RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2025

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

Related Party Transactions

The Company generates revenue from transactions with related parties, primarily through the Company’s relationship with United Therapeutics Corporation, ARMI and GE Aerospace, who have executives that are also on the Company’s Board of Directors. These amounts are disclosed within the Company’s Consolidated Balance Sheets and Consolidated Statements of Operations and Comprehensive Loss.

Additionally, the Company enters into certain transactions with management for the lease of aircraft and property for use within the business. The aggregate expenses are included with general and administrative expenses for the years ended December 31, 2025, 2024 and 2023.

Sale-Leaseback Transaction 

In July 2025, the Company entered into a sale-leaseback transaction with an associated company of a Board member for two of its buildings. See Note 6 “Leases.” 

Series C Financing 

In 2025, as part of the Series C financing, 5,397,160 shares of Series C Preferred Stock were purchased by certain of the Company’s directors, their associated companies and certain members of management. 

In 2024, as part of the Series C financing, 6,641,966 shares of Series C Preferred Stock were purchased by Board members or their associated companies.

Series C-1 Financing

In 2025, as part of the Series C-1 financing, 2,535,250 shares of Series C-1 Preferred Stock were purchased by certain of the Company’s Board members and their associated companies, exclusive of GE Aerospace.

GE Aerospace

On September 3, 2025, the Company entered into a Series C-1 Preferred Stock purchase agreement. On September 26, 2025, the Company issued 16,723,599 shares of Series C-1 Preferred Stock to GE Aerospace for total proceeds of $300,000 in connection with the initial closing of the Series C-1 Preferred Stock financing. The Company recorded a non-cash loss on the issuance of Preferred Stock of $215,585 in connection with this transaction during the year ended December 31, 2025. As a result of the transaction, GE Aerospace received the right to designate one member to the Company’s Board. Additionally, on September 3, 2025, the Company entered into a collaborative arrangement pursuant to which the Company issued warrants to GE Aerospace to purchase 2,552,467 shares of the Company’s Class A common stock. See Note 2 “Basis of Presentation and Accounting Policies.” Additionally, during 2025, the Company performed engineering services for GE Aerospace and recognized an immaterial amount in service revenues for the year ended December 31, 2025.