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Fair Value Measurements (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2025

Dec. 31, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of company's financial assets and liabilities measured at fair value

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):

		September 30, 2025
		Level 1				Level 2				Level 3				Total
Liabilities
PIPE Warrants		$	—			$	—			$	86,359			$	86,359
NRA Warrants			—				—				36,968				36,968
Second lien loan			—				—				10,423				10,423
Total liabilities measured at fair value		$	—			$	—			$	133,750			$	133,750
		December 31, 2024
		Level 1				Level 2				Level 3				Total
Assets
Cash equivalents:
Money market funds		$	9,439			$	—			$	—			$	9,439
Total assets measured at fair value		$	9,439			$	—			$	—			$	9,439

		December 31, 2024
		Level 1				Level 2				Level 3				Total
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

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, 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

		December 31, 2023
		Level 1				Level 2				Level 3				Total
Assets
Money market funds		$	7,042			$	—			$	—			$	7,042
U.S. treasury securities			5,055				—				—				5,055
Total assets measured at fair value		$	12,097			$	—			$	—			$	12,097
Liabilities
SAFE		$	—			$	—			$	10,000			$	10,000
Redeemable convertible preferred stock warrant liabilities			—				—				2,045				2,045
Total liabilities measured at fair value		$	—			$	—			$	12,045			$	12,045

Schedule of changes in the estimated fair values

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

		Second Lien Loans				SAFE				Legacy Kodiak Redeemable Convertible Preferred Stock Warrants
Balance as of December 31, 2024		$	—			$	59,301			$	1,619
Issuance of second lien loans			43,865				—				—
Issuance of SAFEs			—				23,660				—
Exchange of SAFE for second lien loan			10,000				(10,000	)			—
Reclassification of Assumed Kodiak Warrants			—				—				(3,842	)
Fair value remeasurement			23,938				190,075				7,272
Settlement via conversion or exercise			(67,380	)			(263,036	)			(5,049	)
Balance as of September 30, 2025		$	10,423			$	—			$	—
Balance as of December 31, 2023		$	—			$	10,000			$	2,045
Issuance of SAFEs			—				44,054				—
Fair value remeasurement			—				—				(321	)
Balance as of September 30, 2024		$	—			$	54,054			$	1,724

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

		SAFE				Redeemable Convertible Preferred Stock Warrants				Total
Balance as of December 31, 2022		$	—			$	1,451			$	1,451
Issuance of SAFE			10,000				—				10,000
Correction of an immaterial error of redeemable convertible preferred stock warrants			—				720				720
Fair value remeasurement			—				(126	)			(126	)
Balance as of December 31, 2023			10,000				2,045				12,045
Issuance of SAFEs			45,192				—				45,192
Fair value remeasurement			4,109				(426	)			3,683
Balance as of December 31, 2024		$	59,301			$	1,619			$	60,920

Simple Agreements For Future Equity [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of determined the fair value of its SAFE obligations

The Company determined the fair value of its SAFE obligations by using a valuation model with key assumptions summarized in the table below. The Company utilized a probability-weighted model that used both the pay-off method and Black-Scholes option-pricing model based on the potential settlement outcomes of the SAFE obligations, including a liquidity event, next equity financing and dissolution, as these events became known or knowable as of the valuation date.

		Year Ended December 31,
		2024				2023
Expected term to underlying triggering events (in years)			0.7				0.4 – 3.0
Discount rate			20.9	%			26.0	%
Volatility			60.7	%			49.9 – 102.3	%

Redeemable Convertible Preferred Stock Warrants [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of determined the fair value of its SAFE obligations

The Company determined the fair value of its redeemable convertible preferred stock warrants by using a Black-Scholes option-pricing model with key assumptions summarized in the table below. The Company utilized a probability-weighted Black-Scholes option-pricing model based on the potential settlement outcomes of the redeemable convertible preferred stock warrants, including a liquidity event or future equity financing as well as other settlement alternatives, as these events became known or knowable as of the valuation date.

		Year Ended December 31,
		2024				2023
Exercise price		$	0.001 – $2.34			$	0.001 – $2.34
Expected term (in years)			3.6 – 7.7				4.6 – 8.7
Risk-free interest rate			4.3% – 4.5%				3.8% – 3.9%
Volatility			80.3%				83.1%
Dividend yield			—				—

X

- 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.

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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