X0202 SCHEDULE 13G/A 0002031321 XXXXXXXX LIVE 2 Common stock, par value $0.0001 per share 09/30/2026 0002028707 Merlin, Inc. 590106100 129 South Street Boston MA 02111 Rule 13d-1(c) Bleichroeder Sponsor 1 LLC DE 0.00 0.00 0.00 0.00 0.00 N 0.00 OO Andrew Gundlach X1 00.00 100000.00 00.00 100000.00 100000.00 N 0.10 IN Consists of 100,000 shares held by Bleichroeder LP in an investment management account for the benefit of a third party. Mr. Gundlach is President and Chief Executive Officer of Bleichroeder LP and has voting and investment control over the securities held directly by Bleichroeder LP. As such, Mr. Gundlach may be deemed to have beneficial ownership of such securities. Mr. Gundlach disclaims any beneficial ownership of the securities held of record by Bleichroeder LP other than to the extent of any pecuniary interest he may have therein, directly or indirectly. Michel Combes I0 0.00 1143333.00 0.00 1143333.00 1143333.00 N 1.13 IN Consists of shares held by MC Advisory L.L.C-FZ, an entity formed in Dubai ("MC Advisory"). Mr. Combes is the manager of MC Advisory and has voting and investment discretion with respect to the Common Stock held of record by MC Advisory. As such, Mr. Combes may be deemed to have beneficial ownership of the securities held of record by MC Advisory. Mr. Combes disclaims any beneficial ownership of the securities held of record by MC Advisory other than to the extent of any pecuniary interest he may have therein, directly or indirectly. Merlin, Inc. 129 South Street Boston, MA 02111 Bleichroeder Sponsor 1 LLC (the "Sponsor"), Andrew Gundlach, and Michel Combes (collectively, the "Reporting Persons") are filing this Amendment No. 2 on Schedule 13G which amends the Schedule 13G originally filed by the Reporting Persons on March 24, 2026, as amended on August 14, 2026. The Reporting Persons previously filed a Schedule 13D on November 12, 2024 (the "Schedule 13D") with respect to the Class A ordinary shares of the Issuer (which was formerly known as Inflection Point Acquisition Corp. IV or "Inflection Point"). In connection with the closing (the "Closing") of the business combination (the "Business Combination") between the Issuer and Merlin Labs, Inc., the securities of Inflection Point held by the Sponsor became shares of the Issuer's common stock (the "Common Stock") and the Reporting Persons became eligible to report on Schedule 13G pursuant to Rule 13d-1(c). The principal business address of the Reporting Person is 1345 Avenue of the Americas, Floor 47, New York, NY 10105 The Sponsor is a Delaware limited liability company. Mr. Gundlach is a citizen of the United States. Mr. Combes is a citizen of France Y See the response to row 9 of the Cover Page for each Reporting Person. With respect to the Sponsor, MC Advisory L.L.C.-FZ, an entity formed in Dubai (of which Mr. Combes, is the manager) ("MC Advisory"), as well as Mr. Gundlach, are the managing members of the Sponsor and hold voting and investment discretion with respect to the Common Stock held of record by the Sponsor. As such, each of Mr. Combes and Mr. Gundlach may be deemed to have beneficial ownership of the securities held of record by the Sponsor. Each of Mr. Combes and Mr. Gundlach disclaims any beneficial ownership of the securities held of record by the Sponsor other than to the extent of any pecuniary interest they may have therein, directly or indirectly. With respect to Mr. Gundlach, consists of 100,000 shares held by Bleichroeder LP in an investment management account for the benefit of a third party. Mr. Gundlach is President and Chief Executive Officer of Bleichroeder LP and has voting and investment control over the securities held directly by Bleichroeder LP. As such, Mr. Gundlach may be deemed to have beneficial ownership of such securities. Mr. Gundlach disclaims any beneficial ownership of the securities held of record by Bleichroeder LP other than to the extent of any pecuniary interest he may have therein, directly or indirectly. With respect to Mr. Combes, consists of shares held by MC Advisory. Mr. Combes is the manager of MC Advisory and has voting and investment discretion with respect to the Common Stock held of record by MC Advisory. As such, Mr. Combes may be deemed to have beneficial ownership of the securities held of record by MC Advisory. Mr. Combes disclaims any beneficial ownership of the securities held of record by MC Advisory other than to the extent of any pecuniary interest he may have therein, directly or indirectly. Subsequent to September 30, 2026, but prior to the filing of this Amendment No. 2 to Schedule 13G, on October 14, 2026, MC Advisory sold all 1,143,333 shares held by it. Following such sale, Mr. Combes's beneficial ownership percentage was 0.00%. See response to row 11 on the cover page. Percentage ownership was based on 101,067,784 shares of Common Stock outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 14, 2026. See response to row 5 on the cover page. See response to row 6 on the cover page. See response to row 7 on the cover page. See response to row 8 on the cover page. N Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. Bleichroeder Sponsor 1 LLC /s/ Andrew Gundlach 11/10/2026 Andrew Gundlach /s/ Andrew Gundlach 11/10/2026 Michel Combes /s/ Michel Combes 11/10/2026