaggregation of Revenue

The Company disaggregates revenues by customer-type. These categories represent how the nature, timing and uncertainty of revenues and cash flows are affected.

Disaggregated revenues by customer-type were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
U.S. government agencies	$	2,134	$	3,074	$	3,083	$	3,911
Commercial and non-U.S. government customers	60		33		112		64
Total	$	2,194	$	3,107	$	3,195	$	3,975

Revenues from New Zealand during the three months ended June 30, 2026 and 2025 amounted to $60 and $33, respectively, and $112 and $64 during the six months ended June 30, 2026 and 2025, respectively.

No revenue recognized during the six months ended June 30, 2026 and 2025 was related to performance obligations satisfied in prior periods.

Remaining performance obligations

As of June 30, 2026, the aggregate amount of the transaction price allocated to the remaining performance obligations was $593, all of which will be recognized over the next 12 months. Although remaining performance obligations reflect business that is considered to be legally binding, cancellations, deferrals, or scope adjustments may occur. Any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations, and project deferrals are reflected or excluded in the remaining performance obligation balance, as appropriate.

Contract balances

The following table presents contract balances:


	As of:
	June 30, 2026		December 31, 2025		December 31, 2024
Accounts receivable, net	$	1,755	$	368	$	536
Unbilled receivables	$	—	$	1,570	$	—
Deferred revenue	$	42	$	—	$	112
Contract loss provision	$	155	$	4,173	$	5,166

There was no revenue recognized during the six months ended June 30, 2026 from amounts included in deferred revenue at the beginning of the period. Revenue recognized during the six months ended June 30, 2025 from amounts included in deferred revenue at the beginning of the period was $112. The decrease in unbilled receivables from December 31, 2025 to June 30, 2026 represents revenue that was previously earned and recognized but was not invoiced until the six months ended June 30, 2026.

During the three months ended March 31, 2026, the Company revised the estimate of total costs to be incurred to deliver the Air Force Special Operations Command contract. The Company reduced the remaining contract loss provision liability to $738 on the condensed consolidated balance sheet as of March 31, 2026 and recognized a favorable adjustment to the contract loss provision of $2,451 on the condensed consolidated statement of operations during the three months ended March 31, 2026. During the three months ended June 30, 2026, the Company recognized a $502 contract loss provision related to a revised estimate of total costs to be incurred to deliver the Air Force Special Operations Command contract.

The Company amortized $961 and $156 during the three months ended June 30, 2026 and 2025, respectively, and $1,945 and $828 during the six months ended June 30, 2026 and 2025, respectively, of the previously recognized contract loss provision as a reduction to cost of revenue.

As of June 30, 2026 and December 31, 2025, the allowance for credit losses is immaterial to the unaudited condensed consolidated financial statements.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Stock-Based Compensation [Line Items]
Shares of common stock reserved (in shares)	699,407,840		699,407,840
Share-based compensation arrangement by share-based payment award, exercise price, fair value threshold for employees holding 10% or more of voting stock	110.00%		110.00%
Award vesting period			4 years
Expiration period			10 years
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value (in dollars per share)			$ 3.80	$ 3.69
Exercise of common stock options (in shares)			1,121,023	77,423
Proceeds from exercise of common stock options			$ 1,460	$ 19
Aggregate intrinsic value, exercised			7,268	171
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 10,749		$ 10,749
Number of shares vested per restricted stock units upon vesting condition met (in shares)			1
Share-based payment arrangement, expense	$ 4,608	$ 433	$ 5,903	$ 946
2026 Incentive Award Plan ("Plan")
Stock-Based Compensation [Line Items]
Shares of common stock reserved (in shares)	42,546,878		42,546,878
Number of shares are available for future grants (in shares)	30,508,129		30,508,129
Stock options
Stock-Based Compensation [Line Items]
Cost not yet recognized, period for recognition			1 year 25 days
Unvested RSUs
Stock-Based Compensation [Line Items]
Cost not yet recognized, period for recognition			1 year 2 months 19 days
Cost not yet recognized, amount	$ 24,581		$ 24,581
Share-Based Payment Arrangement, Nonemployee
Stock-Based Compensation [Line Items]
Shares issued (in shares)			100,000

Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

7. Leases

The Company leases office space, aircraft, and airport hangar space under noncancelable operating lease agreements, which require escalating monthly rental payments plus related operating costs and expire on various dates through 2033. These leases contain no renewal provisions other than a certain New Zealand lease, which contains one renewal option for five years. The Company is not reasonably certain to elect the renewal option and has excluded it in the related right-of-use asset.

On September 4, 2025, the Company entered into a lease agreement for airport hangar and corporate office space in Bedford, MA that has not commenced, therefore no right-of-use asset or lease liability has been recorded. When the lease commences the lease arrangement will have estimated total future payments of $34,247 through September 2035. The lease is expected to commence in 2027. Also on September 4, 2025, the Company entered into a side letter agreement with the landlord permitting the Company to install a temporary airplane hangar on land subject to the lease agreement until the subject premises are made available. As of June 30, 2026, the premises and the land for the temporary hangar had not yet been made available to the Company.

In February 2026, the Company entered into a lease agreement to lease office space in Boston, MA. The lease commencement date was March 23, 2026 and the lease term expires on January 31, 2029. The Company has the right to terminate the lease, effective on the second anniversary of the lease commencement date, upon providing no less than nine months prior written notice and paying a termination penalty of $150. The early lease termination option is reasonably certain of being exercised and was therefore included in the computation of the operating lease right-of-use asset and corresponding operating lease liability. The lease is accounted for as an operating lease, and the Company recognized an operating lease right-of-use asset and lease liability of $1,632 at the lease commencement date.

The components of lease expense for the three and six months ended June 30, 2026 and 2025 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
Component	2026		2025		2026		2025
Operating lease expense	$	414	$	221	$	668	$	446
Short-term lease expense	46		31		205		56
Variable lease expense	7		—		12		—
Total lease expense	$	467	$	252	$	885	$	502

The weighted average remaining lease term and discount rate for operating leases were as follows:


	As of:
	June 30, 2026	December 31, 2025
Weighted average remaining lease term (in years)	2.49	3.17
Weighted average discount rate	12.52%	13.21%

Future minimum operating lease payments as of June 30, 2026 are as follows:


Years ending December 31:	Amount
2026	$	694
2027	1,095
2028	460
2029	78
2030	78
Thereafter	170
Total future minimum lease payments	2,575
Less present value discount	385
Present value of lease liabilities	2,190
Less current portion	940
Long-term portion	$	1,250

Reverse Recapitalization - Narrative (Details) $ / shares in Units, $ in Thousands	May 01, 2026 USD ($)	Mar. 16, 2026 USD ($) $ / shares
Schedule Of Reverse Recapitalization [Line Items]
Proceeds from issuance in connection with PIPE \| $	$ 80,000	$ 120,000
Recapitalization exchange ratio		3.102
Series A Preferred Stock
Schedule Of Reverse Recapitalization [Line Items]
Preferred stock, dividend rate		12.00%
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.0001

Debt - Pre-PIPE Bridge (Details) - Pre-PIPE Bridge Notes - Convertible Debt - USD ($) $ in Thousands	Aug. 30, 2025	Jul. 02, 2025	Jul. 01, 2025
Debt [Line Items]
Aggregate principal amount	$ 23,445	$ 23,445
Stated interest rate			12.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 26: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 41: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 42: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Fair Value Measurements - Schedule of Assumptions Used in Determining Fair Value of PIPE Warrants and May 2026 PIPE Warrants (Details)	Jun. 30, 2026 $ / shares yr
PIPE Warrants and May 2026 PIPE Warrants \| Fair value of common stock
Fair Value Measurements [Line Items]
Warrants and rights outstanding, measurement input \| $ / shares	5.69
PIPE Warrants and May 2026 PIPE Warrants \| Equity volatility
Fair Value Measurements [Line Items]
Warrants and rights outstanding, measurement input	0.650
PIPE Warrants and May 2026 PIPE Warrants \| Risk-free rate
Fair Value Measurements [Line Items]
Warrants and rights outstanding, measurement input	0.0414
PIPE Warrants and May 2026 PIPE Warrants \| Dividend yield
Fair Value Measurements [Line Items]
Warrants and rights outstanding, measurement input	0
PIPE Warrants \| Remaining term (years) - May 2026 PIPE Warrants
Fair Value Measurements [Line Items]
Warrants and rights outstanding, measurement input	4.71
May 2026 PIPE Warrants \| Remaining term (years) - May 2026 PIPE Warrants
Fair Value Measurements [Line Items]
Warrants and rights outstanding, measurement input	4.83

CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS' DEFICIT (UNAUDITED) - USD ($)
$ in Thousands

Total

Preferred Stock Warrants

Conversion of Series A Preferred Stock

Previously Reported

Retroactive application of recapitalization

Common Stock

Warrants exercisable for common stock

Common Stock

Preferred Stock Warrants

Common Stock

Conversion of Series A Preferred Stock

Common Stock

Previously Reported

Common Stock

Retroactive application of recapitalization

Additional Paid-In Capital

Preferred Stock Warrants

Additional Paid-In Capital

Conversion of Series A Preferred Stock

Additional Paid-In Capital

Previously Reported

Additional Paid-In Capital

Retroactive application of recapitalization

Accumulated Deficit

Previously Reported

Accumulated Deficit

Retroactive application of recapitalization

Series A Preferred Stock

PIPE Warrants

Series A Preferred Stock

2024 LSA Amendment Warrants

Series A Preferred Stock

Conversion of Pre-PIPE Bridge and Pre-Funded PIPE Notes

Series A Preferred Stock

Conversion of Series A Preferred Stock

Series A Preferred Stock

Previously Reported

Series A Preferred Stock

Retroactive application of recapitalization

Series A Preferred Stock

Common Stock

Series A Preferred Stock

Additional Paid-In Capital

Redeemable convertible preferred stock

Previously Reported

Redeemable convertible preferred stock

Retroactive application of recapitalization

May 2026 PIPE Warrants

Common Stock

May 2026 PIPE Warrants

Additional Paid-In Capital

Beginning balance (in shares) at Dec. 31, 2024

^[1]

17,696,748

(17,696,748)

Beginning balance at Dec. 31, 2024

$ 0

^[1]

$ 130,616

$ (130,616)

Ending balance (in shares) at Mar. 31, 2025

Ending balance at Mar. 31, 2025

$ 0

Balance (in shares) at Dec. 31, 2024

70,920,772

^[1]

5,169,812

65,750,960

Beginning balance at Dec. 31, 2024

$ (906)

^[1]

$ (131,522)

$ 130,616

$ 8

^[1]

$ 1

$ 7

$ 134,618

^[1]

$ 4,009

$ 130,609

$ (135,532)

^[1]

$ (135,532)

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Exercise of common stock options (in shares)

38,617

Exercise of common stock options

Stock-based compensation

513

Net loss

(12,733)

Balance (in shares) at Mar. 31, 2025

70,959,389

Ending balance at Mar. 31, 2025

(13,116)

$ 8

135,141

(148,265)

Beginning balance (in shares) at Dec. 31, 2024

^[1]

17,696,748

(17,696,748)

Beginning balance at Dec. 31, 2024

$ 0

^[1]

$ 130,616

$ (130,616)

Increase (Decrease) in Temporary Equity [Roll Forward]

Series A Preferred Stock dividends and accretion

Ending balance (in shares) at Jun. 30, 2025

Ending balance at Jun. 30, 2025

$ 0

Balance (in shares) at Dec. 31, 2024

70,920,772

^[1]

5,169,812

65,750,960

Beginning balance at Dec. 31, 2024

$ (906)

^[1]

(131,522)

130,616

$ 8

^[1]

$ 1

$ 7

134,618

^[1]

4,009

130,609

(135,532)

^[1]

(135,532)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Exercise of common stock options (in shares)

77,423

Net loss

$ (29,029)

Balance (in shares) at Jun. 30, 2025

70,998,195

Ending balance at Jun. 30, 2025

(28,970)

$ 8

135,583

(164,561)

Beginning balance (in shares) at Mar. 31, 2025

Beginning balance at Mar. 31, 2025

$ 0

Increase (Decrease) in Temporary Equity [Roll Forward]

Series A Preferred Stock dividends and accretion

Ending balance (in shares) at Jun. 30, 2025

Ending balance at Jun. 30, 2025

$ 0

Balance (in shares) at Mar. 31, 2025

70,959,389

Beginning balance at Mar. 31, 2025

(13,116)

$ 8

135,141

(148,265)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Exercise of common stock options (in shares)

38,806

Exercise of common stock options

Stock-based compensation

433

Net loss

(16,296)

Balance (in shares) at Jun. 30, 2025

70,998,195

Ending balance at Jun. 30, 2025

$ (28,970)

$ 8

135,583

(164,561)

Beginning balance (in shares) at Dec. 31, 2025

^[1]

17,154,902

(17,154,902)

Beginning balance at Dec. 31, 2025

$ 0

^[1]

$ 0

^[1]

$ 461,963

$ (461,963)

Ending balance (in shares) at Mar. 15, 2026

17,381,016

Balance (in shares) at Dec. 31, 2025

69,663,395

^[1]

5,306,250

64,357,145

Beginning balance at Dec. 31, 2025

$ (73,598)

^[1]

(535,561)

461,963

$ 7

^[1]

$ 1

$ 6

477,448

^[1]

15,491

461,957

(551,053)

^[1]

(551,053)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Exercise of common stock options (in shares)

131,028

Exercise of common stock options

226

Issuance of redeemable convertible preferred stock and common stock upon exercise of warrants and Conversion of Series A Preferred Stock to common stock (in shares)

6,327

226,113

17,154,902

Issuance of redeemable convertible preferred stock and common stock upon exercise of warrants and Conversion of Series A Preferred Stock to common stock

$ 6,859

$ 2

$ 461,962

Ending balance at Mar. 15, 2026

$ 3

484,538

Beginning balance (in shares) at Dec. 31, 2025

^[1]

17,154,902

(17,154,902)

Beginning balance at Dec. 31, 2025

$ 0

^[1]

$ 0

^[1]

$ 461,963

$ (461,963)

Increase (Decrease) in Temporary Equity [Roll Forward]

Conversion of Pre-PIPE Bridge and Pre-Funded PIPE Notes to Series A Preferred Stock and Conversion of Series A Preferred Stock to common stock (in shares)

9,754,665

(3,571)

Conversion of Pre-PIPE Bridge and Pre-Funded PIPE Notes to Series A Preferred Stock and Conversion of Series A Preferred Stock to common stock

$ 116,931

$ (32)

Issuance of Series A Preferred Stock in exchange for 2024 LSA Amendment Warrants and Issuance of Series A Preferred Stock in connection with the PIPE (in shares)

11,470,590

490,196

Issuance of Series A Preferred Stock in exchange for 2024 LSA Amendment Warrants and Issuance of Series A Preferred Stock in connection with the PIPE

$ 58,270

$ 3,745

Series A Preferred Stock dividends and accretion

$ 1,417

Ending balance (in shares) at Mar. 31, 2026

21,711,880

Ending balance at Mar. 31, 2026

$ 180,331

$ 0

Balance (in shares) at Dec. 31, 2025

69,663,395

^[1]

5,306,250

64,357,145

Beginning balance at Dec. 31, 2025

(73,598)

^[1]

(535,561)

461,963

$ 7

^[1]

$ 1

$ 6

477,448

^[1]

15,491

461,957

(551,053)

^[1]

(551,053)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Exercise of common stock options (in shares)

406,385

Exercise of common stock options

226

Stock-based compensation

1,295

Issuance of common stock in connection with the Merger (in shares)

13,750,282

Issuance of common stock in connection with the Merger

17,266

$ 1

17,265

Equity-based payments to non-employees

643

Issuance of redeemable convertible preferred stock and common stock upon exercise of warrants and Conversion of Series A Preferred Stock to common stock (in shares)

19,623

701,293

3,579

Issuance of redeemable convertible preferred stock and common stock upon exercise of warrants and Conversion of Series A Preferred Stock to common stock

$ 6,859

$ 32

$ 6,859

$ 32

Series A Preferred Stock dividends and accretion

(1,417)

Net loss

(90,419)

Balance (in shares) at Mar. 31, 2026

84,544,557

Ending balance at Mar. 31, 2026

(139,113)

$ 8

502,351

(641,472)

Beginning balance (in shares) at Dec. 31, 2025

^[1]

17,154,902

(17,154,902)

Beginning balance at Dec. 31, 2025

$ 0

^[1]

$ 0

^[1]

$ 461,963

$ (461,963)

Increase (Decrease) in Temporary Equity [Roll Forward]

Conversion of Pre-PIPE Bridge and Pre-Funded PIPE Notes to Series A Preferred Stock and Conversion of Series A Preferred Stock to common stock (in shares)

3,065,884

Series A Preferred Stock dividends and accretion

(9,641)

Ending balance (in shares) at Jun. 30, 2026

18,649,567

Ending balance at Jun. 30, 2026

$ 162,497

$ 0

Balance (in shares) at Dec. 31, 2025

69,663,395

^[1]

5,306,250

64,357,145

Beginning balance at Dec. 31, 2025

$ (73,598)

^[1]

$ (535,561)

$ 461,963

$ 7

^[1]

$ 1

$ 6

477,448

^[1]

$ 15,491

$ 461,957

(551,053)

^[1]

$ (551,053)

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Exercise of common stock options (in shares)

1,121,023

Net loss

$ (148,846)

Balance (in shares) at Jun. 30, 2026

100,592,160

Ending balance at Jun. 30, 2026

$ (99,929)

$ 10

599,960

(699,899)

Beginning balance (in shares) at Mar. 15, 2026

17,381,016

Beginning balance at Mar. 15, 2026

$ 3

484,538

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock in connection with the Merger (in shares)

13,750,282

Issuance of common stock in connection with the Merger

$ 1

17,265

Ending balance at Mar. 16, 2026

$ 9

501,798

Beginning balance (in shares) at Mar. 31, 2026

21,711,880

Beginning balance at Mar. 31, 2026

$ 180,331

$ 0

Increase (Decrease) in Temporary Equity [Roll Forward]

Conversion of Pre-PIPE Bridge and Pre-Funded PIPE Notes to Series A Preferred Stock and Conversion of Series A Preferred Stock to common stock (in shares)

(3,062,313)

Conversion of Pre-PIPE Bridge and Pre-Funded PIPE Notes to Series A Preferred Stock and Conversion of Series A Preferred Stock to common stock

$ (26,058)

Series A Preferred Stock dividends and accretion

$ (8,224)

$ 8,224

Ending balance (in shares) at Jun. 30, 2026

18,649,567

Ending balance at Jun. 30, 2026

$ 162,497

$ 0

Balance (in shares) at Mar. 31, 2026

84,544,557

Beginning balance at Mar. 31, 2026

(139,113)

$ 8

502,351

(641,472)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Exercise of common stock options (in shares)

702,643

Exercise of common stock options

$ 1,234

1,234

Issuance of shares of common stock from RSU awards (in shares)

43,994

Stock-based compensation

$ 4,608

4,608

Issuances of shares of common stock to non-employee service providers (in shares)

100,000

Equity-based payments to non-employees

$ 109

109

Issuance of redeemable convertible preferred stock and common stock upon exercise of warrants and Conversion of Series A Preferred Stock to common stock (in shares)

1,931,425

5,269,541

Issuance of redeemable convertible preferred stock and common stock upon exercise of warrants and Conversion of Series A Preferred Stock to common stock

24,482

$ 26,059

$ 1

24,482

$ 26,058

Series A Preferred Stock dividends and accretion

(8,224)

Issuance of common stock in connection with the May 2026 PIPE (in shares)

8,000,000

Issuance of common stock in connection with the May 2026 PIPE

$ 49,343

$ 1

$ 49,342

Net loss

(58,427)

Balance (in shares) at Jun. 30, 2026

100,592,160

Ending balance at Jun. 30, 2026

$ (99,929)

$ 10

$ 599,960

$ (699,899)

[1]	The shares of the Company's common stock and mezzanine equity have been retrospectively recast to reflect the change in the capital structure as a result of the Merger as described in Note 3. Reverse Recapitalization.

Segment and Geographic Information - Schedule of Property and Equipment and Operating Lease Right-of-Use Assets, Net by Geographic Area (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total	$ 13,284	$ 8,087
United States
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total	8,471	4,541
New Zealand
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total	$ 4,813	$ 3,546

Revenue Recognition from Contracts with Customers - Schedule of Contract Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 1,755		$ 368	$ 536
Unbilled receivables	0		1,570	0
Deferred revenue	42		0	112
Contract loss provision	$ 155	$ 738	$ 4,173	$ 5,166

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Aug. 11, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-42392
Entity Registrant Name	MERLIN, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1797826
Entity Address, Address Line One	100 Causeway, Floor 23
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02114
City Area Code	(617)
Local Phone Number	226-9968
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	MRLN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		101,067,784
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0002028707
Amendment Flag	false

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Leases [Abstract]
Operating lease expense	$ 414	$ 221	$ 668	$ 446
Short-term lease expense	46	31	205	56
Variable lease expense	7	0	12	0
Total lease expense	$ 467	$ 252	$ 885	$ 502
Weighted average remaining lease term (in years)	2 years 5 months 26 days		2 years 5 months 26 days		3 years 2 months 1 day
Weighted average discount rate	12.52%		12.52%		13.21%

Organization and Description of Business	6 Months Ended
Organization and Description of Business	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business Merlin, Inc. (formerly known as Inflection Point Acquisition Corp. IV or "Inflection Point"), collectively with its subsidiaries (the "Company" or "Merlin"), develops software that fulfills the functions of a human pilot in self-flying aircraft to enable both reduced crew and unmanned flight. This technology is designed to be scalable and adaptable across different aircraft types for a growing range of aircraft platforms. The Company's aircraft-agnostic, AI-powered software is purpose-built for military and civil programs, and is powering an expanding range of missions and aircraft, proven through hundreds of autonomous flights from test facilities across the globe. The Company was a special purpose acquisition company incorporated as a Cayman Islands exempted corporation on June 24, 2024 as "Bleichroeder Acquisition Corp. I" and subsequently changed its name to Inflection Point Acquisition Corp. IV on October 21, 2025. The Company was incorporated for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. Following the closing of the Merger (as defined below), shares of Merlin common stock began trading on Nasdaq Stock Market LLC under the symbol "MRLN." Business Combination On August 13, 2025, the Company entered into a Business Combination Agreement (the “Business Combination Agreement” or “BCA”) with IPDX Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub”), and Merlin Labs, Inc., a Delaware corporation ("Legacy Merlin"). Pursuant to the Business Combination Agreement, Merger Sub merged with and into Legacy Merlin, with Legacy Merlin surviving the transaction as a wholly-owned subsidiary of the Company (the "Merger"). Legacy Merlin was incorporated on October 10, 2018, as a Delaware corporation under the name Apollo Flight Research, Inc., and changed its name to Merlin Labs, Inc. on October 27, 2020. Legacy Merlin is the parent company of two wholly-owned subsidiaries: Merlin Labs NZ Limited ("MLNL"), a New Zealand Limited Company, and Merlin Labs Securities Corporation ("MLSC"), a Massachusetts Securities Corporation. On March 13, 2026, as contemplated by the Business Combination Agreement, Inflection Point filed a notice of deregistration with the Cayman Islands Registrar of Companies and filed a certificate of incorporation and certificate of corporate domestication with the Secretary of State of the State of Delaware, pursuant to which Inflection Point was domesticated and continues as a Delaware corporation, changing its name to "Merlin, Inc." (the "Domestication"). Immediately prior to the Domestication, the holders of the Class B ordinary shares of Inflection Point, par value $0.0001 per share, elected to convert such shares on a one-for-one basis into Class A ordinary shares of Inflection Point, par value $0.0001 per share ("Inflection Point Class A Shares"). In connection with the Domestication, (i) each of the then issued and outstanding Inflection Point Class A Shares converted automatically, on a one-for-one basis, into a share of post-Domestication Inflection Point, (ii) each of the then issued and outstanding rights to receive one-tenth (1/10) of one Inflection Point Class A Share upon consummation of an initial business combination of Inflection Point ("Inflection Point Rights") converted automatically into a right to receive one-tenth (1/10) of one post-Domestication Inflection Point Class A Share, and (iii) each of the then issued and outstanding units of Inflection Point containing one Inflection Point Class A Share and one Inflection Point Right ("Inflection Point Units") converted automatically into a unit of post-Domestication Inflection Point containing one post-Domestication Inflection Point Class A Share and one post-Domestication Inflection Point Right. On March 16, 2026 (the "Closing" or the "Closing Date"), the Company consummated the previously announced Merger and related transactions contemplated by the Business Combination Agreement and Legacy Merlin became a wholly-owned subsidiary of the Company (after the Merger, "Merlin OpCo"). As a result of the Merger, the Company is a holding company in which all of its assets are held by Merlin OpCo and its subsidiaries and the business continues to operate through Merlin OpCo and its subsidiaries. The Merger is accounted for as a reverse recapitalization in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Under this method of accounting, Inflection Point is treated as the acquired company for financial reporting purposes. Accordingly, for accounting purposes, the Merger is treated as the equivalent of Legacy Merlin issuing stock for the net assets of Inflection Point, accompanied by recapitalization. Legacy Merlin has been determined to be the accounting predecessor to the combined Company. Unless otherwise noted or the context otherwise requires, references to the "Company," "Merlin," "we," "us", or "our" refer to the business of Legacy Merlin and its subsidiaries prior to the Closing and to the business of the Company and its subsidiaries, including Merlin OpCo, MLNL, and MLSC, following the Closing. Refer to Note 3. Reverse Recapitalization for further information.

Commitments, Contingencies, and Indemnification	6 Months Ended
Commitments, Contingencies, and Indemnification	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies, and Indemnification	14. Commitments, Contingencies, and Indemnification Liabilities for loss contingencies arising from claims, disputes, legal proceedings, fines and penalties, and other sources are recorded when it is probable that a liability has been or will be incurred and the amount of the liability can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Recoveries of such legal costs from insurance policies are recorded as an offset to legal expenses in the period they are received. In the ordinary course of business, the Company enters into various agreements containing standard indemnification provisions. The Company's indemnification obligations under such provisions are typically in effect from the date of execution of the applicable agreement through the end of the applicable statute of limitations. The aggregate maximum potential future liability of the Company under such indemnification provisions is uncertain. As of June 30, 2026 and December 31, 2025, no amounts have been accrued related to such indemnification provisions.

Summary of Significant Accounting Policies - Segments (Details)	6 Months Ended
	Jun. 30, 2026 segment
Accounting Policies [Abstract]
Number of reportable segments	1

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 183,550

$ 59,343

Short-term investments

321

330

Accounts receivable, net

1,755

368

Prepaid expenses and other current assets

5,391

3,328

Capitalized transaction costs (Note 2)

7,562

Total current assets

191,017

70,931

Property and equipment, net

11,226

7,108

Operating lease right-of-use assets, net

2,058

979

Restricted cash

2,570

Deposits

107

1,564

Total assets

206,978

80,582

Current liabilities:

Accounts payable

5,882

3,154

Accrued expenses

6,004

7,937

Deferred revenue

Contract loss provision

155

4,173

Operating lease liabilities, current

940

657

Long-term debt, current portion, net

19,271

Convertible promissory notes (Note 8)

29,107

Total current liabilities

13,023

64,299

Operating lease liabilities, non-current

1,250

331

Warrant liabilities (Note 9)

130,137

76,766

Long-term debt, non-current portion, net ($12,207 at fair value and $577 at amortized cost, net as of December 31, 2025) (Note 8)

12,784

Total liabilities

144,410

154,180

Commitments and contingencies (Note 14)

Stockholders' deficit:

Common stock: $0.0001 par value; 800,000,000 and 138,655,675 shares authorized; 100,592,160 and 69,663,395 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

Additional paid-in capital

599,960

477,448

Accumulated deficit

(699,899)

(551,053)

Total stockholders' deficit

(99,929)

(73,598)

^[1]

Total liabilities, mezzanine equity, and stockholders' deficit

206,978

80,582

Series A Preferred Stock

Current liabilities:

Series A Preferred Stock and Redeemable convertible preferred stock

162,497

^[1]

Redeemable convertible preferred stock

Current liabilities:

Series A Preferred Stock and Redeemable convertible preferred stock

$ 0

^[1]

[1]	The shares of the Company's common stock and mezzanine equity have been retrospectively recast to reflect the change in the capital structure as a result of the Merger as described in Note 3. Reverse Recapitalization.

Net Loss Per Share - Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive securities (in shares)	70,804,562	9,682,227
Series A Preferred Stock
Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive securities (in shares)	18,649,567	0
Stock options
Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive securities (in shares)	8,172,229	7,595,058
Unvested RSUs
Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive securities (in shares)	3,866,520	0
Warrants exercisable for common stock
Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive securities (in shares)	40,116,246	25,181
2019 LSA Warrants
Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive securities (in shares)	0	449,489
2021 LSA Warrants
Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive securities (in shares)	0	251,805
2024 LSA Warrants
Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive securities (in shares)	0	696,940
2024 LSA Conversion Feature
Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive securities (in shares)	0	663,754

Revenue Recognition from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue by Customer Type

Disaggregated revenues by customer-type were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
U.S. government agencies	$	2,134	$	3,074	$	3,083	$	3,911
Commercial and non-U.S. government customers	60		33		112		64
Total	$	2,194	$	3,107	$	3,195	$	3,975

Schedule of Contract Balances

The following table presents contract balances:


	As of:
	June 30, 2026		December 31, 2025		December 31, 2024
Accounts receivable, net	$	1,755	$	368	$	536
Unbilled receivables	$	—	$	1,570	$	—
Deferred revenue	$	42	$	—	$	112
Contract loss provision	$	155	$	4,173	$	5,166

Warrants (Tables)

6 Months Ended

Jun. 30, 2026

Warrants and Rights Note Disclosure [Abstract]

Schedule of Warrants to Purchase Common Stock

The following table summarizes the warrants to purchase common stock as of June 30, 2026:

Shares Underlying Warrants

Class of Underlying Warrant Shares

Exercise Price Per Share

Expiration Date

PIPE Warrants(1)(2)

36,116,246

Common Stock

6.67

March 31, 2031

May 2026 PIPE Warrants(1)

4,000,000

Common Stock

6.67

May 1, 2031

(1) If on the twenty-first (21st) trading day following the date that is six months after the Closing Date, the 20-day volume-weighted average price of common stock is less than the exercise price then in effect, the exercise price shall be reduced to the greater of (i) such volume-weighted average price and (ii) $5.00. The exercise price of PIPE Warrants and May 2026 PIPE Warrants is also subject to certain customary adjustments for stock dividends and splits, dilutive issuances of common stock, subsequent rights offerings, pro rata distributions, and fundamental transactions.

(2) In connection with the May 2026 PIPE, a down round feature of the PIPE Warrants was triggered, reducing the per share strike price from $12.00 to $6.67.

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 4,608	$ 433	$ 5,903	$ 946
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	289	210	530	261
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,017	154	1,873	228
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,065	59	3,254	444
Location, Statement of Income, Balance [Axis]: us-gaap:SellingAndMarketingExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 237	$ 9	$ 245	$ 13

Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Debt [Line Items]
Total long-term debt	$ 0	$ 32,055,000
Less current maturities of long-term debt	0	19,271,000
Total long-term debt, net	$ 0	12,784,000
2021 LSA Loan
Debt [Line Items]
Total long-term debt		0
2022 PGF Loan
Debt [Line Items]
Total long-term debt		672,000
2024 LSA Loans
Debt [Line Items]
Total long-term debt		$ 31,383,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Summary of Significant Accounting Policies - Concentrations of Credit Risk (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Concentration Risk [Line Items]
Revenue	$ 2,194	$ 3,107	$ 3,195	$ 3,975
Accounts receivable, net	$ 1,755		$ 1,755		$ 368	$ 536
U.S. Government \| Revenue Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	90.00%	90.00%	90.00%	90.00%
U.S. Government \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Accounts receivable, net	$ 1,730		$ 1,730		$ 368

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Number of Options
Outstanding, beginning balance (in shares)	6,494,810
Granted (in shares)	3,263,050
Exercised (in shares)	(1,121,023)	(77,423)
Expired (in shares)	(393,294)
Forfeited (in shares)	(71,314)
Outstanding, ending balance (in shares)	8,172,229
Exercisable (in shares)	4,055,795
Weighted Average Exercise Price (Per Share)
Outstanding, beginning balance (in dollars per share)	$ 1.85
Granted (in dollars per share)	7.59
Exercised (in dollars per share)	1.31
Expired (in dollars per share)	2.41
Forfeited (in dollars per share)	3.23
Outstanding, ending balance (in dollars per share)	4.18
Exercisable (in dollars per share)	$ 1.65
Weighted- Average Remaining Life (Years), Outstanding	7 years 4 months 28 days
Weighted- Average Remaining Life (Years), Exercisable	5 years 4 months 2 days
Aggregate Intrinsic Value, Outstanding	$ 18,847		$ 34,460
Aggregate Intrinsic Value, Exercised	7,268	$ 171
Aggregate Intrinsic Value, Exercisable	$ 16,515
Previously Reported
Number of Options
Outstanding, beginning balance (in shares)	2,094,080
Weighted Average Exercise Price (Per Share)
Outstanding, beginning balance (in dollars per share)	$ 5.73
Aggregate Intrinsic Value, Outstanding			$ 34,460
Retroactive application of recapitalization
Number of Options
Outstanding, beginning balance (in shares)	4,400,730
Weighted Average Exercise Price (Per Share)
Outstanding, beginning balance (in dollars per share)	$ (3.88)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 125	$ 1	$ 173	$ 1
Effective tax rates	(0.21%)	(0.01%)	(0.12%)	0.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-3A

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Fair Value Measurements - Schedule of Warrant Liability Fair Value Measurement Activity Using Unobservable Inputs and Associated Unrealized Losses (Gains) (Details) - Warrant Liability - USD ($) $ in Thousands		3 Months Ended
	Mar. 31, 2026	Jun. 30, 2026	Mar. 31, 2026	Mar. 16, 2026	Jun. 30, 2025	Mar. 31, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance		$ 87,803	$ 76,766	$ 76,766	$ 3,540	$ 3,586
Change in fair value of warrants	$ (4,443)	26,144		$ (22,111)	3,925	(46)
Exercise of warrants		(11,490)	(6,859)
Exchange of warrants in the Merger			(3,745)
Issuance of warrants		27,680	48,195
Fair value, ending balance	$ 87,803	$ 130,137	$ 87,803		$ 7,465	$ 3,540

Debt - PGF Loan (Details) - 2022 PGF Agreement - Convertible Debt $ in Thousands		1 Months Ended
	Feb. 24, 2026 USD ($)	Jul. 31, 2022 USD ($)	Jul. 31, 2022 NZD ($)	Jul. 31, 2022 NZD ($)
Debt [Line Items]
Aggregate principal amount		$ 660,000		$ 1,000
Stated interest rate		7.47%		7.47%
Debt issuance costs		$ 0
Effective interest rate		7.50%		7.50%
Debt instrument, redemption price	$ 782,000
Merlin Labs NZ Limited
Debt [Line Items]
Proceeds from short-term debt		$ 660,000	$ 1,000

Warrants - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Warrants - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Warrants and Rights Note Disclosure [Abstract]
Gain (loss) on fair value of warrants	$ (26,144)	$ (3,925)	$ 410	$ (3,879)

Stock-Based Compensation - Schedule of Fair Value of The Stock-Based Awards (Details) - $ / shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Stock-Based Compensation [Line Items]
Risk-free interest rate, minimum	3.89%	4.01%
Risk-free interest rate, maximum	4.31%	4.06%
Expected dividend yield	0.00%	0.00%
Expected volatility, minimum	42.25%	45.67%
Expected volatility, maximum	56.50%	47.78%
Minimum
Stock-Based Compensation [Line Items]
Expected life in years	5 years	5 years 2 months 4 days
Fair Value of Common Stock (in dollars per share)	$ 5.69	$ 3.60
Maximum
Stock-Based Compensation [Line Items]
Expected life in years	6 years 29 days	5 years 11 months 26 days
Fair Value of Common Stock (in dollars per share)	$ 11.73	$ 3.77

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Computations

The numerators and denominators of the basic and diluted net loss computations for the Company's common stock were calculated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss	$	(58,427)	$	(16,296)	$	(148,846)	$	(29,029)
Series A Preferred Stock dividends and accretion	(8,224)		—		(9,641)		—
Series A Preferred Stock deemed dividend on down round	(60,848)		—		(60,848)		—
Net loss attributable to common stockholders	$	(127,499)	$	(16,296)	$	(219,335)	$	(29,029)

Denominator:
Weighted average shares outstanding, basic and diluted	91,309,267		70,965,177		81,915,507		70,956,489

Net loss per share, basic and diluted	$	(1.40)	$	(0.23)	$	(2.68)	$	(0.41)

Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share


	As of June 30,
	2026	2025
Series A Preferred Stock	18,649,567	—
Stock options	8,172,229	7,595,058
Unvested RSUs	3,866,520	—
Warrants exercisable for common stock	40,116,246	25,181
2019 LSA Warrants	—	449,489
2021 LSA Warrants	—	251,805
2024 LSA Warrants	—	696,940
2024 LSA Conversion Feature	—	663,754
Total	70,804,562	9,682,227

Mezzanine Equity and Stockholders’ Deficit

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Mezzanine Equity and Stockholders’ Deficit

10. Mezzanine Equity and Stockholders' Deficit

Reverse Recapitalization

All issued and outstanding shares of Legacy Merlin's redeemable convertible preferred stock automatically converted, on a one-to-one basis, into shares of Legacy Merlin common stock immediately prior to the consummation of the Merger. Upon

the Closing of the Merger, all issued and outstanding shares of Legacy Merlin's common stock were exchanged for common stock at an exchange ratio of approximately 3.102.

The following table presents the impact of the exchange ratio on Legacy Merlin's redeemable convertible preferred stock, after the exercise of Legacy Merlin warrants to acquire its redeemable convertible preferred stock (refer to Note 9. Warrants), and the issuance of common stock following conversion of the redeemable convertible preferred stock:


Class of Legacy Merlin Redeemable Convertible Preferred Stock	Number of Shares Issued and Outstanding Before Closing	Exchange Ratio	Common Stock Issued After Conversion
Series Seed redeemable convertible preferred stock	3,293,745	3.102	10,215,578
Series A redeemable convertible preferred stock	7,493,114	3.102	23,239,955
Series A-1 redeemable convertible preferred stock	928,217	3.102	2,878,873
Series B redeemable convertible preferred stock	4,718,309	3.102	14,633,876
Series B-1 redeemable convertible preferred stock	947,631	3.102	2,939,086
Total	17,381,016		53,907,368

Common Stock

As of June 30, 2026, the Company had 800,000,000 shares of $0.0001 par value common stock authorized. The voting, dividend and liquidation rights of the common stockholders are subject to, and qualified by, the rights, powers and preferences of the preferred stockholders and as designated by resolution of the Board of Directors. The holders of the common stock are entitled to one vote for each share of common stock held.

As of June 30, 2026, 699,407,840 shares of common stock are reserved for the conversion of Series A Preferred Stock, vesting of restricted stock units, and exercise of stock options, PIPE Warrants, and May 2026 PIPE Warrants.

Series A Preferred Stock

As of June 30, 2026, the Company had authorized 50,000,000 shares of Series A Preferred Stock, $0.0001 par value, each with a stated value of $12.00 ("Stated Value"). As described below, the sum of (i) the Stated Value, (ii) any dividends paid in-kind, and (iii) any cash dividends not yet paid shall be referred to herein as the "Accrued Value."

The Company's Series A Preferred Stock were issued in connection with the Closing PIPE (refer to Note 3. Reverse Recapitalization), the exchange of 2024 LSA Amendment Warrants (refer to Note 9. Warrants), and the conversion of Pre-PIPE Bridge and Pre-Funded PIPE Notes issued and outstanding as of the Closing Date (refer to Note 8. Debt).

For the six months ended June 30, 2026, certain holders of Series A Preferred Stock converted 3,065,884 shares of Series A Preferred Stock into 5,273,120 shares of common stock. As of June 30, 2026, 18,649,567 shares of Series A Preferred Stock remained outstanding.

In connection with the May 2026 PIPE, a down round feature of the Series A Preferred Stock was triggered, reducing the per share conversion price from $12.00 to $6.67 and the Company accordingly recognized a deemed dividend of $60,848. Because the Company has an accumulated deficit, the deemed dividend recognized in connection with the triggering of the down round feature does not affect the carrying amounts of the Company's mezzanine equity and stockholders' deficit as the increase in additional paid-in capital is offset with a corresponding decrease in additional paid-in capital, rather than a decrease in accumulated deficit.

As described below, the Series A Preferred Stock is redeemable outside the control of the Company and is accordingly classified in mezzanine equity. The Company accretes changes in the redemption amount from the Closing Date to the earliest redemption date, which is five years from the Closing Date, using the effective interest method.

The Series A Preferred Stock has the following rights and preferences:

Voting Rights

On all matters subject to the authorization of the holders of common stock, the holders of Series A Preferred Stock are entitled to vote together with holders of common stock on an as-converted basis. Further, so long as at least 20% of the Series A Preferred Stock issued as of the Closing Date remain outstanding, the holders of Series A Preferred Stock are granted certain customary protective rights.

Dividends

The Series A Preferred Stock accrue cumulative, semi-annually compounding dividends, and are accrued whether or not earned or declared and whether or not there are any earnings, profits, surplus, or other funds or assets available for payment thereof ("Series A Accrued Dividends"). Series A Accrued Dividends accrue on the Accrued Value of each share of Series A Preferred Stock, at the Company's election, (i) at 10.0% if paid in cash or (ii) at 12.0% if paid in-kind. The Company shall not make any dividends on any common stock unless the holders of Series A Preferred Stock also receive (i) all Series A Accrued Dividends and (ii) participating dividends on an as-converted basis.

Liquidation

In the event of liquidation, dissolution or winding up of the Company or upon the occurrence of a Deemed Liquidation Event (as defined in the Company's Certificate of Designation), the holders of Series A Preferred Stock shall be entitled to receive, prior to any payments to holders of common stock, the greater of (i) the Accrued Value and (ii) the amount that would have been payable to holders of Series A Preferred Stock as if such shares converted to common stock immediately prior to such event. After such preferential payments are made, the remaining assets of the Company are to be distributed amongst the holders of Series A Preferred Stock and common stock pro rata, on an as-converted basis. The total amount payable to holders of Series A Preferred Stock is hereinafter referred to as the "Liquidation Amount."

Conversion

Each share of Series A Preferred Stock is convertible at any time, at the option of the holder, into a whole number of shares of Company Stock determined by dividing (i) the Accrued Value by (ii) the then-applicable conversion price. The conversion price was initially $12.00, subject to customary adjustments for stock dividends and splits, dilutive issuances of common stock, subsequent rights offerings, pro rata distributions, and fundamental transactions. Additionally, if on the twenty-first (21st) trading day following the date that is six months after the Closing Date, the 20-day volume-weighted average price of common stock is less than the conversion price then in effect, the conversion price shall be reduced to the greater of (i) such volume-weighted average price and (ii) $5.00.

As noted above, the conversion price was reduced to $6.67 in connection with the May 2026 PIPE.

Put Rights

Unless prohibited by applicable laws, the Series A Preferred Stock is redeemable at the option of the holder commencing after the fifth anniversary of the Closing Date at a redemption price equal to the Accrued Value.

Call Rights

Unless prohibited by applicable laws, the Company shall retain the option to redeem the Series A Preferred Stock at any time, as follows:

•Prior to the first anniversary of the Closing Date, at a redemption price equal to 150% of the Accrued Value;

•On or after the first anniversary of the Closing Date, but before the second anniversary, at a redemption price equal to 140% of the Accrued Value;

•On or after the second anniversary of the Closing Date, but before the third anniversary, at a redemption price equal to 130% of the Accrued Value;

•On or after the third anniversary of the Closing Date, but before the fourth anniversary, at a redemption price equal to 120% of the Accrued Value;

•On or after the fourth anniversary of the Closing Date, but before the fifth anniversary, at a redemption price equal to 110% of the Accrued Value;

•On or after the fifth anniversary of the Closing Date, at a redemption price equal to 100% of the Accrued Value.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-4

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481520/505-30-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 1.D.2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479921/505-20-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 1.B.3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480148/855-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

+ Details

Leases - Narrative (Details) $ in Thousands		6 Months Ended
Leases - Narrative (Details) $ in Thousands	Mar. 23, 2026 USD ($)	Jun. 30, 2026 USD ($) renewal_option	Dec. 31, 2025 USD ($)	Sep. 04, 2025 USD ($)
Leases [Abstract]
Number of lease renewal options \| renewal_option		1
Operating lease, renewal term		5 years
Lease not yet commenced, estimated total future payments				$ 34,247
Lessee, operating lease, termination, minimum period after providing written notice	9 months
Lessee, operating lease, termination penalty	$ 150
Operating lease right-of-use assets, net	1,632	$ 2,058	$ 979
Operating lease liability	$ 1,632	$ 2,190

Debt - 2024 LSA (Details) $ in Thousands				5 Months Ended	6 Months Ended
Debt - 2024 LSA (Details) $ in Thousands	Mar. 16, 2026 USD ($)	Jul. 01, 2025 USD ($)	Feb. 22, 2024 USD ($)	Oct. 23, 2024 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Aug. 30, 2024 USD ($)	May 28, 2024 USD ($)
Debt [Line Items]
Warrants outstanding					$ 130,137		$ 76,766
Repayments of long-term debt					$ 33,639	$ 5,712
2024 LSA Amendment Warrants
Debt [Line Items]
Warrants outstanding		$ 759
Debt instrument, convertible debt, amount available to convert		$ 5,000
2024 LSA Loans \| Line of Credit
Debt [Line Items]
Line of credit, maximum borrowing capacity			$ 35,000
Debt instrument, basis spread on variable rate				5.00%
Interest rate paid in kind				0.015
Stated interest rate				15.00%
Debt instrument, principal and interest payment, term			24 months
Debt discount			$ 622
Repayments of long-term debt	$ 28,334
2024 LSA Loans	$ 28,334
2024 LSA Loans, First Tranche \| Line of Credit
Debt [Line Items]
Line of credit, maximum borrowing capacity			$ 12,500						$ 12,500
Effective interest rate			14.50%
2024 LSA Loans, Second Tranche \| Line of Credit
Debt [Line Items]
Line of credit, maximum borrowing capacity			$ 12,500					$ 12,500
Effective interest rate			14.70%
2024 LSA Loans, Third Tranche \| Line of Credit
Debt [Line Items]
Line of credit, maximum borrowing capacity			$ 10,000	$ 10,000
Effective interest rate			14.90%

Fair Value Measurements - Schedule of Assumptions Used in Determining Fair Value of 2024 LSA Loans (Details) - 2024 LSA Loans	Dec. 31, 2025 $ / shares
Fair value of Series B Prime redeemable convertible preferred stock
Fair Value Measurements [Line Items]
Debt instrument, measurement input	29.39
Equity volatility
Fair Value Measurements [Line Items]
Debt instrument, measurement input	0.750
Discount rate
Fair Value Measurements [Line Items]
Debt instrument, measurement input	0.197

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents assets and liabilities measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation as follows:


	As of June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market mutual funds	$	177,456	$	—	$	—	$	177,456
Total Assets	$	177,456	$	—	$	—	$	177,456
Liabilities:
Warrant liabilities	$	—	$	—	$	130,137	$	130,137
Total Liabilities	$	—	$	—	$	130,137	$	130,137


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market mutual funds	$	56,695	$	—	$	—	$	56,695
Total Assets	$	56,695	$	—	$	—	$	56,695
Liabilities:
Current liabilities:
2024 LSA Loans, current portion	$	—	$	—	$	19,175	$	19,175
Convertible promissory notes	—		—		29,107		29,107
Non-current liabilities:
2024 LSA Loans, non-current portion	—		—		12,207		12,207
Warrant liabilities	—		—		76,766		76,766
Total Liabilities	$	—	$	—	$	137,255	$	137,255

Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes

The following relevant assumptions were used in determining the fair value of the warrant liabilities and convertible promissory notes as of December 31, 2025:


	December 31, 2025
Non-Merger scenario - Equity value	$	647,000
Non-Merger scenario - Expected financing amount	$	150,000
Non-Merger scenario - Expected financing date	6/30/2026
Non-Merger scenario - Expected liquidity event	9/30/2028
Non-Merger scenario - Equity volatility	60.0%-75.0%
Merger scenario - Expected Merger date	3/31/2026
Merger scenario - Stock price	$	10.72
Merger scenario - Equity volatility	70.0		%
Calibrated discount rate	500.0		%
Risk-free rate	3.44%-4.78%

The following relevant assumptions were used in determining the fair value of the 2024 LSA Loans as of December 31, 2025:


	December 31, 2025
Fair value of Series B Prime redeemable convertible preferred stock	$	29.39
Equity volatility	75.0		%
Credit rating	CCC-
Discount rate	19.7		%

The following relevant assumptions were used in determining the fair value of the PIPE Warrants and May 2026 PIPE Warrants as of June 30, 2026:


	June 30, 2026
Remaining term (years) - PIPE Warrants	4.71
Remaining term (years) - May 2026 PIPE Warrants	4.83
Fair value of common stock	$	5.69
Volatility	65.0		%
Risk-free rate	4.14		%
Dividend yield	—		%

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation


	Amount
Fair value as of December 31, 2024	$	3,586
Change in fair value of warrants	(46)
Fair value as of March 31, 2025	$	3,540
Change in fair value of warrants	3,925
Fair value as of June 30, 2025	$	7,465


	Amount
Fair value as of December 31, 2025	$	76,766
Change in fair value of warrants prior to the Merger	(22,111)
Exercise of warrants prior to the Merger	(6,859)
Exchange of warrants in the Merger	(3,745)
Issuance of warrants in the Merger	48,195
Change in fair value of warrants after the Merger	(4,443)
Fair value as of March 31, 2026	$	87,803
Change in fair value of warrants	26,144
Exercise of warrants	(11,490)
Issuance of May 2026 PIPE Warrants	27,680
Fair value as of June 30, 2026	$	130,137

The Company's fair value measurement activity, using unobservable inputs and associated unrealized losses with respect to convertible promissory notes outstanding during the three months ended March 31, 2026 was as follows:


	Amount
Fair value as of December 31, 2025	$	29,107
Change in fair value of convertible promissory notes	87,824
Conversion of convertible promissory notes in the Merger	(116,931)
Fair value as of March 31, 2026	$	—

The Company's fair value measurement activity, using unobservable inputs and associated unrealized losses with respect to 2024 LSA Loans outstanding during the three months ended March 31, 2026 was as follows:


	Amount
Fair value as of December 31, 2025	$	31,382
Contractual repayments of principal	(4,562)
Non-cash change in fair value of 2024 LSA Loans	1,514
Extinguishment of 2024 LSA Loans	(28,334)
Fair value as of March 31, 2026	$	—

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense for the three and six months ended June 30, 2026 and 2025 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
Component	2026		2025		2026		2025
Operating lease expense	$	414	$	221	$	668	$	446
Short-term lease expense	46		31		205		56
Variable lease expense	7		—		12		—
Total lease expense	$	467	$	252	$	885	$	502

The weighted average remaining lease term and discount rate for operating leases were as follows:


	As of:
	June 30, 2026	December 31, 2025
Weighted average remaining lease term (in years)	2.49	3.17
Weighted average discount rate	12.52%	13.21%

Schedule of Future Minimum Operating Lease Payments

Future minimum operating lease payments as of June 30, 2026 are as follows:


Years ending December 31:	Amount
2026	$	694
2027	1,095
2028	460
2029	78
2030	78
Thereafter	170
Total future minimum lease payments	2,575
Less present value discount	385
Present value of lease liabilities	2,190
Less current portion	940
Long-term portion	$	1,250

Fair Value Measurements - Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Equity volatility
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrant liabilities and convertible promissory notes, measurement input	0.700
Merger scenario - Stock price
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrant liabilities and convertible promissory notes, measurement input	10.72
Calibrated discount rate
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrant liabilities and convertible promissory notes, measurement input	5.000
Risk-free rate \| Minimum
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrant liabilities and convertible promissory notes, measurement input	0.0344
Risk-free rate \| Maximum
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrant liabilities and convertible promissory notes, measurement input	0.0478
Scenario, Plan \| Non-Merger scenario - Equity value
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrant liabilities and convertible promissory notes, measurement input	647,000
Scenario, Plan \| Non-Merger scenario - Expected financing amount
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrant liabilities and convertible promissory notes, measurement input	150,000
Scenario, Plan \| Equity volatility \| Minimum
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrant liabilities and convertible promissory notes, measurement input	0.600
Scenario, Plan \| Equity volatility \| Maximum
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrant liabilities and convertible promissory notes, measurement input	0.750

Mezzanine Equity and Stockholders’ Deficit - Schedule of Impact of Exchange Ratio on Redeemable Convertible Preferred Stock (Details)	Mar. 16, 2026 shares	Mar. 15, 2026 shares
Class of Stock [Line Items]
Number of Shares Outstanding Before Closing (in shares)		17,381,016
Number of Shares Issued Before Closing (in shares)		17,381,016
Exchange Ratio	3.102
Common Stock Issued After Conversion (in shares)	53,907,368
Series Seed redeemable convertible preferred stock
Class of Stock [Line Items]
Number of Shares Outstanding Before Closing (in shares)		3,293,745
Number of Shares Issued Before Closing (in shares)		3,293,745
Exchange Ratio	3.102
Common Stock Issued After Conversion (in shares)	10,215,578
Series A redeemable convertible preferred stock
Class of Stock [Line Items]
Number of Shares Outstanding Before Closing (in shares)		7,493,114
Number of Shares Issued Before Closing (in shares)		7,493,114
Exchange Ratio	3.102
Common Stock Issued After Conversion (in shares)	23,239,955
Series A-1 redeemable convertible preferred stock
Class of Stock [Line Items]
Number of Shares Outstanding Before Closing (in shares)		928,217
Number of Shares Issued Before Closing (in shares)		928,217
Exchange Ratio	3.102
Common Stock Issued After Conversion (in shares)	2,878,873
Series B redeemable convertible preferred stock
Class of Stock [Line Items]
Number of Shares Outstanding Before Closing (in shares)		4,718,309
Number of Shares Issued Before Closing (in shares)		4,718,309
Exchange Ratio	3.102
Common Stock Issued After Conversion (in shares)	14,633,876
Series B-1 redeemable convertible preferred stock
Class of Stock [Line Items]
Number of Shares Outstanding Before Closing (in shares)		947,631
Number of Shares Issued Before Closing (in shares)		947,631
Exchange Ratio	3.102
Common Stock Issued After Conversion (in shares)	2,939,086

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The following table summarizes the Company's outstanding long-term debt as of December 31, 2025:


	As of December 31, 2025
2021 LSA Loan	$	—
2022 PGF Loan	672
2024 LSA Loans	31,383
Total long-term debt	32,055
Less current maturities of long-term debt	19,271
Total long-term debt, net	$	12,784

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

+ Details

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and cash equivalents	$ 183,550	$ 59,343
Restricted cash	2,570	0
Total Cash, cash equivalents, and restricted cash	$ 186,120	$ 59,343	$ 6,186	$ 37,195

- Definition

Amount of cash and cash equivalent restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposit with financial institution, and account with general characteristic of demand deposit. Cash equivalent includes, but is not limited to, short-term, highly liquid investment that is both readily convertible to known amount of cash and so near maturity that it presents insignificant risk of change in value because of change in interest rate.

+ References + Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

12. Stock-Based Compensation

On October 24, 2018, the Board of Directors adopted the Merlin Labs 2018 Equity Incentive Plan (the "2018 Plan"). Under the terms of the Plan, incentive stock options ("ISOs") may be granted to employees of the Company and nonqualified stock options or restricted stock awards may be granted to directors, consultants, employees and officers of the Company. As of March 16, 2026, the Company stopped issuing awards under the 2018 Plan.

On March 16, 2026, the Board of Directors adopted the 2026 Incentive Award Plan (the "Plan" and together with the 2018 Plan, the "Plans"). Under the terms of the Plan, stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock or cash based awards may be granted to directors, consultants, employees, and officers of the Company. Incentive stock options ("ISOs") may only be granted to employees and officers employed by the Company. Additionally on March 16, 2026, the Board of Directors adopted the 2026 Employee Stock Purchase Plan (the "ESPP") pursuant to which eligible employees are granted the right to purchase common stock of the Company.

As of June 30, 2026, the Company's authorized common stock includes 42,546,878 shares of common stock reserved for the issuance of awards under the Plans and the ESPP, of which 30,508,129 shares are available for future grants.

Stock Options

The exercise price of ISOs cannot be less than the fair value of the Company's common stock on the date of grant or less than 110% of the fair value in the case of employees holding 10% or more of the voting stock of the Company. The options vest over a period determined by the Board of Directors, generally four years, and expire not more than 10 years from the date of grant.

Stock option activity under the Plan during the six months ended June 30, 2026 was as follows:


	Number of Options	Weighted Average Exercise Price (Per Share)		Weighted- Average Remaining Life (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2025	2,094,080	$	5.73		$	34,460
Retroactive application of recapitalization	4,400,730	(3.88)
Outstanding at December 31, 2025, as adjusted	6,494,810	1.85			34,460
Granted	3,263,050	7.59
Exercised	(1,121,023)	1.31			7,268
Expired	(393,294)	2.41
Forfeited	(71,314)	3.23
Outstanding at June 30, 2026	8,172,229	4.18		7.41	18,847
Exercisable at June 30, 2026	4,055,795	$	1.65	5.34	$	16,515

The weighted-average grant-date fair value of options granted during the six months ended June 30, 2026 and 2025 amounted to $3.80 and $3.69, respectively.

During the six months ended June 30, 2026 and 2025, option holders of the Company exercised 1,121,023 and 77,423 common stock options, respectively, in exchange for cash proceeds of $1,460 and $19, respectively.

The total intrinsic value of options exercised during the six months ended June 30, 2026 and 2025 amounted to $7,268 and $171, respectively.

As of June 30, 2026, there is $10,749 of unrecognized compensation expense related to unvested stock option arrangements granted under the Plan. That cost is expected to be recognized over a weighted average period of 1.07 years.

The Company uses the Black-Scholes option-pricing model to value option grants on the date of grant and to determine the related compensation expense. The assumptions used in calculating the fair value of stock-based payment awards represent management's best estimations. Prior to the Merger, the Company based its expected volatility on the volatilities of certain

publicly-traded peer companies as it was a privately-held company and therefore lacked company-specific historical and implied volatility information. After the Merger, the Company intends to continue to consistently use the same group of publicly traded peer companies to determine volatility in the future until such time that sufficient information regarding the volatility of the Company's share price becomes available or that the selected companies are no longer suitable for this purpose. The risk-free interest rate used for each grant is equal to the U.S. Treasury yield curve in effect at the time of grant for instruments with a similar expected life.

The expected term of options granted is determined based on the average of the vesting term and the contractual lives of all options awarded. The expected dividend yield assumption is based on the Company's history and expectation of dividend payouts.

In determining the exercise prices for options granted, the Company has considered the fair value of the common stock as of the measurement date. Prior to the Merger, the fair value of the common stock had been determined by management with consideration to a third-party valuation, which contemplates a broad range of factors, including the illiquid nature of the investment in the Company's common stock, the Company's historical financial performance and financial position, the Company's future prospects and opportunity for liquidity events and recent sale and offer prices of common and redeemable convertible preferred stock, if any, in private transactions negotiated at arm's length.

The following table provides the assumptions used in determining the fair value of the stock option awards:


	Six Months Ended June 30,
	2026		2025
Risk-free interest rate	3.89%-4.31%		4.01%-4.06%
Expected dividend yield	—	%	—	%
Expected volatility	42.25%-56.50%		45.67%-47.78%
Expected life in years	5.00-6.08		5.18-5.99
Fair value of Common Stock	$5.69-$11.73		$3.60-$3.77

Restricted Stock Units

Each restricted stock unit ("RSU") represents the right to receive one share of the Company's common stock upon vesting. RSUs awarded under the Plan vest in accordance with the vesting schedule set forth in the applicable Grant Notice and are generally subject to forfeiture in the event of termination of employment prior to vesting dates. The Company recognizes stock-based compensation expense for the RSUs equal to the grant date fair value of the awards on a straight-line basis over the requisite service period and recognizes forfeitures as they occur. The fair value of RSUs granted by the Company is equal to the Company's closing stock price on the date of the grant.

RSU activity under the Plan during the six months ended June 30, 2026 was as follows:


	Number of RSUs	Weighted Average Grant Date Fair Value per Share		Weighted- Average Remaining Life (Years)		Aggregate Intrinsic Value
Unvested as of December 31, 2025	—	$	—	$	—	$	—
Granted	4,013,759	6.75
Vested	(121,989)	6.64
Forfeited	(25,250)	6.64
Unvested as of June 30, 2026	3,866,520	$	6.76	1.52		$22,000

As of June 30, 2026, there is $24,581 of unrecognized compensation expense related to unvested RSU arrangements granted under the Plan. That cost is expected to be recognized over a weighted average period of 1.22 years.

During the six months ended June 30, 2026 and 2025, stock-based compensation expense amounted to $5,903 and $946, respectively, which is included in the condensed consolidated statements of operations.

Total stock-based compensation expense as presented within the condensed consolidated statements of operations was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	289	$	210	$	530	$	261
Research and development	3,065		59		3,254		444
General and administrative	1,017		154		1,873		228
Selling and marketing	237		9		245		13
Total	$	4,608	$	433	$	5,903	$	946

During the six months ended June 30, 2026, the Company granted and issued 100,000 shares of common stock to non-employees, which were valued on the grant date based on the opening price of MRLN.

Net Loss Per Share - Schedule of Basic and Diluted Net Loss Computations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net loss	$ (58,427)	$ (90,419)	$ (16,296)	$ (12,733)	$ (148,846)	$ (29,029)
Series A Preferred Stock dividends and accretion	(8,224)		0		(9,641)	0
Series A Preferred Stock deemed dividend on down round	(60,848)		0		(60,848)	0
Net loss attributable to common stockholders	$ (127,499)		$ (16,296)		$ (219,335)	$ (29,029)
Denominator:
Weighted average shares outstanding, basic (in shares)	91,309,267		70,965,177		81,915,507	70,956,489
Weighted average shares outstanding, diluted (in shares)	91,309,267		70,965,177		81,915,507	70,956,489
Net loss per share, basic (in dollars per share)	$ (1.40)		$ (0.23)		$ (2.68)	$ (0.41)
Net loss per share, diluted (in dollars per share)	$ (1.40)		$ (0.23)		$ (2.68)	$ (0.41)

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

Stock option activity under the Plan during the six months ended June 30, 2026 was as follows:


	Number of Options	Weighted Average Exercise Price (Per Share)		Weighted- Average Remaining Life (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2025	2,094,080	$	5.73		$	34,460
Retroactive application of recapitalization	4,400,730	(3.88)
Outstanding at December 31, 2025, as adjusted	6,494,810	1.85			34,460
Granted	3,263,050	7.59
Exercised	(1,121,023)	1.31			7,268
Expired	(393,294)	2.41
Forfeited	(71,314)	3.23
Outstanding at June 30, 2026	8,172,229	4.18		7.41	18,847
Exercisable at June 30, 2026	4,055,795	$	1.65	5.34	$	16,515

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The following table provides the assumptions used in determining the fair value of the stock option awards:


	Six Months Ended June 30,
	2026		2025
Risk-free interest rate	3.89%-4.31%		4.01%-4.06%
Expected dividend yield	—	%	—	%
Expected volatility	42.25%-56.50%		45.67%-47.78%
Expected life in years	5.00-6.08		5.18-5.99
Fair value of Common Stock	$5.69-$11.73		$3.60-$3.77

Schedule of Unvested Restricted Stock Units Roll Forward

RSU activity under the Plan during the six months ended June 30, 2026 was as follows:


	Number of RSUs	Weighted Average Grant Date Fair Value per Share		Weighted- Average Remaining Life (Years)		Aggregate Intrinsic Value
Unvested as of December 31, 2025	—	$	—	$	—	$	—
Granted	4,013,759	6.75
Vested	(121,989)	6.64
Forfeited	(25,250)	6.64
Unvested as of June 30, 2026	3,866,520	$	6.76	1.52		$22,000

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

Total stock-based compensation expense as presented within the condensed consolidated statements of operations was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	289	$	210	$	530	$	261
Research and development	3,065		59		3,254		444
General and administrative	1,017		154		1,873		228
Selling and marketing	237		9		245		13
Total	$	4,608	$	433	$	5,903	$	946

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (148,846)	$ (29,029)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,129	770
Stock-based compensation	5,903	946
Equity-based payments to non-employees	752	0
Amortization of right-of-use assets	551	366
Non-cash interest expense	41	651
Gain on disposal of property and equipment	0	(2)
Change in fair value of warrant liabilities	(410)	3,879
Change in fair value of convertible promissory notes	87,824	0
Loss on foreign currency exchange rate	254	213
Contract loss expense accrual	155	0
Change in fair value of long-term debt	1,514	0
Write-off of capitalized transactions costs related to issuance of PIPE Warrants	1,226	0
Change in operating assets and liabilities:
Accounts receivable	(1,387)	(1,385)
Prepaid expenses and other current assets	(2,079)	(1,367)
Deposits	(139)	(3)
Accounts payable	2,724	1,034
Accrued expenses	4,454	2
Deferred revenue	42	(112)
Contract loss provision	(4,173)	(828)
Operating lease liabilities	(431)	(355)
Net cash used in operating activities	(50,896)	(25,220)
Cash flows from investing activities
Additions of property and equipment	(3,820)	(111)
Proceeds from sales of property and equipment	0	15
Net cash used in investing activities	(3,820)	(96)
Cash flows from financing activities
Repayments of long-term debt	(33,639)	(5,712)
Issuance of common stock in connection with the Merger	26,290	0
Payment of costs directly attributable to the Merger	(2,061)	0
Proceeds from exercise of common stock options	1,460	19
Proceeds from issuance of common stock upon exercise of warrants	12,992	0
Net cash provided by financing activities	181,493	(5,693)
Net increase (decrease) in cash, cash equivalents, and restricted cash	126,777	(31,009)
Cash, cash equivalents, and restricted cash at beginning of period	59,343	37,195
Cash, cash equivalents, and restricted cash at end of period	186,120	6,186
Supplemental disclosure of cash flow information
Interest	957	2,314
Taxes	6	8
Supplemental non-cash investing and financing activities
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	1,632	345
Property and equipment obtained for deposits paid in 2025	1,457	0
Issuance of redeemable convertible preferred stock upon exercise of warrants	6,859	0
Conversion of Pre-PIPE Bridge and Pre-Funded PIPE Notes to Series A Preferred Stock	116,931	0
Issuance of Series A Preferred Stock in exchange for 2024 LSA Amendment Warrants	3,745	0
Costs directly attributable to the Merger paid in 2025	2,714	0
Conversion of Series A Preferred Stock to common stock	26,090	0
Series A Preferred Stock dividends and accretion	9,641	0
Series A Preferred Stock deemed dividend on down round	60,848	0
PIPE Warrants
Cash flows from financing activities
Proceeds from issuance in connection with PIPE	48,195	0
Series A Preferred Stock
Cash flows from financing activities
Proceeds from issuance in connection with PIPE	71,805	0
Common Stock
Cash flows from financing activities
Proceeds from issuance in connection with PIPE	52,334	0
May 2026 PIPE Warrants
Cash flows from financing activities
Proceeds from issuance in connection with PIPE	27,680	0
Series A Preferred Stock
Cash flows from financing activities
Payments of transaction costs	(10,482)	0
Common Stock
Cash flows from financing activities
Payments of transaction costs	(8,528)	0
May 2026 PIPE Warrants
Cash flows from financing activities
Payment of transaction costs related to May 2026 PIPE	$ (4,553)	$ 0

Segment and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Significant Segment Expenses

The following table presents the significant segment expenses, which were regularly provided to the CODM:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue	$	2,194	$	3,107	$	3,195	$	3,975
Significant segment expenses:
Personnel	(16,810)		(7,327)		(27,627)		(14,327)
Travel and entertainment	(1,171)		(583)		(2,040)		(1,130)
Consulting and professional services	(11,417)		(3,960)		(26,934)		(7,118)
Aircraft expense	(1,436)		(707)		(2,332)		(1,047)
Software	(1,868)		(636)		(2,778)		(1,170)
Facilities	(1,074)		(323)		(1,595)		(795)
Other expenses	(1,976)		(345)		(3,626)		(1,009)
Depreciation	(712)		(390)		(1,129)		(770)
Contract loss provision	(155)		—		—		—
Benefit from contract loss provision	738		156		4,018		828
Benefit from research and development agreement	150		—		300		150
Total significant segment expenses	(35,731)		(14,115)		(63,743)		(26,388)
Other segment expenses:
Interest income	1,447		131		1,964		432
Interest expense	—		(1,342)		(9)		(2,957)
Other expense	(68)		(151)		(196)		(211)
Change in fair value of warrant liabilities	(26,144)		(3,925)		410		(3,879)
Change in fair value of convertible promissory notes	—		—		(87,824)		—
Change in fair value of long-term debt	—		—		(2,470)		—
Total other segment expenses	(24,765)		(5,287)		(88,125)		(6,615)
Loss before provision for income taxes	(58,302)		(16,295)		(148,673)		(29,028)
Provision for income taxes	125		1		173		1
Net loss	$	(58,427)	$	(16,296)	$	(148,846)	$	(29,029)

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Long-Lived Asset

Property and equipment, net and operating lease right-of-use assets, net by geographic area were as follows:


	As of:
	June 30, 2026		December 31, 2025
United States	$	8,471	$	4,541
New Zealand	4,813		3,546
Total	$	13,284	$	8,087

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Fair Value Measurements - 2024 LSA Loans Unobservable Inputs Reconciliation Rollforward (Details) - 2024 LSA Loans $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	$ 31,382
Contractual repayments of principal	(4,562)
Change in fair value of convertible promissory notes	1,514
Extinguishment of 2024 LSA Loans	(28,334)
Fair value, ending balance	$ 0

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash at the end of each respective period as shown in the Company’s condensed consolidated balance sheets:


	As of June 30,		As of December 31,
	2026		2025
Cash and cash equivalents	$	183,550	$	59,343
Restricted cash	2,570		—
Total Cash, cash equivalents, and restricted cash	$	186,120	$	59,343

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash at the end of each respective period as shown in the Company’s condensed consolidated balance sheets:


	As of June 30,		As of December 31,
	2026		2025
Cash and cash equivalents	$	183,550	$	59,343
Restricted cash	2,570		—
Total Cash, cash equivalents, and restricted cash	$	186,120	$	59,343

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Money market mutual funds	$ 177,456	$ 56,695
Total Assets	177,456	56,695
Liabilities:
Convertible promissory notes		29,107
Warrants outstanding	130,137	76,766
Total Liabilities	130,137	137,255
2024 LSA Loans, current portion
Liabilities:
2024 LSA Loans		19,175
2024 LSA Loans, non-current portion
Liabilities:
2024 LSA Loans		12,207
Level 1
Assets:
Money market mutual funds	177,456	56,695
Total Assets	177,456	56,695
Liabilities:
Convertible promissory notes		0
Warrants outstanding	0	0
Total Liabilities	0	0
Level 1 \| 2024 LSA Loans, current portion
Liabilities:
2024 LSA Loans		0
Level 1 \| 2024 LSA Loans, non-current portion
Liabilities:
2024 LSA Loans		0
Level 2
Assets:
Money market mutual funds	0	0
Total Assets	0	0
Liabilities:
Convertible promissory notes		0
Warrants outstanding	0	0
Total Liabilities	0	0
Level 2 \| 2024 LSA Loans, current portion
Liabilities:
2024 LSA Loans		0
Level 2 \| 2024 LSA Loans, non-current portion
Liabilities:
2024 LSA Loans		0
Level 3
Assets:
Money market mutual funds	0	0
Total Assets	0	0
Liabilities:
Convertible promissory notes		29,107
Warrants outstanding	130,137	76,766
Total Liabilities	$ 130,137	137,255
Level 3 \| 2024 LSA Loans, current portion
Liabilities:
2024 LSA Loans		19,175
Level 3 \| 2024 LSA Loans, non-current portion
Liabilities:
2024 LSA Loans		$ 12,207

Warrants

6 Months Ended

Jun. 30, 2026

Warrants and Rights Note Disclosure [Abstract]

Warrants

9. Warrants

The warrants issued in connection with the 2019 loan and security agreement (the "2019 LSA Warrants"), the 2021 LSA Warrants, and the 2024 LSA Warrants were determined to meet the criteria for liability classification pursuant to ASC 480 because the underlying warrant shares, the Company's redeemable convertible preferred stock, were redeemable outside the control of the Company and were accordingly classified as mezzanine equity. The 2019 LSA Warrants, 2021 LSA Warrants, and 2024 LSA Warrants were therefore required to be initially and subsequently measured at fair value with changes in fair value presented in the condensed consolidated statements of operations. In August 2025, in accordance with their terms, the holder of the 2024 LSA Warrants elected to exchange all of the 2024 LSA Warrants for Pre-PIPE Bridge Notes and accompanying Pre-PIPE Bridge Warrants. Therefore, none of the 2024 LSA Warrants were issued and outstanding immediately prior to the consummation of the Merger.

The 2024 LSA Amendment Warrants were determined to meet the criteria for liability classification pursuant to ASC 480 as the terms permitted the holder to exchange the 2024 LSA Amendment Warrants for instruments issued in any bridge

financing occurring after their issuance date, which included the issuance of convertible debt instruments. The 2024 LSA Amendment Warrants were therefore required to be initially and subsequently measured at fair value with changes in fair value presented in the condensed consolidated statements of operations.

The Pre-PIPE Bridge Warrants and Pre-Funded PIPE Warrants were determined to meet the criteria for liability classification pursuant to ASC 815 because certain settlement adjustments prevented them from meeting the fixed-for-fixed equity classification criteria. The Pre-PIPE Bridge Warrants and Pre-Funded PIPE Warrants were therefore required to be initially and subsequently measured at fair value with changes in fair value presented in the condensed consolidated statements of operations.

Pursuant to the terms of the Business Combination Agreement and immediately prior to the Merger, the 2019 LSA Warrants and 2021 LSA Warrants were automatically exercised on a cashless basis pursuant to their applicable terms for shares of the Company's Series Seed Prime redeemable convertible preferred stock and Series B Prime redeemable convertible preferred stock, respectively. In accordance with the terms thereof, the 2024 LSA Amendment Warrants were not exercised prior to the Merger and were exchanged for shares of Series A Preferred Stock and PIPE Warrants in connection with the Merger.

Pursuant to the terms of the Business Combination Agreement and the applicable terms thereof, the Pre-PIPE Bridge Warrants and the Pre-Funded PIPE Warrants were converted into PIPE Warrants to purchase shares of the Company's common stock in connection with the Merger. Additionally, PIPE Warrants were issued for cash in connection with the Closing PIPE.

The PIPE Warrants and the May 2026 PIPE Warrants were determined to meet the criteria for liability classification pursuant to ASC 815 because certain settlement adjustments prevent them from meeting the fixed-for-fixed equity classification criteria. The PIPE Warrants and the May 2026 PIPE Warrants are therefore required to be initially and subsequently measured at fair value with changes in fair value presented in the condensed consolidated statements of operations.

The following table summarizes the warrants to purchase common stock as of June 30, 2026:

Shares Underlying Warrants

Class of Underlying Warrant Shares

Exercise Price Per Share

Expiration Date

PIPE Warrants(1)(2)

36,116,246

Common Stock

6.67

March 31, 2031

May 2026 PIPE Warrants(1)

4,000,000

Common Stock

6.67

May 1, 2031

(2) In connection with the May 2026 PIPE, a down round feature of the PIPE Warrants was triggered, reducing the per share strike price from $12.00 to $6.67.

During the three months ended June 30, 2026 and 2025, the Company recorded a loss on the change in fair value of warrant liabilities of $26,144 and $3,925, respectively. During the six months ended June 30, 2026 and 2025, the Company recorded a gain of $410 and a loss of $3,879 on the change in fair value of warrant liabilities, respectively. Refer to Note 5. Fair Value Measurements for further information.

Segment and Geographic Information - Schedule of Significant Segment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Revenue	$ 2,194		$ 3,107		$ 3,195	$ 3,975
Depreciation	(712)		(390)		(1,129)	(770)
Contract loss provision					(155)	0
Interest income	1,447		131		1,964	432
Interest expense	0		(1,342)		(9)	(2,957)
Other expense	(68)		(151)		(196)	(211)
Change in fair value of warrant liabilities	(26,144)		(3,925)		410	(3,879)
Change in fair value of convertible promissory notes	0		0		(87,824)	0
Change in fair value of long-term debt	0		0		(2,470)	0
Total other expense	(24,765)		(5,287)		(88,125)	(6,615)
Loss before provision for income taxes	(58,302)		(16,295)		(148,673)	(29,028)
Provision for income taxes	125		1		173	1
Net loss	(58,427)	$ (90,419)	(16,296)	$ (12,733)	(148,846)	(29,029)
Reportable Segment
Segment Reporting [Line Items]
Revenue	2,194		3,107		3,195	3,975
Personnel	(16,810)		(7,327)		(27,627)	(14,327)
Travel and entertainment	(1,171)		(583)		(2,040)	(1,130)
Consulting and professional services	(11,417)		(3,960)		(26,934)	(7,118)
Aircraft expense	(1,436)		(707)		(2,332)	(1,047)
Software	(1,868)		(636)		(2,778)	(1,170)
Facilities	(1,074)		(323)		(1,595)	(795)
Other expenses	(1,976)		(345)		(3,626)	(1,009)
Depreciation	(712)		(390)		(1,129)	(770)
Contract loss provision	(155)		0		0	0
Benefit from contract loss provision	738		156		4,018	828
Benefit from research and development agreement	150		0		300	150
Total operating expenses	(35,731)		(14,115)		(63,743)	(26,388)
Interest income	1,447		131		1,964	432
Interest expense	0		(1,342)		(9)	(2,957)
Other expense	(68)		(151)		(196)	(211)
Change in fair value of warrant liabilities	(26,144)		(3,925)		410	(3,879)
Change in fair value of convertible promissory notes	0		0		(87,824)	0
Change in fair value of long-term debt	0		0		(2,470)	0
Total other expense	(24,765)		(5,287)		(88,125)	(6,615)
Loss before provision for income taxes	(58,302)		(16,295)		(148,673)	(29,028)
Provision for income taxes	125		1		173	1
Net loss	$ (58,427)		$ (16,296)		$ (148,846)	$ (29,029)

Property and Equipment, net (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


	As of:
	June 30, 2026		December 31, 2025
Aircraft equipment	$	7,798	$	6,166
Aircraft	7,863		4,728
Computer equipment	578		528
Leasehold improvements	878		425
Office furniture & equipment	349		349
Motor vehicles	90		85
Total property and equipment	17,556		12,281
Less: Accumulated depreciation	6,330		5,173
Total property and equipment, net	$	11,226	$	7,108

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes The Company recorded a provision for income taxes of $125 and $1 for the three months ended June 30, 2026 and 2025, respectively, yielding effective tax rates of (0.21)% and (0.01)%, respectively. The Company recorded a provision for income taxes of $173 and $1 for the six months ended June 30, 2026 and 2025, respectively, yielding effective tax rates of (0.12)% and —%, respectively. The Company is subject to income tax in the U.S. as well as other tax jurisdictions in which it conducts business. The Company's effective tax rates for the six months ended June 30, 2026 and 2025 differs from the U.S. statutory rate primarily due to the effect of the valuation allowance recorded against the Company's net operating losses. As of June 30, 2026 and December 31, 2025, the Company had not recognized any liabilities for uncertain tax positions in its unaudited condensed consolidated financial statements. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Property and Equipment, net

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization [Abstract]

Property and Equipment, net

6. Property and Equipment, net

Property and equipment, net consisted of the following:


	As of:
	June 30, 2026		December 31, 2025
Aircraft equipment	$	7,798	$	6,166
Aircraft	7,863		4,728
Computer equipment	578		528
Leasehold improvements	878		425
Office furniture & equipment	349		349
Motor vehicles	90		85
Total property and equipment	17,556		12,281
Less: Accumulated depreciation	6,330		5,173
Total property and equipment, net	$	11,226	$	7,108

Depreciation expense for the three months ended June 30, 2026 and 2025 amounted to $712 and $390, respectively. Depreciation expense for the six months ended June 30, 2026 and 2025 amounted to $1,129 and $770, respectively.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482130/360-10-45-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.CC)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480091/360-10-S99-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

Fair Value Measurements - Narrative (Details)	Mar. 16, 2026	Dec. 31, 2025
Probability-Weighted Expected Return Rate
Fair Value Measurements [Line Items]
Warrants and rights outstanding, measurement input	1	0.85

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases - Schedule of Future Minimum Operating Lease Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 23, 2026	Dec. 31, 2025
Leases [Abstract]
2026	$ 694
2027	1,095
2028	460
2029	78
2030	78
Thereafter	170
Total future minimum lease payments	2,575
Less present value discount	385
Present value of lease liabilities	2,190	$ 1,632
Less current portion	940		$ 657
Long-term portion	$ 1,250		$ 331

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parentheticals) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Statement [Line Items]

Long-term debt, current portion, net fair value

$ 19,175

Long-term debt, current maturities, net amortized cost

Long-term debt, non-current portion, net fair value

12,207

Long-term debt, non-current portion, net amortized cost

$ 577

Common stock, par value (in dollars per share)

$ 0.0001

Common stock, shares authorized (in shares)

800,000,000

138,655,675

Common stock, shares issued (in shares)

100,592,160

69,663,395

Common stock, shares outstanding (in shares)

100,592,160

69,663,395

Series A Preferred Stock

Statement [Line Items]

Temporary equity, par value (in dollars per share)

$ 0.0001

Temporary equity, shares authorized (in shares)

50,000,000

Temporary equity, shares outstanding (in shares)

18,649,567

^[1]

Temporary equity, shares issued (in shares)

18,649,567

[1]	The shares of the Company's common stock and mezzanine equity have been retrospectively recast to reflect the change in the capital structure as a result of the Merger as described in Note 3. Reverse Recapitalization.

Reverse Recapitalization - Schedule of Merger Proceeds (Details) - USD ($) $ in Thousands	May 01, 2026	Mar. 16, 2026
Reverse Recapitalization [Abstract]
Cash - Closing PIPE	$ 80,000	$ 120,000
Cash - Inflection Point trust account, net		25,864
Cash - Inflection Point operating account		426
Total cash from the Merger		146,290
Transaction expenses		(23,220)
Prepayment of 2024 LSA Loans		(28,334)
Total cash used immediately after the Merger		(51,554)
Net cash to Merlin		$ 94,736

Revenue Recognition from Contracts with Customers - Schedule of Disaggregation of Revenue by Customer Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 2,194	$ 3,107	$ 3,195	$ 3,975
U.S. Government Agencies
Disaggregation of Revenue [Line Items]
Revenue	2,134	3,074	3,083	3,911
Commercial and non-U.S. government customers
Disaggregation of Revenue [Line Items]
Revenue	$ 60	$ 33	$ 112	$ 64

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The accompanying unaudited condensed consolidated financial statements include the accounts of Merlin, Inc., and its consolidated subsidiaries, Merlin OpCo, MLNL, and MLSC. All intercompany balances and transactions have been eliminated in consolidation.

The unaudited condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited consolidated financial statements of Legacy Merlin as of that date, but does not include all disclosures, including certain notes required by U.S. GAAP on an annual reporting basis. In management's opinion, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the unaudited condensed consolidated balance sheets and statements of operations, mezzanine equity and stockholders' deficit, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period.

As a result of the Merger, prior period share and per share amounts presented in the unaudited condensed consolidated financial statements and these related notes have been retroactively recast in accordance with Accounting Standards Codification ("ASC") 805, Business Combinations.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of Legacy Merlin as of and for the years ended December 31, 2025 and 2024 contained in a Form 8-K dated and filed with the SEC on March 20, 2026.

Risk and Uncertainties

The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP assuming that the Company will continue as a going concern over the next twelve months. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business, including having sufficient liquidity in the future to meet the Company's obligations.

Since its inception, the Company has primarily operated in the pre-commercialization stage and funded historical losses through debt and equity financings. The Company expects to incur additional net losses while it continues to advance its commercialization efforts and pursue profit-generating revenue contracts with customers, namely, the United States ("U.S.") government.

During the three months ended June 30, 2026 and 2025, the Company incurred net losses in the amounts of $58,427 and $16,296, respectively. During the six months ended June 30, 2026 and 2025, the Company incurred net losses in the amounts of $148,846 and $29,029, respectively, and generated negative cash flows from operations in the amounts of $50,896 and $25,220, respectively. Additionally, as of June 30, 2026, the Company has an accumulated deficit in the amount of $699,899 and cash and cash equivalents of $183,550.

On March 16, 2026, the Company completed its planned Merger (refer to Note 3. Reverse Recapitalization). In connection with the Merger, the Company issued preferred stock and equity-linked instruments in an additional private investment in public equity ("PIPE") transaction for $120,000 in gross proceeds and the Company's outstanding convertible promissory notes converted into preferred stock and warrants to purchase common stock of the Company (refer to Note 8. Debt and Note 9. Warrants).

On May 1, 2026, the Company issued 8,000,000 shares of common stock and warrants to purchase 4,000,000 shares of common stock in a PIPE transaction (the "May 2026 PIPE") for $80,000 in gross proceeds (refer to Note 9. Warrants). The warrants issued in connection with the May 2026 PIPE are hereinafter referred to as the "May 2026 PIPE Warrants."

Based on the Company’s liquidity position as of August 13, 2026, the Company's net cash proceeds and debt conversion from the Merger, the Company's proceeds from the May 2026 PIPE, the Company’s current forecast of operating results and cash flows, and the Company's outstanding obligations, the Company determined that its financial condition is sufficient to fund its planned operations, commitments, and contractual obligations for a period of at least one year following the date that these condensed consolidated financial statements are issued.

Emerging Growth Company Status

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Use of Estimates

The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, and the reported amounts of revenue and expenses during the reporting periods.

Estimates and judgments are based on historical experience, forecasted events, and various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could be material to the Company’s consolidated financial position and results of operations.

Segments

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker ("CODM") in deciding how to allocate resources and in assessing performance. The Company's CODM, who is the Chief Executive Officer, reviews financial information on a consolidated basis to make operating decisions, assess performance, and make resource allocation decisions, leading to decisions related to resource allocations in relation to profit and loss. Accordingly, the Company has determined that it has one reportable segment.

Significant Accounting Policies

The Company’s significant accounting policies are described in the Company’s consolidated financial statements for the years ended December 31, 2025 and 2024 filed with the Company's Current Report on Form 8-K filed March 20, 2026. There have been no significant changes to these policies that have had a material impact on the Company’s condensed consolidated financial statements and related notes for the six months ended June 30, 2026.

Restricted Cash

Restricted cash consists of deposits held at financial institutions that are used to collateralize irrevocable letters of credit required under the Company’s lease agreements. Restricted cash that is expected to be used within one year of the balance sheet date is classified as a current asset, whereas restricted cash expected to be used more than one year from the balance sheet date is classified as a non-current asset. As of June 30, 2026, all restricted cash is non-current.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash at the end of each respective period as shown in the Company’s condensed consolidated balance sheets:


	As of June 30,		As of December 31,
	2026		2025
Cash and cash equivalents	$	183,550	$	59,343
Restricted cash	2,570		—
Total Cash, cash equivalents, and restricted cash	$	186,120	$	59,343

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with accredited financial institutions in amounts which at times exceed federally insured limits. The Company monitors the credit standing of such financial institutions in order to limit credit risk. The Company has not experienced any losses on its cash and cash equivalents and believes it is not exposed to any significant losses due to credit risk on cash and cash equivalents.

During the three months ended June 30, 2026 and 2025, the Company generated $2,194 and $3,107, respectively, in revenue and $3,195 and $3,975 during the six months ended June 30, 2026 and 2025, respectively, with a significant amount (> 90%) of this revenue coming from the U.S. government (refer to Note 4. Revenue Recognition from Contracts with Customers for further information). As of June 30, 2026 and December 31, 2025, accounts receivable from the U.S. government totaled $1,730 and $368, respectively.

Impairment of Long-Lived Assets

All long-lived assets are reviewed by the Company for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company measures recoverability of assets to be held and used by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. As of June 30, 2026 and December 31, 2025, the Company determined that there have been no significant events or changes in circumstances that would cause the impairment of any of the Company's long-lived assets.

Convertible Debt

The Company has elected to apply the fair value method of accounting in accordance with ASC 825, Financial Instruments ("ASC 825"), for certain of its convertible debt instruments. The Company records convertible debt accounted for under the fair value option at fair value upon the date of issuance and subsequently remeasures such instruments to fair value on each balance sheet date thereafter. The change in fair value of convertible debt accounted for at fair value, together with interest accrued thereon, is recorded in change in fair value of convertible promissory notes in the condensed consolidated statements of operations.

For convertible debt instruments not accounted for under the fair value method of accounting, the Company first assesses the balance sheet classification of its convertible debt instruments to determine whether the instrument should be classified as a liability under ASC 480, Distinguishing Liabilities from Equity ("ASC 480"). If convertible debt is not classified as a liability under ASC 480, the Company accounts for convertible debt in accordance with ASC 470-20, Debt with Conversion and Other Options, and ASC 815, Derivatives and Hedging ("ASC 815"). Upon issuance, the Company evaluates whether the embedded conversion feature, as well as other identified embedded derivatives, should be bifurcated and accounted for as a derivative at fair value under ASC 815, and if not, whether any substantial premium must be recognized in additional paid-in capital. Any embedded derivatives that meet the criteria for bifurcation and separate accounting are accounted for as a compound derivative recorded at fair value on the date of issuance and on each balance sheet date thereafter, with changes in fair value recorded in the condensed consolidated statements of operations.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance included in ASC 480 and ASC 815. The assessment considers whether the warrants are freestanding financial instruments (if they were issued with another instrument) pursuant to ASC 480, whether the warrants meet the definition of a liability pursuant to ASC 480, and if not, whether the warrants meet the requirements for equity classification under ASC 815. This assessment requires the use of professional judgment and is conducted at issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

Warrants that meet all of the criteria for equity classification are recorded at fair value as a component of additional paid-in capital at the time of issuance and are not subsequently remeasured. Warrants that do not meet all the criteria for equity classification are recorded at fair value on the date of issuance and on each balance sheet date thereafter as a component of warrant liabilities in the Company's condensed consolidated balance sheets. Changes in the estimated fair value of the warrants are non-cash gains or losses recognized in change in fair value of warrant liabilities in the condensed consolidated statements of operations.

Preferred Stock

The Company evaluates its preferred stock under the classification guidance of ASC 480. The Company’s preferred stock does not require liability classification under ASC 480 and is classified in mezzanine equity as it may be subject to redemption upon the occurrence of an event that is not solely within the control of the Company. Upon issuance, the Company evaluates whether identified embedded derivatives should be bifurcated and accounted for as a derivative at fair value under ASC 815. Preferred stock classified in mezzanine equity is initially recognized at the proceeds received, net of issuance costs and the fair value of any bifurcated derivatives. Any embedded derivatives that meet the criteria for bifurcation and separate accounting are accounted for as a compound derivative recorded at fair value on the date of issuance and on each balance sheet date thereafter, with changes in fair value recorded in the condensed consolidated statements of operations. For preferred stock recognized in mezzanine equity that is probable of becoming redeemable, the Company accretes changes in the redemption amount from the date of issuance to the earliest redemption date using the effective interest method.

Research and Development Costs

The Company enters into research and development agreements with third-parties where the Company is paid for research and development activities. The amounts received under these agreements are recorded as a reduction to research and development expense in the condensed consolidated statements of operations. The Company recorded $150 and $— as a reduction to research and development expense during the three months ended June 30, 2026 and 2025, respectively, and $300 and $150 during the six months ended June 30, 2026 and 2025, respectively.

Advertising Costs

The Company expenses advertising costs as incurred. During the three months ended June 30, 2026 and 2025, the Company incurred advertising expense in the amounts of $618 and $226, respectively. During the six months ended June 30, 2026 and 2025, the Company incurred advertising expense in the amounts of $1,172 and $498, respectively.

Capitalized Transaction Costs

Capitalized transaction costs primarily consist of legal and accounting costs incurred that were direct and incremental to the Merger. During the six months ended June 30, 2026, the Company capitalized $2,061 of transaction costs in capitalized transaction costs on the condensed consolidated balance sheets. Upon the completion of the Merger, capitalized transaction costs were netted against the proceeds from the Merger and recorded as an offset to stockholders' deficit.

Net Loss per Share

The Company calculates basic and diluted net loss per share using the two-class method. Under the two-class method, earnings are allocated to common stock and participating securities according to their participation rights in dividends and undistributed earnings. The Company's net loss is fully attributable to its common stockholders for the periods presented.

Under the two-class method, basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net loss attributable to common stockholders is determined by adjusting net loss for the Series A Preferred Stock dividends and accretion, as well as any deemed dividends on the Series A Preferred Stock (refer to Note 11. Net Loss Per Share for further information).

Diluted earnings per share attributable to common stockholders adjusts basic loss per share for the potentially dilutive impact of preferred stock, stock options, common stock warrants, preferred stock warrants, and debt conversion features. As the Company has reported losses for all periods presented and all potentially dilutive securities are anti-dilutive, basic net loss per share is equal to diluted net loss per share.

Recently Adopted Accounting Pronouncements

In May 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-03, to improve consistency in determining the accounting acquirer in certain business combinations involving variable interest entities. The amendments are effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods, with early adoption permitted. The Company adopted this standard as of January 1, 2026, and used this new standard when analyzing the Merger.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, which requires disclosure of additional information about specific expense categories in the notes to the consolidated financial statements on an annual and interim basis. The standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027 on either a prospective or retrospective basis, with early adoption permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

In April 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement of Paid-in Kind Dividends on Equity-Classified Preferred Stock, which clarifies the initial measurement of paid-in-kind dividends on equity-classified preferred stock. The standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

Debt - 2021 LSA (Details) - Line of Credit $ in Thousands	1 Months Ended
Debt - 2021 LSA (Details) - Line of Credit $ in Thousands	Sep. 30, 2021 USD ($)
2021 LSA Loan
Debt [Line Items]
Line of credit, maximum borrowing capacity	$ 10,000
Line of credit facility, draw down, number of days after execution	5 days
2021 LSA Loan, First Tranche
Debt [Line Items]
Line of credit, maximum borrowing capacity	$ 3,000
Aggregate principal amount	$ 3,000
Stated interest rate	11.00%
Debt instrument, principal and interest payment, term	36 months
2021 LSA Loan, Second Tranche
Debt [Line Items]
Line of credit, maximum borrowing capacity	$ 1,000
2021 LSA Loan, Reserve
Debt [Line Items]
Line of credit, maximum borrowing capacity	$ 6,000

Debt - Pre-Funded PIPE (Details) - USD ($) $ in Thousands	Nov. 18, 2025	Aug. 13, 2025
Debt [Line Items]
Debt instrument, convertible, threshold maximum amount issued under purchaser right		$ 29,412
Pre-Funded PIPE \| Convertible Debt
Debt [Line Items]
Aggregate principal amount	$ 10,893	64,706
Proceeds from short-term debt	$ 9,259	$ 55,000
Stated interest rate	12.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Reverse Recapitalization - Schedule of Common Stock (Details) - USD ($)
$ in Thousands

2 Months Ended

3 Months Ended

6 Months Ended

Mar. 16, 2026

Mar. 15, 2026

Jun. 30, 2026

Mar. 31, 2026

Jun. 30, 2025

Mar. 31, 2025

Jun. 30, 2026

Jun. 30, 2025

Reverse Recapitalization [Roll Forward]

Shares, beginning balance (in shares)

69,663,395

Beginning balance

$ (73,598)

^[1]

$ (139,113)

$ (73,598)

^[1]

$ (13,116)

$ (906)

^[1]

$ (73,598)

^[1]

$ (906)

^[1]

Exercise of stock options prior to the Merger (in shares)

1,121,023

77,423

Exercise of stock options prior to the Merger

1,234

226

Issuance of stock, conversion of convertible securities

$ 24,482

Issuance of common stock in connection with the Merger to Inflection Point stockholders and rightsholders

17,266

Shares, ending balance (in shares)

100,592,160

Ending balance

$ (99,929)

(139,113)

(28,970)

(13,116)

$ (99,929)

$ (28,970)

Previously Reported

Reverse Recapitalization [Roll Forward]

Beginning balance

(535,561)

(131,522)

(535,561)

(131,522)

Preferred Stock Warrants

Reverse Recapitalization [Roll Forward]

Issuance of stock, conversion of convertible securities

6,859

Common Stock

Reverse Recapitalization [Roll Forward]

Shares, beginning balance (in shares)

22,824,620

Beginning balance

$ 3

$ 7

^[1]

$ 8

$ 7

^[1]

$ 8

^[1]

Exercise of stock options prior to the Merger (in shares)

131,028

702,643

406,385

38,806

38,617

Issuance of redeemable convertible preferred stock and common stock upon exercise of warrants and Conversion of Series A Preferred Stock to common stock (in shares)

1,931,425

Issuance of stock, conversion of convertible securities

$ 1

Application of the exchange ratio to Legacy Merlin stockholders (in shares)

47,966,076

Application of the exchange ratio to Legacy Merlin stockholders

$ 5

Issuance of common stock in connection with the Merger to Inflection Point stockholders and rightsholders (in shares)

13,750,282

Issuance of common stock in connection with the Merger to Inflection Point stockholders and rightsholders

$ 1

Shares, ending balance (in shares)

84,540,978

22,824,620

Ending balance

$ 9

$ 3

$ 8

$ 10

Common Stock | Previously Reported

Reverse Recapitalization [Roll Forward]

Shares, beginning balance (in shares)

5,306,250

Beginning balance

$ 1

Common Stock | Series A Preferred Stock

Reverse Recapitalization [Roll Forward]

Issuance of redeemable convertible preferred stock and common stock upon exercise of warrants and Conversion of Series A Preferred Stock to common stock (in shares)

17,154,902

Issuance of stock, conversion of convertible securities

$ 2

Common Stock | Warrants exercisable for common stock

Reverse Recapitalization [Roll Forward]

Issuance of redeemable convertible preferred stock and common stock upon exercise of warrants and Conversion of Series A Preferred Stock to common stock (in shares)

6,327

19,623

Common Stock | Preferred Stock Warrants

Reverse Recapitalization [Roll Forward]

Issuance of redeemable convertible preferred stock and common stock upon exercise of warrants and Conversion of Series A Preferred Stock to common stock (in shares)

226,113

701,293

Additional Paid-In Capital

Reverse Recapitalization [Roll Forward]

Beginning balance

484,538

$ 477,448

^[1]

502,351

$ 477,448

^[1]

135,141

134,618

^[1]

477,448

^[1]

134,618

^[1]

Exercise of stock options prior to the Merger

226

1,234

226

Issuance of stock, conversion of convertible securities

24,482

Application of the exchange ratio to Legacy Merlin stockholders

(5)

Issuance of common stock in connection with the Merger to Inflection Point stockholders and rightsholders

17,265

Ending balance

$ 501,798

484,538

$ 599,960

502,351

$ 135,583

135,141

599,960

135,583

Additional Paid-In Capital | Previously Reported

Reverse Recapitalization [Roll Forward]

Beginning balance

15,491

$ 4,009

$ 15,491

$ 4,009

Additional Paid-In Capital | Series A Preferred Stock

Reverse Recapitalization [Roll Forward]

Issuance of stock, conversion of convertible securities

461,962

Additional Paid-In Capital | Preferred Stock Warrants

Reverse Recapitalization [Roll Forward]

Issuance of stock, conversion of convertible securities

$ 6,859

[1]	The shares of the Company's common stock and mezzanine equity have been retrospectively recast to reflect the change in the capital structure as a result of the Merger as described in Note 3. Reverse Recapitalization.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Reverse Recapitalization

6 Months Ended

Jun. 30, 2026

Reverse Recapitalization [Abstract]

Reverse Recapitalization

3. Reverse Recapitalization

As discussed in Note 1. Organization and Description of Business, Inflection Point, Merger Sub, and Legacy Merlin entered into the Business Combination Agreement on August 13, 2025. In connection with the entrance into the Business Combination and the anticipated Merger, the following transactions occurred prior to the Closing Date:

•In July and August 2025, Legacy Merlin and certain investors entered into the Pre-PIPE Bridge and Pre-Funded PIPE Agreements, pursuant to which Legacy Merlin issued the investors Pre-PIPE Bridge and Pre-Funded PIPE Notes and Warrants. The Pre-PIPE Bridge and Pre-Funded PIPE Notes and Warrants were funded and issued between July and November 2025. Refer to Note 8. Debt and Note 9. Warrants for further information.

•In November 2025, Inflection Point, Legacy Merlin, and certain investors entered into securities purchase agreements ("Series A SPAs") pursuant to which, on the Closing Date, the Company would issue shares of its 12.0% Series A Cumulative Convertible Preferred Stock ("Series A Preferred Stock") and common stock purchase warrants ("PIPE Warrants") in a private investment in public equity ("PIPE") transaction for aggregate gross proceeds of $120,000 (the "Closing PIPE"). The Closing PIPE was funded, and the Series A Preferred Stock and PIPE Warrants were issued, at the Closing. Refer to Note 9. Warrants and Note 10. Mezzanine Equity and Stockholders' Deficit for further information.

In connection with and in contemplation of the Merger, the following events occurred immediately prior to the Closing:

(1)Each convertible security of Legacy Merlin (other than the Pre-PIPE Bridge Notes and Pre-Funded PIPE Notes) automatically converted into full shares of redeemable convertible preferred stock or common stock, as applicable, of Legacy Merlin;

(2)Each of Legacy Merlin's outstanding and unexercised preferred stock warrant liabilities were automatically exercised on a cashless basis or were exchanged for securities issued in the Closing PIPE, based on the applicable terms thereof (refer to Note 9. Warrants);

(3)After giving effect to the conversions and exercises described at (1) and (2) above, each issued and outstanding share of Legacy Merlin's redeemable convertible preferred stock automatically converted into shares of Legacy Merlin common stock; and

(4)Each of Legacy Merlin's outstanding and unexercised common stock warrants (other than the Pre-PIPE Bridge Warrants and Pre-Funded PIPE Warrants) were automatically exercised on a cashless basis.

At the effective time of the Merger, and pursuant to the terms of the Business Combination Agreement:

(1)Each share of Legacy Merlin common stock held by Legacy Merlin, Merger Sub, or the Company was canceled without consideration exchanged therefor;

(2)Each other issued and outstanding share of Legacy Merlin common stock was canceled and converted into the right to receive shares of the common stock at an exchange ratio of approximately 3.102;

(3)Each option to purchase equity securities of Legacy Merlin was converted into an option to acquire common stock at an exchange ratio of approximately 3.102;

(4)Each Pre-PIPE Bridge Note and Pre-Funded PIPE Note was converted into shares of Series A Preferred Stock, par value $0.0001 per share; and

(5)Each Pre-PIPE Bridge Warrant and Pre-Funded PIPE Warrant was converted into a PIPE Warrant.

The following table summarizes the net proceeds from the Merger:


Sources	Amount
Cash - Closing PIPE	$	120,000
Cash - Inflection Point trust account, net	25,864
Cash - Inflection Point operating account	426
Total cash from the Merger	$	146,290


Uses	Amount
Transaction expenses	$	(23,220)
Prepayment of 2024 LSA Loans	(28,334)
Total cash used immediately after the Merger	$	(51,554)

Net cash to Merlin	$	94,736

The following table summarizes the impact of the Merger on the Company's common stock:


	Common Stock
	Number of Shares	Amount		Additional Paid-In Capital
Balances as of December 31, 2025	5,306,250	$	1	$	15,491
Exercise of stock options prior to the Merger	131,028	—		226
Issuance of common stock upon exercise of warrants	6,327	—		—
Issuance of redeemable convertible preferred stock upon exercise of warrants	226,113	—		6,859
Conversion of redeemable convertible preferred stock to common stock	17,154,902	2		461,962
Balances immediately prior to the Merger	22,824,620	$	3	$	484,538
Application of the exchange ratio to Legacy Merlin stockholders	47,966,076	5		(5)
Issuance of common stock in connection with the Merger to Inflection Point stockholders and rightsholders	13,750,282	1		17,265
Balances immediately after the Merger	84,540,978	$	9	$	501,798

Property and Equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Schedule of Property and Equipment, Net [Line Items]
Total property and equipment	$ 17,556	$ 12,281
Less: Accumulated depreciation	6,330	5,173
Total property and equipment, net	11,226	7,108
Aircraft equipment
Schedule of Property and Equipment, Net [Line Items]
Total property and equipment	7,798	6,166
Aircraft
Schedule of Property and Equipment, Net [Line Items]
Total property and equipment	7,863	4,728
Computer equipment
Schedule of Property and Equipment, Net [Line Items]
Total property and equipment	578	528
Leasehold improvements
Schedule of Property and Equipment, Net [Line Items]
Total property and equipment	878	425
Office furniture & equipment
Schedule of Property and Equipment, Net [Line Items]
Total property and equipment	349	349
Motor vehicles
Schedule of Property and Equipment, Net [Line Items]
Total property and equipment	$ 90	$ 85

Mezzanine Equity and Stockholders’ Deficit (Tables)

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Temporary Equity


Class of Legacy Merlin Redeemable Convertible Preferred Stock	Number of Shares Issued and Outstanding Before Closing	Exchange Ratio	Common Stock Issued After Conversion
Series Seed redeemable convertible preferred stock	3,293,745	3.102	10,215,578
Series A redeemable convertible preferred stock	7,493,114	3.102	23,239,955
Series A-1 redeemable convertible preferred stock	928,217	3.102	2,878,873
Series B redeemable convertible preferred stock	4,718,309	3.102	14,633,876
Series B-1 redeemable convertible preferred stock	947,631	3.102	2,939,086
Total	17,381,016		53,907,368

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

Stock-Based Compensation - Schedule of Restricted Stock Unit Activity (Details) - RSU - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Number of RSUs
Beginning balance (in shares)	0
Granted (in shares)	4,013,759
Vested (in shares)	(121,989)
Forfeited (in shares)	(25,250)
Ending balance (in shares)	3,866,520
Weighted Average Grant Date Fair Value per Share
Beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	6.75
Vested (in dollars per share)	6.64
Forfeited (in dollars per share)	6.64
Ending balance (in dollars per share)	$ 6.76
Weighted Average Remaining Life (Years), Outstanding	1 year 6 months 7 days
Aggregate Intrinsic Value, Outstanding	$ 22,000	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 2,194	$ 3,107	$ 3,195	$ 3,975
Cost of revenue	2,090	3,066	3,729	3,780
Contract loss adjustments	223	0	(2,229)	0
Gross profit (loss)	(119)	41	1,695	195
Operating expenses:
Research and development	16,387	6,856	30,477	13,534
General and administrative	15,576	3,804	29,668	8,326
Selling and marketing	1,455	389	2,098	748
Total operating expenses	33,418	11,049	62,243	22,608
Loss from operations	(33,537)	(11,008)	(60,548)	(22,413)
Other (expense) income:
Interest income	1,447	131	1,964	432
Interest expense	0	(1,342)	(9)	(2,957)
Other expense	(68)	(151)	(196)	(211)
Change in fair value of warrant liabilities	(26,144)	(3,925)	410	(3,879)
Change in fair value of convertible promissory notes	0	0	(87,824)	0
Change in fair value of long-term debt	0	0	(2,470)	0
Total other expense	(24,765)	(5,287)	(88,125)	(6,615)
Loss before provision for income taxes	(58,302)	(16,295)	(148,673)	(29,028)
Provision for income taxes	125	1	173	1
Net loss	(58,427)	(16,296)	(148,846)	(29,029)
Series A Preferred Stock dividends and accretion	(8,224)	0	(9,641)	0
Series A Preferred Stock deemed dividend on down round	(60,848)	0	(60,848)	0
Net loss attributable to common stockholders	$ (127,499)	$ (16,296)	$ (219,335)	$ (29,029)
Net loss per share:
Basic (in dollars per share)	$ (1.40)	$ (0.23)	$ (2.68)	$ (0.41)
Diluted (in dollars per share)	$ (1.40)	$ (0.23)	$ (2.68)	$ (0.41)
Weighted-average shares outstanding:
Basic (in shares)	91,309,267	70,965,177	81,915,507	70,956,489
Diluted (in shares)	91,309,267	70,965,177	81,915,507	70,956,489

Defined Contribution Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Defined Contribution Plan [Abstract]
Defined contribution plan, employer discretionary contribution amount	$ 12	$ 54	$ 71	$ 107

Defined Contribution Plan	6 Months Ended
Defined Contribution Plan	Jun. 30, 2026
Defined Contribution Plan [Abstract]
Defined Contribution Plan	16. Defined Contribution Plan The Company sponsors a defined contribution plan covering substantially all of its employees who meet certain eligibility requirements. The Company, at the discretion of the Board of Directors, may make contributions to the plan. During the three months ended June 30, 2026 and 2025, the Company made contributions to the plan in the amounts of $12 and $54, respectively. During the six months ended June 30, 2026 and 2025, the Company made contributions to the plan in the amounts of $71 and $107, respectively.

Warrants - Schedule of Warrants to Purchase Common Stock (Details)	6 Months Ended
	Jun. 30, 2026 d $ / shares shares	May 01, 2026 $ / shares shares	Apr. 30, 2026 $ / shares
Schedule of Warrants to Purchase Common Stock [Line Items]
Shares Underlying Warrants (in shares) \| shares		4,000,000
Class of warrant or right, threshold trading days \| d	21,000
Class of warrant or right, threshold exercise price, period	6 months
Class of warrant or right, volume-weighted average price, period	20 days
Class of warrant or right, threshold exercise price (in dollars per share) \| $ / shares	$ 5.00
Total
Schedule of Warrants to Purchase Common Stock [Line Items]
Shares Underlying Warrants (in shares) \| shares	36,116,246
Exercise price (in dollars per share) \| $ / shares	$ 6.67
May 2026 PIPE Warrants
Schedule of Warrants to Purchase Common Stock [Line Items]
Shares Underlying Warrants (in shares) \| shares	4,000,000
Exercise price (in dollars per share) \| $ / shares	$ 6.67	$ 6.67	$ 12.00

Segment and Geographic Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment and Geographic Information

15. Segment and Geographic Information

The Company operates as a single operating and reportable segment. The CODM uses consolidated net loss to evaluate performance, allocate resources, set incentive compensation targets, and plan for future periods. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets.

The following table presents the significant segment expenses, which were regularly provided to the CODM:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue	$	2,194	$	3,107	$	3,195	$	3,975
Significant segment expenses:
Personnel	(16,810)		(7,327)		(27,627)		(14,327)
Travel and entertainment	(1,171)		(583)		(2,040)		(1,130)
Consulting and professional services	(11,417)		(3,960)		(26,934)		(7,118)
Aircraft expense	(1,436)		(707)		(2,332)		(1,047)
Software	(1,868)		(636)		(2,778)		(1,170)
Facilities	(1,074)		(323)		(1,595)		(795)
Other expenses	(1,976)		(345)		(3,626)		(1,009)
Depreciation	(712)		(390)		(1,129)		(770)
Contract loss provision	(155)		—		—		—
Benefit from contract loss provision	738		156		4,018		828
Benefit from research and development agreement	150		—		300		150
Total significant segment expenses	(35,731)		(14,115)		(63,743)		(26,388)
Other segment expenses:
Interest income	1,447		131		1,964		432
Interest expense	—		(1,342)		(9)		(2,957)
Other expense	(68)		(151)		(196)		(211)
Change in fair value of warrant liabilities	(26,144)		(3,925)		410		(3,879)
Change in fair value of convertible promissory notes	—		—		(87,824)		—
Change in fair value of long-term debt	—		—		(2,470)		—
Total other segment expenses	(24,765)		(5,287)		(88,125)		(6,615)
Loss before provision for income taxes	(58,302)		(16,295)		(148,673)		(29,028)
Provision for income taxes	125		1		173		1
Net loss	$	(58,427)	$	(16,296)	$	(148,846)	$	(29,029)

Property and equipment, net and operating lease right-of-use assets, net by geographic area were as follows:


	As of:
	June 30, 2026		December 31, 2025
United States	$	8,471	$	4,541
New Zealand	4,813		3,546
Total	$	13,284	$	8,087

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

+ Details

Organization and Description of Business (Details)	Jun. 30, 2026 subsidiary $ / shares	Mar. 13, 2026 $ / shares	Dec. 31, 2025 $ / shares
Class of Stock [Line Items]
Number of wholly owned subsidiaries \| subsidiary	2
Common stock, par value (in dollars per share)	$ 0.0001		$ 0.0001
Common stock conversion ratio, prior to domestication		1
Common stock conversion ratio, domestication		1
Rights conversion ratio, prior to domestication		0.1
Rights conversion ratio, domestication		0.1
Inflection Point Right
Class of Stock [Line Items]
Unit conversion ratio, prior to domestication		1
Unit conversion ratio, domestication		1
Common Class B \| Inflection Point Acquisition Corp
Class of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.0001
Common Class A
Class of Stock [Line Items]
Unit conversion ratio, prior to domestication		1
Unit conversion ratio, domestication		1
Common Class A \| Inflection Point Acquisition Corp
Class of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.0001

Reverse Recapitalization (Tables)

6 Months Ended

Jun. 30, 2026

Reverse Recapitalization [Abstract]

Schedule of Reverse Recapitalization

The following table summarizes the net proceeds from the Merger:


Sources	Amount
Cash - Closing PIPE	$	120,000
Cash - Inflection Point trust account, net	25,864
Cash - Inflection Point operating account	426
Total cash from the Merger	$	146,290


Uses	Amount
Transaction expenses	$	(23,220)
Prepayment of 2024 LSA Loans	(28,334)
Total cash used immediately after the Merger	$	(51,554)

Net cash to Merlin	$	94,736

The following table summarizes the impact of the Merger on the Company's common stock:


	Common Stock
	Number of Shares	Amount		Additional Paid-In Capital
Balances as of December 31, 2025	5,306,250	$	1	$	15,491
Exercise of stock options prior to the Merger	131,028	—		226
Issuance of common stock upon exercise of warrants	6,327	—		—
Issuance of redeemable convertible preferred stock upon exercise of warrants	226,113	—		6,859
Conversion of redeemable convertible preferred stock to common stock	17,154,902	2		461,962
Balances immediately prior to the Merger	22,824,620	$	3	$	484,538
Application of the exchange ratio to Legacy Merlin stockholders	47,966,076	5		(5)
Issuance of common stock in connection with the Merger to Inflection Point stockholders and rightsholders	13,750,282	1		17,265
Balances immediately after the Merger	84,540,978	$	9	$	501,798

Mezzanine Equity and Stockholders’ Deficit - Narrative (Details)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

May 01, 2026

$ / shares

Mar. 16, 2026

Jun. 30, 2026

USD ($)

vote

$ / shares

Jun. 30, 2025

USD ($)

Jun. 30, 2026

USD ($)

vote

$ / shares

Jun. 30, 2025

USD ($)

Apr. 30, 2026

$ / shares

Mar. 31, 2026

Mar. 15, 2026

Dec. 31, 2025

$ / shares

Class of Stock [Line Items]

Redeemable convertible preferred stock to common stock, conversion ratio

Recapitalization exchange ratio

3.102

Common stock, shares authorized (in shares)

800,000,000

138,655,675

Common stock, par value (in dollars per share) | $ / shares

$ 0.0001

Common stock, vote for each common share | vote

Shares of common stock reserved (in shares)

699,407,840

Issuance of common stock in connection with the Merger (in Shares)

8,000,000

Temporary equity, shares outstanding (in shares)

17,381,016

Temporary equity, down round feature, amount | $

$ 60,848

$ 0

$ 60,848

$ 0

Temporary equity, convertible, threshold exercise price (in dollars per share) | $ / shares

$ 5.00

Series A Preferred Stock

Class of Stock [Line Items]

Temporary equity, shares authorized (in shares)

50,000,000

Temporary equity, par value (in dollars per share) | $ / shares

$ 0.0001

Temporary equity, stated value (in dollars per share) | $ / shares

$ 12.00

Conversion of Pre-PIPE Bridge and Pre-Funded PIPE Notes to Series A Preferred Stock and Conversion of Series A Preferred Stock to common stock (in shares)

3,065,884

Temporary equity, shares outstanding (in shares)

18,649,567

21,711,880

^[1]

Reverse recapitalization, conversion price (in dollars per share) | $ / shares

$ 6.67

$ 12.00

Temporary equity, down round feature, amount | $

$ 60,848

Temporary equity, accretion of changes in redemption amount, period

5 years

Temporary equity, voting rights, remaining outstanding amount of preferred stock issued at closing date, minimum percentage

20.00%

Temporary equity, dividend rate, paid in cash, percentage

10.00%

Temporary equity, dividend rate, paid in-kind, percentage

12.00%

Temporary equity, convertible, threshold trading days | d

Temporary equity, convertible, threshold exercise price, period

6 months

Temporary equity, convertible, volume-weighted average price, period

20 days

Series A Preferred Stock | Prior to First Anniversary

Class of Stock [Line Items]

Temporary equity, call right, redemption price, percentage of accrued value

150.00%

Series A Preferred Stock | On Or After First Anniversary

Class of Stock [Line Items]

Temporary equity, call right, redemption price, percentage of accrued value

140.00%

Series A Preferred Stock | On Or After Second Anniversary

Class of Stock [Line Items]

Temporary equity, call right, redemption price, percentage of accrued value

130.00%

Series A Preferred Stock | On Or After Third Anniversary

Class of Stock [Line Items]

Temporary equity, call right, redemption price, percentage of accrued value

120.00%

Series A Preferred Stock | On Or After Fourth Anniversary

Class of Stock [Line Items]

Temporary equity, call right, redemption price, percentage of accrued value

110.00%

Series A Preferred Stock | On Or After Fifth Anniversary

Class of Stock [Line Items]

Temporary equity, call right, redemption price, percentage of accrued value

100.00%

Common Stock

Class of Stock [Line Items]

Issuance of common stock in connection with the Merger (in Shares)

5,273,120

[1]	The shares of the Company's common stock and mezzanine equity have been retrospectively recast to reflect the change in the capital structure as a result of the Merger as described in Note 3. Reverse Recapitalization.

Segment and Geographic Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The accompanying unaudited condensed consolidated financial statements include the accounts of Merlin, Inc., and its consolidated subsidiaries, Merlin OpCo, MLNL, and MLSC. All intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited consolidated financial statements of Legacy Merlin as of that date, but does not include all disclosures, including certain notes required by U.S. GAAP on an annual reporting basis. In management's opinion, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the unaudited condensed consolidated balance sheets and statements of operations, mezzanine equity and stockholders' deficit, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. As a result of the Merger, prior period share and per share amounts presented in the unaudited condensed consolidated financial statements and these related notes have been retroactively recast in accordance with Accounting Standards Codification ("ASC") 805, Business Combinations.
Consolidation	Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The accompanying unaudited condensed consolidated financial statements include the accounts of Merlin, Inc., and its consolidated subsidiaries, Merlin OpCo, MLNL, and MLSC. All intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited consolidated financial statements of Legacy Merlin as of that date, but does not include all disclosures, including certain notes required by U.S. GAAP on an annual reporting basis. In management's opinion, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the unaudited condensed consolidated balance sheets and statements of operations, mezzanine equity and stockholders' deficit, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. As a result of the Merger, prior period share and per share amounts presented in the unaudited condensed consolidated financial statements and these related notes have been retroactively recast in accordance with Accounting Standards Codification ("ASC") 805, Business Combinations.
Risk and Uncertainties	Risk and Uncertainties The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP assuming that the Company will continue as a going concern over the next twelve months. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business, including having sufficient liquidity in the future to meet the Company's obligations. Since its inception, the Company has primarily operated in the pre-commercialization stage and funded historical losses through debt and equity financings. The Company expects to incur additional net losses while it continues to advance its commercialization efforts and pursue profit-generating revenue contracts with customers, namely, the United States ("U.S.") government.
Emerging Growth Company Status	Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.
Use of Estimates	Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, and the reported amounts of revenue and expenses during the reporting periods. Estimates and judgments are based on historical experience, forecasted events, and various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could be material to the Company’s consolidated financial position and results of operations.
Segments	Segments Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker ("CODM") in deciding how to allocate resources and in assessing performance. The Company's CODM, who is the Chief Executive Officer, reviews financial information on a consolidated basis to make operating decisions, assess performance, and make resource allocation decisions, leading to decisions related to resource allocations in relation to profit and loss. Accordingly, the Company has determined that it has one reportable segment.
Restricted cash	Restricted Cash Restricted cash consists of deposits held at financial institutions that are used to collateralize irrevocable letters of credit required under the Company’s lease agreements. Restricted cash that is expected to be used within one year of the balance sheet date is classified as a current asset, whereas restricted cash expected to be used more than one year from the balance sheet date is classified as a non-current asset. As of June 30, 2026, all restricted cash is non-current.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with accredited financial institutions in amounts which at times exceed federally insured limits. The Company monitors the credit standing of such financial institutions in order to limit credit risk. The Company has not experienced any losses on its cash and cash equivalents and believes it is not exposed to any significant losses due to credit risk on cash and cash equivalents.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets All long-lived assets are reviewed by the Company for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company measures recoverability of assets to be held and used by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. As of June 30, 2026 and December 31, 2025, the Company determined that there have been no significant events or changes in circumstances that would cause the impairment of any of the Company's long-lived assets.
Convertible Debt	Convertible Debt The Company has elected to apply the fair value method of accounting in accordance with ASC 825, Financial Instruments ("ASC 825"), for certain of its convertible debt instruments. The Company records convertible debt accounted for under the fair value option at fair value upon the date of issuance and subsequently remeasures such instruments to fair value on each balance sheet date thereafter. The change in fair value of convertible debt accounted for at fair value, together with interest accrued thereon, is recorded in change in fair value of convertible promissory notes in the condensed consolidated statements of operations. For convertible debt instruments not accounted for under the fair value method of accounting, the Company first assesses the balance sheet classification of its convertible debt instruments to determine whether the instrument should be classified as a liability under ASC 480, Distinguishing Liabilities from Equity ("ASC 480"). If convertible debt is not classified as a liability under ASC 480, the Company accounts for convertible debt in accordance with ASC 470-20, Debt with Conversion and Other Options, and ASC 815, Derivatives and Hedging ("ASC 815"). Upon issuance, the Company evaluates whether the embedded conversion feature, as well as other identified embedded derivatives, should be bifurcated and accounted for as a derivative at fair value under ASC 815, and if not, whether any substantial premium must be recognized in additional paid-in capital. Any embedded derivatives that meet the criteria for bifurcation and separate accounting are accounted for as a compound derivative recorded at fair value on the date of issuance and on each balance sheet date thereafter, with changes in fair value recorded in the condensed consolidated statements of operations.
Warrants	Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance included in ASC 480 and ASC 815. The assessment considers whether the warrants are freestanding financial instruments (if they were issued with another instrument) pursuant to ASC 480, whether the warrants meet the definition of a liability pursuant to ASC 480, and if not, whether the warrants meet the requirements for equity classification under ASC 815. This assessment requires the use of professional judgment and is conducted at issuance and as of each subsequent quarterly period end date while the warrants are outstanding. Warrants that meet all of the criteria for equity classification are recorded at fair value as a component of additional paid-in capital at the time of issuance and are not subsequently remeasured. Warrants that do not meet all the criteria for equity classification are recorded at fair value on the date of issuance and on each balance sheet date thereafter as a component of warrant liabilities in the Company's condensed consolidated balance sheets. Changes in the estimated fair value of the warrants are non-cash gains or losses recognized in change in fair value of warrant liabilities in the condensed consolidated statements of operations.
Preferred Stock	Preferred Stock The Company evaluates its preferred stock under the classification guidance of ASC 480. The Company’s preferred stock does not require liability classification under ASC 480 and is classified in mezzanine equity as it may be subject to redemption upon the occurrence of an event that is not solely within the control of the Company. Upon issuance, the Company evaluates whether identified embedded derivatives should be bifurcated and accounted for as a derivative at fair value under ASC 815. Preferred stock classified in mezzanine equity is initially recognized at the proceeds received, net of issuance costs and the fair value of any bifurcated derivatives. Any embedded derivatives that meet the criteria for bifurcation and separate accounting are accounted for as a compound derivative recorded at fair value on the date of issuance and on each balance sheet date thereafter, with changes in fair value recorded in the condensed consolidated statements of operations. For preferred stock recognized in mezzanine equity that is probable of becoming redeemable, the Company accretes changes in the redemption amount from the date of issuance to the earliest redemption date using the effective interest method.
Research and Development Costs	Research and Development Costs The Company enters into research and development agreements with third-parties where the Company is paid for research and development activities. The amounts received under these agreements are recorded as a reduction to research and development expense in the condensed consolidated statements of operations.
Advertising Costs	Advertising Costs The Company expenses advertising costs as incurred.
Capitalized Transaction Costs	Capitalized Transaction Costs Capitalized transaction costs primarily consist of legal and accounting costs incurred that were direct and incremental to the Merger. During the six months ended June 30, 2026, the Company capitalized $2,061 of transaction costs in capitalized transaction costs on the condensed consolidated balance sheets. Upon the completion of the Merger, capitalized transaction costs were netted against the proceeds from the Merger and recorded as an offset to stockholders' deficit.
Net Loss per Share	Net Loss per Share The Company calculates basic and diluted net loss per share using the two-class method. Under the two-class method, earnings are allocated to common stock and participating securities according to their participation rights in dividends and undistributed earnings. The Company's net loss is fully attributable to its common stockholders for the periods presented. Under the two-class method, basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net loss attributable to common stockholders is determined by adjusting net loss for the Series A Preferred Stock dividends and accretion, as well as any deemed dividends on the Series A Preferred Stock (refer to Note 11. Net Loss Per Share for further information). Diluted earnings per share attributable to common stockholders adjusts basic loss per share for the potentially dilutive impact of preferred stock, stock options, common stock warrants, preferred stock warrants, and debt conversion features. As the Company has reported losses for all periods presented and all potentially dilutive securities are anti-dilutive, basic net loss per share is equal to diluted net loss per share.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In May 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-03, to improve consistency in determining the accounting acquirer in certain business combinations involving variable interest entities. The amendments are effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods, with early adoption permitted. The Company adopted this standard as of January 1, 2026, and used this new standard when analyzing the Merger. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, which requires disclosure of additional information about specific expense categories in the notes to the consolidated financial statements on an annual and interim basis. The standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027 on either a prospective or retrospective basis, with early adoption permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements. In April 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement of Paid-in Kind Dividends on Equity-Classified Preferred Stock, which clarifies the initial measurement of paid-in-kind dividends on equity-classified preferred stock. The standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

Revenue Recognition from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Revenue Recognition from Contracts with Customers [Line Items]
Revenue	$ 2,194		$ 3,107	$ 3,195	$ 3,975
Contract with customer, liability, revenue recognized				0	112
Contract loss provision	155	$ 738		155		$ 4,173	$ 5,166
Contract loss (provision) benefit, net of adjustments	(502)	$ 2,451
Capitalized contract cost, amortization	961		156	1,945	828
New Zealand
Revenue Recognition from Contracts with Customers [Line Items]
Revenue	60		$ 33	112	$ 64
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Revenue Recognition from Contracts with Customers [Line Items]
Remaining performance obligations, amount	$ 593			$ 593
Remaining performance obligation, recognition period	12 months			12 months

Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt

8. Debt

The following table summarizes the Company's outstanding long-term debt as of December 31, 2025:


	As of December 31, 2025
2021 LSA Loan	$	—
2022 PGF Loan	672
2024 LSA Loans	31,383
Total long-term debt	32,055
Less current maturities of long-term debt	19,271
Total long-term debt, net	$	12,784

Following the redemption of the 2022 PGF Loan, the redemption of the 2024 LSA Loans, and the conversions of the Pre-PIPE Bridge and Pre-Funded PIPE Notes in connection with the Merger, the Company did not have any outstanding debt as of June 30, 2026.

2021 LSA

In September 2021, the Company entered into a loan and security agreement with the lender thereto ("2021 LSA") which provided for term loan commitments with a maximum potential borrowing amount of $10,000. The aggregate commitments under the 2021 LSA included (a) a term loan facility in an aggregate principal amount of $3,000 (the "2021 LSA First Tranche"), (b) a delayed draw term loan facility in an aggregate principal amount of $1,000 (the "2021 LSA Second Tranche"), and (c) the lender's commitment to reserve $6,000 for future funding of loans (the "2021 LSA Reserve"). Pursuant to the terms of the 2021 LSA, term loans under 2021 LSA First Tranche were required to be drawn down within five business days following the execution of the 2021 LSA. As a condition precedent to issuing term loans under the 2021 LSA Second Tranche, the Company was required to achieve certain operational milestones and the 2021 LSA Second Tranche expired unused in March 2022. Further, the Company had no enforceable right to obtain term loans under the 2021 LSA Reserve as any binding commitment thereto was subject to the Company and the lender agreeing to enter into a binding commitment to provide funding following the Company's next equity financing round. No amounts were drawn under the 2021 LSA Reserve. In connection with the execution of the 2021 LSA, the Company issued

warrants to purchase the Company's redeemable convertible preferred stock to the lender thereunder ("2021 LSA Warrants").

In September 2021, the Company entered into a term loan in an aggregate principal amount of $3,000 under the 2021 LSA First Tranche (the "2021 LSA Loan"). The 2021 LSA Loan bore interest at 11% per annum. Pursuant to the terms of the 2021 LSA, the Company was required to make interest-only payments through June 2022, after which the aggregate principal amount of the 2021 LSA Loan was amortized and paid down in equal monthly installments, together with interest thereon, over the following 36 months until the final maturity of the 2021 LSA Loan on July 1, 2025. In July 2025, all outstanding principal, plus accrued interest thereon, was repaid in accordance with the contractual terms of the 2021 LSA.

New Zealand Provincial Growth Fund ("PGF") Loan

In July 2022, MLNL entered into a loan agreement ("2022 PGF Agreement") with the New Zealand Ministry of Business, Innovation and Employment (the "Ministry"), securing a convertible loan commitment in an aggregate principal amount of NZD 1,000 ($660 USD at issuance). Under the 2022 PGF Agreement, MLNL received NZD 1,000 ($660 USD at issuance) in aggregate principal amount of convertible debt, referred to as the "2022 PGF Loan". The 2022 PGF Loan bore interest at a fixed rate of 7.47%. Pursuant to the terms of the 2022 PGF Agreement, interest accrued on the 2022 PGF Loan prior to the third anniversary of its issuance was required to be paid in kind on each anniversary of the issuance date. On each subsequent anniversary date until the maturity date of July 21, 2032, the Company was required to make annual payments comprised of (a) equal amortizing payments of 2022 PGF Loan principal and (b) interest accrued during the anniversary year. All amounts due but not yet paid, including all interest paid in kind, was set to become due and payable on the maturity date.

The Company did not incur any debt issuance costs in connection with the 2022 PGF Agreement. The Company accounted for the 2022 PGF Loan using the effective interest method. The effective interest rate of the 2022 PGF Loan was 7.5%.

On February 24, 2026, and in anticipation of the Merger, the Company exercised its unilateral right to prepay the aggregate outstanding principal amount of the 2022 PGF Loan and all accrued unpaid interest thereon. The redemption price of $782 equaled the current carrying amount associated with the 2022 PGF Loan.

2024 LSA

On February 22, 2024, the Company entered into a loan and security agreement (the "2024 LSA") with the lender party thereto, which provided for delayed-draw term loan commitments in an aggregate principal amount of $35,000. The aggregate commitments under the 2024 LSA included (a) a delayed-draw term loan facility in an aggregate principal amount of $12,500 (the "2024 LSA First Tranche"), (b) a delayed-draw term loan facility in an aggregate principal amount of $12,500 (the "2024 LSA Second Tranche"), and (c) a delayed-draw term loan facility in an aggregate principal amount of $10,000 (the "2024 LSA Third Tranche"). As a condition precedent to issue term loans under the 2024 LSA Third Tranche, the Company achieved certain operational milestones as defined in the 2024 LSA. In connection with the entry into the 2024 LSA, the Company issued warrants to the lender thereunder to purchase the Company's redeemable convertible preferred stock (the "2024 LSA Warrants").

On May 28, 2024, August 30, 2024, and October 23, 2024, the Company entered into term loans under the 2024 LSA First, Second, and Third Tranches, in aggregate principal amounts of $12,500, $12,500, and $10,000, respectively (collectively, the "2024 LSA Loans"). The 2024 LSA Loans accrued interest at a fixed rate per annum, compounded monthly, equal to the Prime Rate as of the issuance date of each loan plus 5.0%. In addition to the fixed cash interest, the outstanding principal balance of the 2024 LSA Loans accrued interest paid in kind at 1.5% per annum, compounded monthly. Inclusive of both cash interest and interest paid in kind, the total nominal interest rate of the 2024 LSA Loans issued under the 2024 LSA First, Second, and Third Tranches was 15%.

Prior to the 2024 LSA Amendment (as defined below), the Company was required to make interest-only payments at the cash interest rate through February 2025, after which the aggregate principal amount of the 2024 LSA Loans was to be amortized and paid down in equal monthly installments, together with cash interest thereon, over the following 24 months until final maturity on January 31, 2027. On the maturity date, all unpaid principal of the 2024 LSA Loans, together with cash interest and all interest paid-in kind, was set to become due and payable.

In connection with the 2024 LSA, the Company recorded a debt discount of $622, related to the payment of lender fees and the issuance of preferred stock warrant liabilities, which was amortized to interest expense over the life of the 2024 LSA

Loans using the effective interest method. The effective interest rates of the 2024 LSA Loans for the First, Second, and Third Tranches were 14.5%, 14.7%, and 14.9%, respectively.

On July 1, 2025, the Company and the lender thereunder entered into an amendment to the 2024 LSA (the "2024 LSA Amendment"). Pursuant to the 2024 LSA Amendment, the maturity date of the 2024 LSA Loans was extended to June 1, 2027, with amortizing principal payments beginning on January 1, 2026 and continuing until the final maturity date. No other terms of the 2024 LSA Loans were modified pursuant to the 2024 LSA Amendment. In connection with the 2024 LSA Amendment and to induce the lender to enter into such amendment, the Company issued warrants to purchase the Company's redeemable convertible preferred stock with a fair value of $759 (the "2024 LSA Amendment Warrants").

The 2024 LSA Amendment was accounted for as an extinguishment under ASC 470-50, Modifications and Extinguishments. In accordance with ASC 825 and following the 2024 LSA Amendment, the Company elected to account for the 2024 LSA Loans under the fair value option. The Company elected to record the 2024 LSA Loans under the fair value option to simplify the ongoing recordkeeping. Prior to the repayment of the 2024 LSA Loans as described below, the lender retained the right to convert up to $5,000 of the outstanding loan balance into shares of the Company's Series B Prime redeemable convertible preferred stock at any time through June 30, 2027 (the "2024 LSA Conversion Feature").

On the Closing Date and using proceeds generated by the Merger, the Company exercised its unilateral right to prepay the 2024 LSA Loans in full at a contractual redemption price of $28,334 which included the aggregate outstanding principal amount, accrued unpaid interest, and make-whole premiums. The fair value of the 2024 LSA Loans as of the redemption date was $28,334.

Pre-PIPE Bridge

On July 2, 2025, the Company entered into a convertible note purchase agreement (the “Pre-PIPE Bridge Agreement”) with the purchasers party thereto, pursuant to which the Company could issue up to $23,445 in aggregate principal amount of unsecured convertible promissory notes (the “Pre-PIPE Bridge Notes”). Additionally, pursuant to the Pre-PIPE Bridge Agreement, the Company issued common stock warrants (the "Pre-PIPE Bridge Warrants") to the purchasers thereto and, accordingly, the proceeds received in connection with each issuance were allocated between the Pre-PIPE Bridge Notes and Pre-PIPE Bridge Warrants (refer to Note 9. Warrants).

The Company entered into a series of Pre-PIPE Bridge Notes in an aggregate principal amount of $23,445 between July and August 2025. The Company accounted for the Pre-PIPE Bridge Notes under the fair value option and, accordingly, all issuance costs incurred in connection with the entry into the Pre-PIPE Bridge Agreement and the issuance of the Pre-PIPE Bridge Notes thereunder were expensed as incurred. The Company elected to record the Pre-PIPE Bridge Notes under the fair value option based on the short-term maturity of the Pre-PIPE Bridge Notes.

Prior to the Pre-PIPE Bridge Amendment (as defined below), the Pre-PIPE Bridge Notes accrued interest at a fixed rate of 12.0% per annum, compounded annually. All principal and accrued interest thereon was set to become due and payable upon demand by the purchasers thereof on or after July 2, 2026, unless earlier converted or repaid.

On August 13, 2025, and in connection with the Pre-Funded PIPE transaction (as defined below), the Company and the holders of the Pre-PIPE Bridge Notes amended the terms of the Pre-PIPE Bridge Notes to more closely align with those of the Pre-Funded PIPE Notes ("Pre-PIPE Bridge Amendment"). Because the Pre-PIPE Bridge Notes were accounted for under the fair value option, all amendment costs were expensed as incurred.

Following the Pre-PIPE Bridge Amendment, the Pre-PIPE Bridge Notes accrued interest at 12.0% per annum, compounded semi-annually, until the principal amount of the Pre-PIPE Bridge Notes and all interest accrued thereon were repaid or converted. The Pre-PIPE Bridge Amendment did not change the maturity date of the Pre-PIPE Bridge Notes.

Pursuant to the Pre-PIPE Bridge Amendment and the terms of the Business Combination Agreement, in connection with the Closing of the Merger, the unpaid principal amount of Pre-PIPE Bridge Notes, together with accrued unpaid interest thereon, automatically converted into shares of Series A Preferred Stock. Refer to Note 3. Reverse Recapitalization for further information.

Pre-Funded PIPE

On August 13, 2025, the Company entered into a securities purchase agreement (“Pre-Funded PIPE Agreement”) with the purchasers party thereto, pursuant to which the Company agreed to sell, and the purchasers agreed to purchase, unsecured convertible promissory notes and common stock warrants.

Pursuant to the Pre-Funded PIPE Agreement, the Company issued $64,706 in aggregate principal amount of unsecured convertible promissory notes (the "Pre-Funded PIPE Notes") and common stock warrants (the "Pre-Funded PIPE Warrants") for total proceeds of $55,000, which were allocated between the Pre-Funded PIPE Notes and the Pre-Funded PIPE Warrants. The Company accounted for the Pre-Funded PIPE Notes under the fair value option and, accordingly, all issuance costs incurred in connection with the entry into the Pre-Funded PIPE Agreement and the issuance of the Pre-Funded PIPE Notes thereunder were expensed as incurred. The Company elected to record the Pre-Funded PIPE Notes under the fair value option based on the short-term maturity of the Pre-Funded PIPE Notes.

Additionally, the Pre-Funded PIPE Agreement contained a provision that gave a purchaser thereunder, who was an affiliate of Inflection Point, the right ("Purchaser Right") to require the Company to issue and sell up to $29,412 in aggregate principal amount of additional Pre-Funded PIPE Notes and accompanying Pre-Funded PIPE Warrants ("Purchaser Right Notes"). The Purchaser Right was exercisable at any time prior to December 31, 2025, so long as the BCA was not terminated, and expired unexercised on December 31, 2025. The Purchaser Right was a written call option accounted for initially and subsequently at fair value, with changes in fair value recognized in the condensed consolidated statements of operations. The Purchaser Right had a de minimis fair value as of the execution of the Pre-Funded PIPE Agreement and at its expiration on December 31, 2025.

On November 17, 2025, the Pre-Funded PIPE Agreement was amended to permit the issuance of incremental Pre-Funded PIPE Notes and Pre-Funded PIPE Warrants under the original terms of the Pre-Funded PIPE Agreement (the "Pre-Funded PIPE Amendment"). No terms of the issued and outstanding Pre-Funded PIPE Notes and Pre-Funded PIPE Warrants were modified in connection with the Pre-Funded PIPE Amendment. On November 18, 2025, pursuant to the Pre-Funded PIPE Amendment, the Company issued incremental Pre-Funded PIPE Notes to an existing holder of Pre-Funded PIPE securities in an aggregate principal amount of $10,893, together with accompanying Pre-Funded PIPE Warrants, for total proceeds of $9,259 which were allocated between the Pre-Funded PIPE Notes and the Pre-Funded PIPE Warrants. The Company accounted for the incremental Pre-Funded PIPE Notes under the fair value option and, accordingly, all amendment costs were expensed as incurred. The Company elected to record the incremental Pre-Funded PIPE Notes under the fair value option based on the short-term maturity of the Pre-Funded PIPE Notes.

The Pre-Funded PIPE Notes accrued interest at a fixed rate of 12.0% per annum, compounded semi-annually, until the principal amount of Pre-Funded PIPE Notes and all interest accrued thereon were repaid or converted. All principal and accrued interest thereon were set to become due and payable upon demand by the purchasers thereof on or after August 13, 2026, unless earlier converted or repaid.

Pursuant to the Pre-Funded PIPE Agreement and the terms of the Business Combination Agreement, in connection with the Closing of the Merger, the unpaid principal amount of Pre-Funded PIPE Notes, together with accrued unpaid interest thereon, automatically converted into shares of Series A Preferred Stock.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-8

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 24: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details