Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	33,320	$	—	$	—	$	33,320
U.S. Treasury securities	—		69,908		—		69,908
Total assets measured at fair value	$	33,320	$	69,908	$	—	$	103,228
Liabilities
Common stock warrants
PIPE Warrants	$	—	$	—	$	110,881	$	110,881
NRA Warrants	—		—		47,465		47,465


Second lien loan	—		—		10,872		10,872
Total liabilities measured at fair value	$	—	$	—	$	169,218	$	169,218


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	9,439	$	—	$	—	$	9,439
Total assets measured at fair value	$	9,439	$	—	$	—	$	9,439
Liabilities
SAFEs	$	—	$	—	$	59,301	$	59,301
Redeemable convertible preferred stock warrant liabilities	—		—		1,619		1,619
Total liabilities measured at fair value	$	—	$	—	$	60,920	$	60,920

Schedule of Changes in Estimated Fair Values of Liabilities

The following table summarizes changes in the estimated fair values of these liabilities (in thousands):


	PIPE Warrants		Non-Redemption Warrants		Second Lien Loans		SAFE		Legacy Kodiak Redeemable Convertible Preferred Stock Warrants
Balance as of December 31, 2023	$	—	$	—	$	—	$	10,000	$	2,045
Issuance during the year	—		—		—		45,192		—
Fair value remeasurement	—		—		—		4,109		(426)
Balance as of December 31, 2024	—		—		—		59,301		1,619
Issuance during the year	86,359		36,968		43,865		23,660		—
Exchange of SAFE for second lien loan	—		—		10,000		(10,000)		—
Reclassification of Assumed Kodiak Warrants	—		—		—		—		(3,842)
Fair value remeasurement	24,522		10,497		24,387		190,075		7,272
Settlement via conversion or exercise	—		—		(67,380)		(263,036)		(5,049)
Balance as of December 31, 2025	$	110,881	$	47,465	$	10,872	$	—	$	—