0001213900-26-057138 | 10-Q | XBRL Viewer

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Fair Value Measurements (Details)	12 Months Ended
Fair Value Measurements (Details)	Dec. 31, 2025	Mar. 31, 2026
Maximum [Member]
Fair Value Measurements [Line Items]
Measurement input probability of occurrence	100.00%
Minimum [Member]
Fair Value Measurements [Line Items]
Measurement input probability of occurrence	85.00%
Calibrated discount rate [Member]
Fair Value Measurements [Line Items]
Warrants and Rights Outstanding, Measurement Input		500

- 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

3 Months Ended

Mar. 31, 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 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 - Inflection Point trust account, net (1)		2,644
Cash - Inflection Point operating account		426
Total cash from Inflection Point		3,070
Cash - Closing PIPE		120,000
Total cash in Inflection Point going into the Merger	$	123,070

(1)

Amount reflects gross proceeds of $25,864 from the Inflection Point trust account less the payment of transaction costs of $(23,220) utilizing the proceeds released from the Inflection Point trust account.

Uses	Amount
Prepayment of 2024 LSA Loans	$	(28,334	)
Total cash used immediately after the Merger	$	(28,334	)

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

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Summary of Significant 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 March 31, 2026 and 2025, the Company incurred net losses in the amounts of $90,419 and $12,733, respectively, and generated negative cash flows from operations in the amounts of $23,644 and $13,081, respectively. Additionally, as of March 31, 2026, the Company has an accumulated deficit in the amount of $641,472 and cash and cash equivalents of $122,777.

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). Additionally, on May 1, 2026 the Company issued common stock and common stock warrants in a PIPE transaction for $80,000 in gross proceeds (refer to Note 17. Subsequent Events).

Based on the Company’s liquidity position as of May 15, 2026, the Company’s net cash proceeds and debt conversion from the Merger, 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 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 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 Annual Report on Form 8-K for the year ended December 31, 2025. 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 three months ended March 31, 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. At March 31, 2026, all restricted cash was 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 March 31,		As of December 31,
	2026		2025
Cash and cash equivalents	$	122,777	$	59,343
Restricted cash		2,569		—
Total Cash, cash equivalents, and restricted cash	$	125,346	$	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 March 31, 2026 and 2025, the Company generated $1,002 and $868 in revenue, 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 March 31, 2026 and December 31, 2025, accounts receivable from the U.S. government totaled $1,307 and $368, respectively.

Fair Value Measurements

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described as follows:

Level 1 - Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.

Level 2 - Inputs to the valuation methodology include:

●

Quoted prices for similar assets or liabilities in active markets;

●

Quoted prices for identical or similar assets or liabilities in inactive markets;

●

Inputs other than quoted prices that are observable for the asset or liability; and

●

Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

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 March 31, 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 gain 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 consolidated statements of operations. The Company recorded $150 and $150 as a reduction to research and development expense during the three months ended March 31, 2026 and 2025, respectively.

Advertising Costs

The Company expenses advertising costs as incurred. During the three months ended March 31, 2026 and 2025, the Company incurred advertising expense in the amounts of $554 and $271, 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 three months ended March 31, 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 (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 equaled 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 in annual periods beginning after December 15, 2026, and interim periods within those years, with early adoption permitted. The Company adopted this standard as of January 1, 2026, and utilized 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 the 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 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 impacts of the new standard on its consolidated financial statements.

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock-Based Compensation [Line Items]
Intrinsic value of options	$ 3,058
Exercise of common stock options (in Shares)	406,385
Stock-based compensation expense	$ 1,295	$ 513
Weighted Average Exercise Price (Per Share), Granted	$ 8.47
Percentage of case of employees holding	10.00%
Common Stock, Capital Shares Reserved for Future Issuance	10,386,879
Number of shares are available for future grants	1,677,207
Proceeds from exchange for cash	$ 226	10
Granted shares of common stock	1,680,541
Unrecognized compensation expense	$ 7,024
Weighted average period	1 year 3 months 29 days
Stock Options [Member]
Stock-Based Compensation [Line Items]
Intrinsic value of options	$ 3,058	$ 85
Exercise of common stock options (in Shares)	406,385	38,617
Weighted Average Exercise Price (Per Share), Granted	$ 11.73	$ 3.69
Non-employees [Member]
Stock-Based Compensation [Line Items]
Granted shares of common stock	100,000

Segment and Geographic Information - Schedule of Information Net Sales and Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property And Equipment, Net and Operating Lease Right-Of-Use Assets, Net [Line Items]
Property and equipment, net and operating lease right-of-use assets, net	$ 12,686	$ 8,087
United States [Member]
Property And Equipment, Net and Operating Lease Right-Of-Use Assets, Net [Line Items]
Property and equipment, net and operating lease right-of-use assets, net	7,821	4,541
New Zealand [Member]
Property And Equipment, Net and Operating Lease Right-Of-Use Assets, Net [Line Items]
Property and equipment, net and operating lease right-of-use assets, net	$ 4,865	$ 3,546

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Cash equivalents:
Money market mutual funds	$ 121,417	$ 56,695
Total Assets	121,417	56,695
Current liabilities:
2024 LSA Loans, current portion		19,271
Convertible promissory notes (Note 8)		29,107
Non-current liabilities:
2024 LSA Loans, non-current portion		12,784
Warrant liabilities	87,803	76,766
Total Liabilities	87,803	137,255
2024 LSA Loans [Member]
Current liabilities:
2024 LSA Loans, current portion		19,175
Non-current liabilities:
2024 LSA Loans, non-current portion		12,207
Level 1 [Member]
Cash equivalents:
Money market mutual funds	121,417	56,695
Total Assets	121,417	56,695
Current liabilities:
Convertible promissory notes (Note 8)
Non-current liabilities:
Warrant liabilities
Total Liabilities
Level 1 [Member] \| 2024 LSA Loans [Member]
Current liabilities:
2024 LSA Loans, current portion
Non-current liabilities:
2024 LSA Loans, non-current portion
Level 2 [Member]
Cash equivalents:
Money market mutual funds
Total Assets
Current liabilities:
Convertible promissory notes (Note 8)
Non-current liabilities:
Warrant liabilities
Total Liabilities
Level 2 [Member] \| 2024 LSA Loans [Member]
Current liabilities:
2024 LSA Loans, current portion
Non-current liabilities:
2024 LSA Loans, non-current portion
Level 3 [Member]
Cash equivalents:
Money market mutual funds
Total Assets
Current liabilities:
Convertible promissory notes (Note 8)		29,107
Non-current liabilities:
Warrant liabilities	87,803	76,766
Total Liabilities	$ 87,803	137,255
Level 3 [Member] \| 2024 LSA Loans [Member]
Current liabilities:
2024 LSA Loans, current portion		19,175
Non-current liabilities:
2024 LSA Loans, non-current portion		$ 12,207

Debt

3 Months Ended

Mar. 31, 2026

Debt [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
Less unamortized deferred financing costs		—
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 March 31, 2026.

2021 LSA

During September 2021, the Company entered into a loan and security agreement (“2021 LSA”) with the lender thereto 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 issue 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 issue term loans under the 2021 LSA Reserve as any binding commitment thereto was subject to the Company and 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 the lender thereunder warrants to purchase the Company’s redeemable convertible preferred stock (“2021 LSA Warrants”).

During September 2021, the Company entered into a term loan in an aggregate principal amount of $3,000 under the 2021 LSA First Tranche (“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, and subsequently, 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 by 36 months until the final maturity of the 2021 LSA Loan on July 1, 2025. All outstanding principal, plus interest accrued thereon, was repaid in accordance with the contractual terms of the 2021 LSA in July 2025.

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 (“Ministry”), securing a convertible loan commitment in an aggregate principal amount of NZD 1,000 ($660 USD at issuance). Under this 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 the issuance thereof 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 (“2024 LSA”) with the lender 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 tranche in an aggregate principal amount of $12,500 (the “2024 LSA Second Tranche”), and (c) a delayed draw term loan facility tranche 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 entrance into the 2024 LSA, the Company issued the lender thereto warrants to purchase the Company’s redeemable convertible preferred stock.

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 thereof 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, and subsequently, the aggregate principal amount of the 2024 LSA Loans would 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 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 was 14.5%, 14.7%, and 14.9%, respectively.

On July 1, 2025, the Company and the lender thereto entered into an amendment to the 2024 LSA (“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 into making such amendment, the Company issued warrants to purchase the Company’s redeemable convertible preferred stock with a fair value of $759 (“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 recordkeeping on an ongoing basis. 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 utilizing 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 (“Pre-PIPE Bridge Agreement”) with the purchasers thereto, pursuant to which the Company could issue up to $23,445 in aggregate principal amount of unsecured convertible promissory notes (“Pre-PIPE Bridge Notes”). Additionally, pursuant to the Pre-PIPE Bridge Agreement, the Company issued common stock warrants (“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 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 entrance into the Pre-PIPE Bridge Agreement and the issuance of 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”). As 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 Pre-PIPE Bridge Notes and all interest accrued thereon was 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 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 (“Pre-Funded PIPE Notes”) and common stock warrants (“Pre-Funded PIPE Warrants”) for total proceeds of $55,000 which were allocated between the Pre-Funded PIPE Notes and 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 entrance into the Pre-Funded PIPE Agreement and the issuance of 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 provided 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 had a de minimis fair value 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 Warrants under the original terms of the Pre-Funded PIPE Agreement (“Pre-Funded PIPE Amendment”). No terms of the issued and outstanding Pre-Funded PIPE Notes and Warrants were modified in connection with the Pre-Funded PIPE Amendment. On November 18, 2025 and 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 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 was repaid or converted. All principal and accrued interest thereon was 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
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-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(4))
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-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)
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
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-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
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-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

Accounting Policies, by Policy (Policies)

3 Months Ended

Mar. 31, 2026

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation and Consolidation

Basis of Presentation and Consolidation

Risk and Uncertainties

Risk and Uncertainties

Emerging Growth Company Status

Emerging Growth Company Status

Use of Estimates

Use of Estimates

Segments

Segments

Significant Accounting Policies

Significant Accounting Policies

Restricted Cash

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 March 31,		As of December 31,
	2026		2025
Cash and cash equivalents	$	122,777	$	59,343
Restricted cash		2,569		—
Total Cash, cash equivalents, and restricted cash	$	125,346	$	59,343

Concentrations of Credit Risk

Concentrations of Credit Risk

Fair Value Measurements

Fair Value Measurements

Level 1 - Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.

Level 2 - Inputs to the valuation methodology include:

●

Quoted prices for similar assets or liabilities in active markets;

●

Quoted prices for identical or similar assets or liabilities in inactive markets;

●

Inputs other than quoted prices that are observable for the asset or liability; and

●

Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Convertible Debt

Convertible Debt

Warrants

Warrants

Preferred Stock

Preferred Stock

Research and Development Costs

Research and Development Costs

Advertising Costs

Advertising Costs

The Company expenses advertising costs as incurred. During the three months ended March 31, 2026 and 2025, the Company incurred advertising expense in the amounts of $554 and $271, respectively.

Capitalized Transaction Costs

Capitalized Transaction Costs

Net Loss per Share

Net Loss per Share

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Issued Accounting Pronouncements Not Yet Adopted

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2026

Property and Equipment, Net [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:

	As of:
	March 31, 2026		December 31, 2025
Aircraft equipment	$	7,159	$	6,166
Aircraft		7,288		4,728
Computer equipment		579		528
Leasehold improvements		436		425
Office furniture & equipment		349		349
Motor vehicles		85		85
Total property and equipment		15,896		12,281
Less: Accumulated depreciation		5,611		5,173
Total property and equipment, net	$	10,285	$	7,108

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

3 Months Ended

Mar. 31, 2026

USD ($)

Schedule of Merger Impact of Common Stock [Line Items]

Balance

$ (73,598)

^[1]

Issuance of common stock upon exercise of warrants

Issuance of redeemable convertible preferred stock upon exercise of warrants

Balance

(139,113)

Common Stock [Member]

Schedule of Merger Impact of Common Stock [Line Items]

Balance

$ 7

^[1]

Balance (in Shares) | shares

69,663,395

^[1]

Issuance of common stock upon exercise of warrants

Issuance of common stock upon exercise of warrants (in Shares) | shares

19,623

Issuance of redeemable convertible preferred stock upon exercise of warrants

Issuance of redeemable convertible preferred stock upon exercise of warrants (in Shares) | shares

Balance

$ 8

Balance (in shares) | shares

84,544,557

Common Stock [Member] | Merger [Member]

Schedule of Merger Impact of Common Stock [Line Items]

Balance

$ 1

Balance (in Shares) | shares

5,306,250

Exercise of stock options prior to the Merger

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

131,028

Issuance of common stock upon exercise of warrants

Issuance of common stock upon exercise of warrants (in Shares) | shares

6,327

Issuance of redeemable convertible preferred stock upon exercise of warrants

Issuance of redeemable convertible preferred stock upon exercise of warrants (in Shares) | shares

226,113

Conversion of redeemable convertible preferred stock to common stock

$ 2

Conversion of redeemable convertible preferred stock to common stock (in Shares) | shares

17,154,902

Balance immediately prior to the Merger

$ 3

Balance immediately prior to the Merger (in shares) | shares

22,824,620

Application of the exchange ratio to Legacy Merlin stockholders

$ 5

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

47,966,076

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

$ 1

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

13,750,282

Balance

$ 9

Balance (in shares) | shares

84,540,978

Additional Paid-in Capital [Member]

Schedule of Merger Impact of Common Stock [Line Items]

Balance

$ 477,448

^[1]

Issuance of common stock upon exercise of warrants

Issuance of redeemable convertible preferred stock upon exercise of warrants

Balance

502,351

Additional Paid-in Capital [Member] | Merger [Member]

Schedule of Merger Impact of Common Stock [Line Items]

Balance

15,491

Exercise of stock options prior to the Merger

226

Issuance of common stock upon exercise of warrants

Issuance of redeemable convertible preferred stock upon exercise of warrants

6,859

Conversion of redeemable convertible preferred stock to common stock

461,962

Balance immediately prior to the Merger

484,538

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

Balance

$ 501,798

[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 (Tables)

3 Months Ended

Mar. 31, 2026

Net Loss 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 March 31,
	2026			2025
Numerator:
Net loss	$	(90,419	)	$	(12,733	)
Series A Preferred Stock dividends and accretion		(1,417	)		—
Net loss attributable to common stockholders	$	(91,836	)	$	(12,733	)

Denominator:
Weighted average common shares outstanding, basic and diluted		72,421,272			70,947,705

Net loss per common share, basic and diluted	$	(1.27	)	$	(0.18	)

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

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:

	Three Months Ended March 31,
	2026		2025

Series A Preferred Stock		21,818,962		—
Stock options		7,353,451		8,538,342
Common stock warrants		—		23,607
2019 LSA Warrants		—		449,489
2021 LSA Warrants		—		251,805
2024 LSA Warrants		—		696,940
2024 LSA Conversion Feature		—		663,754
PIPE Warrants		21,157,300		—
Total		50,329,713		10,623,937

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash [Abstract]
Cash and cash equivalents	$ 122,777	$ 59,343
Restricted cash	2,569
Total Cash, cash equivalents, and restricted cash	$ 125,346	$ 59,343

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482913/230-10-50-8

Reference 4: 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 5: 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 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
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-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(4))
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 45
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477796/946-210-45-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 210
-Topic 946
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477796/946-210-45-20

+ Details

Segment and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment and Geographic Information [Abstract]

Schedule of Significant Segment Expenses

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

	Three Months Ended March 31,
	2026			2025
Revenue	$	1,002		$	868
Significant segment expenses:
Personnel		(10,818	)		(6,998	)
Travel and entertainment		(870	)		(547	)
Consulting and professional services		(15,517	)		(3,158	)
Aircraft expense		(896	)		(340	)
Software		(910	)		(534	)
Facilities		(521	)		(472	)
Other expenses		(1,650	)		(664	)
Depreciation		(417	)		(381	)
Benefit from contract loss provision		3,435			672
Benefit from research and development agreement		150			150
Total significant segment expenses		(28,014	)		(12,272	)
Other segment expenses:
Interest income		517			301
Interest expense		(9	)		(1,614	)
Other expense		(128	)		(61	)
Change in fair value of warrant liabilities		26,555			46
Change in fair value of convertible promissory notes		(87,824	)		—
Change in fair value of long-term debt		(2,470	)		—
Total other segment expenses		(63,359	)		(1,328	)
Loss before provision for income taxes		(90,371	)		(12,732	)
Provision for income taxes		48			1
Net loss	$	(90,419	)	$	(12,733	)

Schedule of Information Net Sales and Property and Equipment

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

	As of:
	March 31, 2026		December 31, 2025
United States	$	7,821	$	4,541
New Zealand		4,865		3,546
Total	$	12,686	$	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
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-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

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Stock-Based Compensation [Abstract]

Schedule of Stock Option Activity

Stock option activity under the Plan during the three months ended March 31, 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		1,680,541			8.47
Exercised		(406,385	)		0.56					3,058
Expired		(389,227	)		2.35
Forfeited		(26,288	)		4.59
Outstanding at March 31, 2026		7,353,451			3.40			7.1		29,046
Exercisable at March 31, 2026		4,549,732		$	1.59			5.8	$	26,206

Schedule of Fair Value of The Stock-Based Awards

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

	Three Months Ended March 31,
	2026			2025
Risk-free interest rate		3.89	%		4.01%-4.06	%
Expected dividend yield		—	%		—	%
Expected volatility		42.25	%		45.67%-47.475	%
Expected life in years		5.50			5.18-5.99
Fair value of Common Stock	$	11.73			$3.60-$3.77

Schedule of Consolidated Statements of Operations

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

	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	241	$	50
Research and development		856		385
General and administrative		189		74
Selling and marketing		8		4
Total	$	1,295	$	513

Revenue Recognition from Contracts with Customers

3 Months Ended

Mar. 31, 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 March 31,
	2026		2025
U.S. government agencies	$	950	$	837
Commercial and non-U.S. government customers		52		31
Total	$	1,002	$	868

Revenues from New Zealand during the three months ended March 31, 2026 and 2025 amounted to $52 and $31, respectively.

No revenue recognized during the three months ended March 31, 2026 and 2025 was related to performance obligations satisfied in prior periods.

Remaining performance obligations

As of March 31, 2026, the aggregate amount of the transaction price allocated to the remaining performance obligations was $1,124, 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:
	March 31, 2026		December 31, 2025		December 31, 2024
Accounts receivable, net	$	1,342	$	368	$	536
Unbilled receivables	$	399	$	1,570	$	—
Deferred revenue	$	—	$	—	$	112
Contract loss provision	$	738	$	4,173	$	5,166

There was no revenue recognized during the three months ended March 31, 2026 from amounts included in deferred revenue at the beginning of the period. Revenue recognized during the three months ended March 31, 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 March 31, 2026 represents revenue that was previously earned and recognized but was not invoiced until the three months ended March 31, 2026.

During the three months ended March 31, 2026, the Company revised the estimate of total costs to be incurred to deliver the United States 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 consolidated statement of operations during the three months ended March 31, 2026.

The Company amortized $984 and $672 during the three months ended March 31, 2026 and 2025, respectively, of the previously recognized contract loss provision as a reduction to cost of revenue.

As of March 31, 2026 and December 31, 2025, the allowance for credit losses is immaterial to the unaudited condensed 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
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-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
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-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
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-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
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-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

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt [Abstract]

Schedule of Outstanding Long Term 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
Less unamortized deferred financing costs		—
Total long-term debt, net	$	12,784

Reverse Recapitalization (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Nov. 30, 2025 USD ($)	Mar. 31, 2026 USD ($) $ / shares
Reverse Recapitalization [Line Items]
Exchange ratio		0.03102
Inflection Point trust account [Member]
Reverse Recapitalization [Line Items]
Gross proceeds		$ 25,864
Transaction costs		$ (23,220)
PIPE [Member]
Reverse Recapitalization [Line Items]
Gross proceeds	$ 120,000
Series A Preferred Stock [Member]
Reverse Recapitalization [Line Items]
Percentage of shares issued	12.00%
Preference shares, par value \| $ / shares		$ 0.0001

Revenue Recognition from Contracts with Customers - Schedule of Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 1,342	$ 368	$ 536
Unbilled receivables	399	1,570
Deferred revenue			112
Contract loss provisions	$ 738	$ 4,173	$ 5,166

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurements [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 March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market mutual funds	$	121,417	$	—	$	—	$	121,417
Total Assets	$	121,417	$	—	$	—	$	121,417
Liabilities:
Warrant liabilities	$	—	$	—	$	87,803	$	87,803
Total Liabilities	$	—	$	—	$	87,803	$	87,803

	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	%

Fair value measurements for the 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, discounted at the term-matched risk-free rate. The fair value measurements of the 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 as of March 31, 2026:

	March 31, 2026
Remaining term (years)		4.96
Fair value of common stock	$	7.35
Volatility		65.0	%
Risk-free rate		3.88	%
Dividend yield		—	%

Schedule of Company’s Fair Value Measurement Activity Using Unobservable Inputs and Associated Unrealized Losses (Gains)

The Company’s fair value measurement activity, using unobservable inputs and associated unrealized gains with respect to warrant liabilities outstanding during the three months ended March 31, 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

	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

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	$	—

Net Loss Per Share - Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive Securities	50,329,713	10,623,937
Series A Preferred Stock [Member]
Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive Securities	21,818,962
Stock options [Member]
Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive Securities	7,353,451	8,538,342
Common stock warrants [Member]
Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive Securities		23,607
2019 LSA Warrants [Member]
Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive Securities		449,489
2021 LSA Warrants [Member]
Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive Securities		251,805
2024 LSA Warrants [Member]
Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive Securities		696,940
2024 LSA Conversion Feature [Member]
Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive Securities		663,754
PIPE Warrants [Member]
Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share [Line Items]
Antidilutive Securities	21,157,300

Stock-Based Compensation - Schedule of Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock-Based Compensation [Line Items]
Stock-based compensation expense	$ 1,295	$ 513
Cost of revenue [Member]
Stock-Based Compensation [Line Items]
Stock-based compensation expense	241	50
Research and development [Member]
Stock-Based Compensation [Line Items]
Stock-based compensation expense	856	385
General and administrative [Member]
Stock-Based Compensation [Line Items]
Stock-based compensation expense	189	74
Selling and marketing [Member]
Stock-Based Compensation [Line Items]
Stock-based compensation expense	$ 8	$ 4

- 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

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 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

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands			3 Months Ended
	May 01, 2026	Mar. 16, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Summary of Significant Accounting Policies [Abstract]
Cash and cash equivalents			$ 122,777		$ 59,343
Net loss			90,419	$ 12,733
Accumulated deficit			641,472		$ 551,053
Gross proceeds	$ 80,000	$ 120,000
Revenue			1,002	868
Accounts Receivable			1,307	368
Advertising Expense			554	271
Net cash used in operating activities			23,644	13,081
Reduction of Research and Development Expense			150	$ 150
Capitalized transaction costs			$ 2,061

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Dec. 31, 2025	Mar. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Option, Retroactive application of recapitalization	4,400,730
Weighted Average Exercise Price, Retroactive application of recapitalization	$ (3.88)
Number of Options, Granted		1,680,541
Weighted Average Exercise Price (Per Share), Granted		$ 8.47
Exercise of common stock options (in Shares)		406,385
Weighted Average Exercise Price (Per Share), Exercised		$ 0.56
Number of Options, Forfeited		26,288
Weighted Average Exercise Price (Per Share), Expired		$ 2.35
Number of Options, Expired		389,227
Weighted Average Exercise Price (Per Share), Forfeited		$ 4.59
Number of Options, Outstanding, Ending	2,094,080	7,353,451
Weighted Average Exercise Price (Per Share), Outstanding	$ 5.73	$ 3.4
Weighted- Average Remaining Life (Years), Outstanding		7 years 1 month 6 days
Aggregate Intrinsic Value, Exercised		$ 3,058
Aggregate Intrinsic Value, Outstanding	$ 34,460	$ 29,046
Number of Options, Exercisable		4,549,732
Weighted Average Exercise Price (Per Share), Exercisable		$ 1.59
Weighted- Average Remaining Life (Years), Exercisable		5 years 9 months 18 days
Aggregate Intrinsic Value, Exercisable		$ 26,206
Revision of Prior Period, Adjustment [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Outstanding, Ending	6,494,810
Weighted Average Exercise Price (Per Share), Outstanding	$ 1.85
Aggregate Intrinsic Value, Outstanding	$ 34,460

Fair Value Measurements - Schedule of Company’s Fair Value Measurement Activity Using Unobservable Inputs and Associated Unrealized Losses (Gains) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Company’s Fair Value Measurement Activity Using Unobservable Inputs and Associated Unrealized Losses (Gains) [Line Items]
Warrant Liabilities, beginning	$ 76,766
Change in fair value of warrants	(26,555)	$ (46)
Warrant liabilities, ending	87,803
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)
Loan outstanding amount, ending
2024 LSA Loans [Member]
Schedule of Company’s Fair Value Measurement Activity Using Unobservable Inputs and Associated Unrealized Losses (Gains) [Line Items]
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)
Loan outstanding amount, ending	31,382
Warrant Liabilities [Member]
Schedule of Company’s Fair Value Measurement Activity Using Unobservable Inputs and Associated Unrealized Losses (Gains) [Line Items]
Change in fair value of warrants		(46)
Fair value as of December 31, 2025		3,586
Fair value as of March 31, 2026		$ 3,540
Convertible Promissory Notes [Member]
Schedule of Company’s Fair Value Measurement Activity Using Unobservable Inputs and Associated Unrealized Losses (Gains) [Line Items]
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

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Net Loss Per Share [Abstract]

Net Loss Per Share

11. Net Loss Per Share

The Company uses the two-class method to calculate basic and diluted net loss per share. The Company’s Series A Preferred Stock and PIPE Warrants are considered participating securities because they entitle holders to participate in dividends to common stockholders, on an as-converted and as-exercised basis, respectively. Under the two-class method, earnings of the Company are allocated between common stockholders and participating securities based on the weighted-average number of shares of common stock and participating securities outstanding during the relevant period. 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 months ended March 31, 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 March 31,
	2026			2025
Numerator:
Net loss	$	(90,419	)	$	(12,733	)
Series A Preferred Stock dividends and accretion		(1,417	)		—
Net loss attributable to common stockholders	$	(91,836	)	$	(12,733	)

Denominator:
Weighted average common shares outstanding, basic and diluted		72,421,272			70,947,705

Net loss per common share, basic and diluted	$	(1.27	)	$	(0.18	)

	Three Months Ended March 31,
	2026		2025

Series A Preferred Stock		21,818,962		—
Stock options		7,353,451		8,538,342
Common stock warrants		—		23,607
2019 LSA Warrants		—		449,489
2021 LSA Warrants		—		251,805
2024 LSA Warrants		—		696,940
2024 LSA Conversion Feature		—		663,754
PIPE Warrants		21,157,300		—
Total		50,329,713		10,623,937

Revenue Recognition from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Revenue Recognition from Contracts with Customers [Line Items]
Revenue	$ 1,002	$ 868
Remaining performance obligations	1,124
Contract loss for provision	984	672
Contract loss provision	738		$ 4,173
Contract loss adjustments	(2,451)
Deferred revenue		(112)
New Zealand [Member]
Revenue Recognition from Contracts with Customers [Line Items]
Revenue	$ 52	$ 31

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Mezzanine Equity and Stockholders’ Deficit (Details) - $ / shares	1 Months Ended	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2026	Dec. 31, 2025
Shareholders’ Deficit [Line Items]
Ordinary shares, authorized	800,000,000	800,000,000	138,655,675
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Percentage of paid in kind		12.00%
Volume of weighted average price		$ 5
Conversion price	$ 12	$ 12
Shares of common stock are reserved	10,386,879	10,386,879
Cash dividend rate		10.00%
First Anniversary [Member]
Shareholders’ Deficit [Line Items]
Percentage of redemption price accrued value		150.00%
Second Anniversary [Member]
Shareholders’ Deficit [Line Items]
Percentage of redemption price accrued value		140.00%
Third Anniversary [Member]
Shareholders’ Deficit [Line Items]
Percentage of redemption price accrued value		130.00%
Fourth Anniversary [Member]
Shareholders’ Deficit [Line Items]
Percentage of redemption price accrued value		120.00%
Fifth Anniversary [Member]
Shareholders’ Deficit [Line Items]
Percentage of redemption price accrued value		110.00%
After Fifth Anniversary [Member]
Shareholders’ Deficit [Line Items]
Percentage of redemption price accrued value		100.00%
Series A Preferred Stock [Member]
Shareholders’ Deficit [Line Items]
Preferred shares, authorized	50,000,000	50,000,000
Preferred shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred shares outstanding	21,711,880	21,711,880
Conversion shares	3,571
Shares issued value	$ 12	$ 12
Preferred stock protective rights threshold percentage	20.00%	20.00%
Series A Preferred Stock [Member] \| PIPE Warrants [Member]
Shareholders’ Deficit [Line Items]
Shares of common stock are reserved	715,455,443	715,455,443
Common Stock [Member]
Shareholders’ Deficit [Line Items]
Ordinary shares, authorized	800,000,000	800,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Conversion shares	3,579

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Components of Lease Expense [Abstract]
Operating lease expense	$ 254	$ 225
Short-term lease expense	159	25
Variable lease expense	5	1
Total lease expense	$ 418	$ 251
Weighted average remaining lease term (in years)	2 years 7 months 6 days	3 years 2 months 1 day
Weighted average discount rate	12.52%	13.21%

Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Class of Warrant or Right [Line Items]
Trading day	21 days
Volume-weighted average price	20 years
Change in fair value of warrant liabilities	$ 26,555	$ 46
Warrants [Member]
Class of Warrant or Right [Line Items]
Exercise price	$ 5

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Property and Equipment, Net [Line Items]
Total property and equipment	$ 15,896	$ 12,281
Less: Accumulated depreciation	5,611	5,173
Total property and equipment, net	10,285	7,108
Aircraft equipment [Member]
Schedule of Property and Equipment, Net [Line Items]
Total property and equipment	7,159	6,166
Aircraft [Member]
Schedule of Property and Equipment, Net [Line Items]
Total property and equipment	7,288	4,728
Computer equipment [Member]
Schedule of Property and Equipment, Net [Line Items]
Total property and equipment	579	528
Leasehold improvements [Member]
Schedule of Property and Equipment, Net [Line Items]
Total property and equipment	436	425
Office furniture & equipment [Member]
Schedule of Property and Equipment, Net [Line Items]
Total property and equipment	349	349
Motor vehicles [Member]
Schedule of Property and Equipment, Net [Line Items]
Total property and equipment	$ 85	$ 85

Mezzanine Equity and Stockholders’ Deficit

3 Months Ended

Mar. 31, 2026

Mezzanine Equity and Stockholders’ Deficit [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 March 31, 2026, the Company has 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 March 31, 2026, 715,455,443 shares of common stock are reserved for the conversion of Series A Preferred Stock and exercise of stock options and PIPE Warrants.

Series A Preferred Stock

As of March 31, 2026, the Company has 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).

In March 2026 after the Merger, certain holders of Series A Preferred Stock converted 3,571 shares of Series A Preferred Stock into 3,579 shares of common stock. As of March 31, 2026, 21,711,880 shares of Series A Preferred Stock remained outstanding.

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 is 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 (21^st) trading day following 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.

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.

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+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 13, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Entity Registrant Name	MERLIN, INC.
Document Transition Report	false
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0002028707
Entity File Number	001-42392
Entity Tax Identification Number	98-1797826
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
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 Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		96,524,052

Fair Value Measurements - Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes (Details)	Mar. 31, 2026	Dec. 31, 2025
Calibrated discount rate [Member]
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrants and Rights Outstanding, Measurement Input	500
2024 LSA Loans [Member] \| Fair value of Series B Prime redeemable convertible preferred stock [Member]
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrants and Rights Outstanding, Measurement Input	29.39
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Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrants and Rights Outstanding, Measurement Input	75
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Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrants and Rights Outstanding, Measurement Input
2024 LSA Loans [Member] \| Discount rate [Member]
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
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Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrants and Rights Outstanding, Measurement Input		647,000
Warrant Liabilities [Member] \| Convertible Promissory Notes [Member] \| Non-Merger scenario - Expected financing amount [Member]
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrants and Rights Outstanding, Measurement Input		150,000
Warrant Liabilities [Member] \| Convertible Promissory Notes [Member] \| Non-Merger scenario - Expected financing date [Member]
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrants and Rights Outstanding, Maturity Date	Jun. 30, 2026
Warrant Liabilities [Member] \| Convertible Promissory Notes [Member] \| Non-Merger scenario - Expected liquidity event [Member]
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrants and Rights Outstanding, Maturity Date	Sep. 30, 2028
Warrant Liabilities [Member] \| Convertible Promissory Notes [Member] \| Merger scenario - Expected Merger date [Member]
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrants and Rights Outstanding, Maturity Date	Mar. 31, 2026
Warrant Liabilities [Member] \| Convertible Promissory Notes [Member] \| Merger scenario - Equity volatility [Member]
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrants and Rights Outstanding, Measurement Input		0.70
Warrant Liabilities [Member] \| Convertible Promissory Notes [Member] \| Calibrated discount rate [Member]
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrants and Rights Outstanding, Measurement Input		5
Warrant Liabilities [Member] \| Convertible Promissory Notes [Member] \| Equity volatility [Member]
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrants and Rights Outstanding, Measurement Input		10.72
Warrant Liabilities [Member] \| Convertible Promissory Notes [Member] \| Maximum [Member] \| Non-Merger scenario - Equity volatility [Member]
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrants and Rights Outstanding, Measurement Input		75
Warrant Liabilities [Member] \| Convertible Promissory Notes [Member] \| Maximum [Member] \| Risk-free rate [Member]
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrants and Rights Outstanding, Measurement Input		4.78
PIPE Warrants [Member] \| Remaining term (years) [Member]
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrants and Rights Outstanding, Measurement Input	4.96
PIPE Warrants [Member] \| Fair value of common stock [Member]
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrants and Rights Outstanding, Measurement Input	7.35
PIPE Warrants [Member] \| Volatility [Member]
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrants and Rights Outstanding, Measurement Input	65
PIPE Warrants [Member] \| Risk-free rate [Member]
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrants and Rights Outstanding, Measurement Input	3.88
PIPE Warrants [Member] \| Dividend yield [Member]
Schedule of Assumptions Used in Determining Fair Value of Warrant Liabilities and Convertible Promissory Notes [Line Items]
Warrants and Rights Outstanding, Measurement Input

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Taxes [Abstract]

Income Taxes

13. Income Taxes

The Company recorded a provision for income taxes of $48 and $1 for the three months ended March 31, 2026 and 2025, respectively, yielding effective tax rates of (0.05)% and (0.01)%, 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 three months ended March 31, 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 March 31, 2026 and December 31, 2025, the Company has 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
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-Name Accounting Standards Codification
-Section S99
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-Name Accounting Standards Codification
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-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (b)
-Publisher FASB
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property and Equipment, Net [Abstract]
Depreciation expense	$ 417	$ 381

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

17. Subsequent Events

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 via a PIPE transaction for aggregate gross proceeds of approximately $80,000. The exercise price of the warrants is $6.67 per share and the warrants will expire five years from issuance.

Reverse Recapitalization - Schedule of Net Proceeds from the Merger (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Reorganization, Chapter 11 [Line Items]

Total cash from Inflection Point

$ 122,777

$ 59,343

Inflection Point trust account [Member]

Reorganization, Chapter 11 [Line Items]

Total cash from Inflection Point

3,070

Reorganization, Chapter 11, Predecessor, before Adjustment [Member]

Reorganization, Chapter 11 [Line Items]

Total cash from Inflection Point

123,070

Reorganization, Chapter 11, Predecessor, before Adjustment [Member] | Closing PIPE [Member]

Reorganization, Chapter 11 [Line Items]

Total cash from Inflection Point

120,000

Reorganization, Chapter 11, Predecessor, before Adjustment [Member] | Inflection Point trust account [Member]

Reorganization, Chapter 11 [Line Items]

Total cash from Inflection Point

^[1]

2,644

Reorganization, Chapter 11, Predecessor, before Adjustment [Member] | Inflection Point operating account [Member]

Reorganization, Chapter 11 [Line Items]

Total cash from Inflection Point

426

Reorganization, Chapter 11, Plan Effect Adjustment [Member]

Reorganization, Chapter 11 [Line Items]

Total cash from Inflection Point

(28,334)

Prepayment of 2024 LSA Loans

(28,334)

Merlin [Member]

Reorganization, Chapter 11 [Line Items]

Total cash from Inflection Point

$ 94,736

[1]	Amount reflects gross proceeds of $25,864 from the Inflection Point trust account less the payment of transaction costs of $(23,220) utilizing the proceeds released from the Inflection Point trust account.

- Definition

+ References

+ Details

Revenue Recognition from Contracts with Customers - Schedule of Disaggregation of Revenue by Customer Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 1,002	$ 868
U.S. government agencies [Member]
Disaggregation of Revenue [Line Items]
Revenue	950	837
Commercial and non-U.S. government customers [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 52	$ 31

- 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
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-Section 50
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Commitments, Contingencies, and Indemnification

3 Months Ended

Mar. 31, 2026

Commitments, Contingencies, and Indemnification [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 March 31, 2026 and December 31, 2025, no amounts have been accrued related to such indemnification provisions.

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense for the three months ended March 31, 2026 and 2025 were as follows:

	Three Months Ended March 31,
Component	2026		2025
Operating lease expense	$	254	$	225
Short-term lease expense		159		25
Variable lease expense		5		1
Total lease expense	$	418	$	251

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

	As of:
	March 31, 2026			December 31, 2025
Weighted average remaining lease term (in years)		2.60			3.17
Weighted average discount rate		12.52	%		13.21	%

Schedule of Future Minimum Operating Lease Payments

Future minimum operating lease payments as of March 31, 2026 are as follows:

Years ending December 31:	Amount
2026	$	989
2027		1,096
2028		460
2029		79
2030		79
Thereafter		171
Total future minimum lease payments		2,874
Less present value discount		455
Present value of lease liabilities		2,419
Less current portion		977
Long-term portion	$	1,442

Property and Equipment, Net

3 Months Ended

Mar. 31, 2026

Property and Equipment, Net [Abstract]

Property and equipment, net

6. Property and Equipment, net

Property and equipment, net consisted of the following:

	As of:
	March 31, 2026		December 31, 2025
Aircraft equipment	$	7,159	$	6,166
Aircraft		7,288		4,728
Computer equipment		579		528
Leasehold improvements		436		425
Office furniture & equipment		349		349
Motor vehicles		85		85
Total property and equipment		15,896		12,281
Less: Accumulated depreciation		5,611		5,173
Total property and equipment, net	$	10,285	$	7,108

Depreciation expense for the three months ended March 31, 2026 and 2025 amounted to $417 and $381, 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/360/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

Stock-Based Compensation - Schedule of Fair Value of The Stock-Based Awards (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Line Items]
Risk-free interest rate	3.89%
Expected dividend yield
Expected volatility	42.25%
Expected life in years	5 years 6 months
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Line Items]
Risk-free interest rate		4.06%
Expected volatility		47.475%
Expected life in years		5 years 11 months 26 days
Fair value of Common Stock		$ 3.77
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Line Items]
Risk-free interest rate		4.01%
Expected volatility		45.67%
Expected life in years		5 years 2 months 4 days
Fair value of Common Stock	$ 11.73	$ 3.6

Leases (Details) - USD ($) $ in Thousands		1 Months Ended
Leases (Details) - USD ($) $ in Thousands	Sep. 04, 2025	Feb. 28, 2026	Mar. 31, 2026	Feb. 26, 2026	Dec. 31, 2025
Leases [Abstract]
Operating Lease, Right-of-Use Asset			$ 2,401	$ 1,632	$ 979
Termination penalty Amount		$ 150
Estimated total future payments	$ 34,247

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Income Taxes [Abstract]
Provision for income taxes	$ 48	$ 1
Effective tax rates	(0.05%)	(0.01%)
Uncertain tax liabilities

- 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
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-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

Leases - Schedule of Future Minimum Operating Lease Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Future Minimum Operating Lease Expense [Abstract]
2026	$ 989
2027	1,096
2028	460
2029	79
2030	79
Thereafter	171
Total future minimum lease payments	2,874
Less present value discount	2,419
Present value of lease liabilities	455
Less current portion	977	$ 657
Long-term portion	$ 1,442	$ 331

Debt (Details) $ / shares in Units, $ in Thousands, $ in Thousands		3 Months Ended
	Nov. 18, 2025 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Feb. 24, 2026 $ / shares	Jul. 02, 2025 USD ($)	Jul. 01, 2025 USD ($)	Oct. 23, 2024 USD ($)	Aug. 31, 2024	Aug. 30, 2024 USD ($)	May 28, 2024 USD ($)	Feb. 22, 2024 USD ($)	Jul. 31, 2022 USD ($)	Jul. 31, 2022 NZD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2016 USD ($)
Debt [Line Items]
Borrowing amount		$ 10,000
Principal amount														$ 3,000
Percentage of accrued interest		12.00%
Redemption Price \| $ / shares				$ 782
Proceeds from issuance of warrants		$ 48,195
Pre Fund PIPE [Member]
Debt [Line Items]
Aggregate principal amount					$ 23,445
Unsecured convertible promissory notes		64,706
Proceeds from issuance of warrants		55,000
PIPE Bridge Notes [Member]
Debt [Line Items]
Aggregate principal amount		23,445
Purchaser Right Notes [Member]
Debt [Line Items]
Aggregate principal amount		29,412
2021 LSA [Member]
Debt [Line Items]
Commitment to reserve		6,000
Percentage of effective interest rate														11.00%
2021 LSA First Tranche [Member]
Debt [Line Items]
Aggregate principal amount															$ 3,000
2021 LSA Second Tranche [Member]
Debt [Line Items]
Principal amount														$ 1,000
2022 PGF Loan [Member]
Debt [Line Items]
Percentage of effective interest rate												7.47%	7.47%
Convertible Debt		$ 5,000
Aggregate principal amount												$ 660	$ 1,000
2024 LSA [Member]
Debt [Line Items]
Percentage of accrued interest paid in-kind		1.50%
Aggregate principal amount		$ 28,334									$ 35,000
Fair value debt		28,334				$ 759
Debt issuance costs		$ 622
2024 LSA First Tranche [Member]
Debt [Line Items]
Aggregate principal amount										$ 12,500	12,500
Interest rate		14.50%								15.00%
2024 LSA Second Tranche [Member]
Debt [Line Items]
Aggregate principal amount									$ 12,500		12,500
Interest rate		14.70%						15.00%
2024 LSA Third Tranche [Member]
Debt [Line Items]
Aggregate principal amount							$ 10,000				$ 10,000
Interest rate		14.90%					15.00%
Pre-Funded PIPE [Member]
Debt [Line Items]
Percentage of effective interest rate		12.00%										7.50%	7.50%
Aggregate principal amount	$ 10,893
Proceeds from issuance of warrants	$ 9,259
2022 PGF Agreement [Member]
Debt [Line Items]
Aggregate principal amount												$ 660	$ 1,000

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 122,777

$ 59,343

Short-term investments

325

330

Accounts receivable, net

1,342

368

Prepaid expenses and other current assets

5,570

3,328

Capitalized transaction costs (Note 2)

7,562

Total current assets

130,014

70,931

Property and equipment, net

10,285

7,108

Operating lease right-of-use assets, net

2,401

979

Restricted Cash

2,569

Deposits

107

1,564

Total assets

145,376

80,582

Current liabilities:

Accounts payable

6,855

3,154

Accrued expenses

6,343

7,937

Long-term debt, current portion, net ($19,175 at fair value and $96 at amortized cost, net as of December 31, 2025) (Note 8)

19,271

Convertible promissory notes (Note 8)

29,107

Contract loss provision

738

4,173

Operating lease liabilities, current

977

657

Total current liabilities

14,913

64,299

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

Operating lease liabilities, non-current

1,442

331

Warrant liabilities (Note 9)

87,803

76,766

Total liabilities

104,158

154,180

Commitments and contingencies (Note 14)

Stockholders’ deficit:

Common stock: $0.0001 par value; 800,000,000 and 138,655,675 shares authorized; 84,544,557 and 70,959,389 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital

502,351

477,448

Accumulated deficit

(641,472)

(551,053)

Balance

(139,113)

(73,598)

^[1]

Total liabilities, mezzanine equity, and stockholders’ deficit

145,376

80,582

Series A

Current liabilities:

Preferred Stock Value

180,331

Redeemable Convertible

Current liabilities:

Preferred Stock Value

[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.

Warrants - Schedule of Warrants to Purchase Common Stock (Details) - PIPE Warrants [Member]

3 Months Ended

Mar. 31, 2026

$ / shares

^[1]

Schedule of Warrants to Purchase Common Stock [Line Items]

Shares Underlying Warrants | shares

21,157,300

Class of Underlying Warrant Shares

Common Stock

Exercise Price Per Share | $ / shares

$ 12

Expiration Date

Mar. 31, 2031

[1]

If on the twenty-first (21^st) trading day following 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 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.

Segment and Geographic Information - Schedule of Significant Segment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Line Items]
Revenue	$ 1,002	$ 868
Operating Expenses	28,825	11,558
Nonoperating Income (Expense)	(63,359)	(1,328)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(90,371)	(12,732)
Income Tax Expense (Benefit)	48	1
Net Income (Loss)	(90,419)	(12,733)
Reportable Segment, Aggregation before Other Operating Segment [Member]
Segment Reporting [Line Items]
Revenue	1,002	868
Operating Expenses	(28,014)	(12,272)
Nonoperating Income (Expense)	(63,359)	(1,328)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(90,371)	(12,732)
Income Tax Expense (Benefit)	48	1
Net Income (Loss)	(90,419)	(12,733)
Personnel [Member]
Segment Reporting [Line Items]
Operating Expenses	(10,818)	(6,998)
Travel and entertainment [Member]
Segment Reporting [Line Items]
Operating Expenses	(870)	(547)
Consulting and professional services [Member]
Segment Reporting [Line Items]
Operating Expenses	(15,517)	(3,158)
Aircraft expense [Member]
Segment Reporting [Line Items]
Operating Expenses	(896)	(340)
Software [Member]
Segment Reporting [Line Items]
Operating Expenses	(910)	(534)
Facilities [Member]
Segment Reporting [Line Items]
Operating Expenses	(521)	(472)
Other expenses [Member]
Segment Reporting [Line Items]
Operating Expenses	(1,650)	(664)
Depreciation [Member]
Segment Reporting [Line Items]
Operating Expenses	(417)	(381)
Benefit from contract loss provision [Member]
Segment Reporting [Line Items]
Operating Expenses	3,435	672
Benefit from research and development agreement [Member]
Segment Reporting [Line Items]
Operating Expenses	150	150
Interest income [Member]
Segment Reporting [Line Items]
Nonoperating Income (Expense)	517	301
Interest expense [Member]
Segment Reporting [Line Items]
Nonoperating Income (Expense)	(9)	(1,614)
Other expense [Member]
Segment Reporting [Line Items]
Nonoperating Income (Expense)	(128)	(61)
Change in fair value of warrant liabilities [Member]
Segment Reporting [Line Items]
Nonoperating Income (Expense)	26,555	46
Change in fair value of convertible promissory notes [Member]
Segment Reporting [Line Items]
Nonoperating Income (Expense)	(87,824)
Change in fair value of long-term debt [Member]
Segment Reporting [Line Items]
Nonoperating Income (Expense)	$ (2,470)

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement [Line Items]
Revenue	$ 1,002	$ 868
Cost of revenue	1,640	714
Contract loss adjustments	(2,451)
Gross profit	1,813	154
Operating expenses:
Research and development	14,090	6,679
General and administrative	14,092	4,520
Selling and marketing	643	359
Total operating expenses	28,825	11,558
Loss from operations	(27,012)	(11,404)
Other (expense) income:
Interest income	517	301
Interest expense	(9)	(1,614)
Other expense	(128)	(61)
Change in fair value of warrant liabilities	26,555	46
Change in fair value of convertible promissory notes	(87,824)
Change in fair value of long-term debt	(2,470)
Total other expense	(63,359)	(1,328)
Loss before provision for income taxes	(90,371)	(12,732)
Provision for income taxes	48	1
Net Income (Loss)	(90,419)	(12,733)
Series A Preferred Stock dividends and accretion	(1,417)
Net loss attributable to common stockholders	$ (91,836)	$ (12,733)
Net loss per share:
Net loss per share basic	$ (1.27)	$ (0.18)
Net loss per share diluted	$ (1.27)	$ (0.18)
Weighted-average shares outstanding:
Weighted-average shares outstanding Basic	72,421,272	70,947,705
Weighted-average shares outstanding diluted	72,421,272	70,947,705

Warrants

3 Months Ended

Mar. 31, 2026

Warrants [Abstract]

WARRANTS

9. Warrants

The warrants issued in connection with the 2019 loan and security agreement (“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 as 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 and in accordance with the terms thereof, 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 as of 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 thereof permitted the holder to exchange the 2024 LSA Amendment Warrants for instruments issued in any bridge financing occurring after the issuance date thereof, 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 and 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 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 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 March 31, 2026:

Shares Underlying Warrants

Class of Underlying Warrant Shares

Exercise Price Per Share

Expiration Date

PIPE Warrants⁽¹⁾

21,157,300

Common Stock

12.00

March 31, 2031

(1) If on the twenty-first (21^st) trading day following 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 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.

During the three months ended March 31, 2026 and 2025, the Company recorded a gain on the change in fair value of warrant liabilities of $26,555 and $46, respectively. Refer to Note 5. Fair Value Measurements for further information.

Leases

3 Months Ended

Mar. 31, 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 provisions for renewal 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 that has not commenced for airport hangar and corporate office space in Bedford, MA and thus 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 March 31, 2026, the premises and the land for the temporary hangar have 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 retains the right to terminate the lease, effective on the second anniversary of the lease commencement date with no less than nine months prior written notice being provided, for 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 months ended March 31, 2026 and 2025 were as follows:

	Three Months Ended March 31,
Component	2026		2025
Operating lease expense	$	254	$	225
Short-term lease expense		159		25
Variable lease expense		5		1
Total lease expense	$	418	$	251

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

	As of:
	March 31, 2026			December 31, 2025
Weighted average remaining lease term (in years)		2.60			3.17
Weighted average discount rate		12.52	%		13.21	%

Future minimum operating lease payments as of March 31, 2026 are as follows:

Years ending December 31:	Amount
2026	$	989
2027		1,096
2028		460
2029		79
2030		79
Thereafter		171
Total future minimum lease payments		2,874
Less present value discount		455
Present value of lease liabilities		2,419
Less current portion		977
Long-term portion	$	1,442

Defined Contribution Plan

3 Months Ended

Mar. 31, 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 March 31, 2026 and 2025, the Company made contributions to the plan in the amounts of $59 and $54, respectively.

Net Loss Per Share - Schedule of Basic and Diluted Net Loss Computations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss	$ (90,419)	$ (12,733)
Net loss attributable to common stockholders	$ (91,836)	$ (12,733)
Denominator:
Weighted average common shares outstanding, basic	72,421,272	70,947,705
Weighted average common shares outstanding, diluted	72,421,272	70,947,705
Net loss per common share, basic	$ (1.27)	$ (0.18)
Net loss per common share, diluted	$ (1.27)	$ (0.18)
Series A Preferred Stock [Member]
Numerator:
Series A Preferred Stock dividends and accretion	$ (1,417)

Organization and Description of Business (Details)	Mar. 13, 2026 $ / shares
Organization and Description of Business [Line Items]
Price of per share	$ 0.0001
Class B Ordinary Shares [Member]
Organization and Description of Business [Line Items]
Price of per share	$ 0.0001

Mezzanine Equity and Stockholders’ Deficit (Tables)

3 Months Ended

Mar. 31, 2026

Mezzanine Equity and Stockholders’ Deficit [Abstract]

Schedule of Conversion Redeemable Preferred Stock

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

Mezzanine Equity and Stockholders’ Defici - Schedule of Conversion Redeemable Convertible Preferred Stock (Details)	Mar. 31, 2026 shares
Mezzanine Equity and Stockholders’ Deficit [Line Items]
Number of shares issued and outstanding before closing	17,381,016
Common stock issued after conversion	53,907,368
Series Seed redeemable convertible preferred stock [Member]
Mezzanine Equity and Stockholders’ Deficit [Line Items]
Number of shares issued and outstanding before closing	3,293,745
Exchange ratio	0.03102
Common stock issued after conversion	10,215,578
Series A redeemable convertible preferred stock [Member]
Mezzanine Equity and Stockholders’ Deficit [Line Items]
Number of shares issued and outstanding before closing	7,493,114
Exchange ratio	0.03102
Common stock issued after conversion	23,239,955
Series A-1 redeemable convertible preferred stock [Member]
Mezzanine Equity and Stockholders’ Deficit [Line Items]
Number of shares issued and outstanding before closing	928,217
Exchange ratio	0.03102
Common stock issued after conversion	2,878,873
Series B redeemable convertible preferred stock [Member]
Mezzanine Equity and Stockholders’ Deficit [Line Items]
Number of shares issued and outstanding before closing	4,718,309
Exchange ratio	0.03102
Common stock issued after conversion	14,633,876
Series B-1 redeemable convertible preferred stock [Member]
Mezzanine Equity and Stockholders’ Deficit [Line Items]
Number of shares issued and outstanding before closing	947,631
Exchange ratio	0.03102
Common stock issued after conversion	2,939,086

- 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 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 2: 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 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-2

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 13
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (c)
-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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-11

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

Reference 11: 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 12: 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 13: 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 14: http://www.xbrl.org/2003/role/disclosureRef
-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 15: 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 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

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+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Measurements [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 March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market mutual funds	$	121,417	$	—	$	—	$	121,417
Total Assets	$	121,417	$	—	$	—	$	121,417
Liabilities:
Warrant liabilities	$	—	$	—	$	87,803	$	87,803
Total Liabilities	$	—	$	—	$	87,803	$	87,803

	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 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 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	%

The following relevant assumptions were used in determining the fair value of the PIPE Warrants as of March 31, 2026:

	March 31, 2026
Remaining term (years)		4.96
Fair value of common stock	$	7.35
Volatility		65.0	%
Risk-free rate		3.88	%
Dividend yield		—	%

	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

	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

	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	$	—

	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
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization and Description of Business

3 Months Ended

Mar. 31, 2026

Organization and Description of Business [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.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from Operating Activities:
Net loss	$ (90,419)	$ (12,733)
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	417	381
Stock-based compensation	1,295	513
Equity-based payments to non-employees	643
Amortization of right-of-use assets	209	183
Non-cash interest expense	41	401
Gain on disposal of property and equipment		(2)
Change in fair value of warrant liabilities	(26,555)	(46)
Change in fair value of convertible promissory notes	87,824
Loss on foreign currency exchange rate	127	63
Change in fair value of long-term debt	1,514
Write-off of capitalized transactions costs related to issuance of PIPE Warrants	1,226
Change in operating assets and liabilities:
Accounts receivable	(974)	(32)
Prepaid expenses and other current assets	(2,245)	(507)
Deposits	(63)	1
Accounts payable	3,699	(336)
Accrued expenses	3,253
Deferred revenue		(112)
Contract loss provision	(3,435)	(672)
Operating lease liabilities	(201)	(183)
Net cash used in operating activities	(23,644)	(13,081)
Cash flows from investing activities
Additions of property and equipment	(2,159)	(94)
Proceeds from sales of property and equipment		15
Net cash used in investing activities	(2,159)	(79)
Cash flows from financing activities
Proceeds from issuance of warrants	48,195
Proceeds from issuance of Series A Preferred Stock in connection with PIPE	71,805
Repayments of long-term debt	(33,639)	(1,557)
Issuance of common stock in connection with the Merger	26,290
Payment of transaction costs related to issuance of Series A Preferred Stock in connection with PIPE	(10,482)
Payment of transaction costs related to issuance of common stock in connection with the Merger	(8,528)
Payment of costs directly attributable to the Merger	(2,061)
Proceeds from exercise of common stock options	226	10
Net cash provided by financing activities	91,806	(1,547)
Net increase (decrease) in cash, cash equivalents, and restricted cash	66,003	(14,707)
Cash, cash equivalents, and restricted cash at beginning of period	59,343	37,195
Cash, cash equivalents, and restricted cash at end of period	125,346	22,488
Supplemental disclosure of cash flow information
Interest	957	1,194
Taxes	4	1
Supplemental non-cash investing and financing activities
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	1,632
Property and equipment obtained for deposits paid in 2025	1,457
Issuance of redeemable convertible preferred stock upon exercise of warrants	6,859
Conversion of Pre-PIPE Bridge and Pre-Funded PIPE Notes to Series A Preferred Stock	116,931
Issuance of Series A Preferred Stock in exchange for 2024 LSA Amendment Warrants	3,745
Costs directly attributable to the Merger paid in 2025	2,714
Conversion Of Series A Preferred Stocks To Common Stock	32
Series A Preferred Stock dividends and accretion	$ 1,417

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	May 01, 2026	Mar. 31, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Common stock issued		84,544,557	84,544,557
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock issued	8,000,000
Purchase of common stock	4,000,000
Gross proceeds	$ 80,000
Exercise price per warrants	$ 6.67

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Statement [Line Items]
Long-term debt, current portion, net fair value		$ 19,175
Long-term debt, current portion, net amortized costs		96
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	$ 0.0001	$ 0.0001
Common stock, shares authorized	800,000,000	138,655,675
Common stock, shares issued	84,544,557	84,544,557
Common stock, shares outstanding	70,959,389	70,959,389
Series A Preferred Stock
Statement [Line Items]
Preference shares, par value	$ 0.0001
Preference shares, authorized	50,000,000
Preference shares, issued	21,711,880
Preference shares, outstanding	21,711,880

Revenue Recognition from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 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 March 31,
	2026		2025
U.S. government agencies	$	950	$	837
Commercial and non-U.S. government customers		52		31
Total	$	1,002	$	868

Schedule of Contract Balances

The following table presents contract balances:

	As of:
	March 31, 2026		December 31, 2025		December 31, 2024
Accounts receivable, net	$	1,342	$	368	$	536
Unbilled receivables	$	399	$	1,570	$	—
Deferred revenue	$	—	$	—	$	112
Contract loss provision	$	738	$	4,173	$	5,166

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Significant 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 March 31,		As of December 31,
	2026		2025
Cash and cash equivalents	$	122,777	$	59,343
Restricted cash		2,569		—
Total Cash, cash equivalents, and restricted cash	$	125,346	$	59,343

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Stock-Based Compensation [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 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.

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.

As of March 31, 2026, the Company’s authorized common stock includes 10,386,879 shares of common stock reserved for the issuance of options under the Plan, of which 1,677,207 shares are available for future grants.

Stock option activity under the Plan during the three months ended March 31, 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		1,680,541			8.47
Exercised		(406,385	)		0.56					3,058
Expired		(389,227	)		2.35
Forfeited		(26,288	)		4.59
Outstanding at March 31, 2026		7,353,451			3.40			7.1		29,046
Exercisable at March 31, 2026		4,549,732		$	1.59			5.8	$	26,206

The weighted-average grant-date fair value of options granted during the three months ended March 31, 2026 and 2025 amounted to $11.73 and $3.69, respectively.

During the three months ended March 31, 2026 and 2025, option holders of the Company exercised 406,385 and 38,617 common stock options, respectively, in exchange for cash proceeds of $226 and $10, respectively.

The total intrinsic value of options exercised during the three months ended March 31, 2026 and 2025 amounted to $3,058 and $85, respectively.

During the three months ended March 31, 2026 and 2025, stock-based compensation expense amounted to $1,295 and $513, respectively, which is included in the condensed consolidated statements of operations.

As of March 31, 2026, there is $7,024 of unrecognized compensation expense related to unvested stock-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted average period of 1.33 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 has 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-based awards:

	Three Months Ended March 31,
	2026			2025
Risk-free interest rate		3.89	%		4.01%-4.06	%
Expected dividend yield		—	%		—	%
Expected volatility		42.25	%		45.67%-47.475	%
Expected life in years		5.50			5.18-5.99
Fair value of Common Stock	$	11.73			$3.60-$3.77

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

	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	241	$	50
Research and development		856		385
General and administrative		189		74
Selling and marketing		8		4
Total	$	1,295	$	513

During the three months ended March 31, 2026, the Company granted 100,000 shares of common stock to non-employees, which were valued on the grant date based on the opening price of MRLN. As of March 31, 2026, the shares of common stock have not yet been issued to the non-employees.

Reverse Recapitalization (Tables)

3 Months Ended

Mar. 31, 2026

Reverse Recapitalization [Abstract]

Schedule of Net Proceeds from the Merger

The following table summarizes the net proceeds from the Merger:

Sources	Amount
Cash - Inflection Point trust account, net (1)		2,644
Cash - Inflection Point operating account		426
Total cash from Inflection Point		3,070
Cash - Closing PIPE		120,000
Total cash in Inflection Point going into the Merger	$	123,070

(1)

Uses	Amount
Prepayment of 2024 LSA Loans	$	(28,334	)
Total cash used immediately after the Merger	$	(28,334	)

Net cash to Merlin	$	94,736

Schedule of Merger Impact of Common Stock

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

Condensed Consolidated Statements of Mezzanine Equity and Stockholders’ Deficit (Unaudited) - USD ($)
$ in Thousands

Series A

Preferred Stock

Previously Reported

Series A

Preferred Stock

Retroactive Application of Recapitalization

Series A

Preferred Stock

Redeemable Convertible

Preferred Stock

Previously Reported

Redeemable Convertible

Preferred Stock

Retroactive Application of Recapitalization

Redeemable Convertible

Preferred Stock

Common Stock

Previously Reported

Common Stock

Retroactive Application of Recapitalization

Common Stock

Additional Paid-In Capital

Previously Reported

Additional Paid-In Capital

Retroactive Application of Recapitalization

Additional Paid-In Capital

Accumulated Deficit

Previously Reported

Accumulated Deficit

Retroactive Application of Recapitalization

Accumulated Deficit

Previously Reported

Retroactive Application of Recapitalization

Total

Balance at Dec. 31, 2024

^[1]

$ 130,616

^[1]

$ 1

$ 7

$ 8

^[1]

$ 4,009

$ 130,609

$ 134,618

^[1]

$ (135,532)

^[1]

$ (131,522)

$ (906)

^[1]

Balance (in Shares) at Dec. 31, 2024

^[1]

17,696,748

(17,696,748)

^[1]

5,169,812

65,750,960

70,920,772

^[1]

Statement [Line Items]

Exercise of common stock options

Exercise of common stock options (in Shares)

38,617

Stock-based compensation

513

Net loss

(12,733)

Balance at Mar. 31, 2025

$ 0

$ 8

135,141

(148,265)

(13,116)

Balance (in shares) at Mar. 31, 2025

70,959,389

Balance at Dec. 31, 2025

^[1]

$ 461,963

^[1]

$ 1

$ 6

$ 7

^[1]

$ 15,491

$ 461,957

477,448

^[1]

$ (551,053)

(551,053)

^[1]

$ (535,561)

(73,598)

^[1]

Balance (in Shares) at Dec. 31, 2025

^[1]

17,154,902

(17,154,902)

^[1]

5,306,250

64,357,145

69,663,395

^[1]

Statement [Line Items]

Exercise of common stock options

226

$ 226

Exercise of common stock options (in Shares)

406,385

Stock-based compensation

1,295

$ 1,295

Equity-based payments to non-employees

643

Issuance of common stock upon exercise of warrants

Issuance of common stock upon exercise of warrants (in Shares)

19,623

Issuance of redeemable convertible preferred stock upon exercise of warrants

$ 0

Issuance of redeemable convertible preferred stock upon exercise of warrants (in Shares)

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

$ 116,931

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

9,754,665

Issuance of Series A Preferred Stock in exchange for 2024 LSA Amendment Warrants

$ 3,745

Issuance of Series A Preferred Stock in exchange for 2024 LSA Amendment Warrants (in Shares)

490,196

Issuance of Series A Preferred Stock in connection with the PIPE

$ 58,270

Issuance of Series A Preferred Stock in connection with the PIPE (in Shares)

11,470,590

Issuance of common stock in connection with the Merger

$ 1

17,265

17,266

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

13,750,282

Conversion of Series A Preferred Stock to common stock

$ (32)

Conversion of Series A Preferred Stock to common stock (in Shares)

(3,571)

3,579

Series A Preferred Stock dividends and accretion

$ 1,417

(1,417)

Net loss

(90,419)

Balance at Mar. 31, 2026

$ 180,331

$ 8

$ 502,351

$ (641,472)

$ (139,113)

Balance (in shares) at Mar. 31, 2026

21,711,880

84,544,557

[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.

Warrants (Tables)

3 Months Ended

Mar. 31, 2026

Warrants [Abstract]

Schedule of Warrants to Purchase Common Stock

The following table summarizes the warrants to purchase common stock as of March 31, 2026:

Shares Underlying Warrants

Class of Underlying Warrant Shares

Exercise Price Per Share

Expiration Date

PIPE Warrants⁽¹⁾

21,157,300

Common Stock

12.00

March 31, 2031

Defined Contribution Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Defined Contribution Plan [Abstract]
Contribution plan cost	$ 59	$ 54

Debt - Schedule of Outstanding Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt [Line Items]
Long-Term Debt, Maturity, Year One
Long-Term Debt, Maturity, Year Two		672
Long-Term Debt, Maturity, Year Three		31,383
Long-term debt		32,055
Less current maturities of long-term debt		19,271
Less unamortized deferred financing costs
Total long-term debt, net		$ 12,784

- 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
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+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

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

+ References

+ Details

Segment and Geographic Information (Details)	3 Months Ended
Segment and Geographic Information (Details)	Mar. 31, 2026 Segment
Segment and Geographic Information [Abstract]
Segment description	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.
Reportable segment	1
Number of operating segments	1

Segment and Geographic Information

3 Months Ended

Mar. 31, 2026

Segment and Geographic Information [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 March 31,
	2026			2025
Revenue	$	1,002		$	868
Significant segment expenses:
Personnel		(10,818	)		(6,998	)
Travel and entertainment		(870	)		(547	)
Consulting and professional services		(15,517	)		(3,158	)
Aircraft expense		(896	)		(340	)
Software		(910	)		(534	)
Facilities		(521	)		(472	)
Other expenses		(1,650	)		(664	)
Depreciation		(417	)		(381	)
Benefit from contract loss provision		3,435			672
Benefit from research and development agreement		150			150
Total significant segment expenses		(28,014	)		(12,272	)
Other segment expenses:
Interest income		517			301
Interest expense		(9	)		(1,614	)
Other expense		(128	)		(61	)
Change in fair value of warrant liabilities		26,555			46
Change in fair value of convertible promissory notes		(87,824	)		—
Change in fair value of long-term debt		(2,470	)		—
Total other segment expenses		(63,359	)		(1,328	)
Loss before provision for income taxes		(90,371	)		(12,732	)
Provision for income taxes		48			1
Net loss	$	(90,419	)	$	(12,733	)

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

	As of:
	March 31, 2026		December 31, 2025
United States	$	7,821	$	4,541
New Zealand		4,865		3,546
Total	$	12,686	$	8,087

- Definition

The entire disclosure for segment reporting.

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+ Details