Subsequent Events

9 Months Ended

Sep. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

For the interim condensed consolidated financial statements as of September 30, 2025, and for the three

and nine months then ended, the Company has evaluated events through the date the unaudited interim

condensed consolidated financial statements were available to be issued.

2025 Facility Lease

On July 2, 2025, the Company entered into a facility lease agreement for approximately 8,100 rentable

square feet of office space in San Francisco, California for 39 months through November 30, 2028, with

the option to extend for one additional three-year period. In connection with the lease, the Company paid

a security deposit of $90,000. The average monthly lease payments are approximately $40,000 per

month during the lease term. The lease commenced on November 1, 2025.

Hayfin Common Stock Warrants Exercise

On October 22, 2025, Hayfin net exercised all common stock warrants outstanding for 1,646,317 shares

of common stock. The common stock warrant liability was remeasured to fair value through the date of

exercise, with the related change of approximately $9.3 million being reflected as a change in fair value of

common stock warrant liability on the consolidated statements of operations and comprehensive loss.

The final fair value of $64.7 million will be reclassified to stockholders equity (deficit).

Civil Investigative Demand Investigation

In October 2025, the Company and certain of its employees received civil investigative demands (the

“CID”) from the U.S. Department of Justice, Civil Division, in connection with an investigation under the

federal Anti-Kickback Statute and Civil False Claims Act (the “Investigation”). The CID requests

information, documents, and testimony focused on the Company’s financial and contractual arrangements

with providers and its sales and marketing activities. The Company is cooperating with the Investigation

and is unable to express a view at this time regarding the likely duration, or ultimate outcome, of the

Investigation or estimate the possibility of, or amount or range of, any possible financial impact.

Depending on the outcome of the Investigation, there may be a material impact on the Company’s

business, results of operations, financial condition, or cash flows.