<SEC-DOCUMENT>0001213900-25-117895.txt : 20251203
<SEC-HEADER>0001213900-25-117895.hdr.sgml : 20251203
<ACCEPTANCE-DATETIME>20251203171221
ACCESSION NUMBER:		0001213900-25-117895
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251203
DATE AS OF CHANGE:		20251203

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bolt Projects Holdings, Inc.
		CENTRAL INDEX KEY:			0001841125
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				861256660
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-286083
		FILM NUMBER:		251547366

	BUSINESS ADDRESS:	
		STREET 1:		2261 MARKET STREET, SUITE 5447
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94114
		BUSINESS PHONE:		6192484062

	MAIL ADDRESS:	
		STREET 1:		2261 MARKET STREET, SUITE 5447
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Golden Arrow Merger Corp.
		DATE OF NAME CHANGE:	20210119
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>ea026838301-424b3_bolt.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule 424(b)(3)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration Statement No. 333-286083</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Prospectus Supplement No. 11</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(To Prospectus dated April 3, 2025)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BOLT PROJECTS HOLDINGS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement updates, amends and
supplements the prospectus dated April 3, 2025 (the &ldquo;Prospectus&rdquo;), which forms a part of our Registration Statement on Form
S-1 (Registration No. 333-286083). Capitalized terms used in this prospectus supplement and not otherwise defined herein have the meanings
specified in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement is being filed to update,
amend and supplement the information included in the Prospectus with the information contained in our Quarterly Report on Form 10-Q, filed
with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) on November 12, 2025, which is set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement is not complete without
the Prospectus. This prospectus supplement should be read in conjunction with the Prospectus, which is to be delivered with this prospectus
supplement, and is qualified by reference thereto, except to the extent that the information in this prospectus supplement updates or
supersedes the information contained in the Prospectus. Please keep this prospectus supplement with your Prospectus for future reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">INVESTING IN OUR SECURITIES INVOLVES CERTAIN RISKS.
SEE &ldquo;RISK FACTORS&rdquo; BEGINNING ON PAGE 7 OF THE PROSPECTUS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither the SEC nor any state securities commission
has approved or disapproved of these securities or determined if the Prospectus or this prospectus supplement is truthful or complete.
Any representation to the contrary is a criminal offense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus supplement is December
3, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_1"></DIV>

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 6pt"><FONT><BR></FONT></DIV>

<DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT><BR></FONT></DIV>

<DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT><BR></FONT></DIV>

<DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">..</FONT><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 98.9%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR STYLE="height: 3pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 2pt solid; border-bottom: #000000 1pt solid; padding: 0 1pt"></td></TR>
  </TABLE></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">UNITED
STATES</FONT></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">SECURITIES
AND EXCHANGE COMMISSION</FONT></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Washington,
D.C. 20549 </FONT></DIV>

<DIV STYLE="margin-bottom: 6pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">_______________________________________________________________________</FONT></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">FORM
10-Q</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">_______________________________________________________________________</FONT></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">(MARK
ONE)</FONT></DIV>

<DIV STYLE="margin-bottom: 8pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Wingdings,sans-serif; color: #000000">x</FONT><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></DIV>

<DIV STYLE="margin-bottom: 8pt; text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">For
the quarterly period ended September
30, 2025</FONT></DIV>

<DIV STYLE="margin-bottom: 8pt; text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">or</FONT></DIV>

<DIV STYLE="margin-bottom: 8pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Wingdings,sans-serif; color: #000000">o</FONT><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></DIV>

<DIV STYLE="margin-bottom: 8pt; text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">For
the transition period from___________to___________</FONT></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Commission
file number: 001-40223</FONT></DIV>

<DIV STYLE="margin-bottom: 6pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">_______________________________________________________________________</FONT></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font: 700 18pt/120% Times New Roman,serif; color: #000000">Bolt
Projects Holdings, Inc.</FONT></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">(Exact
name of registrant as specified in its charter)</FONT></DIV>

<DIV STYLE="margin-bottom: 6pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">_______________________________________________________________________</FONT></DIV>

<DIV STYLE="margin-bottom: 6pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 48.59%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 48.59%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Delaware</FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">86-1256660</FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">(State
        or other jurisdiction of <BR>incorporation or organization)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">(I.R.S.
        Employer<BR>Identification No.)</FONT></TD></TR>
  <TR STYLE="height: 8pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2261
        Market Street, Suite 5447</FONT></DIV>
        <DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">San
        Francisco, CA</FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">94114</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">(Address
        of Principal Executive Offices)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">(Zip
        Code)</FONT></TD></TR>
  </TABLE></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">(415)
325-5912</FONT></DIV>

<DIV STYLE="margin-bottom: 6pt; text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">(Registrant&#8217;s
telephone number, including area code)</FONT></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">N/A</FONT></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">(Former
name, former address and former fiscal year, if changed since last report)</FONT></DIV>

<DIV STYLE="margin-bottom: 8pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">_______________________________________________________________________</FONT></DIV>

<DIV STYLE="margin-bottom: 6pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Securities
registered pursuant to Section 12(b) of the Act:</FONT></DIV>

<DIV STYLE="margin-bottom: 6pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 39.96%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 17.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 38.44%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: top"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Title
        of Each Class</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: top"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Trading
        symbol</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: top"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Name
        of Each Exchange on which registered</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: center; vertical-align: top"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Common
        stock, par value $0.0001 per share</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: center; vertical-align: top"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">BSLK</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: center; vertical-align: top"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">The
        Nasdaq Stock Market LLC</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: top"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Warrants,
        each 20 whole warrants exercisable for one share of common stock at an exercise price of $230.00</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: top"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">BSLKW</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: top"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">The
        Nasdaq Stock Market LLC</FONT></TD></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes
</FONT><FONT STYLE="font: 400 10pt/120% Wingdings,sans-serif; color: #000000">x</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
No </FONT><FONT STYLE="font: 400 10pt/120% Wingdings,sans-serif; color: #000000">o</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was
required to submit such files). Yes
</FONT><FONT STYLE="font: 400 10pt/120% Wingdings,sans-serif; color: #000000">x</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
No </FONT><FONT STYLE="font: 400 10pt/120% Wingdings,sans-serif; color: #000000">o</FONT></DIV>

<DIV STYLE="margin-bottom: 6pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221;
&#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</FONT></DIV>

<DIV STYLE="margin-bottom: 6pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 22.53%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 5.86%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 26.77%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 5.86%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 26.47%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 5.87%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Large
        accelerated filer</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Wingdings,sans-serif; color: #000000">o</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Accelerated
        filer</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Wingdings,sans-serif; color: #000000">o</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Non-accelerated
        filer</FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Wingdings,sans-serif; color: #000000">x</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Smaller
        reporting company</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Wingdings,sans-serif; color: #000000">x</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Emerging
        growth company</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Wingdings,sans-serif; color: #000000">x</FONT></TD></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </FONT><FONT STYLE="font: 400 10pt/120% Wingdings,sans-serif; color: #000000">o</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes </FONT><FONT STYLE="font: 400 10pt/120% Wingdings,sans-serif; color: #000000">o</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
No </FONT><FONT STYLE="font: 400 10pt/120% Wingdings,sans-serif; color: #000000">x</FONT></DIV>

<DIV STYLE="margin-bottom: 6pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">As
of November&#160;7, 2025, the registrant had 4,366,123
shares of common stock, $0.0001 par value per share, issued and outstanding.</FONT></DIV>

<DIV STYLE="padding-left: 9pt; text-indent: -9pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 98.9%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR STYLE="height: 3pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1pt solid; border-bottom: #000000 2pt solid; padding: 0 1pt"></td></TR>
  </TABLE></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT><BR></FONT></DIV></DIV></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_7"></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">TABLE
OF CONTENTS</FONT></DIV>

<DIV><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 87.53%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 10.26%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Page</FONT></TD></TR>
  <TR STYLE="height: 15pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_10" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Selected
        Definitions</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_10" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">ii</A></FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_13" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Forward-Looking
        Statements</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_13" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">iii</A></FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_19" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Part
        I &#8212; Financial Information</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_19" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">1</A></FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 27pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_22" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Item
        1. Financial Statements</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_22" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">1</A></FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 45pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_25" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Condensed
        Consolidated Balance Sheets (Unaudited)</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_25" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">1</A></FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 45pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_28" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Condensed
        Consolidated Statements Of Operations And Comprehensive </A><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_28" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Income
        (</A><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_28" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Loss</A><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_28" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">)</A><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_28" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">
        (Unaudited)</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_28" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">2</A></FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 45pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_31" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Condensed
        Consolidated Statements Of Convertible Preferred Stock and Stockholders&#8217; Deficit (Unaudited)</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_31" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">3</A></FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 45pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_34" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Condensed
        Consolidated Statements Of Cash Flows (Unaudited)</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_34" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">5</A></FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 45pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_37" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Notes
        To Unaudited Condensed Consolidated Financial Statements (Unaudited)</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_37" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">6</A></FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 27pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_94" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Item
        2. Management&#8217;s Discussion And Analysis Of Financial Condition And Results Of Operations</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_94" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">34</A></FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 27pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_124" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Item
        3. Quantitative And Qualitative Disclosures About Market Risk</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_124" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">53</A></FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 27pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_127" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Item
        4. Controls And Procedures.</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_127" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">53</A></FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_130" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Part
        II &#8212; Other Information</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_130" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">56</A></FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 27pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_133" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Item
        1. Legal Proceedings</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_133" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">56</A></FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 27pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_136" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Item
        1A. Risk Factors</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_136" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">56</A></FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 27pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_139" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Item
        2. Unregistered Sales Of Equity Securities And Use Of Proceeds</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_139" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">57</A></FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 27pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_142" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Item
        3. Defaults Upon Senior Securities</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_142" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">57</A></FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 27pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_145" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Item
        4. Mine Safety Disclosures</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_145" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">57</A></FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 27pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_148" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Item
        5. Other Information</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_148" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">57</A></FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 27pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_151" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Item
        6. Exhibits</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_151" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">58</A></FONT></DIV></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_154" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Signatures</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_154" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; text-decoration: none">59</A></FONT></DIV></TD></TR>
  </TABLE></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">i</FONT></DIV></DIV></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_10"></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">SELECTED
DEFINITIONS</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
this document:</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8220;Bolt&#8221;
means Bolt Projects Holdings, Inc., a Delaware corporation, which was formerly known as Golden Arrow Merger Corp. prior to the Closing.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8220;Bolt
Threads&#8221; means Bolt Threads, Inc., a Delaware corporation, and, if the context requires, its consolidated subsidiaries.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8220;Business
Combination&#8221; or "Merger" means the transactions contemplated by the Business Combination Agreement.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8220;Business
Combination Agreement&#8221; means the Business Combination Agreement, dated as of October 4, 2023, as amended by Amendment No. 1, dated
June 10, 2024, by and among Golden Arrow Merger Corp, Merger Sub and Bolt Threads.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8220;Common
stock&#8221; means the common stock of Bolt, par value $0.0001 per share.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8220;GAMC&#8221;
means Golden Arrow Merger Corp., which was renamed to Bolt Projects Holdings, Inc. in connection with the Closing.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8220;GAMC
IPO&#8221; means the initial public offering of Golden Arrow Merger Corp., consummated on March 19, 2021.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8220;Merger
Sub&#8221; means Beam Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of GAMC.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8220;Nasdaq&#8221;
means the Nasdaq Stock Market LLC.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8220;Private
Placement Warrants&#8221; means the 5,000,000 warrants to purchase shares of Common stock issued to the Sponsor in a private placement
simultaneously with the closing of the GAMC IPO.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8220;Public
Warrants&#8221; means the warrants included in the units sold in the GAMC IPO, each of which is exercisable for one share of Common stock,
in accordance with its terms.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8220;Sponsor&#8221;
means Golden Arrow Sponsor, LLC, a Delaware limited liability company.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8220;U.S.
GAAP&#8221; means accounting principles generally accepted in the United States of America.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8220;Warrant
Agreement&#8221; means the existing Warrant Agreement, dated March 16, 2021, between Continental Stock Transfer &amp; Trust Company, as
warrant agent, and Bolt, pursuant to which the Warrants were issued.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8220;Warrants&#8221;
means the Public Warrants together with the Private Placement Warrants.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">ii</FONT></DIV></DIV></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_13"></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">FORWARD-LOOKING
STATEMENTS</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">This
Quarterly Report on Form 10-Q contains forward-looking statements including within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking
statements contained in Section 27A of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), and Section 21E of the
Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). In some cases, you can identify forward-looking statements
by terms such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221;
&#8220;could,&#8221; &#8220;intend,&#8221; &#8220;target,&#8221; &#8220;project,&#8221; &#8220;contemplate,&#8221; &#8220;believe,&#8221;
&#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential&#8221; or &#8220;continue&#8221; or the negative of these terms or other
similar expressions, although not all forward-looking statements contain these words. All statements other than statements of historical
fact contained in this Quarterly Report on Form 10-Q, including without limitation, statements regarding the Company&#8217;s strategy,
financial results, goals, the steps the Company plans to take to comply with Nasdaq listing standards, expected financing transactions,
and cash resources are forward-looking statements.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
forward-looking statements in this Quarterly Report on Form 10-Q are only predictions and are based largely on our current expectations
and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations.
These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of known
and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those projected
in the forward-looking statements, including, but not limited to:</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">Our
history of losses and negative cash flows from operations and the need for substantial capital raise substantial doubt about our ability
to continue as a going concern.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">We
may not be able to generate sufficient cash to service all our debt obligations and may be forced to take other actions to satisfy our
obligations under our debt obligations, which may not be successful.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">We
have a history of net losses and may not be able to achieve or maintain profitability in the future.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">Our
failure to meet the continued listing requirements of Nasdaq could result in a delisting of our Common stock.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">We
may incur significant expenses and capital expenditures in the future to execute our business plan and we may be unable to adequately
control our expenses or raise additional capital on favorable terms, if at all.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">Our
revenue is primarily generated from sales of our Vegan Silk Technology Platform, and we are therefore highly dependent on the success
of this product.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">Our
Vegan Silk Technology Platform has limited product and brand recognition within the beauty and personal care market as a substitute for
silicone elastomers.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">Our
Vegan Silk Technology Platform and future biomaterial product candidates may not achieve market success, and, if our products do not achieve
market success, we may be unable to generate significant revenues.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">We
currently rely on a single manufacturing partner and manufacturing facility for the production of our Vegan Silk Technology Platform and
in the future intend to rely on a small number of manufacturing partners and manufacturing facilities both in the U.S. and internationally.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">A
limited number of customers, distributors and collaboration partners account for a material portion of our revenue, and they may continue
to do so for the foreseeable future. The loss of major customers, distributors or collaboration partners could harm our operating results.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">Certain
contracts granting exclusivity rights to customers may limit our ability to sell products in certain markets.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">We
may face substantial competition from incumbent materials as well as other new entrants, and if we are unable to continue developing innovative
products and technologies and/or scale our production of our Vegan Silk Technology Platform, we may fail to gain, or may lose, market
share to our competitors.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">iii</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">We
have identified material weaknesses in our internal control over financial reporting. If we are unable to remediate these material weaknesses,
or if we identify additional material weaknesses in the future or otherwise fail to maintain an effective system of internal control over
financial reporting, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely
affect investor confidence in, and the value of, our Common stock.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">We
may not be able to protect adequately our patents and other intellectual property assets, which could adversely affect our competitive
position and reduce the value of our products, and litigation to protect our patents and intellectual property assets may be costly.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">We
rely in part on trade secrets to protect our technology, and our failure to obtain or maintain trade secret protection could limit our
ability to compete.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">Other
important risk factors that could affect the outcome of the events set forth in these statements and that could affect our operating results
and financial condition described in Part I, Item 1A. &#8220;Risk Factors&#8221; and Part II, Item 7 &#8220;Management&#8217;s Discussion
and Analysis of Financial Condition and Results of Operations&#8221; of our Annual Report on Form 10-K for the fiscal year ended December
31, 2024 and Part I, Item 2. &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221;
of this Quarterly Report on Form 10-Q.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Because
forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some
of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. Moreover, we
operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management
to predict all risk factors and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking
statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">iv</FONT></DIV></DIV></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_19"></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">PART
I &#8212; FINANCIAL INFORMATION</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_22"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Item
1. Financial Statements</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_25"></DIV>

<DIV STYLE="margin-top: 12pt; text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">BOLT
PROJECTS HOLDINGS, INC.</FONT></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">CONDENSED
CONSOLIDATED BALANCE SHEETS</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">IN
THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">)</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 70.11%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">September
        30,<BR>2025<BR>(Unaudited) </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">December
        31,<BR>2024</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Assets</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Current
        assets:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Cash
        and cash equivalents</FONT></TD>
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4,745&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,512&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Accounts
        receivable</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">167&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">870&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Inventory</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,005&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,760&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Prepaid
        expenses and other current assets</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,346&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,593&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 23.5pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total
        current assets</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">7,263&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8,735&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Property
        and equipment, net</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">30&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">21&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Deferred
        transaction costs</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">432&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Other
        non-current assets</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,408&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,474&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 23.5pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total
        assets</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">11,133&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">12,230&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000 3pt double; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000 3pt double; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Liabilities
        and Stockholders&#8217; Deficit</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Current
        liabilities:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Accounts
        payable</FONT></TD>
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,276&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">413&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Accrued
        expenses and other current liabilities</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">5,385&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,499&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Excise
        tax payable</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,925&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,925&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 23.5pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total
        current liabilities</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10,586&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6,837&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Long-term
        debt, non-current</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">12,911&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">13,186&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Public
        placement warrant liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">18&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">267&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Related
        party private placement warrant liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">365&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">133&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Other
        non-current liabilities</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">417&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 23.5pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total
        liabilities</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">23,880&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">20,840&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Commitments
        and contingencies (Note 10)</FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; padding: 0 1pt"></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; padding: 0 1pt"></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Stockholders&#8217;
        Deficit:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Common
        stock: $0.0001
        par value, 500,000,000
        shares authorized at September&#160;30, 2025 and December&#160;31, 2024; 3,706,197
        and 1,714,792
        shares issued and outstanding at September&#160;30, 2025 and December 31, 2024, respectively</FONT></DIV></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Additional
        paid-in capital</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">467,048&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">453,172&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Accumulated
        other comprehensive income</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">26&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">19&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Accumulated
        deficit</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(479,821)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(461,801)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 23.5pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total
        stockholders&#8217; deficit</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(12,747)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(8,610)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 37pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total
        liabilities and stockholders&#8217; deficit</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">11,133&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">12,230&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1</FONT></DIV></DIV></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_28"></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">BOLT
PROJECTS HOLDINGS, INC.</FONT></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">IN
THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">)</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 44.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Three
        Months Ended<BR>September 30,</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="9" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Nine
        Months Ended<BR>September 30,</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2024</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2024</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Revenue</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">370&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">5&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,843&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">80&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Cost
        of revenue</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">312&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">5&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,724&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">155&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Gross
        income (loss)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">58&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">119&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(75)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Operating
        expenses:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Research
        and development</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">420&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,476&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,035&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4,860&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Sales
        and marketing</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">109&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,597&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">412&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,720&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">General
        and administrative</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,893&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">15,133&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">12,253&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">28,431&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 23.5pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total
        operating expenses</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4,422&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">20,206&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">14,700&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">35,011&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Loss
        from operations</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(4,364)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(20,206)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(14,581)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(35,086)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Other
        income (expense)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Interest
        expense</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(320)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(286)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(955)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(930)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Loss
        on debt extinguishment</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(3,053)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(3,053)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(26,359)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Gain
        on lease termination</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,013&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,013&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of convertible preferred stock warrant liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(91)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of share-based termination liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">334&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(978)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of convertible notes</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(14,577)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(31,664)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of related party convertible notes</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,796&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(3,752)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of public placement warrant liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(13)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">24,286&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">249&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">24,286&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of related party private placement warrant liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(120)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">12,671&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(232)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">12,671&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Other
        income, net</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">392&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">452&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">552&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">659&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total
        other income (expense), net</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(3,114)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">26,598&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(3,439)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(24,048)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Income
        (loss) before income taxes</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(7,478)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6,392&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(18,020)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(59,134)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Income
        tax provision</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Net
        income (loss)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(7,478)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6,392&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(18,020)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(59,134)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Other
        comprehensive income (loss):</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Reporting
        currency translation</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">71&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">7&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">98&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Comprehensive
        income (loss)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(7,478)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6,463&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(18,013)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(59,036)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR STYLE="height: 15pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Net
        income (loss) per share, basic</FONT></TD>
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(2.70)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6.42&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(8.21)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(120.83)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Net
        income (loss) per share, diluted</FONT></TD>
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(2.70)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6.41&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(8.21)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(120.83)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Weighted-average
        common shares outstanding, basic</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,765,446</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">995,410</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,195,522</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">489,409</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Weighted-average
        common shares outstanding, diluted</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,765,446</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">996,766</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,195,522</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">489,409</FONT></TD></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2</FONT></DIV></DIV></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_31"></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">BOLT
PROJECTS HOLDINGS, INC.</FONT></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">CONDENSED
CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS&#8217; DEFICIT (UNAUDITED)</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">IN
THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">)</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 22.23%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 7.92%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 7.92%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 7.92%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 7.92%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 7.92%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 7.92%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 7.92%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 7.93%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR STYLE="height: 58pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 8pt/120% Times New Roman,serif; color: #000000">Convertible
        <BR>Preferred<BR>&#160;Stock</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; padding: 0 1pt">
    <TD COLSPAN="9" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 8pt/120% Times New Roman,serif; color: #000000">Common
        Stock</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" ROWSPAN="2" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 8pt/120% Times New Roman,serif; color: #000000">Additional<BR>&#160;Paid-In<BR>Capital</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" ROWSPAN="2" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 8pt/120% Times New Roman,serif; color: #000000">Accumulated
        <BR>Deficit </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" ROWSPAN="2" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 8pt/120% Times New Roman,serif; color: #000000">Accumulated
        <BR>Other<BR>&#160;Comprehensive <BR>Income (Loss) </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" ROWSPAN="2" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 8pt/120% Times New Roman,serif; color: #000000">Total
        <BR>&#160;Stockholders&#8217; <BR>Deficit </FONT></TD></TR>
  <TR STYLE="height: 12pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 8pt/120% Times New Roman,serif; color: #000000">Shares</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 8pt/120% Times New Roman,serif; color: #000000">Amount</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 8pt/120% Times New Roman,serif; color: #000000">Shares</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 8pt/120% Times New Roman,serif; color: #000000">Amount</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Balances
        at January 1, 2024</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">402,429</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">93,889&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">166,793</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">283,881&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(396,408)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(14)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(112,541)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Stock-based
        compensation expense</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">98&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">98&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Reporting
        currency translation adjustments</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">23&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">23&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Net
        loss</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(6,594)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(6,594)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Balances
        at March 31, 2024</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">402,429</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">93,889&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">166,793</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">283,979&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(403,002)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">9&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(119,014)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Stock-based
        compensation expense</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">97&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">97&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Reporting
        currency translation adjustments</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">4&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">4&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Net
        loss</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(58,932)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(58,932)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Balances
        at June 30, 2024</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">402,429</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">93,889&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">166,793</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">284,076&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(461,934)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">13&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(177,845)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Issuance
        of Common stock upon conversion of convertible preferred stock</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(402,429)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(93,889)</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">402,429</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">93,889&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">93,889&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Net
        exercise of Bridge Warrants</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">66,836</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Issuance
        of Common stock upon conversion of Convertible Notes</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">522,555</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">102,155&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">102,155&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Issuance
        of Common stock through the Merger and PIPE Financing, net of redemption and transaction costs</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">419,663</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(52,301)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(52,301)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Conversion
        of convertible preferred stock warrants to Private Warrants</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">197&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">197&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 7pt/120% Times New Roman,serif; color: #000000">Issuance
        of Common stock to vendors due to contract terminations</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">37,500</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">7,327&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">7,327&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Stock-based
        compensation expense</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">1,100</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">14,943&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">14,943&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Reporting
        currency translation adjustments</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">71&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">71&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Net
        income</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">6,392&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">6,392&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Balances
        at September 30, 2024</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">1,616,876</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">450,286&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(455,542)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">84&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(5,172)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT><BR></FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">BOLT
PROJECTS HOLDINGS, INC.</FONT></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">CONDENSED
CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS&#8217; DEFICIT (CONTINUED)</FONT></DIV>

<DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">
(UNAUDITED)</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">IN
THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">)</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT><BR></FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 22.23%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 7.92%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 7.92%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 7.92%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 7.92%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 7.92%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 7.92%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 7.92%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 7.93%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR STYLE="height: 58pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="9" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 8pt/120% Times New Roman,serif; color: #000000">Convertible
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    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; padding: 0 1pt">
    <TD COLSPAN="9" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 8pt/120% Times New Roman,serif; color: #000000">Common
        Stock</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
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    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" ROWSPAN="2" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 8pt/120% Times New Roman,serif; color: #000000">Accumulated
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    <TD COLSPAN="3" STYLE="padding: 0 1pt">
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    <TD COLSPAN="3" STYLE="padding: 0 1pt">
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        <BR>&#160;Stockholders&#8217; <BR>Deficit</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 8pt/120% Times New Roman,serif; color: #000000">Shares</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 8pt/120% Times New Roman,serif; color: #000000">Amount</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 8pt/120% Times New Roman,serif; color: #000000">Shares</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 8pt/120% Times New Roman,serif; color: #000000">Amount</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Balance
        at January 1, 2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">1,714,792</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">453,172&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(461,801)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">19&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(8,610)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Issuance
        of common stock for common stock purchase agreement </FONT><FONT STYLE="font: 400 5.2pt/120% Times New Roman,serif; color: #000000; position: relative; top: -2.8pt; vertical-align: baseline">(1)</FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">342,842</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Issuance
        of common stock for restricted stock units vesting</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">4,145</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Stock-based
        compensation expense</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">2,131&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">2,131&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Reporting
        currency translation adjustments</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">2&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">2&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Net
        loss</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(5,959)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(5,959)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Balance
        at March 31, 2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">2,061,779</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">455,303&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(467,760)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">21&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(12,436)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Issuance
        of common stock for common stock purchase agreement </FONT><FONT STYLE="font: 400 5.2pt/120% Times New Roman,serif; color: #000000; position: relative; top: -2.8pt; vertical-align: baseline">(1)</FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">540&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">540&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Transaction
        costs for common stock issuance</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(249)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(249)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Stock-based
        compensation expense</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">1,563&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">1,563&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Reporting
        currency translation adjustments</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">5&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">5&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Net
        loss</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(4,583)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(4,583)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Balance
        at June 30, 2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">2,061,779</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">457,157&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(472,343)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">26&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(15,160)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Issuance
        of common stock through equity purchase agreement </FONT><FONT STYLE="font: 400 5.2pt/120% Times New Roman,serif; color: #000000; position: relative; top: -2.8pt; vertical-align: baseline">(1)</FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 3pt double; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 3pt double; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 3pt double; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 3pt double; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">518,817</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 3pt double; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 3pt double; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 3pt double; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">2,412&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 3pt double; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 3pt double; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 3pt double; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 3pt double; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 3pt double; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 3pt double; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">2,412&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 3pt double; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Issuance
        of warrants through equity purchase agreement </FONT><FONT STYLE="font: 400 5.2pt/120% Times New Roman,serif; color: #000000; position: relative; top: -2.8pt; vertical-align: baseline">(1)</FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">1,837&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">1,837&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Issuance
        of common stock for exercise of warrants</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">395,162</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Transaction
        costs for common stock issuance</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(626)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(626)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Issuance
        of common stock through claim purchase agreement</FONT><FONT STYLE="font: 400 5.2pt/120% Times New Roman,serif; color: #000000; position: relative; top: -2.8pt; vertical-align: baseline">(1)</FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">730,439</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">4,794&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">4,794&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Stock-based
        compensation expense</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">1,474&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">1,474&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Reporting
        currency translation adjustments</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Net
        loss</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(7,478)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(7,478)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">Balance
        at September 30, 2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-left: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">3,706,197</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">467,048&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(479,821)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">26&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 8pt/120% Times New Roman,serif; color: #000000">(12,747)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 9pt/120% Times New Roman,serif; color: #000000">(1)

    See Note </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">12</FONT><FONT STYLE="font: italic 400 9pt/120% Times New Roman,serif; color: #000000">
                    - Changes in Stockholders' Equity (Deficit) for more information.</FONT></DIV>

                    <DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">The
                    accompanying notes are an integral part of these unaudited condensed consolidated financial statements</FONT></DIV>

                    <DIV STYLE="height: 45pt; position: relative; width: 100%">

                    <DIV STYLE="bottom: 0; position: absolute; width: 100%">

                    <DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4</FONT></DIV></DIV></DIV>

                    <DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_34"></DIV><HR STYLE="page-break-after: always">

                    <DIV STYLE="min-height: 45pt; width: 100%">

                    <DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
                    of Contents</A></FONT></DIV></DIV>

                    <DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">BOLT
                    PROJECTS HOLDINGS, INC.</FONT></DIV>

                    <DIV STYLE="text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">CONDENSED
                    CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)</FONT></DIV>

                    <DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">IN
                    THOUSANDS</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">)</FONT></DIV>

                    <DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 71.93%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Nine
        Months Ended<BR>September 30,</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2024</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Operating
        activities:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Net
        loss</FONT></TD>
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(18,020)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(59,134)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Adjustments
        to reconcile net loss to net cash used in operating activities:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Depreciation
        expense</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Stock-based
        compensation</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">5,167&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">15,138&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Gain
        on lease termination</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(2,013)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Non-cash
        interest expense</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">634&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">477&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Non-cash
        debt issuance costs</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">11,460&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Non-cash
        non-capitalized transaction costs</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">268&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Loss
        on extinguishment of debt</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,053&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">26,359&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of convertible preferred stock warrant liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(6)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of public placement warrant liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(249)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(24,286)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of related party private placement warrant liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">232&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(12,671)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of share-based termination liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">978&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of convertible notes</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">31,664&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of related party convertible notes</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,752&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Changes
        in operating assets and liabilities:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Accounts
        receivable</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(167)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Inventory</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">755&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(2,749)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Prepaid
        expenses and other current assets</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,122&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">733&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Other
        non-current assets</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">66&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(118)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Accounts
        payable</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,082&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(1,060)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Accrued
        expenses and other current liabilities </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,457&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(1,814)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Operating
        lease liabilities</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(346)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Other
        non-current liabilities</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(690)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Net
        cash used in operating activities</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(2,555)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(13,363)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Investing
        activities:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Purchases
        of property and equipment</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(13)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(23)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Net
        cash used in investing activities</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(13)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(23)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Financing
        activities:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Proceeds
        from Merger with GAMC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">5,268&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Payments
        of deferred transaction costs</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(115)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(5,508)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Proceeds
        from issuance of Common stock (net of $875
        of transaction costs)</FONT></DIV></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,916&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Proceeds
        from Bridge Financing Notes</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">22,643&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Payments
        of Amended Senior Note</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff"></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(539)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Proceeds
        from issuance of related party notes</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">250&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Payments
        on related party notes</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(250)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Payments
        of related party promissory note</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(648)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Payments
        of related party convertible promissory note</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(2,267)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Net
        cash provided by financing activities</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,801&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">18,949&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Exchange
        rate effect on cash, cash equivalents and restricted cash</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Net
        change in cash, cash equivalents and restricted cash</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,233&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">5,571&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Cash,
        cash equivalents and restricted cash at beginning of period</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,512&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">934&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Cash,
        cash equivalents and restricted cash at end of period</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4,745&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6,505&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Supplemental
        cash flow disclosures:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 3pt double; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 3pt double; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Cash
        paid for income taxes</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Cash
        paid for interest</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">880&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">440&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Supplemental
        disclosures of non-cash investing and financing activities:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Deferred
        transaction costs in accounts payable and accrued expenses</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">317&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,818&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Issuance
        of Common stock to settle accounts payable and accrued liabilities</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,741&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Decrease
        of deferred transaction costs due to the Merger and PIPE Financing</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">11,124&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Issuance
        of Common stock to settle underwriting commission</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6,106&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Issuance
        of Common stock upon conversion of convertible preferred stock</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">93,889&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Issuance
        of Common stock upon conversion of convertible bridge notes</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">102,155&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Issuance
        of Common stock upon settlement of share-based termination liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">7,327&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Conversion
        of convertible preferred stock warrants to Private Warrants</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">197&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Decrease
        of operating lease liabilities due to lease termination</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,013&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements </FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">5</FONT></DIV></DIV></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_37"></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">BOLT
PROJECTS HOLDINGS, INC.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_40"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">1.&#160;&#160;&#160;&#160;ORGANIZATION
AND DESCRIPTION OF BUSINESS </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Bolt
Projects Holdings, Inc. and its subsidiaries (the &#8220;Company&#8221;) develops and produces biomaterials products. Its flagship products
from its Vegan Silk Technology Platform, b-silk and xl-silk, are a biodegradable and vegan protein polymer and a replacement for silicone
elastomers in beauty and personal care. Bolt Projects Holdings, Inc. incorporated in the state of Delaware and is headquartered in California.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Basis
of Consolidation and Presentation</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
October 4, 2023, Bolt Threads, Inc. (&#8220;Legacy Bolt&#8221;) and Golden Arrow Merger Corp. (&#8220;GAMC&#8221; or the "Sponsor"), a
Delaware corporation, entered into a Business Combination Agreement (the &#8220;Merger Agreement&#8221;) with Beam Merger Sub, Inc., a
Delaware corporation and a wholly-owned subsidiary of GAMC (the &#8220;Merger Sub&#8221;). On August 13, 2024 (the &#8220;Closing Date&#8221;),
a merger transaction between Legacy Bolt and GAMC was completed. Pursuant to the Merger Agreement, (i) on the Closing Date, the Merger
Sub merged with and into Legacy Bolt (together with the other transactions contemplated by the Merger Agreement, the &#8220;Merger&#8221;
or the &#8220;SPAC transaction&#8221;), with the Merger Sub ceasing to exist and Legacy Bolt surviving as a wholly owned subsidiary of
GAMC and (ii) GAMC changed its name to Bolt Projects Holdings, Inc. Unless the context otherwise requires, references in this Quarterly
Report on Form 10-Q to the &#8220;Company,&#8221; &#8220;Bolt&#8221;, &#8220;we,&#8221; &#8220;us,&#8221; or &#8220;our&#8221; refer to
the business of Bolt Threads, Inc., which became the business of Bolt Projects Holdings, Inc. and its subsidiaries following the Closing
Date.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Prior
to the Merger, GAMC Class A common stock, and Public Placement Warrants (see</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">
Note 7 &#8211; Warrants</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">)
were listed on the Nasdaq Global Market (&#8220;Nasdaq&#8221;) under the symbols &#8220;GAMC&#8221; and &#8220;GAMCW,&#8221; respectively.
On August 14, 2024, the Company&#8217;s Common stock and Public Warrants (see</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">
Note 7 &#8211; Warrants</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">)
began trading on the Nasdaq under the symbols &#8220;BSLK&#8221; and &#8220;BSLKW&#8221;, respectively. See Part II, Item 8 &#8220;Financial
Statements and Supplementary Data - Note 4 to the Consolidated Financial Statements - Reverse Merger&#8221; in the 2024 Annual Report
on Form 10-K for the year ended December 31, 2024 for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company determined that Legacy Bolt was the accounting acquirer in the Merger based on an analysis of the criteria outlined in Accounting
Standards Codification (&#8220;ASC&#8221;) 805, Business Combinations.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
determination was primarily based on the following facts:</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">Former
Legacy Bolt stockholders have a controlling voting interest in the Company.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">Legacy
Bolt management continues to hold executive management roles for the Company and is responsible for the day-to-day operations; and</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">The
founders of Legacy Bolt have two
out of two
non-independent board seats and final approval in the selection of independent seats.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Accordingly,
for accounting purposes, the Merger was treated as the equivalent of Legacy Bolt issuing stock for the net assets of GAMC, accompanied
by a recapitalization. No
goodwill or other intangible assets were recorded as a result of the Merger.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Because
Legacy Bolt was deemed the accounting acquirer, the historical financial statements of Legacy Bolt became the historical financial statements
of the combined company, upon the consummation of the Merger. As a result, the financial statements included herein reflect (i) the historical
operating results of Legacy Bolt prior to the Merger; (ii) the combined results of Legacy Bolt and GAMC following the closing of the Merger;
(iii) the assets and liabilities of Legacy Bolt at their historical cost; and (iv) the Company&#8217;s equity structure for all periods
presented.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
equity structure has been retroactively restated in all comparative periods up to the Closing Date, to reflect the number of shares of
the Company&#8217;s Common stock, $0.0001
par value per share, issued to Legacy Bolt shareholders and Legacy Bolt convertible preferred shareholders in connection with the Merger.
As such, the shares and corresponding </FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">capital
amounts and earnings per share related to Legacy Bolt Convertible Preferred Stock and Legacy Bolt common stock prior to the Merger have
been retroactively restated as shares reflecting the exchange ratio established in the Merger. </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Reverse
Stock Split</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
April 21, 2025, the Company effected a 1-for-20 reverse stock split of its Common stock (the &#8220;Reverse Stock Split&#8221;). As previously
disclosed, at its special meeting of stockholders held on April 9, 2025 (the &#8220;Special Meeting&#8221;), the stockholders of the Company
approved a proposal to authorize the Company&#8217;s Board of Directors (the &#8220;Board&#8221;), in its discretion following the Special
Meeting, to amend the Company&#8217;s Second Amended and Restated Certificate of Incorporation (the &#8220;Certificate of Incorporation&#8221;)
to effect a reverse stock split of all of the outstanding shares of the Company&#8217;s Common stock, par value $0.0001
per share, in a ratio within the range from each whole number between and including ten (10) and twenty (20). On April 9, 2025, following
the Special Meeting, the Board approved the Reverse Stock Split at a ratio of 1-for-20. On April 21, 2025, the Company filed with the
Secretary of State of the State of Delaware a certificate of amendment to amend the Certificate of Incorporation to effect the Reverse
Stock Split. The Reverse Stock Split became effective at 5:00 p.m., Eastern Time, on April 21, 2025.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">As
a result of the Reverse Stock Split, every 20 shares of the Company&#8217;s Common stock issued or outstanding were automatically reclassified
into one new share of Common stock. No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who would
otherwise have been entitled to receive fractional shares as a result of the Reverse Stock Split received a cash payment in lieu thereof
at a price equal to the fraction to which the stockholder would otherwise have been entitled multiplied by the closing sales price per
share of the Common stock (as adjusted to give effect to the Reverse Stock Split) on The Nasdaq Stock Market LLC on April 21, 2025, the
last trading day immediately preceding the effective time of the Reverse Stock Split.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Proportionate
adjustments have been made to the number of shares underlying the Company&#8217;s outstanding warrants and equity awards, as applicable,
as well as to the number of shares issuable under the Company&#8217;s equity incentive plans and certain existing agreements, as well
as the exercise price, as applicable. The Common stock issued pursuant to the Reverse Stock Split remains fully paid and non-assessable.
The Reverse Stock Split did not affect the number of authorized shares of Common stock or the par value of the Common stock.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">There
was no net effect on total stockholders' equity, and the par value per share of our Common stock remains unchanged at $0.0001
per share after the Reverse Stock Split. All references made to share or per share amounts in the accompanying unaudited interim condensed
consolidated financial statements and applicable disclosures have been retroactively adjusted for all periods presented to reflect the
applicable effects of the Reverse Stock Split and the reduction in the number of authorized shares of Common stock and preferred stock
effected by the Charter Amendment.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
accompanying unaudited interim condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance
with accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;) and applicable rules and regulations of the
U.S. Securities and Exchange Commission (&#8220;SEC&#8221;). The
unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All
intercompany transactions and balances have been eliminated in consolidation. All dollar amounts in tables, except share and per share
amounts, in the notes to the unaudited interim condensed consolidated financial statements are presented in thousands unless otherwise
noted.</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_46"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2.&#160;&#160;&#160;&#160;LIQUIDITY
AND GOING CONCERN </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company has not historically been profitable and has had negative cash flow from operations since inception. During the nine months ended
September&#160;30, 2025, the Company incurred a net loss of $18.0
million. During the nine months ended September&#160;30, 2025, the Company used $2.6
million of cash in operations. As of September&#160;30, 2025, the Company had an accumulated deficit of $479.8
million, a negative net working capital of $3.3
million, and cash and cash equivalents of $4.7
million.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company will need additional capital to support its planned product development and operations. Based upon the Company&#8217;s current
operating plan, it estimates that its cash and cash equivalents as of the issuance date of the unaudited interim condensed consolidated
financial statements included in this report are insufficient for the Company to fund operating, investing, and financing cash flow needs
for the twelve months subsequent to the issuance date of these unaudited interim condensed consolidated financial statements. To obtain
the capital necessary to fund the operations, the </FONT></DIV>

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<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">7</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

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<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Company
may seek to obtain funds through public or private equity offerings, debt financing transactions, refinancing or restructuring its current
debt obligations, or any other means, but there is no assurance that this will be successful.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">These
uncertainties raise substantial doubt regarding the Company&#8217;s ability to continue as a going concern for a period of twelve months
subsequent to the issuance date of the unaudited interim condensed consolidated financial statements included in this report. Certain
elements of the operating plan to alleviate the conditions that raise substantial doubt, include but are not limited to the Company&#8217;s
ability to achieve its operating cash flow targets and the ability to restructure its current debt, both of which are outside of the Company&#8217;s
control. Accordingly, the Company cannot conclude that management&#8217;s plans will be effectively implemented within one year from the
date the unaudited interim condensed consolidated financial statements are issued. These factors raise substantial doubt about the Company&#8217;s
ability to continue as a going concern within one year from the date the unaudited interim condensed consolidated financial statements
are issued. The unaudited interim condensed consolidated financial statements do not contain any adjustments that might result from the
outcome of this uncertainty.</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_49"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">3.&#160;&#160;&#160;&#160;SIGNIFICANT
ACCOUNTING POLICIES</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Unaudited
Interim Condensed Consolidated Financial Statements</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
accompanying interim condensed consolidated balance sheet at September&#160;30, 2025, the interim condensed consolidated statements of
operations and comprehensive loss for the three and nine months ended September&#160;30, 2025 and 2024, the interim condensed consolidated
statements of convertible preferred stock and stockholders&#8217; deficit for the nine months ended September&#160;30, 2025 and 2024,
the interim condensed consolidated statements of cash flows for the nine months ended September&#160;30, 2025 and 2024, and amounts relating
to the interim periods included in the accompanying notes to the interim condensed consolidated financial statements are unaudited. The
unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated
financial statements, and in management&#8217;s opinion, includes all adjustments, consisting of only normal recurring adjustments, necessary
for the fair presentation of the Company&#8217;s consolidated balance. Operating results for the interim periods presented are not necessarily
indicative of results to be expected for the year ending December&#160;31, 2025 or for any other interim period.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">These
unaudited interim condensed consolidated financial statements should be read in conjunction with the Company&#8217;s audited consolidated
financial statements and notes thereto for the years ended December&#160;31, 2024 and 2023.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Emerging
Growth Company</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company is an &#8220;emerging growth company,&#8221; as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the &#8220;JOBS Act&#8221;), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced
disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements
of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously
approved.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not
have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards.
The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply
to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended
transition period which means that when a standard is issued or revised and it has different application dates for public or private companies,
the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised
standard. This may make comparison of the Company&#8217;s financial statements with another public company which is neither an emerging
growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because
of the potential differences in accounting standards used.</FONT></DIV>

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<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Use
of Estimates</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
preparation of the unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates
and assumptions that affect the amounts reported in the unaudited interim condensed consolidated financial statements and accompanying
notes. Estimates and assumptions made by management include, but are not limited to, (i) the estimated fair value of convertible notes,
convertible preferred stock, share-based termination liability, convertible preferred stock warrant liability, public placement warrant
liability, related party private placement warrant liability and equity awards, and, (ii) estimating the useful lives of fixed assets,
and (iii) determining incremental borrowing rates and the accounting for income taxes. Actual results could differ materially from those
estimates.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Segment
Information</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Segment
reporting is based upon the &#8220;management approach,&#8221; which is how management organizes the Company&#8217;s operating segments
for which separate financial information is (1) available and (2) evaluated regularly by the chief operating decision maker (&#8220;CODM&#8221;)
in deciding how to allocate resources and in assessing performance. The Company&#8217;s CODM is its Chief Executive Officer.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company has one
reportable segment, which is its Vegan Silk Technology Platform. The Vegan Silk Technology Platform segment derives revenues from customers
by providing a fully biodegradable, film-forming, versatile and functional ingredient for the beauty industry. The Company's products
are based on its single platform technology that is produced in a similar manner and acquired by customers for a similar purpose, as a
beauty product ingredient. The accounting policies of the Vegan Silk Technology Platform segment are the same as those described in this
summary of significant accounting policies.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
CODM assesses performance for the segment and decides how to allocate resources based on expenses and net loss that also is reported on
the consolidated statements of operations and comprehensive loss as total consolidated net loss. The measure of segment assets is reported
on the consolidated balance sheets as total consolidated assets. Substantially all of the Company&#8217;s tangible long-lived assets are
located in the United States. As such, long-lived assets by geographic location are not presented. All of the Company's revenues are generated
in the United States.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">When
evaluating the Company&#8217;s financial performance, the CODM reviews the US GAAP financial statements, forecasts, budgets, and the cash
position of the Company in deciding whether to reinvest in the Vegan Silk Technology Platform segment or into other parts of the entity,
such as making acquisitions or paying dividends.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Risks
and Uncertainties</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company&#8217;s future results of operations involve risks and uncertainties. Factors that could affect the Company&#8217;s future operating
results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, continued
demand for the Company&#8217;s services, the acquisition and retention of significant customers, stability of global financial markets,
cybersecurity breaches and other disruptions that could compromise the Company&#8217;s information or results, business disruptions that
are caused by natural disasters or pandemic events, competition from substitute products and larger companies, government regulations
and oversight, uncertainty in the U.S. policy on international trade relations and barriers to trade, patent and other types of litigation,
ability to protect proprietary technology, and dependence on key individuals.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Concentrations
of Credit Risk</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Financial
instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents, restricted cash and
accounts receivable. The Company&#8217;s cash and cash equivalents are held at financial institutions where account balances may at times
exceed federally insured limits. Management believes the Company is not exposed to significant credit risk due to the financial strength
of the depository institution in which the cash is held. The Company has no financial instruments with off-balance sheet risk of loss.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company is dependent on a sole supplier for certain manufacturing activities for its products. An interruption in the supply of these
materials could impact the Company&#8217;s ability to commercialize and manufacture inventory.</FONT></DIV>

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<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">9</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

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<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Assets
outside of the U.S. were immaterial, or less than 1.0%,
of total assets at September&#160;30, 2025 and December&#160;31, 2024, respectively.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">During
the three months ended September&#160;30, 2025, two separate customers represented 48%
and 36%
of total revenue. During the three months ended September 30, 2024, a single customer represented 100%
of total revenue. During the nine months ended September&#160;30, 2025 and 2024, a single customer represented 85%
and 68%
of total revenue, respectively.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Inventory</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Inventory
consists of finished b-silk and xl-silk powder. Inventory is recorded at the lower of the weighted average cost and net realizable value
using the specific identification method based on contractual selling price. Write downs of inventory are recognized as a charge to cost
of revenue. No
impairment was recognized during the nine months ended September&#160;30, 2025 and 2024.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Employee
Retention Credits</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company has accounted for Employee Retention Credits (ERC) as a government grant which analogizes with International Accounting Standards
(IAS) 20, Accounting for Government Grants and Disclosure of Government Assistance. IAS 20 indicates that income is recognized when it
is considered that there is reasonable assurance the grant will be received and all necessary qualifying conditions, as stated under the
ERC program, are met. Under IAS 20, income is recognized on a systematic basis over the periods in which the entity recognizes as expenses
the related costs for which the grant is intended to compensate. The Company has elected to account for the credits on a gross basis within
the interim condensed consolidated statements of operations and comprehensive loss.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Deferred
Transaction Costs</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 23.76pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Deferred
transaction costs consist of legal, accounting, filing and other fees and costs directly attributable to anticipated financing transactions.
The deferred transaction costs were $0.4
million at September&#160;30, 2025.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Long-Lived
Assets and Impairment Assessment</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company reviews its depreciable long-lived assets, such as property and equipment, for impairment whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable. An impairment loss may be recognized when the undiscounted cash
flows expected to be generated by a long-lived asset (or asset group) are less than its carrying value. Any required impairment loss would
be measured as the amount by which the asset&#8217;s (or asset group&#8217;s) carrying value exceeds its fair value and would be recorded
as a reduction in the carrying value of the related asset and reflected in the interim condensed consolidated statements of operations
and comprehensive loss. No
impairment charges were recorded on any long-lived assets during the three and nine months ended September&#160;30, 2025.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Convertible
Notes</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Convertible
notes are regarded as hybrid instruments, consisting of a liability component and an equity component. The Company determined that it
is eligible for the fair value option election in connection with the convertible notes (&#8220;Convertible Notes&#8221;) under the Bridge
NPA issued in October 2023, in February 2024, in June 2024, and in July 2024, and the Ginkgo NPA Amendment issued in December 2023 (see
</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
6 &#8212; Borrowings</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">)
as each instrument met the definition of a &#8220;recognized financial liability&#8221; which is an acceptable financial instrument eligible
for the fair value option under ASC 825-10-15-4 and do not meet the definition of any of the financial instruments found within ASC 825-10-15-5
that are not eligible for the fair value option. Therefore, the Company elected to apply the fair value option to account for the Convertible
Notes upon issuance. Accordingly, no features of the Convertible Notes are bifurcated and separately accounted for. At the date of issuance,
the fair value for each instrument is derived from the instrument&#8217;s implied discount rate at inception. The Convertible Notes were
subsequently remeasured at each reporting period until they were converted pursuant to the Merger. The change in fair value of the convertible
notes is recognized in the interim condensed consolidated statements of operations and comprehensive loss as the remeasurement of the
convertible notes. Additionally, all issuance costs incurred in connection with the Convertible Notes were expensed during the period
the debt was acquired and were included in general and administrative expenses within the interim condensed consolidated statement of
operations and comprehensive loss.</FONT></DIV>

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<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

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<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Share-Based
Termination Liability</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
share-based termination liability is recorded for contract termination costs when the Company terminates a contract or stops using the
product or service covered by the contract in exchange for an issuance of the new public company shares. The new public company shares
are not considered to be indexed to the Company&#8217;s own shares at the time the termination occurred. Therefore, the share-based termination
is classified as a liability as it does not qualify for the scope exception for derivative accounting under ASC 815-10. The share-based
termination liability is initially recorded at fair value on the termination date and remeasured at fair value each balance sheet date
with the offset adjustments recorded in remeasurement of share-based termination liability within the interim condensed consolidated statements
of operations and comprehensive loss. The share-based termination liability was settled in September 2024.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Common
Stock Warrants</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company accounts for Common stock warrants as equity if the contract requires physical settlement or net physical settlement or if the
Company has the option of physical settlement or net physical settlement and the warrants meet the requirements to be classified as equity.
Common stock warrants classified as equity are initially measured at fair value using the Black-Scholes-Merton (&#8220;Black-Scholes&#8221;)
option-pricing model using various inputs, including Company estimates of expected stock price volatility, term, risk-free rate and future
dividends, on the issuance date and are not subsequently remeasured.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company accounts for Common stock warrants as a liability in accordance with ASC 815-40-15 if the warrants do not meet the criteria for
equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the warrants as liabilities based on their fair
value at issuance. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value
is recognized in the interim condensed consolidated statement of operations and comprehensive loss. The warrants are valued using a Monte
Carlo simulation model.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Fair
Value of Financial Instruments</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company determines fair value based upon the exit price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants, as determined by either the principal market or the most advantageous market. The Company
uses available market information and other valuation methodologies in assessing the fair value of financial instruments. Judgment is
required in interpreting market data to develop the estimates of fair value and, accordingly, changes in assumptions or the estimation
methodologies may affect the fair value estimates. Inputs used in the valuation techniques to derive fair values are classified based
on a three-level hierarchy. These levels are:</FONT></DIV>

<DIV STYLE="margin-bottom: 7pt; padding-left: 18pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 96.36%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.57%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 85.22%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Level
        1 &#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Quoted
        prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities.</FONT></TD></TR>
  <TR STYLE="height: 12pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Level
        2 &#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Observable
        inputs other than quoted prices included within Level 1, including quoted prices for similar assets or liabilities in active markets;
        quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices that
        are observable or are derived principally from, or corroborated by, observable market data by correlation or other means.</FONT></TD></TR>
  <TR STYLE="height: 12pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Level
        3 &#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Unobservable
        inputs are used when little or no market data is available.</FONT></TD></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest-level input that
is significant to the fair value measurement in its entirety.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Financial
assets and liabilities held by the Company measured at fair value on a recurring basis at September&#160;30, 2025 and December&#160;31,
2024 include the public placement warrant liability and the related party private placement warrant liability (see </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
4 &#8211; Fair Value Measurements</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">).</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company&#8217;s long-term debt, non-current, which is the Amended Senior Notes (see </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
6 &#8211; Borrowings</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">),
is classified within Level 2 of the fair value hierarchy. The carrying value of the long-term debt, non-current approximates the fair
value as the interest rate on the Amended Senior Notes is based on a rate which reflects terms similar to those the Company could currently
secure in the open market.</FONT></DIV>

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<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">11</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">For
certain other financial assets and liabilities, including cash, cash equivalents, restricted cash, prepaid and other current assets, accounts
payable, accrued expenses and other current liabilities, the carrying value approximates fair value due to the relatively short maturity
period of these balances.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Revenue
Recognition</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company&#8217;s revenue contracts represent a single performance obligation to sell its products or provide services to customers. Sales
are recorded at the time control of the product is transferred to customers, or when services are performed, in an amount that reflects
the consideration the Company expects to be entitled to in exchange for the goods or services provided. Control is the ability of customers
to &#8220;direct the use of&#8221; and &#8220;obtain&#8221; the benefit from the Company&#8217;s products. In evaluating the timing of
the transfer of control of products to customers, the Company considers several control indicators, including significant risks and rewards
of products, the Company&#8217;s right to payment and the legal title of the products. Based on the assessment of control indicators,
product revenue is generally recognized when products are shipped to customers. Service revenue is generally recognized over time as services
are performed.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
arrangements where another party is involved in providing products or services to a customer, the Company evaluates whether it acts as
a principal or agent in the transaction. To the extent the Company acts as the principal, revenue is reported on a gross basis. To the
extent the Company acts as the agent, revenue is reported on a net basis. In this evaluation, the Company considers if the Company obtains
control of the specified goods or services before they are transferred to the customer, as well as other indicators such as the party
primarily responsible for fulfillment, inventory risk, and discretion in establishing price. For the three and nine months ended September&#160;30,
2025 and 2024, the Company has determined it is acting as the principal in its revenue arrangements due to the Company being primarily
responsible for fulfillment of the arrangement and having discretion in establishing the price.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
timing of revenue recognition may differ from the timing of invoicing to customers, and these timing differences result in receivables
(billed or unbilled), contract assets, or contract liabilities (deferred revenue) on the Company&#8217;s interim condensed consolidated
balance sheets. The Company records a contract asset when revenue is recognized prior to the right to invoice, or deferred revenue when
revenue is recognized subsequent to invoicing. The Company had zero
contract assets at September&#160;30, 2025 and December&#160;31, 2024, and $0.8
million and zero
deferred revenue at September 30, 2025 and December 31, 2024, respectively.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Recent
Accounting Pronouncements</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Accounting
Pronouncements Not Yet Adopted</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic
740): Improvements to Income Tax Disclosures, which provides qualitative and quantitative updates to the rate reconciliation and income
taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories
and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The amendments
in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should
be applied prospectively; however, retrospective application is also permitted. The Company is currently in the process of reviewing the
guidance and evaluating its impact on its consolidated financial statements.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
November 2024, the FASB issued ASU 2024-03, Income Statement&#8212;Reporting Comprehensive Income&#8212;Expense Disaggregation Disclosures,
which will require additional expense disclosures for all public entities. The amendments require that at each interim and annual reporting
period, an entity will disclose certain disaggregated expenses included in each relevant expense caption, as well as the total amount
of selling expenses and, in annual periods, an entity&#8217;s definition of selling expenses. ASU 2024-03 is effective for fiscal years
beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted.
The Company is currently evaluating the incremental disclosures that will be required in its financial statements.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
July 2025, the FASB issued Accounting Standards Update 2025-05, Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of
Credit Losses for Accounts Receivable and Contract Assets (&#8220;ASU 2025-05&#8221;). ASU 2025-05 provides a practical expedient that
all entities can use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions
accounted for under ASC 606, Revenue from Contracts with Customers. Under this practical expedient, an entity is allowed to assume that
the current conditions it has applied in determining credit loss allowances for current accounts receivable and current contract assets
remain unchanged for the </FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">12</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">remaining
life of those assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods in those
years. Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments
prospectively. We are currently evaluating the potential impact of adopting ASU 2025-05 on our consolidated financial statements and disclosures.
</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_55"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">4.&#160;&#160;&#160;&#160;FAIR
VALUE MEASUREMENTS</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Fair
value accounting is applied for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements
on a recurring basis.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
table below presents the Company&#8217;s assets and liabilities measured at fair value on a recurring basis aggregated by the level in
the fair value hierarchy at September&#160;30, 2025 (in thousands):</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 44.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Level
        1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Level
        2</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Level
        3</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Total</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Liabilities:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Public
        placement warrant liability</FONT></TD>
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">18&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">18&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Related
        party private placement warrant liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">365&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">365&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Long-term
        debt, non-current</FONT></TD>
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">12,911&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">12,911&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total
        liabilities</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">12,911&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">383&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">13,294&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
table below presents the Company&#8217;s assets and liabilities measured at fair value on a recurring basis aggregated by the level in
the fair value hierarchy at December&#160;31, 2024 (in thousands):</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 44.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Level
        1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Level
        2</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Level
        3</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Total</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Liabilities:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Public
        placement warrant liability</FONT></TD>
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">267&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">267&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Related
        party private placement warrant liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">133&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">133&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Long-term
        debt, non-current</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">13,186&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">13,186&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total
        liabilities</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">13,186&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">400&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">13,586&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Level
3 liability valuations are based on unobservable inputs, which reflect the Company&#8217;s own assumptions incorporated in valuation techniques
used to determine fair value; further discussion of these assumptions is set forth below. There were no transfers into or out of Level
3 of the fair value hierarchy during the periods presented.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Changes
in the fair value measurement of Level 3 liabilities are related mainly to unrealized gains (losses) resulting from remeasurement each
period and are reflected in the interim condensed consolidated statements of operations and comprehensive loss.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Public
Placement Warrant Liability</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
connection with the Merger, the Company assumed the Public Placement Warrants (see</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">
Note 7 &#8211; Warrants</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">)
to purchase the Company&#8217;s Common stock. The Company accounts for the Public Placement Warrants as a liability in accordance with
ASC 815-40-15 since the Public Placement Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. This
liability is subject to remeasurement at each balance sheet date until exercised. The fair value of the public placement liability at
September&#160;30, 2025 and December 31, 2024 was determined using the Monte Carlo simulation model. The public placement warrant liability
represents a Level 3 measurement within the fair value hierarchy as it has been valued using some unobservable inputs.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">13</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
key inputs for the Monte Carlo simulation model to value the Public Placement Warrants at September&#160;30, 2025 and December&#160;31,
2024 were as follows:</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 67.99%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 14.05%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 14.05%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">September
        30,<BR>2025</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">December
        31,<BR>2024</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Stock
        price</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3.78&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">9.60&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Exercise
        price</FONT></TD>
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">230.00&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">230.00&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Redemption
        Threshold</FONT></TD>
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">360.00&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">360.00&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Effective
        expiration date</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">August
        13, 2029</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">August
        13, 2029</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Term
        (years)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3.9</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.6</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Volatility</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">82
        %</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">80
        %</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Risk-free
        rate</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3.60
        %</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.27
        %</FONT></TD></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Related
Party Private Placement Warrant Liability</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
connection with the Merger, the Company assumed the Private Placement Warrants (see </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
7 &#8211; Warrants</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">)
to purchase the Company&#8217;s Common stock, which were issued to the Sponsor, a related party. The Company accounts for the Private
Placement Warrants as a liability in accordance with ASC 815-40-15 since the Private Placement Warrants do not meet the criteria for equity
treatment and must be recorded as a liability. This liability is subject to remeasurement at each balance sheet date until exercised.
</FONT></DIV>

<DIV STYLE="text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
February 14, 2025, pursuant to a settlement agreement with the Sponsor (see </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
10 &#8211; Commitments and Contingencies</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">),
the Company exchanged the 250,000
Private Placement Warrants for a warrant to purchase 250,000
shares of Common stock (the &#8220;Sponsor Warrants&#8221;) at an exercise price of $10.00
per share. The warrants became exercisable immediately upon issuance and will terminate on the fifth anniversary of the issuance date.
The related party private placement warrant liability represents a Level 3 measurement within the fair value hierarchy as it has been
valued using unobservable inputs.</FONT></DIV>

<DIV><FONT><BR></FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
fair value of the Private Placement Warrants at February 14, 2025 and December 31, 2024 was determined using the Monte Carlo simulation
model. The key inputs for the Monte Carlo simulation model to value the Private Placement Warrants at February 14, 2025 and December&#160;31,
2024 were as follows:</FONT></DIV>

<DIV><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 67.99%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 14.05%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 14.05%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">February
        14,<BR>2025</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">December
        31,<BR>2024</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Stock
        price</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">13.20&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">9.60&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Exercise
        price</FONT></TD>
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">230.00&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">230.00&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Redemption
        Threshold</FONT></TD>
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">360.00&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">360.00&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Effective
        expiration date</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">August
        13, 2029</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">August
        13, 2029</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Term
        (years)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.5</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.6</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Volatility</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">80
        %</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">80
        %</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Risk-free
        rate</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.22
        %</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.27
        %</FONT></TD></TR>
  </TABLE></DIV>

<DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT><BR></FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
fair value of the Sponsor Warrants at September 30, 2025 and February 14, 2025 was determined using the Monte Carlo simulation model.
The key inputs for the Monte Carlo simulation model to value the Sponsor Warrants at September 30, 2025 and February 14, 2025 were as
follows:</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">14</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 67.99%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 14.05%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 14.05%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">September
        30,<BR>2025</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">February
        14,<BR>2025</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Stock
        price</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3.78&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">13.20&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Exercise
        price</FONT></TD>
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10.00&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10.00&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Effective
        expiration date</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">February
        14, 2030</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">February
        14, 2030</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Term
        (years)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.4</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">5.0</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Volatility</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">81&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">84&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Risk-free
        rate</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3.6&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.2&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Change
in Fair Value of Level 3 Liabilities</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
following table presents a reconciliation of the public placement warrant liability measured at fair value on a recurring basis as of
September&#160;30, 2025:</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 84.8%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Public
        <BR>&#160;Placement <BR>&#160;Warrant<BR>&#160;Liability</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at January 1, 2025</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">267&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Change
        in estimated fair value</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(184)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at March 31, 2025</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">83&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Change
        in estimated fair value</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(78)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at June 30, 2025</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">5&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Change
        in estimated fair value</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">13&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at September 30, 2025</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">18&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
change in fair value of the public placement warrant liability is recognized in the interim condensed consolidated statements of operations
and comprehensive loss as the remeasurement of the public placement warrant liability.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
following table presents a reconciliation of the related party private placement warrant liability measured at fair value on a recurring
basis as of September&#160;30, 2025:</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT><BR></FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">15</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT><BR></FONT></DIV>

<DIV STYLE="padding-left: 9pt; text-indent: -9pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 84.8%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Related
        Party Private Placement Warrant Liability</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at January 1, 2025</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">133&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Change
        in estimated fair value before modification</FONT><FONT STYLE="font: 400 6.5pt/120% Times New Roman,serif; color: #000000; position: relative; top: -3.5pt; vertical-align: baseline">(1)</FONT></DIV></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">71&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Change
        in fair value for exchange of Sponsor Warrants on February 14, 2025</FONT><FONT STYLE="font: 400 6.5pt/120% Times New Roman,serif; color: #000000; position: relative; top: -3.5pt; vertical-align: baseline">(1)</FONT></DIV></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,816&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Change
        in estimated fair value after modification</FONT><FONT STYLE="font: 400 6.5pt/120% Times New Roman,serif; color: #000000; position: relative; top: -3.5pt; vertical-align: baseline">(1)</FONT></DIV></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(1,276)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at March 31, 2025</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">744&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Change
        in estimated fair value</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(499)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at June 30, 2025</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">245&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Change
        in estimated fair value</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">120&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at September 30, 2025</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">365&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT><BR></FONT></DIV>

<DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">(1)</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">See
Note 7 &#8211; Warrants for more information on the exchange of warrants with the Sponsor and modification of the related party private
placement warrant liability.</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
</FONT></DIV>

<DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT><BR></FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
net change in fair value of $0.2
million of the related party private placement warrant liability for the nine months ended September 30, 2025 is recognized in the interim
condensed consolidated statements of operations and comprehensive loss as the remeasurement of private placement warrant liability.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
following table presents a reconciliation of the convertible notes liability measured at fair value on a recurring basis as of September
30, 2024:</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 84.8%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Convertible
        <BR>&#160;Notes </FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at January 1, 2024</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">15,604&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Note
        issuance during the period</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,457&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Change
        in estimated fair value</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,213&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at March 31, 2024</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">20,274&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Note
        issuance during the period</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10,130&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Loss
        on extinguishment</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">22,183&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Change
        in estimated fair value</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">15,874&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at June 30, 2024</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">68,461&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Note
        issuance during the period</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,972&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Change
        in estimated fair value</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">14,577&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Conversion
        into Common stock</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(87,010)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at September 30, 2024</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
change in fair value of the convertible notes is recognized in the interim condensed consolidated statements of operations and comprehensive
loss as the remeasurement of the convertible notes. There was no change in fair value attributable to the instrument-specific credit risk
for the three and nine months ended September&#160;30, 2024. </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">There
were no
convertible notes outstanding as of September 30, 2025 or December 31, 2024. See Part II, Item 8 &#8220;Financial Statements and Supplementary
Data - Note 8 to the Consolidated Financial Statements - Borrowings and Other </FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">16</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Financing
Arrangements&#8221; in the 2024 Annual Report on Form 10-K for the year ended December 31, 2024 for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
following table presents a reconciliation of the related party convertible notes liability measured at fair value on a recurring basis
as of September 30, 2024:</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 84.8%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Related
        Party <BR>&#160;Convertible <BR>&#160;Notes </FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at January 1, 2024</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,133&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Note
        issuance during the period</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,449&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Change
        in estimated fair value</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">248&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at March 31, 2024</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,830&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Note
        issuance during the period</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,635&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Loss
        on extinguishment</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4,176&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Change
        in estimated fair value</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">5,300&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at June 30, 2024</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">16,941&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Change
        in estimated fair value</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(1,796)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Conversion
        into Common stock</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(15,145)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at September 30, 2024</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
change in fair value of the related party convertible notes is recognized in the interim condensed consolidated statements of operations
and comprehensive loss as the remeasurement of related party convertible notes. There was no change in fair value attributable to the
instrument-specific credit risk for the three and nine months ended September&#160;30, 2024. </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">There
were no
related party convertible notes outstanding as of September 30, 2025 or December 31, 2024. See Part II, Item 8 &#8220;Financial Statements
and Supplementary Data - Note 8 to the Consolidated Financial Statements - Borrowings and Other Financing Arrangements&#8221; in the 2024
Annual Report on Form 10-K for the year ended December 31, 2024 for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
following table presents a reconciliation of the share-based termination liability measured at fair value on a recurring basis as of September
30, 2024:</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 84.8%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Share-Based
        <BR>&#160;Termination <BR>&#160;Liability </FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at January 1, 2024</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6,349&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Change
        in estimated fair value</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(186)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at March 31, 2024</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6,163&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Change
        in estimated fair value</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,498&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at June 30, 2024</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">7,661&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Change
        in estimated fair value</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(334)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Liability
        settlement due to issuance of Common stock</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(7,327)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at September 30, 2024</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT><BR></FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">17</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
change in fair value of the share-based termination liability is recognized in the interim condensed consolidated statements of operations
and comprehensive loss as the remeasurement of the share-based termination liability.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">There
was no
share-based termination liability outstanding as of September 30, 2025 or December 31, 2024. See Part II, Item 8 &#8220;Financial Statements
and Supplementary Data - Note 7 to the Consolidated Financial Statements - Share-based Termination Liability&#8221; in the 2024 Annual
Report on Form 10-K for the year ended December 31, 2024 for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
following table presents a reconciliation of the convertible preferred stock warrant liability measured at fair value on a recurring basis
as of September 30, 2024:</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 84.8%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Convertible
        <BR>&#160;Preferred <BR>&#160;Stock <BR>&#160;Warrants <BR>&#160;Liability </FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at January 1, 2024</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">203&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Change
        in estimated fair value</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(24)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at March 31, 2024</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">179&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Change
        in estimated fair value</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(73)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at June 30, 2024</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">106&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Change
        in estimated fair value</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">91&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Conversion
        into Private Warrants</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(197)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balance
        at September 30, 2024</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
change in fair value of the convertible preferred stock warrants is recognized in the interim condensed consolidated statements of operations
and comprehensive loss as the remeasurement of the convertible preferred stock warrant liability.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">There
were no
convertible preferred stock warrants outstanding as of September 30, 2025 or December 31, 2024. See Part II, Item 8 &#8220;Financial Statements
and Supplementary Data - Note 9 to the Consolidated Financial Statements - Warrants&#8221; in the 2024 Annual Report on Form 10-K for
the year ended December 31, 2024 for more information.</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_58"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">5.&#160;&#160;&#160;&#160;SIGNIFICANT
BALANCE SHEET COMPONENTS</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Prepaid
Expenses and Other Current Assets</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Prepaid
expenses and other current assets at September&#160;30, 2025 and December&#160;31, 2024, consisted of the following (in thousands):</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 70.11%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">September
        30,<BR>2025</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">December
        31,<BR>2024</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Prepaid
        expenses</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">666&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,200&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Deposits</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">28&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">46&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Other
        current assets</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">652&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,347&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total
        prepaid expenses and other current assets</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,346&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,593&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company has recorded $0.5
million and $1.2
million of Employee Retention Credits (&#8220;ERC&#8221;) as other current assets, which are included in prepaid expenses and other current
assets in the interim condensed consolidated balance sheets at September&#160;30, 2025 and December&#160;31, 2024, respectively. Under
the Coronavirus Aid, Relief, and Economic Security Act (the &#8220;CARES Act&#8221;), the ERC is a refundable payroll tax credit for businesses
and tax-exempt organizations that were affected during the COVID-19 pandemic. Eligible businesses, both for-profit and not-for-profit,
that experienced a &#8220;significant&#8221; decline in gross receipts in any quarter (more than 50% decrease in 2020 from 2019, and more
than 20% in </FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">18</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2022)
could receive a quarterly refundable payroll tax credit. The Company believes it has reasonably assured qualification and submitted for
refunds under the ERC program.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Property
and Equipment, net</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Property
and equipment, net as of September&#160;30, 2025 and December&#160;31, 2024 consisted entirely of equipment. Accumulated depreciation
as of September 30, 2025 and December 31, 2024 was immaterial.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Depreciation
expense for the three and nine months ended September&#160;30, 2025 and 2024 was immaterial. The depreciation expense is presented within
operating expenses and is excluded from cost of revenue. </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Other
Non-Current Assets</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Other
non-current assets at September&#160;30, 2025 and December&#160;31, 2024, consisted entirely of prepaid expenses, non-current. The prepaid
expenses, non-current balance at September&#160;30, 2025 and December&#160;31, 2024 includes $3.0
million of the remaining balance of the upfront payment made by the Company in October 2022 for future technical services to be provided
by Ginkgo Bioworks, Inc. (&#8220;Ginkgo&#8221;) (see</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">
Note 10 &#8211; Commitments and Contingencies</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">).</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Accrued
Expenses and Other Current Liabilities</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Accrued
expenses and other current liabilities at September&#160;30, 2025 and December&#160;31, 2024, consisted of the following (in thousands):</FONT></DIV>

<DIV><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 70.11%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">September
        30,<BR>2025</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">December
        31,<BR>2024</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Accrued
        professional services</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,697&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,091&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Accrued
        payroll and benefits</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">556&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">205&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Accrued
        interest expense</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">647&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">659&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Other
        accrued expenses</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,485&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">544&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total
        accrued expenses and other current liabilities</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">5,385&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,499&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT><BR></FONT></DIV>

<DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Excise
Tax Payable</FONT></DIV>

<DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT><BR></FONT></DIV>

<DIV STYLE="text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">During
the second quarter of 2024, the Internal Revenue Service (&#8220;IRS&#8221;) issued final regulations with respect to the timing and payment
of excise tax. Pursuant to those regulations, the Company was required to file a return and remit payment for any liability incurred during
the period from January 1, 2023 to December 31, 2023 on or before October 31, 2024.</FONT></DIV>

<DIV><FONT><BR></FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company did not pay its excise tax liability by October 31, 2024, and as of September 30, 2025, owed approximately $2.9
million in excise tax (the &#8220;Excise Tax Liability&#8221;). The Company is currently making estimated monthly payments over 72
months of $0.04
million to the IRS. As the Company is unable to pay its obligation in full, it is subject to additional interest and penalties which are
currently estimated at 9%
interest per annum and a 0.5%
underpayment penalty per month or portion of a month up to 25%
of the total liability for any amount that is unpaid from November 1, 2024 until paid in full. The Company accrued $0.6
million and $0.5
million in interest and penalties as of September 30, 2025 and December 31, 2024, respectively, which has been recorded as part of accrued
expenses and other current liabilities on the condensed consolidated balance sheets.</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_64"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">6.&#160;&#160;&#160;&#160;BORROWINGS
</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Senior
Secured Notes</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
October 2022, the Company and Ginkgo executed several concurrent agreements including a Senior Secured Note Purchase Agreement (the &#8220;Ginkgo
Note Purchase Agreement&#8221;), an amendment to the 2021 Technical Development Agreement (&#8220;2021 TDA&#8221;), a 2022 Technical Development
Agreement (&#8220;2022 TDA&#8221;), a Pledge and Security Agreement, and Trademark and Patent Security Agreements (see </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
10 &#8211; Commitments and Contingencies</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">).</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">19</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Under
the terms of the Ginkgo Note Purchase Agreement, the Company issued and sold to Ginkgo and Ginkgo agreed to purchase senior secured notes
(the &#8220;Senior Secured Notes&#8221;) on October&#160;14, 2022 (the &#8220;Notes Issuance Date&#8221;), in the aggregate original stated
principal amount of $30
million. Upon its execution, the Ginkgo Note Purchase Agreement required the Company to pay Ginkgo $10.0
million as an upfront payment for future technical services to be provided by Ginkgo under the 2022 TDA. The remainder of the proceeds
from the Senior Secured Notes issuance may be used by the Company for working capital and general corporate purposes. The Senior Secured
Notes initially matured on October 14, 2024 (the "Maturity Date") or earlier upon an event of default as defined by the Ginkgo Note Purchase
Agreement.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Ginkgo Note Purchase Agreement initially required quarterly interest payments on the outstanding principal amount of the Notes, from the
Notes Issuance Date until and including the Maturity Date, at a rate equal to the three-month United States Treasury Security Rate on
the date three
business days prior to the applicable quarterly payment date (defined as (i) the last business day of each fiscal quarter beginning on
the first such date prior to issuance of the Senior Secured Notes and (ii) the Maturity Date), plus six
percent. The Senior Secured Notes initially carried a default rate of interest, due upon the occurrence and during events of default,
as defined in the Ginkgo Note Purchase Agreement, of an incremental three
percent.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Principal
payments were initially due quarterly, starting in the first quarter subsequent to a qualified equity issuance, as defined in the Ginkgo
Note Purchase Agreement, for cash proceeds greater than or equal to $50.0
million (defined as the &#8220;Amortization Date&#8221;), through the Maturity Date. Senior Secured Notes issued under the Ginkgo Note
Purchase Agreement, once repaid or prepaid, may not be reborrowed. The Senior Secured Notes may be prepaid at any time without penalty
or premium.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Senior Secured Notes are collateralized by substantially all of the Company&#8217;s assets, and each of its legal subsidiaries&#8217;
tangible and intangible assets. The Senior Secured Notes contain customary covenants and events of default. Additionally, the Senior Secured
Notes contain subjective acceleration clauses to accelerate the Maturity Date of the Senior Secured Notes in the event that a material
adverse change has occurred within the business, operations, or financial condition of the Company. At September&#160;30, 2025, the Company
believes that the likelihood of the acceleration of the Maturity Date due to the subjective acceleration clauses is remote.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
December 2023, the Company entered into an amendment to modify the Ginkgo Note Purchase Agreement (&#8220;Ginkgo NPA Amendment&#8221;).
Under the terms of the modification, $10.0
million of outstanding principal was exchanged for a $10.0
million convertible note (&#8220;Ginkgo Convertible Note&#8221;), which was subjected to the terms of a separate note purchase agreement
with certain investors ("Bridge NPA") (See Part II, Item 8 &#8220;Financial Statements and Supplementary Data - Note 8 to the Consolidated
Financial Statements - Borrowings and Other Financing Arrangements&#8221; in the 2024 Annual Report on Form 10-K for the year ended December
31, 2024 for more information about the Bridge NPA). The remaining $20.0
million of outstanding principal, $0.1
million of unamortized issuance costs, and accrued interest of $1.7
million related to the outstanding principal, were exchanged for amended senior secured notes with a principal balance of $11.8
million (the &#8220;Amended Senior Note&#8221;), a nonexclusive right to license Bolt Threads&#8217; intellectual property relating to
Mylo (&#8220;IP Transfer&#8221;), and a reduction of the prepaid balance relating to the 2022 TDA by $5.4
million (collectively, the &#8220;2023 Ginkgo Amendment&#8221;). The Amended Senior Note increased the interest rate from the Senior Secured
Notes from the existing rate of treasury rate plus 6%
per annum to a fixed rate of 12%
per annum. In addition, the Amended Senior Note extended the Maturity Date from October 14, 2024 per the Senior Secured Notes to December
31, 2027.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
April 2024, the Company and Ginkgo entered into the second amendment to the Ginkgo Note Purchase Agreement (the &#8220;Ginkgo Note Purchase
Agreement Amendment No. 2&#8221;). Pursuant to the Ginkgo Note Purchase Agreement Amendment No. 2, the interest from the Ginkgo NPA Amendment
effective date until the occurrence of the SPAC transaction was to be paid either entirely in cash or in kind by capitalizing and adding
such accrued interest to the principal of the Amended Senior Notes at the option of the Company. In addition, upon the occurrence of the
SPAC transaction, the Company was obligated to prepay an aggregate principal amount of the Amended Senior Notes equal to the sum of (i)
the product of (x) $0.25
million and (y) the number of interest payments that were paid in kind, plus (ii) any accrued but unpaid interest amount. After the Merger
consummation in August 2024, the Company paid $0.5
million in principal of the Amended Senior Note in September 2024.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">At
December&#160;31, 2024, the total outstanding principal balance under the Amended Senior Note was $12.0
million and had an effective interest rate of 8.3%.
The carrying value of the Amended Senior Note was $13.2
million at December&#160;31, 2024, and is included in long-term debt, non-current, in the interim condensed consolidated balance sheet.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">20</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">At
September&#160;30, 2025, the total outstanding balance under the Amended Senior Note was $12.0
million and had an effective interest rate of 8.3%.
The carrying value of the Amended Senior Note was $12.9
million at September&#160;30, 2025, and is included in long-term debt, non-current, in the interim condensed consolidated balance sheet.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">For
the three months ended September&#160;30, 2025 and 2024, interest expense recognized on the Amended Senior Note was $0.3
million and $0.3
million, respectively. For the nine months ended September&#160;30, 2025 and 2024, interest expense recognized on the Amended Senior Note
was $0.8
million and $0.9
million, respectively. At September&#160;30, 2025 and December&#160;31, 2024, there was $0.4
million and $0.4
million of accrued interest related to the Amended Senior Note, respectively, that is included within the accrued expenses and other current
liabilities in the interim condensed consolidated balance sheets. The Company calculates and records interest expenses on the Amended
Senior Note using the effective interest method.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
July 3, 2025, the Company and Ginkgo entered into a waiver agreement to the Amended Senior Note, which deferred the June 30, 2025 interest
payment date to July 31, 2025. On August 7, 2025, the Company and Ginkgo entered into a waiver agreement to the Amended Senior Note, which
further deferred the June 30, 2025 interest payment date to the earlier of 1) the date that the claims purchase agreement between Ginkgo
and Seneca terminated (see </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
12 - Changes in Stockholders' Equity (Deficit)</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
for more information on the Seneca Transaction) or 2) August 31, 2025. The Seneca Transaction occurred in August 2025, and the interest
payment was settled through the claim purchase agreement between Ginkgo and Seneca.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">At
September&#160;30, 2025 and December&#160;31, 2024, management has represented that the Company was in compliance with all applicable
covenants under the Amended Senior Note.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
following table summarizes the Company&#8217;s stated maturities and future scheduled principal repayments for the Amended Senior Note
at September&#160;30, 2025 (in thousands):</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 84.2%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">For
        the remainder of the year ending December 31,</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Amount</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2025</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2026</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2027</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">11,960&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total
        debt principal payments</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">11,960&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Add:
        unamortized debt premium</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">951&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total
        Amended Senior Note</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">12,911&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_67"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">7.&#160;&#160;&#160;&#160;WARRANTS
</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Private
Warrants</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
connection with the Company&#8217;s various historical debt and equity financing arrangements, the Company issued convertible preferred
stock warrants to purchase shares of its various series of convertible preferred stock.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
convertible preferred stock warrants were initially classified as liabilities, with changes in fair value recorded through earnings, as
the underlying convertible preferred shares could be redeemed by the holders of these shares upon the occurrence of certain events that
are outside of the control of the Company.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Prior
to the consummation of the Merger in August 2024, each issued and outstanding convertible preferred stock warrant to purchase Legacy Bolt
convertible preferred stock converted into a warrant to purchase shares of the Company&#8217;s Common stock (the "Private Warrants"),
with each warrant subject to the same terms and conditions as were applicable to the original warrant and having an exercise price and
number of shares of Common stock purchasable based on an exchange ratio and other terms contained in the Merger Agreement (the &#8220;Private
Warrants Conversion&#8221;).</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">After
the Private Warrants Conversion, the Private Warrants are indexed to the Company&#8217;s own stock and meet all conditions for equity
classification. Prior to the Private Warrants Conversion, the Company remeasured the convertible preferred stock warrant liability resulting
in a final warrant value of $0.2
million. Therefore, the convertible preferred stock warrant liability for these warrants was removed and additional paid-in capital was
increased by $0.2
million to account for the equity reclassification.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">21</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
following table represents the Private Warrants outstanding at September&#160;30, 2025 and December&#160;31, 2024:</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 40.41%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 14.05%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 14.05%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Issued
        Date</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Exercise
        <BR>&#160;Price</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Number
        of <BR>&#160;shares</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Expiration
        <BR>&#160;Date</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Series
        A</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">January
        2013</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">63.36&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">631</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">January
        2028</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Series
        B</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">June
        2015</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">229.99&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">434</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">June
        2030</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Series
        E</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">July
        2022</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,284.95&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">778</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">July
        2029</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,843</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Public
Warrants</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
connection with the Company&#8217;s Merger in August 2024, the Company assumed warrants to purchase 479,163
shares of the Company&#8217;s Common stock (the "Public Placement Warrants"), with an exercise price of $230.00
per share. Additionally, the Company assumed warrants to purchase 250,000
shares of the Company&#8217;s Common stock which were issued to the Sponsor, a related party, with an exercise price of $230.00
per share (the &#8220;Private Placement Warrants&#8221; and together with the Public Placement Warrants, the &#8220;Public Warrants&#8221;).
Public Warrants may only be exercised for a whole number of shares. </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Public Warrants are classified as liabilities in accordance with ASC 815-40-15 since the Public Warrants do not meet the criteria for
equity classification and must be recorded as liabilities. These liabilities are subject to remeasurement at each balance sheet date until
exercised with changes in fair value recorded through earnings (see</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">
Note 4 &#8211; Fair Value Measurements</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">).</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Public Warrants became exercisable on the later of (a) 30
days after the completion of a Business Combination and (b) 12
months from the closing of the Initial Public Offering. The Public Warrants will expire five
years after the completion of a Business Combination or earlier upon redemption or liquidation. The Company completed
the Merger on August 13, 2024. Therefore, all issued and outstanding Public Warrants became exercisable after September 13, 2024. The
Public Warrants expire on August 13, 2029.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
addition, the Company has agreed that as soon as practicable, but in no event later than 20
business days after the closing of a Merger, the Company would use its commercially reasonable efforts to file with the SEC, and within
60
business days following a Merger to have declared effective, a registration statement covering the issuance of the shares of Common stock
issuable upon exercise of the warrants and to maintain a current prospectus relating to those shares of Common stock until the warrants
expire or are redeemed. Following the Merger consummation, the Company filed such registration statement on September 19, 2024 with the
SEC to cover the issuance of the shares of Common stock issuable upon exercise of the Public Warrants.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Notwithstanding
the above, if the Common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies
the definition of a &#8220;covered security&#8221; under Section 18(b)(1) of the Securities Act, the Company may, at its option, require
holders of Public Warrants who exercise their warrants to do so on a &#8220;cashless basis&#8221; in accordance with Section 3(a)(9) of
the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration
statement, but will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent
an exemption is not available.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Redemption</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Redemption
of Public Warrants when the price per share of Common stock equals or exceeds $360.00.</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
The Company may redeem the outstanding Public Warrants (except as described herein with respect to the Private Placement Warrants):</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">in
whole and not in part;</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">at
a price of $0.20
per warrant;</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">upon
a minimum of 30
days&#8217; prior written notice of redemption, or 30-day
redemption period, to each warrant holder; and</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">22</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">if,
and only if, the last reported sale price of the Common stock equals or exceeds $360.00
per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20
trading days within a 30-trading
day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">When
the Public Warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or
qualify the underlying securities for sale under all applicable state securities laws.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Redemption
of Public Warrants when the price per share of Common stock equals or exceeds $200.00.</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
Commencing ninety
days after the Public Warrants become exercisable, the Company may redeem the outstanding warrants: </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">in
whole and not in part;</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">at
a price of $2.00
per warrant if holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares
of Common stock based on the redemption date and the fair market value of the Common stock;</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">upon
a minimum of 30
days&#8217; prior written notice of redemption;</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">if,
and only if, the last reported sale price of the Common stock equals or exceeds $200.00
per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) on the trading day prior to
the date on which the Company sends the notice of redemption to the warrant holders;</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">if,
and only if, the Private Placement Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants,
as described above; and</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">if,
and only if, there is an effective registration statement covering the issuance of the shares of Common stock issuable upon exercise of
the warrants and a current prospectus relating thereto available throughout the 30-day
period after written notice of redemption is given.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">If
the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that
wishes to exercise the Public Warrants to do so on a &#8220;cashless basis,&#8221; as described in the warrant agreement. The exercise
price and number of Common stock issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the
event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described
below, the Public Warrants will not be adjusted for issuances of Common stock at a price below its exercise price. Additionally, in no
event will the Company be required to net cash settle the Public Warrants.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Private Placement Warrants are identical to the Public Placement Warrants, except that if held by the Sponsor or its permitted transferees,
they (i) may be exercised on a cashless basis and (ii) are not subject to redemption. If the Private Placement Warrants are held by holders
other than the Sponsor or its permitted transferees, then the Private Placement Warrants will be redeemable by the Company and exercisable
by the holders on the same basis as Public Placement Warrants, if price per share is less than $360.00.
In addition, the Private Placement Warrants (and the shares of Common stock issuable upon exercise of such Private Placement Warrants)
may not be transferred, assigned, or sold until 30
days after the completion of the Company&#8217;s Merger, subject to certain limited exceptions.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Exchange
of Private Placement Warrants</FONT></DIV>

<DIV STYLE="text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
February 14, 2025, pursuant to a settlement agreement with the Sponsor (see </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
10 &#8211; Commitments and Contingencies</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">),
the Company exchanged the Private Placement Warrants for a new warrant to purchase 250,000
shares of Common stock (the "Sponsor Warrants") at an exercise price of $10.00
per share. The warrants became exercisable immediately upon issuance and will terminate on the fifth anniversary of the issuance date.</FONT></DIV>

<DIV STYLE="text-indent: 36pt"><FONT><BR></FONT></DIV>

<DIV STYLE="text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">If,
for any consecutive 10
trading day period while the Sponsor Warrants are outstanding, the closing price of the Company's Common stock is equal to or greater
than $17.00
(the &#8220;Forced Exercise Triggering Event&#8221;), then the Company shall have the right, in its sole discretion and upon written notice
given at any time within 20
days of the initial occurrence of the Forced Exercise Triggering Event delivered to the holder of the Sponsor Warrant, to force the holder
to cash exercise </FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">23</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">the Sponsor Warrants
with respect to the number of shares of Common stock that represents up to the lesser of (i) 125,000
shares of Common stock or (ii) the unexercised portion of the Sponsor Warrants. </FONT></DIV>

<DIV STYLE="text-indent: 36pt"><FONT><BR></FONT></DIV>

<DIV STYLE="text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company accounted for the exchange as a modification of the Private Placement Warrants liability. The change in fair value as a result
of the modification was included in the interim condensed consolidated statements of operations and comprehensive loss within the remeasurement
of the private placement warrants liability. The modification did not result in a change to the liability classification, and as such
the new Sponsor Warrants will continue to be remeasured at fair value at each balance sheet date until exercised with changes in fair
value recorded through earnings as remeasurement of related party private placement warrant liability. See </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
4 - Fair Value Measurements </FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">for
more information on the changes in fair value recognized during the three and nine months ended September&#160;30, 2025 related to the
Private Placement Warrants and Sponsor Warrants.</FONT></DIV>

<DIV STYLE="text-indent: 36pt"><FONT><BR></FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">All
Public Placement Warrants to purchase 479,163
shares of Common stock were outstanding at September&#160;30, 2025 and December&#160;31, 2024. All newly issued Sponsor Warrants to purchase
250,000
shares of Common stock were outstanding at September&#160;30, 2025, and all previously exchanged Private Placement Warrants to purchase
250,000
shares of Common stock were outstanding at December 31, 2024.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Triton
Warrants</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
February 13, 2025, the Company entered into a Common stock purchase agreement with Triton Funds ("Triton") related to the purchase of
up to $1.5
million of shares of the Company's Common stock (the "Triton Financing"). See </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
12 - Changes in Stockholders' Equity (Deficit) </FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">for
more information on the Triton Financing.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Pursuant
to the purchase agreement, the Company also issued to Triton a warrant (the &#8220;Triton Warrants&#8221;) to purchase up to 150,000
shares of Common stock at an exercise price of $10.00
per share, the average closing price of the Company&#8217;s Common stock on the five trading
days immediately preceding the Company&#8217;s entry into the Common stock purchase agreement. The Triton Warrants will be exercisable
beginning August 13, 2025, subject to a restriction preventing Triton and its affiliates from beneficially owning more than 19.99%
of the Company&#8217;s outstanding shares of Common stock without the Company first obtaining stockholder approval, and will expire on
August 13, 2030. </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company evaluated the Triton Warrants and concluded that they meet all conditions for equity classification. The estimated fair value
of the warrants on issuance date of $3.1
million was recorded to additional paid-in capital within stockholders' equity. As the Company did not receive any consideration for the
warrants issued, an offsetting entry was recorded to additional paid-in capital within stockholders' equity, resulting in no net impact
to stockholders' deficit as of September&#160;30, 2025.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
following assumptions were used to calculate the fair value of the Triton Warrants upon issuance as of February 13, 2025 using the Black-Scholes
pricing model:</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 80.56%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 17.23%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">February
        13,<BR>2025</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Stock
        price</FONT></TD>
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/100% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/100% Times New Roman,serif; color: #000000">24.60&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Exercise
        price</FONT></TD>
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/100% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/100% Times New Roman,serif; color: #000000">10.00&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Effective
        expiration date</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/100% Times New Roman,serif; color: #000000">8/13/2030</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Term
        (years)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/100% Times New Roman,serif; color: #000000">5.5</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Volatility</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/100% Times New Roman,serif; color: #000000">84&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/100% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Risk-free
        rate</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/100% Times New Roman,serif; color: #000000">4.4&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/100% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT><BR></FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_76"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">8.&#160;&#160;COMMON
STOCK AND STOCK-BASED COMPENSATION</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Common
Stock</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
connection with the Merger, the Company filed its restated amended certificate of incorporation, which authorized the issuance of up to
500,000,000
shares of Common stock with a par value of $0.0001
per share.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">24</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">At
September&#160;30, 2025 and December&#160;31, 2024, there were 500,000,000
shares of Common stock authorized, and 3,706,197
and 1,714,792
shares issued and outstanding, respectively. Holders of Common stock are entitled to receive dividends whenever funds are legally available
and when declared by the Board of Directors. Holders of Common stock are entitled to one
vote for each share of Common stock held at all meetings of stockholders.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Common
stock reserved for issuance at September&#160;30, 2025 and December&#160;31, 2024, was as follows:</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 70.11%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">September
        30,<BR>2025</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">December
        31,<BR>2024</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Warrants
        outstanding for future issuance of Common stock</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">881,007</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">729,166</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Stock
        options and restricted stock units</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">425,269</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">353,908</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Stock
        options and restricted stock units available for future issuance</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">282,955</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">34,934</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total
        shares of Common stock reserved</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,589,231</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,118,008</FONT></TD></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Equity
Incentive Plan</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Under
the 2009 Equity Incentive Plan (the &#8220;2009 Plan&#8221;), the 2019 Equity Incentive Plan (the &#8220;2019 Plan&#8221;), and the 2024
Equity Incentive Plan (the &#8220;2024 Plan&#8221; and together with the 2009 Plan and 2019 Plan, &#8220;the Plans&#8221;), the Company
may grant stock options (both service-based and performance milestone-based) to employees and non-statutory stock options, restricted
share awards (&#8220;RSAs&#8221;) and restricted stock units (&#8220;RSUs&#8221;) to employees, officers, and non-employee directors and
consultants of the Company. Under the Plans, stock options may be immediately exercisable subject to repurchase or may be exercisable
as determined by the Board of Directors. The Company has not allowed for early exercises of options under the Plans. Additionally, to
date, the Company has not issued RSAs under the Plans. At September&#160;30, 2025 and December&#160;31, 2024, there were options outstanding
to purchase a total of 377,134
and 309,351
shares of Common stock under the Plans, respectively, and 48,135
and 44,520
unvested RSUs, respectively. At September&#160;30, 2025 and December&#160;31, 2024, 282,955
and 34,934
shares of Common stock were available for issuance for either option or RSU grants, respectively, under the 2019 Plan and 2024 Plan.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Employee
Stock Purchase Plan</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Under
the Company&#8217;s 2024 Employee Stock Purchase Plan (the &#8220;ESPP&#8221;) eligible employees may contribute a portion of their eligible
earnings toward the purchase of our shares of Common stock at a pre-determined discounted price, subject to certain limitations set forth
in the ESPP. Employees can purchase stock at a 15%
discount applied to the lower of the closing stock prices on the first trading day of the applicable offering period or last trading day
of the purchase period for such offering period. The Company commenced its first offering period under the ESPP on May 15, 2025. For the
three and nine months ended September&#160;30, 2025, no shares of Common stock have been purchased under the ESPP and stock-based compensation
expense related to the ESPP was immaterial.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Stock
Options Repricing</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
August 3, 2025 (the &#8220;Repricing Date&#8221;), in accordance with the terms of the 2024 Plan, the Board of Directors of the Company
approved a stock option repricing (the &#8220;Option Repricing&#8221;), effective as of the Repricing Date, of stock options held by six
of the Company&#8217;s named executive officers and two
non-employee members of the Board. Pursuant to the Option Repricing, the exercise prices of stock options covering 282,527
shares with an original exercise price of $6.80
per share, and of stock options covering 70,859
shares with an original exercise price of $5.90
per share, were each reduced to an exercise price of $2.42
per share, the closing price of the Common Stock on last business day prior to the Repricing Date. </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Option Repricing was accounted for as a modification of equity awards. There was no incremental fair value generated as a result of this
modification as the fair value of the modified awards immediately after the modification was less than the fair value of the original
awards immediately before the modification. As a result, the Company will not record additional stock-based compensation expense related
to the modification.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">25</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Service-based
Stock Options</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Option
award activity for service-based stock options granted at September&#160;30, 2025, was as follows:</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 40.71%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Number
        of <BR>&#160;options <BR>&#160;outstanding</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Weighted-<BR>&#160;Average
        <BR>&#160;Exercise Price</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Weighted-<BR>&#160;Average
        <BR>&#160;Remaining <BR>&#160;Contractual <BR>&#160;Life (Years)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Aggregate
        <BR>&#160;Intrinsic Value <BR>&#160;(in thousand)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balances
        at January 1, 2025</FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">304,245</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">31.60&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">9.5</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">802&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Granted</FONT><FONT STYLE="font: 400 6.5pt/120% Times New Roman,serif; color: #000000; position: relative; top: -3.5pt; vertical-align: baseline">(1)</FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">424,245</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3.00&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Exercised</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Expired</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(3,076)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">87.40&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 18pt; text-indent: -9pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Forfeited</FONT><FONT STYLE="font: 400 6.5pt/120% Times New Roman,serif; color: #000000; position: relative; top: -3.5pt; vertical-align: baseline">(1)</FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(353,386)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6.62&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balances
        at September 30, 2025</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">372,028&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">22.17&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">9.0</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">481&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Vested
        and exercisable at September 30, 2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 3pt double; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">199,358</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 3pt double; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 3pt double; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">39.27&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 3pt double; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 3pt double; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8.7</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 3pt double; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 3pt double; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">246&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 3pt double; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: italic 400 9pt/120% Times New Roman,serif; color: #000000">(1)
Includes 353,386
stock options repriced in August 2025, as discussed above</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">.</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
</FONT></DIV>

<DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT><BR></FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Stock
options that vested during the nine months ended September&#160;30, 2025, had a weighted-average grant date fair value of $14.78.
As reflected in the table above, no service-based options were exercised during the nine months ended September&#160;30, 2025. There were
172,670
service-based unvested options at September&#160;30, 2025 and $1.1
million of remaining unrecognized stock-based compensation expense, which is expected to be recognized over the weighted-average period
of 2.3
years.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Performance
Milestone-based Stock Options</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Option
award activity for performance milestone-based stock options granted at September&#160;30, 2025, was as follows:</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 40.71%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Number
        of <BR>&#160;options <BR>&#160;outstanding</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Weighted-<BR>&#160;Average
        <BR>&#160;Exercise <BR>&#160;Price</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Weighted-<BR>&#160;Average
        <BR>&#160;Remaining Contractual <BR>&#160;Life <BR>&#160;(Years)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Aggregate
        <BR>&#160;Intrinsic <BR>&#160;Value <BR>&#160;(in thousands)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balances
        at January 1, 2025</FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">5,106</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">417.00&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">5.6</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Granted</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Exercised</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Expired</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Forfeited</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balances
        at September 30, 2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">5,106</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">417.00&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.8</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Vested
        and exercisable at September 30, 2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 3pt double; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,702</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 3pt double; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 3pt double; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">417.00&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 3pt double; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 3pt double; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.8</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 3pt double; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 3pt double; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 3pt double; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">As
reflected in the table above, no
performance milestone-based options were granted or exercised during the nine months ended September&#160;30, 2025. There were no performance
milestone-based options that vested during the nine months ended September&#160;30, 2025. There were 3,404
of performance milestone-based unvested options and total unrecognized compensation costs were immaterial
at September&#160;30, 2025.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">26</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Restricted
Stock Units</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">A
summary of the Company&#8217;s RSU activity and related information is as follows:</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 70.11%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Number
        of <BR>&#160;RSUs <BR>&#160;Outstanding </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Weighted-Average
        <BR>&#160;Grant Date <BR>&#160;Fair Value <BR>&#160;Per Share</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balances
        at January 1, 2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">44,520</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">193.80&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Granted</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">38,459</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">5.90&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Vested</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(30,867)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">129.24&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Forfeited</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(3,977)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">180.00&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Balances
        at September 30, 2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">48,135</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">93.35&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
RSUs have both a service-based condition or a performance milestone-based condition(s) and a liquidity event condition. The total RSU
vesting expense was $1.3
million and $4.6
million for the three and nine months ended September&#160;30, 2025, respectively. As of September&#160;30, 2025, the Company had $1.7
million of future expense to be recognized relating to the RSU&#8217;s which still require satisfaction of the service condition, which
is expected to be recognized over the weighted-average period of 0.8
years.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Stock-Based
Compensation</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
following table summarizes stock-based compensation expense recorded in each component of operating expenses in the Company&#8217;s interim
condensed consolidated statements of operations and comprehensive loss (in thousands):</FONT></DIV>

<DIV><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 40.71%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.99%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Three
        Months Ended<BR>September 30,</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="9" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Nine
        Months Ended<BR>September 30,</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2024</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2024</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Research
        and development</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">41&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,224&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">238&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,224&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Sales
        and marketing</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">758&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">31&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">758&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">General
        and administrative</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,423&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10,961&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4,898&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">11,156&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total
        stock-based compensation expense</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,474&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">14,943&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">5,167&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">15,138&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_79"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">9.&#160;&#160;INCOME
TAXES </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company&#8217;s provision for income taxes for interim periods is determined using an estimated annual effective income tax rate. The
Company&#8217;s quarterly tax provision is subject to variation due to several factors, including variability in pre-tax income (or loss),
the mix of jurisdictions to which such income relates, changes in how the Company does business, and tax law developments.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company&#8217;s effective tax rate for the three and nine months ended September&#160;30, 2025, and the same period in the prior year
differs from the U.S. statutory rate of 21% as a result of stock compensation and our U.S. federal and state losses for which no benefit
will be realized. The Company's income tax provision was zero
for the three and nine months ended September&#160;30, 2025 and 2024. This resulted in an effective tax rate of 0.0%
for the three and nine months ended September&#160;30, 2025, and 0.0%
for the three and nine months ended September&#160;30, 2024. </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">There
were no material changes to the Company&#8217;s unrecognized tax benefits during the three and nine months ended September&#160;30, 2025.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">27</FONT></DIV></DIV></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_85"></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">10.&#160;&#160;COMMITMENTS
AND CONTINGENCIES</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Litigation</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">From
time to time, the Company may become involved in various litigation and administrative proceedings relating to claims arising from its
operations in the normal course of business. Management believes that the ultimate resolution of any such matters will not have a material
adverse effect on the financial position or results of operations of the Company.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Donoghue
v. Golden Arrow Sponsor, LLC</FONT></DIV>

<DIV STYLE="text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
June 29, 2025, the Company was named as a nominal defendant in a lawsuit captioned Donoghue v. Golden Arrow Sponsor, LLC, Case No. 25-CV-5395-PKC,
pending in the United States District Court for the Southern District of New York. The action asserts claims under Section 16(b) of the
Securities Exchange Act of 1934 against Golden Arrow Sponsor, LLC in connection with transactions involving the Company&#8217;s securities.
The Company was not accused of wrongdoing and was not a target of the claims in the lawsuit. On November 5, 2025, the Plaintiff filed
a notice of dismissal of all claims in the action with prejudice, and the case was terminated by the court on November 6, 2025.</FONT></DIV>

<DIV><FONT><BR></FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Commitments
and Contingencies</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Liabilities
for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable
that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies
are expensed as incurred.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Technical
Development Agreement</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">During
the year ended December 31, 2021, the Company entered into a 2021 TDA with Ginkgo. Under the 2021 TDA, the Company and Ginkgo will collaborate
on certain projects that will use Ginkgo&#8217;s expertise in strain engineering and lab-scale fermentation processes, referred to as
&#8220;technical services&#8221;. Ginkgo provided the Company with a credit of $5
million to apply against technical services under the 2021 TDA. In December 2023, the Company and Ginkgo entered into a termination agreement
to terminate the 2021 TDA.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">As
disclosed in </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
6 &#8211; Borrowings</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">,
in October 2022, the Company and Ginkgo executed several concurrent agreements including the Ginkgo Note Purchase Agreement, the amendment
to the 2021 TDA, the 2022 TDA, a Pledge and Security Agreement, and Trademark and Patent Security Agreements.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Under
the 2022 TDA, the Company and Ginkgo will continue to collaborate on certain projects using Ginkgo&#8217;s expertise in specialized engineering
and lab-scale fermentation processes. The 2022 TDA includes a royalty payment obligation based on future net sales if and when the first
commercial sale of the products developed and improved under the 2022 TDA occurs. Royalty payments, due in cash, are based on defined
royalty rates for each country or jurisdiction in which the sale is made. In certain instances, a lump sum royalty payment may be due
for a particular product, in which case no further royalty payments are required. At September&#160;30, 2025 and December 31, 2024, the
Company has not
accrued a liability for royalty payment as no payment obligation or commercial sale of the products developed and improved under the 2022
TDA has occurred.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Upon
its execution, the Ginkgo Note Purchase Agreement required the Company to pay Ginkgo $10.0
million as an upfront payment for future technical services to be provided by Ginkgo under the 2022 TDA. As disclosed in </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
6 &#8211; Borrowings</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">,
in December 2023, the Company and Ginkgo executed the Ginkgo NPA Amendment to reduce the prepaid balance relating to the 2022 TDA by $5.4
million. At September&#160;30, 2025 and December&#160;31, 2024, the Company had $3.0
million and $3.4
million, respectively, in credit remaining to be applied against future technical services under the 2022 TDA, which is recorded within
prepaid expenses and other current assets and other non-current assets within the interim condensed consolidated balance sheets.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Founder
Shares &#8211; Related Party</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its 352,375
shares of Common stock (the &#8220;Founder Shares&#8221;) of the Company until the earlier to occur of (A) one
year after the completion of a Merger and (B) subsequent to a Merger, (x) if the last reported sale price of the Common
Stock equals or exceeds $240.00
per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20
</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">28</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">trading
days within any 30-trading
day period commencing at least 150
days after a Merger, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction
that results in all of the Public Stockholders having the right to exchange their shares of Common stock for cash, securities or other
property.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Nasdaq
Notifications</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Nasdaq
listing rules require listed securities to maintain a minimum bid price of $1.00 per share. On November 6, 2024, the Company received
a written notice from Nasdaq (the &#8220;Bid Price Notice&#8221;) indicating that it was not in compliance with the $1.00 minimum bid
price requirement set forth in Nasdaq Listing Rule 5450(a)(1) for continued listing. The Bid Price Notice does not result in the immediate
delisting of the Company&#8217;s Common stock from the Nasdaq Capital Market. The Bid Price Notice indicated that the Company had 180
calendar days (or until May 5, 2025) in which to regain compliance. On April 21, 2025, the Company effected the Reverse Stock Split (see</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">
Note 1 - Organization and Description of Business</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">)
in order to regain compliance with the minimum bid price requirement by the May 5, 2025 deadline. On May 7, 2025, Nasdaq notified the
Company that the Company has regained compliance with the minimum closing bid price requirement for the Company&#8217;s Common stock for
continued listing on Nasdaq.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
February 10, 2025, the Company received a letter from the Nasdaq notifying the Company that it was not in compliance with the minimum
Market Value of Listed Securities requirement as set forth in Nasdaq Listing Rule 5450(b)(2)(A) as the Company has not met the minimum
$50&#160;million minimum Market Value of Listed Securities requirement for continued listing. On the same day, the Company also received
a letter from the Nasdaq notifying the Company that it was not in compliance with the minimum Market Value of Publicly Held Shares requirement
as set forth in Nasdaq Listing Rule 5450(b)(2)(C) as the Company has not met the minimum $15&#160;million minimum Market Value of Publicly
Held Shares requirement for continued listing. These letters had no immediate effect on the listing of the Common stock on the Nasdaq
Capital Market. The Company had 180 calendar days from receipt of letters, or until August 11, 2025 in which to regain compliance.</FONT></DIV>

<DIV STYLE="text-indent: 18pt"><FONT STYLE="font: 400 10pt/115% Times New Roman,serif; color: #000000">On
August 12, 2025, the Company received a notice of a determination of delisting from Nasdaq. The Company&#8217;s hearing before the Nasdaq
Hearings Panel (the &#8220;Panel&#8221;) to appeal the delisting determination was held on September 16, 2025 and the delisting action
was stayed pending the final written decision by the Panel. The Company's Common stock remained listed on the Nasdaq Global Select Market
during the pendency of the hearing process and will remain listed during any extension period granted by the Panel.</FONT></DIV>

<DIV><FONT><BR></FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
September 30, 2025, the Company received written notification from the Panel (the &#8220;Determination Letter&#8221;) granting the Company&#8217;s
request for an extension to regain compliance with Nasdaq&#8217;s listing standards based on the compliance plan presented at the Company&#8217;s
hearing before the Panel. As part of that plan, the Company presented a timeline of achieving compliance by December 31, 2025, which date
is within the Panel&#8217;s authority under Nasdaq Listing Rule 5815 to grant an extension of up to 180 days. Pursuant to the Determination
Letter, the Company is to gain compliance with the minimum equity standard requirement under Nasdaq Listing Rule 5550(b)(1) (the &#8220;Equity
Rule&#8221;) in lieu of regaining compliance with Nasdaq&#8217;s MVLS and MVPHS listing rules and is to phase down to the Nasdaq Capital
Market. The Company intends to satisfy these requirements and demonstrate compliance with the Equity Rule within the current extension
period or, if appropriate, to request a further extension from the Panel, with any such further extension subject to the Panel&#8217;s
discretion.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company is undertaking measures to regain compliance within the extension period, however, there can be no assurance that the Company
will ultimately regain compliance with the Equity Rule or be able to maintain compliance with all other applicable requirements for continued
listing on the Nasdaq. The Company&#8217;s failure to meet these requirements could result in the Company&#8217;s securities being delisted
from the Nasdaq. The Company may request a further extension within which to remain compliance with the Equity Rule, however, any extension
and the length of any such extension are within the Panel&#8217;s discretion.</FONT></DIV>

<DIV><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Sponsor Settlement
Agreement and Exchange Agreement </FONT></DIV>

<DIV STYLE="text-indent: 36pt"><FONT><BR></FONT></DIV>

<DIV STYLE="text-indent: 18pt"><FONT STYLE="font: 400 10pt/115% Times New Roman,serif; color: #000000">On
February 14, 2025, the Company entered into a settlement agreement (the &#8220;Sponsor Settlement Agreement&#8221;) with its SPAC transaction
Sponsor, Golden Arrow Sponsor, LLC. The Company currently owes approximately $2.9
million in excise tax pursuant to section 4501 of the Internal Revenue Code for redemptions of shares of GAMC Class A common stock in
2023 by the stockholders of GAMC prior to the consummations of the transactions contemplated by the Business Combination. The Company
has proposed a payment plan to the Internal Revenue Service (&#8220;IRS&#8221;) whereby the Company would be permitted to pay the Excise
Tax Liability over a series of payments over time (the &#8220;Payment Plan&#8221;).</FONT></DIV>

<DIV><FONT><BR></FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">29</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Pursuant
to the Sponsor Settlement Agreement, the Sponsor was required to (i) use its commercially reasonable efforts to provide or organize financing
for us in an amount of $10.0
million to close by August 13, 2025 (the &#8220;Sponsor Financing&#8221;) and (ii) (a) in the event that the IRS granted the Payment Plan,
pay to us 75%
of the total amount of each payment due to the IRS thereunder no less than 7
calendar days prior to the due date for each payment (the &#8220;Golden Arrow Payment Contribution&#8221;) or (b) in the event the IRS
denied our request for a Payment Plan, either (A) close the Sponsor Financing by August 13, 2025 or (B) pay to the Company 75%
of the total amount of the then-outstanding Excise Tax Liability as well as all accrued interest on the entire Excise Tax Liability on
August 13, 2025. The Golden Arrow Payment Contribution was to continue until the earlier of (i) an aggregate amount of at least $6.0
million of Sponsor Financing was successfully closed or (ii) the Excise Tax Liability was fully paid. Notwithstanding the foregoing, the
Sponsor&#8217;s payments were be capped at, and were not to exceed, the total amount the Sponsor received from selling 50%
of the shares of our Common stock held by the Sponsor on February 14, 2025.</FONT></DIV>

<DIV STYLE="text-indent: 36pt"><FONT><BR></FONT></DIV>

<DIV STYLE="text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">As
partial consideration for entering into the Sponsor Settlement Agreement, on March 5, 2025, the Company exchanged warrants to purchase
250,000
shares of Common stock that are governed by the terms of our Warrant Agreement, dated March 16, 2021 for a warrant to purchase 250,000
shares of Common stock at an exercise price of $10.00
per share, the average closing price of its Common stock on the five trading days immediately
preceding our entry into the Sponsor Settlement Agreement. The Warrant will be exercisable immediately upon issuance and will terminate
on the fifth anniversary of the issuance date. Refer to </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
4 - Fair Value Measurements</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
and </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
7 - Warrants</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"> for
more information on the warrants exchanged as part of the Sponsor Settlement Agreement.</FONT></DIV>

<DIV><FONT><BR></FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
August 2025, the Company received a settlement payment of $0.4
million from the Sponsor.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT><BR></FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_88"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">11.&#160;&#160;BASIC
AND DILUTED NET LOSS PER SHARE </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands,
except share and per share amounts):</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 9pt; text-indent: -9pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 44.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Three
        Months Ended<BR>September 30,</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="9" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Nine
        Months Ended<BR>September 30,</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2024</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2024</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Numerator:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Net
        income (loss) attributable to common stockholders, basic and dilutive</FONT></TD>
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(7,478)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6,392&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(18,020)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="padding: 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(59,134)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Denominator:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Weighted-average
        common shares outstanding, basic</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,765,446</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">995,410</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,195,522</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">489,409</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Add:
        Options, with dilutive impact only</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,032&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Add:
        Private Warrants, with dilutive impact only</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">324&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Weighted-average
        common shares outstanding, diluted</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,765,446&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">996,766&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,195,522&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">489,409&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR STYLE="height: 15pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Net
        income (loss) per share, basic</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(2.70)</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6.42&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(8.21)</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(120.83)</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Net
        income (loss) per share, diluted</FONT></TD>
    <TD STYLE="border-top: #000 3pt double; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 3pt double; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(2.70)</FONT></TD>
    <TD STYLE="border-top: #000 3pt double; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000 3pt double; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 3pt double; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6.41&#160;</FONT></TD>
    <TD STYLE="border-top: #000 3pt double; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000 3pt double; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 3pt double; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(8.21)</FONT></TD>
    <TD STYLE="border-top: #000 3pt double; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD STYLE="border-top: #000 3pt double; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000 3pt double; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(120.83)</FONT></TD>
    <TD STYLE="border-top: #000 3pt double; background-color: #cceeff; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">30</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
following securities were excluded due to their anti-dilutive effect on net loss per share attributable to common stockholders recorded
in each of the periods:</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 42.38%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 14.05%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Three
        Months Ended<BR>September 30,</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="9" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Nine
        Months Ended<BR>September 30,</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2024</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2024</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Stock
        options outstanding</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">377,134</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">20,760</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">377,134</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">21,792</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Unvested
        RSUs</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">48,135</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">54,058</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">48,135</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">54,058</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Warrants
        to purchase Common stock</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">881,007</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">730,686</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">881,007</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">731,010</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,306,276</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">805,504</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,306,276</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000 1.5pt solid; background-color: #ffffff; border-bottom: #000 3pt double; padding: 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">806,860</FONT></TD></TR>
  </TABLE></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_454"></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">12</FONT><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">.
CHANGES
IN STOCKHOLDERS' EQUITY (DEFICIT)</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Triton
Financing</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
February 13, 2025, the Company entered into a common stock purchase agreement with Triton related to the purchase of up to $1.5
million of shares of the Company's Common stock between the date a form S-1 registration statement became effective and June 30, 2025.
Triton is a San Diego based entity that makes direct investments in publicly-traded companies. Under the form S-1 registration statement,
the Company registered 492,842
shares of Common stock consisting of (a) up to 342,842
shares of Common stock and (b) up to 150,000
shares of Common stock underlying a warrant to purchase the Company's Common stock. See </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
7 - Warrants</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"> for
more information on the Triton Warrants.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
S-1 registration statement became effective on March 27, 2025. On March 31, 2025, the Company issued 342,842
shares of Common stock to Triton, subject to payment by Triton for the shares. In June 2025, the Company received $0.5
million of gross proceeds for the sale of Common stock. The Company recorded the proceeds to Common stock and additional paid-in capital,
and recorded $0.2
million of deferred transaction costs to additional paid-in capital for the nine months ended September 30, 2025. </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Seneca
Transaction</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
August 1, 2025, the Company signed an agreement with Southern Point Capital (&#8220;Seneca&#8221;) pursuant to which Seneca entered into
claim purchase agreements to purchase up to an aggregate of $1.7
million of our outstanding payables with certain of our vendors (the &#8220;Vendor Payables&#8221;) and, subject to a court order, exchange
such Vendor Payables for a settlement pursuant to Section (3)(a)(10) of the Securities Act of 1933, as amended (the &#8220;Seneca Transaction&#8221;).
The amount of Vendor Payables were initially convertible at the option of Seneca by the lower of (i) $2.42
per share, the closing price of the Company&#8217;s Common stock on the date of the agreement with Seneca and (ii) 77%
of the average of the three
lowest traded prices on which at least 100
shares of Common stock were traded during the five-trading day period preceding a conversion
notice delivered pursuant to such agreement, subject to a minimum price floor of $0.25
per share. Seneca was not permitted to acquire shares of Common stock under the Seneca Transaction if, as a result thereof, Seneca would
beneficially own (as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended, and Rule 13d-3 thereunder)
more than 4.99%
of the number of shares of our Common stock then outstanding. The agreement also provides that we may not issue, and shall not be obligated
to issue, any shares to the extent such issuance would violate our obligations under the Nasdaq Global Select Market, including any requirement
that the issuance of such shares would require approval of our stockholders, until such approval has been obtained, which occurred on
August 29, 2025.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">During
the three months ended September 30, 2025, the Company issued an aggregate of 730,439
shares of Common stock pursuant to the claim purchase agreements for the $1.7
million of outstanding payables that were purchased. The Seneca Transaction was accounted for as an extinguishment of debt. The difference
between the fair value of Common stock issued and the fair value of Vendor Payables settled of $3.1
million was recorded through earnings as loss on debt extinguishment in the interim condensed consolidated statements of operations and
comprehensive loss for the three and nine months ended September 30, 2025.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">August
2025 PIPE Transaction</FONT></DIV>

<DIV STYLE="text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
August 14, 2025, the Company entered into a securities purchase agreement with certain accredited investors, pursuant to which the Company
agreed to sell and issue an aggregate of 913,979
shares of its Common stock at a purchase </FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">31</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">price of $4.65
per share (the &#8220;August 2025 PIPE Transaction&#8221;). The August 2025 PIPE Transaction consisted of (i) 518,817
shares of Common stock issued at closing and (ii) pre-funded warrants to purchase up to 395,162
shares of Common stock (the &#8220;August 2025 Warrants&#8221;). The August 2025 Warrants were immediately exercisable at a nominal exercise
price and had no expiration date.</FONT></DIV>

<DIV><FONT><BR></FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company evaluated the August 2025 Warrants in accordance with ASC 480 - Distinguishing Liabilities from Equity, and determined that the
warrants met the criteria for classification in stockholders&#8217; equity. Accordingly, the warrants were recorded in additional paid-in
capital at their fair value of $1.8
million on the issuance date.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Gross
proceeds from the August 2025 PIPE Transaction totaled approximately $4.25
million. The Company recorded the proceeds to Common stock and additional paid-in capital, and recorded $0.6
million of related transaction costs to additional paid-in capital for the three months ended September 30, 2025. In September 2025, all
of the August 2025 Warrants were fully exercised, and the Company issued 395,162
shares of Common stock. The exercise of the warrants had no impact on total stockholders&#8217; equity other than a reclassification within
equity from additional paid-in capital to Common stock and additional paid-in capital related to the issuance of the underlying shares.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">September
2025 Equity Purchase Agreement</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
September 12, 2025, the Company entered into an equity purchase agreement (the &#8220;September 2025 Purchase Agreement&#8221;) with Ascent
Partners Fund LLC (&#8220;Ascent&#8221;), relating to an equity line of credit facility (the &#8220;Ascent ELOC&#8221;). Pursuant to the
September 2025 Purchase Agreement, the Company will have the right at its option to sell up to $20.0
million of the Company&#8217;s Common stock. Under the September 2025 Purchase Agreement, Ascent shall not be obligated to purchase or
acquire any shares of Common stock that would result in its beneficial ownership exceeding 9.99%
of the Company&#8217;s then-outstanding voting power and Ascent shall not be obligated to purchase shares of Common stock if the volume
weighted average price for the Common stock is less than $1.00.
As consideration for Ascent&#8217;s irrevocable commitment to purchase the shares of Common stock under the September 2025 Purchase Agreement,
the Company agreed to issue 85,588
shares of Common stock to Ascent.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">To
initiate a purchase, the Company must deliver written notice to Ascent before trading begins on any trading day. The purchase price of
the shares will be determined based on the timing and conditions of an advance notice (each, an &#8220;Advance Notice&#8221;). If an Advance
Notice is received before 8:01 a.m. Eastern Time on a trading day and the amount is between $0.025
million and $0.5
million, the price will be 96%
of the lowest volume-weighted average price in the ten trading days immediately preceding the
delivery of the notice, provided, that if such closing of the Advance Notice happens and 96%
of the lowest daily volume weighted average price in the ten trading days following such closing
is lower than such Share Price, then the Company shall issue additional shares of Common stock to Ascent so that the total number of shares
of Common stock received by Ascent is equal to the number of shares of Common stock it would have received for the aggregate purchase
price paid at such closing for such shares if the shares of Common stock had been valued at such lower price. Alternatively, if the notice
is received between 8:01 a.m. and 9:15 a.m. Eastern Time on a trading day, and the pre-market stock price is at least 150%
of the prior day&#8217;s closing price, the notice amount must not exceed $5.0
million. In this case, the price will be the lesser of: (i) the average of the daily volume-weighted average price of the Common stock
on the trading day before the notice is delivered and the volume-weighted average price on the day of the notice, or (ii) 96%
of the lowest daily volume-weighted average price over the trading days required for Ascent to fully sell the shares underlying the notice.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Sales
of Common stock to Ascent under the September 2025 Purchase Agreement, and the timing of any sales, will be determined by the Company
in its sole discretion and will depend on a variety of factors, including, among other things, market conditions, the trading price of
shares of Common stock and determinations by the Company regarding the use of proceeds of such sales. The net proceeds from any sales
under the September 2025 Purchase Agreement will depend on the frequency with, and prices at which the shares of Common stock are sold
to Ascent. Under the terms of the Purchase Agreement, the Company has agreed not to engage in any other &#8220;at the market offering&#8221;
or &#8220;equity line of credit&#8221; transaction during the term of the September 2025 Purchase Agreement.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company has the right to terminate the September 2025 Purchase Agreement at any time after commencement, at no cost or penalty, upon five
trading days&#8217; prior written notice. Ascent has the right to terminate the September 2025 Purchase Agreement upon ten
trading days&#8217; prior written notice to the Company of an occurrence of a material and uncured breach or default by the Company, and,
if such breach or default is capable of being cured, such breach or default is not cured within fifteen
trading days after notice of such breach or default is delivered to the Company.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">32</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">As
of September 30, 2025, no shares had been sold to Ascent under the September 2025 Purchase Agreement, and the Ascent ELOC remained available
for future use.</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_91"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">13.&#160;&#160;SUBSEQUENT
EVENTS </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Equity
Line of Credit Activity</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Starting
in October 2025, the Company began utilizing the Ascent ELOC facility. As of the issuance date of this report, the Company has delivered
four
Advance Notices to Ascent, and issued a total of 791,153
shares of Common stock to Ascent for total gross proceeds of $1.8
million. </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT><BR></FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">33</FONT></DIV></DIV></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_94"></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Item
2. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">The
following discussion and analysis provide information that our management believes is relevant to an assessment and understanding of our
consolidated results of operations and financial condition. The discussion should be read together with the unaudited interim condensed
consolidated financial statements as of September&#160;30, 2025 and for the three and nine months ended September&#160;30, 2025 and 2024,
and the respective notes thereto, included elsewhere in this report. This discussion may contain forward-looking statements based upon
current expectations that involve risks and uncertainties. See &#8220;Cautionary Note Regarding Forward-Looking Statements&#8221; in this
report. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors,
including those set forth under &#8220;Risk Factors&#8221; in this report. </FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_97"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Overview
</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">We
develop and leverage our Vegan Silk Technology Platform, which is used to produce b-silk and xl-silk, a biodegradable protein polymer
and a replacement for silicone elastomers in beauty and personal care. We began commercializing our products in direct-to-consumer products
in 2019 and in business-to-business products in 2020. We are headquartered in California.</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_100"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Recent
Developments</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Merger</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
October 4, 2023, Bolt Threads, Inc. (&#8220;Legacy Bolt&#8221;) and Golden Arrow Merger Corp. (&#8220;GAMC&#8221;), a Delaware corporation,
entered into a Merger Agreement (the &#8220;Merger Agreement&#8221;) with Beam Merger Sub, Inc., a Delaware corporation and a wholly-owned
subsidiary of GAMC (the &#8220;Merger Sub&#8221;).</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
August 13, 2024 (the &#8220;Closing Date&#8221;), a merger transaction between Legacy Bolt and GAMC was completed. Pursuant to the Merger
Agreement, (i) on the Closing Date, the Merger Sub merged with and into the Legacy Bolt (together with the other transactions contemplated
by the Merger Agreement, the &#8220;Merger&#8221; or the &#8220;SPAC transaction&#8221;), with the Merger Sub ceasing to exist and Legacy
Bolt surviving as a wholly owned subsidiary of GAMC and (ii) GAMC changed its name to Bolt Projects Holdings, Inc. Unless the context
otherwise requires, references in this Quarterly Report on Form 10-Q to the &#8220;Company,&#8221; &#8220;Bolt&#8221;, &#8220;we,&#8221;
&#8220;us,&#8221; or &#8220;our&#8221; refer to the business of Bolt Threads, Inc., which became the business of Bolt Projects Holdings,
Inc. and its subsidiaries following the Closing Date. See Part II, Item 8 &#8220;Financial Statements and Supplementary Data - Note 4
to the Consolidated Financial Statements - Reverse Merger&#8221; in the 2024 Annual Report on Form 10-K for the year ended December 31,
2024 for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company determined that Legacy Bolt was the accounting acquirer in the Merger based on an analysis of the criteria outlined in Accounting
Standards Codification (&#8220;ASC&#8221;) 805, Mergers.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
determination was primarily based on the following facts: </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">Former
Legacy Bolt stockholders have a controlling voting interest in the Company.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">Legacy
Bolt management continues to hold executive management roles for the post-combination company and is responsible for the day-to-day operations;
and</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">The
founders of Legacy Bolt have two non-independent board seats and final approval in selection of independent seats.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Accordingly,
for accounting purposes, the Merger was treated as the equivalent of Legacy Bolt issuing stock for the net assets of GAMC, accompanied
by a recapitalization. No goodwill or other intangible assets were recorded as a result of the Merger.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">While
GAMC was the legal acquirer in the Merger, because Legacy Bolt was deemed the accounting acquirer, the historical financial statements
of Legacy Bolt became the historical financial statements of the combined company, upon the consummation of the Merger. As a result, the
financial statements included within this filing reflect (i) the historical operating results of Legacy Bolt prior to the Merger; (ii)
the combined results of Legacy Bolt and GAMC following the </FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">34</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">closing
of the Merger; (iii) the assets and liabilities of Legacy Bolt at their historical cost; and (iv) the Company&#8217;s equity structure
for all periods presented. </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Reverse
Stock Split</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
April 21, 2025, Bolt Projects Holdings, Inc. (the &#8220;Company&#8221;) effected a 1-for-20 reverse stock split of its Common stock (the
&#8220;Reverse Stock Split&#8221;). </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">There
was no net effect on total stockholders' equity, and the par value per share of our Common stock remains unchanged at $0.0001 per share
after the Reverse Stock Split. All references made to share or per share amounts in the accompanying unaudited interim condensed consolidated
financial statements and applicable disclosures have been retroactively adjusted for all periods presented to reflect the applicable effects
of the Reverse Stock Split and the reduction in the number of authorized shares of Common stock and preferred stock effected by the Charter
Amendment.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Public
Company Costs</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Upon
the Closing of the Merger, Bolt began trading on Nasdaq under the ticker symbol &#8220;BSLK.&#8221; Bolt will need to implement procedures
and processes to address public company regulatory requirements and customary practices. We expect Bolt will incur additional annual expenses
as a public company for, among other things, directors&#8217; and officers&#8217; liability insurance, director fees and additional internal
and external accounting and legal and administrative resources, including increased audit and legal fees.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Founder
Shares &#8211; Related Party</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its 352,375 shares of Common stock (the &#8220;Founder
Shares&#8221;) of the Company until the earlier to occur of (A) one year after the completion of a Merger and (B) subsequent to a Merger,
(x) if the last reported sale price of the Common stock equals or exceeds $240.00 per share (as adjusted for stock splits, stock capitalizations,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days
after a Merger, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction
that results in all of the Public Stockholders having the right to exchange their shares of Common stock for cash, securities or other
property.</FONT></DIV>

<DIV><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Nasdaq
Notifications</FONT></DIV>

<DIV><FONT><BR></FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Nasdaq
listing rules require listed securities to maintain a minimum bid price of $1.00 per share. On November 6, 2024, the Company received
a written notice from Nasdaq (the &#8220;Bid Price Notice&#8221;) indicating that it was not in compliance with the $1.00 minimum bid
price requirement set forth in Nasdaq Listing Rule 5450(a)(1) for continued listing. The Bid Price Notice does not result in the immediate
delisting of the Company&#8217;s Common stock from the Nasdaq Capital Market. The Bid Price Notice indicated that the Company had 180
calendar days (or until May 5, 2025) in which to regain compliance. On April 21, 2025, the Company effected the Reverse Stock Split in
order to regain compliance with the minimum bid price requirement by the May 5, 2025 deadline. See </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
1 - Organization and Description of Business</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
for more information on the Reverse Stock Split. On May 7, 2025, Nasdaq notified the Company that the Company has regained compliance
with the minimum closing bid price requirement for the Company&#8217;s Common stock for continued listing on Nasdaq.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
February 10, 2025, the Company received a letter from the Nasdaq notifying the Company that it was not in compliance with the minimum
Market Value of Listed Securities requirement as set forth in Nasdaq Listing Rule 5450(b)(2)(A) as the Company has not met the minimum
$50&#160;million minimum Market Value of Listed Securities requirement for continued listing. On the same day, the Company also received
a letter from the Nasdaq notifying the Company that it was not in compliance with the minimum Market Value of Publicly Held Shares requirement
as set forth in Nasdaq Listing Rule 5450(b)(2)(C) as the Company has not met the minimum $15&#160;million minimum Market Value of Publicly
Held Shares requirement for continued listing. These letters had no immediate effect on the listing of the Common stock on the Nasdaq
Capital Market. The Company had 180 calendar days from receipt of letters, or until August 11, 2025 in which to regain compliance. </FONT></DIV>

<DIV STYLE="text-indent: 18pt"><FONT STYLE="font: 400 10pt/115% Times New Roman,serif; color: #000000">On
August 12, 2025, the Company received a notice of a determination of delisting from Nasdaq. The Company&#8217;s hearing before the Nasdaq
Hearings Panel (the &#8220;Panel&#8221;) to appeal the delisting determination was held on September 16, 2025 and the delisting action
was stayed pending the final written decision by the Panel. The Company's Common stock </FONT></DIV>

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<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV><FONT STYLE="font: 400 10pt/115% Times New Roman,serif; color: #000000">remained listed on
the Nasdaq Global Select Market during the pendency of the hearing process and will remain listed during any extension period granted
by the Panel.</FONT></DIV>

<DIV><FONT><BR></FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
September 30, 2025, the Company received written notification from the Panel (the &#8220;Determination Letter&#8221;) granting the Company&#8217;s
request for an extension to regain compliance with Nasdaq&#8217;s listing standards based on the compliance plan presented at the Company&#8217;s
hearing before the Panel. As part of that plan, the Company presented a timeline of achieving compliance by December 31, 2025, which date
is within the Panel&#8217;s authority under Nasdaq Listing Rule 5815 to grant an extension of up to 180 days. Pursuant to the Determination
Letter, the Company is to gain compliance with the minimum equity standard requirement under Nasdaq Listing Rule 5550(b)(1) (the &#8220;Equity
Rule&#8221;) in lieu of regaining compliance with Nasdaq&#8217;s MVLS and MVPHS listing rules and is to phase down to the Nasdaq Capital
Market. The Company intends to satisfy these requirements and demonstrate compliance with the Equity Rule within the current extension
period or, if appropriate, to request a further extension from the Panel, with any such further extension subject to the Panel&#8217;s
discretion.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
Company is undertaking measures to regain compliance within the extension period, however, there can be no assurance that the Company
will ultimately regain compliance with the Equity Rule or be able to maintain compliance with all other applicable requirements for continued
listing on the Nasdaq. The Company&#8217;s failure to meet these requirements could result in the Company&#8217;s securities being delisted
from the Nasdaq. The Company may request a further extension within which to remain compliance with the Equity Rule, however, any extension
and the length of any such extension are within the Panel&#8217;s discretion.</FONT></DIV>

<DIV><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Triton
Financing</FONT></DIV>

<DIV><FONT><BR></FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
February 13, 2025, the Company entered into a common stock purchase agreement with Triton related to the purchase of up to $1.5 million
of shares of the Company's Common stock between the date a form S-1 registration statement became effective and June 30, 2025. Triton
is a San Diego based entity that makes direct investments in publicly-traded companies. Under the form S-1 registration statement, the
Company registered 492,842 shares of Common stock consisting of (a) up to 342,842 shares of Common stock and (b) up to 150,000 shares
of Common stock underlying a warrant to purchase the Company's Common stock.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
S-1 registration statement became effective on March 27, 2025. On March 31, 2025, the Company issued 342,842 shares of Common stock to
Triton, subject to payment by Triton for the shares. In June 2025, the Company received $0.5 million of gross proceeds for the sale of
Common stock.</FONT></DIV>

<DIV><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Sponsor
Settlement Agreement and Exchange Agreement</FONT></DIV>

<DIV STYLE="text-indent: 36pt"><FONT><BR></FONT></DIV>

<DIV STYLE="text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
February 14, 2025, the Company entered into a settlement agreement (the &#8220;Sponsor Settlement Agreement&#8221;) with its SPAC transaction
Sponsor, Golden Arrow Sponsor, LLC (the "Sponsor"). The company currently owes approximately $2.9 million in excise tax liability (the
&#8220;Excise Tax Liability&#8221;) pursuant to Section 4501 of the Internal Revenue Code for redemptions of shares of GAMC Class A common
stock in 2023 by the stockholders of GAMC prior to the consummations of the transactions contemplated by the Business Combination. The
Company has proposed a payment plan to the Internal Revenue Service (&#8220;IRS&#8221;) whereby the Company would be permitted to pay
the Excise Tax Liability over a series of payments over time (the &#8220;Payment Plan&#8221;).</FONT></DIV>

<DIV><FONT><BR></FONT></DIV>

<DIV STYLE="text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Pursuant
to the Sponsor Settlement Agreement, the Sponsor was required to (i) use its commercially reasonable efforts to provide or organize financing
for us in an amount of $10.0 million to close by August 13, 2025 (the &#8220;Sponsor Financing&#8221;) and (ii) (a) in the event that
the IRS granted the Payment Plan, pay to us 75% of the total amount of each payment due to the IRS thereunder no less than 7 calendar
days prior to the due date for each payment (the &#8220;Golden Arrow Payment Contribution&#8221;) or (b) in the event the IRS denied our
request for a Payment Plan, either (A) close the Sponsor Financing by August 13, 2025 or (B) pay to the Company 75% of the total amount
of the then-outstanding Excise Tax Liability as well as all accrued interest on the entire Excise Tax Liability on August 13, 2025. The
Golden Arrow Payment Contribution was to continue until the earlier of (i) an aggregate amount of at least $6.0 million of Sponsor Financing
was successfully closed or (ii) the Excise Tax Liability was fully paid. Notwithstanding the foregoing, the Sponsor&#8217;s payments were
be capped at, and were not to exceed, the total amount the Sponsor received from selling 50% of the shares of our Common stock held by
the Sponsor on February 14, 2025.</FONT></DIV>

<DIV STYLE="text-indent: 36pt"><FONT><BR></FONT></DIV>

<DIV STYLE="text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">As
partial consideration for entering into the Sponsor Settlement Agreement, on March 5, 2025, the Company exchanged warrants to purchase
250,000 shares of Common stock that are governed by the terms of our Warrant </FONT></DIV>

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<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Agreement, dated
March 16, 2021 for a warrant to purchase 250,000 shares of Common stock (the &#8220;Sponsor Warrants&#8221;) at an exercise price of $10.00
per share, the average closing price of its Common stock on the five trading days immediately preceding our entry into the Sponsor Settlement
Agreement. The Warrant will be exercisable immediately upon issuance and will terminate on the fifth anniversary of the issuance date.
Refer to </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
4 - Fair Value Measurements</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
and </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
7 - Warrants</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"> in
our unaudited interim condensed consolidated financial statements for the three and nine months ended September&#160;30, 2025 and 2024
included elsewhere in this report for more information on the warrants exchanged as part of the Sponsor Settlement Agreement.</FONT></DIV>

<DIV STYLE="text-indent: 18pt"><FONT><BR></FONT></DIV>

<DIV STYLE="text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
August 2025, the Company received a settlement payment of $0.4 million from the Sponsor.</FONT></DIV>

<DIV STYLE="text-indent: 36pt"><FONT><BR></FONT></DIV>

<DIV><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Seneca
Transaction</FONT></DIV>

<DIV><FONT><BR></FONT></DIV>

<DIV STYLE="text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
August 1, 2025, the Company signed an agreement with Southern Point Capital (&#8220;Seneca&#8221;) pursuant to which Seneca entered into
claim purchase agreements to purchase up to an aggregate of $1.7 million of our outstanding payables with certain of our vendors (the
&#8220;Vendor Payables&#8221;) and, subject to a court order, exchange such Vendor Payables for a settlement pursuant to Section (3)(a)(10)
of the Securities Act of 1933, as amended (the &#8220;Seneca Transaction&#8221;). The amount of Vendor Payables were initially convertible
at the option of Seneca by the lower of (i) $2.42 per share, the closing price of the Company&#8217;s Common stock on the date of the
agreement with Seneca and (ii) 77% of the average of the three lowest traded prices on which at least 100 shares of Common stock were
traded during the five-trading day period preceding a conversion notice delivered pursuant to such agreement, subject to a minimum price
floor of $0.25 per share. Seneca was not permitted to acquire shares of Common stock under the Seneca Transaction if, as a result thereof,
Seneca would beneficially own (as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended, and Rule 13d-3
thereunder) more than 4.99% of the number of shares of our Common stock then outstanding. The agreement also provides that we may not
issue, and shall not be obligated to issue, any shares to the extent such issuance would violate our obligations under the Nasdaq Global
Select Market, including any requirement that the issuance of such shares would require approval of our stockholders, until such approval
has been obtained, which occurred on August 29, 2025.</FONT></DIV>

<DIV STYLE="text-indent: 18pt"><FONT><BR></FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">During
the three months ended September 30,2025, the Company issued an aggregate of 730,439 shares of Common stock pursuant to the claim purchase
agreements for the $1.7 million of outstanding payables that were purchased. The Seneca Transaction was accounted for as an extinguishment
of debt. The difference between the fair value of Common stock issued and the fair value of Vendor Payables settled was recorded through
earnings as loss on debt extinguishment in the interim condensed consolidated statements of operations and comprehensive loss for the
three and nine months ended September 30, 2025.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">August
2025 PIPE Transaction</FONT></DIV>

<DIV STYLE="text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
August 14, 2025, the Company entered into a securities purchase agreement with certain accredited investors, pursuant to which the Company
agreed to sell and issue an aggregate of 913,979 shares of its Common stock at a purchase price of $4.65 per share (the &#8220;August
2025 PIPE Transaction&#8221;). The August 2025 PIPE Transaction consisted of (i) 518,817 shares of Common stock issued at closing and
(ii) pre-funded warrants to purchase up to 395,162 shares of Common stock (the &#8220;August 2025 Warrants&#8221;). The August 2025 Warrants
were immediately exercisable at a nominal exercise price and had no expiration date. Gross proceeds from the August 2025 PIPE Transaction
totaled approximately $4.25 million. </FONT></DIV>

<DIV STYLE="text-indent: 18pt"><FONT><BR></FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">September
2025 Equity Purchase Agreement</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
September 12, 2025, the Company entered into an equity purchase agreement (the &#8220;September 2025 Purchase Agreement&#8221;) with Ascent
Partners Fund LLC (&#8220;Ascent&#8221;), relating to an equity line of credit facility (the &#8220;Ascent ELOC&#8221;). Pursuant to the
September 2025 Purchase Agreement, the Company will have the right at its option to sell up to $20.0 million of the Company&#8217;s Common
stock. Under the September 2025 Purchase Agreement, Ascent shall not be obligated to purchase or acquire any shares of Common stock that
would result in its beneficial ownership exceeding 9.99% of the Company&#8217;s then-outstanding voting power and Ascent shall not be
obligated to purchase shares of Common stock if the volume weighted average price for the Common stock is less than $1.00 (the &#8220;Floor
Price&#8221;). As consideration for Ascent&#8217;s irrevocable commitment to purchase the shares of Common stock under the September 2025
Purchase Agreement, the Company agreed to issue 85,588 shares of Common stock to Ascent.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">As
of September 30, 2025, no shares had been sold to Ascent under the September 2025 Purchase Agreement, and the Ascent ELOC remained available
for future use. </FONT></DIV>

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<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Starting
in October 2025, the Company began utilizing the Ascent ELOC facility. As of the issuance date of this report, the Company has delivered
four Advance Notices to Ascent, and issued a total of 791,153 shares of Common stock to Ascent for total gross proceeds of $1.8 million.
</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_103"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Impact
of Macroeconomic Trends</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Unfavorable
conditions in the economy in the United States and abroad may negatively affect the growth of our business and our results of operations.
For example, macroeconomic events, including rising inflation, the U.S. Federal Reserve raising interest rates, and uncertainty in the
U.S. policy on international trade relations and barriers to trade, have led to economic uncertainty and volatility globally. The effect
of macroeconomic conditions may not be fully reflected in our results of operations until future periods. Moreover, negative macroeconomic
conditions could adversely impact our ability to obtain financing in the future on terms acceptable to us, or at all. In addition, the
geopolitical instability and related sanctions could continue to have significant ramifications on global financial markets, including
volatility in the U.S. and global financial markets. While the macroeconomic trends discussed above are not currently having a material
adverse impact on our business or results of operations, if economic uncertainty increases or the global economy worsens, our business,
financial condition and results of operations may be harmed.</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_106"></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Key
Factors Affecting Our Results and Performance</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">We
believe that our future performance and success depends on, to a substantial extent, our ability to capitalize on the following opportunities,
which in turn is subject to significant risks and challenges, including those discussed below and in the section of this report titled
&#8220;Risk Factors.&#8221;</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Product
Dependency</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">To
date, substantially all our revenue has been derived, and we expect substantially all of our revenue in the foreseeable future to continue
to be derived from sales of products from our Vegan Silk Technology Platform. Customer awareness of, and experience with, our products
has been and is currently limited. As a result, our Vegan Silk Technology Platform has limited product and brand recognition within the
beauty and personal care market as a substitute for silicone elastomers. We do not have a long history operating as a commercial company,
and the novelty of our products, together with our limited commercialization experience, makes it difficult to evaluate our current business
and predict our prospects with precision. Furthermore, our ability to increase revenues by identifying additional commercial opportunities
and our ability to obtain new customers depends on several factors, including our ability to offer higher quality products at competitive
prices, the strength of our competitors, and the capabilities of our sales and marketing departments. If we are not able to continue to
increase sales of our products to existing customers or to obtain new customers in the future, we may not be able to increase our revenues.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
early 2023, we decided to discontinue the commercial development of Mylo, a leather alternative made from mycelium, the root structure
of mushrooms, to focus exclusively on the commercialization of our Vegan Silk Technology Platform.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Manufacturing</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Currently,
we rely on a single manufacturing partner, Laurus Bio, to produce our Vegan Silk Technology products. Adverse changes or developments
affecting our relationship with Laurus Bio could impair our ability to produce our products. To the extent that we are dependent on any
manufacturing partner, we are subject to the risks faced by that partner to the extent that such risks impede the partner&#8217;s ability
to stay in business and produce our products in a timely manner to us.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Research
and Development</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Our
future plans include investments in research and development and related product opportunities. We believe that we must continue to dedicate
resources to research and development efforts to maintain a competitive position. However, if we do not receive significant revenue from
these investments, if the investments don&#8217;t yield expected benefits or if we don&#8217;t have the needed funding to invest in the
technology, our results of operations could be adversely impacted.</FONT></DIV>

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<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_109"></DIV><HR STYLE="page-break-after: always">

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<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Components
of Results of Operations</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Revenue</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">We
derive revenue principally from leveraging our Vegan Silk Technology Platform to produce and sell our products. We recognize revenue when
product is shipped to customers, since at that time control is transferred to customers, in an amount that reflects the consideration
we expect to be entitled to in exchange for the material.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Cost
of revenue and gross income (loss)</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Cost
of revenue consists of all the costs to manufacture, warehouse, and ship our products. These costs include contract manufacturers and
inbound freight, internal and external quality assessments of work-in-process and finished goods inventory, warehousing, and packing and
shipping supplies, and inventory impairment.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Our
gross income (loss) is equal to total revenue less total cost of revenue.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Operating
expenses</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Research
and development</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Our
research and development expenses primarily consist of personnel-related costs, including salaries, employee benefits, stock-based compensation,
both external research and development costs and external product and operations costs incurred under agreements with contract research
and other professional services organizations, lab supplies, software and maintenance, and allocated depreciation of property and equipment
and lease expenses for both pilot plant and factory facilities.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Sales
and marketing</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Our
sales and marketing expenses primarily consist of personnel-related costs, including salaries, employee benefits, and stock-based compensation,
marketing expenses, and advertising expenses. We expect to incur additional sales and marketing expenses as we focus on increasing sales
from our Vegan Silk Technology Platform.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">General
and administrative</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Our
general and administrative expenses primarily consist of personnel-related costs, including salaries, employee benefits, and stock-based
compensation, professional services fees, software, and allocated depreciation of property and equipment and lease expenses for facilities.
We expect to incur additional annual general and administrative expenses as a public company for, among other things, directors&#8217;
and officers&#8217; liability insurance, director fees and additional internal and external accounting and legal and administrative resources,
including increased audit and legal fees.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Other
income (expense)</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Interest
expense</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Interest
expense is associated with our outstanding debt, including amortization of debt discounts and issuance costs.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Loss
on debt extinguishment</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Loss
on debt extinguishment for the three and nine months ended September 30, 2025 is related to the Seneca Transaction, which occurred in
August 2025. Refer to </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
12 - Changes in Stockholders' Equity (Deficit)</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
in our unaudited interim condensed consolidated financial statements for the three months ended September&#160;30, 2025 and 2024 included
elsewhere in this report for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Loss
on debt extinguishment for the three and nine months ended September 30, 2024 is related to the Second Amendment to the Note Purchase
Agreement, which we entered during June 2024. Due to the substantial change to the conversion feature, we accounted for this amendment
as a debt extinguishment. See Part II, Item 8 &#8220;Financial Statements and Supplementary Data - Note 8 to the Consolidated Financial
Statements - Borrowings and Other Financing Arrangements&#8221; in the Annual Report for more information.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">39</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Gain
on lease termination</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Gain
on lease termination relates to the gain recognized on the termination of our Berkeley and Netherlands facility leases. See Part II, Item
8 &#8220;Financial Statements and Supplementary Data - Note 7 to the Consolidated Financial Statements - Borrowings and Other Financing
Arrangements&#8221; in the Annual Report for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of convertible preferred stock warrant liability</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Certain
financial instruments issued by us prior to the Merger are recognized as liabilities and carried at fair value on our balance sheet. Changes
in the fair value of those instruments are captured in our results of operations. The convertible preferred stock warrant liability fair
value adjustment consists of unrealized gains and losses as a result of marking our liability classified warrants to fair value at the
end of each reporting period. We will continue to recognize changes in the fair value of such warrants until each respective warrant is
exercised, expired, or qualifies for equity classification. For additional information on securities carried at fair value and fair value
measurement please refer to </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
4 - Fair Value Measurements</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
in our unaudited interim condensed consolidated financial statements for the three and nine months ended September&#160;30, 2025 and 2024
included elsewhere in this report for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of share-based termination liability</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Certain
share-based financial instruments issued by us as part of our lease and supply agreement terminations are recognized as liabilities and
carried at fair value on our consolidated balance sheet. Changes in the fair value of those instruments are captured in our consolidated
results of operations. The share-based termination liability fair value adjustment consists of unrealized gains and losses as a result
of marking our liability classified share-based instruments to fair value at the end of each reporting period. We continued to recognize
changes in the fair value of such share-based instruments until the shares were issued upon the Closing of the Merger. For additional
information on securities carried at fair value and fair value measurement please refer to </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
4 - Fair Value Measurements</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
in our unaudited interim condensed consolidated financial statements for the three and nine months ended September&#160;30, 2025 and 2024
included elsewhere in this report for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of convertible notes and related party convertible notes</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Concurrently
with our entry into the Merger Agreement, each of the PIPE Subscribers entered into a Note Purchase Agreement in which we issued each
PIPE Subscriber a convertible promissory note. The convertible promissory notes are recognized as liabilities and carried at fair value
on our condensed consolidated balance sheet, due to our selection of the Fair Value Option under </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">ASC
825 &#8212; Financial Instruments</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">.
Changes in the fair value of the convertible promissory notes are captured in our consolidated results of operations. The convertible
promissory notes fair value adjustment consists of unrealized gains and losses as a result of marking our notes to fair value at the end
of each reporting period. In connection with the Merger, each Convertible Note automatically converted into shares of Common stock in
accordance with the Merger Agreement and the Bridge NPA. Therefore, we will not continue to recognize changes in the fair value of such
convertible promissory in future periods. For additional information on securities carried at fair value and fair value measurement, refer
to </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
4 - Fair Value Measurements </FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">in
our unaudited interim condensed consolidated financial statements for the three and nine months ended September&#160;30, 2025 and 2024
included elsewhere in this report.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of public placement warrant liability and related party private placement warrant liability</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
connection with the Merger, we assumed previously issued warrants to purchase the Company&#8217;s Common stock, which are recognized as
liabilities and carried at fair value on our balance sheet. Changes in the fair value of those instruments are captured in our results
of operations. The public placement warrant liability and related party private placement warrant liability fair value adjustments consist
of unrealized gains and losses as a result of marking our liability classified warrants to fair value at the end of each reporting period.
We will continue to recognize changes in the fair value of such warrants until each respective warrant is exercised, expired, or qualifies
for equity classification. For additional information on securities carried at fair value and fair value measurement please refer to </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
4 - Fair Value Measurements </FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">and
</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
7 - Warrants</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"> in
our unaudited interim condensed consolidated financial statements for the three and nine months ended September&#160;30, 2025 and 2024
included elsewhere in this report for more information.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">40</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Other
income (expense), net</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Other
income (expense), net consists primarily of realized and unrealized gain and losses on foreign currency transactions, realized gain and
losses on the sale of assets, interest income, and sublease income.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Income
tax provision</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Refer
to </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
9 - Income Taxes</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
in our unaudited interim condensed consolidated financial statements for the three and nine months ended September&#160;30, 2025 and 2024
included elsewhere in this report for additional information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Results
of Operations for the Three Months Ended September 30, 2025 and 2024</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
results of operations presented below should be reviewed in conjunction with the unaudited interim condensed consolidated financial statements
and notes thereto included elsewhere in this report. The following table sets forth our results of operations data for the periods presented:</FONT></DIV>

<DIV STYLE="margin-bottom: 7pt; padding-left: 9pt; text-indent: -9pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 44.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR STYLE="height: 26pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Three
        Months Ended<BR> September 30, </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" ROWSPAN="2" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Dollar
        <BR>Change </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" ROWSPAN="2" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Percentage
        <BR>Change </FONT></TD></TR>
  <TR STYLE="height: 15pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2024</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></TD></TR>
  <TR STYLE="height: 3pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 0 1pt"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="21" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">(in
        thousands) </FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Revenue</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">370&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">5&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">365&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">7,300&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Cost
        of revenue</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">312&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">5&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">307&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6,140&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Gross
        income</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">58&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">58&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">100&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Operating
        expenses:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Research
        and development</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">420&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,476&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(3,056)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(88</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Sales
        and marketing</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">109&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,597&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(1,488)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(93</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">General
        and administrative</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,893&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">15,133&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(11,240)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(74</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total
        operating expenses</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4,422&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">20,206&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(15,784)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(78</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Loss
        from operations</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(4,364)</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(20,206)</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">15,842&#160;</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(78</FONT></TD>
    <TD STYLE="border-top: #000 1pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Other
        income (expense)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Interest
        expense</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(320)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(286)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(34)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">12&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Loss
        on debt extinguishment</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(3,053)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(3,053)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">100&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Gain
        on lease termination</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,013&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(2,013)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(100)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of convertible preferred stock warrant liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(91)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">91&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(100)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of share-based termination liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">334&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(334)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(100</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of convertible notes</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(14,577)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">14,577&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(100</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of related party convertible notes</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,796&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(1,796)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(100</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of public placement warrant liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(13)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">24,286&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(24,299)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(100</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of related party private placement warrant liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(120)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">12,671&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(12,791)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(101</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Other
        income (expense), net</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">392&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">452&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(60)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(13)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total
        other income (expense), net</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(3,114)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">26,598&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(29,712)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(112)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Income
        (loss) before income taxes</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(7,478)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6,392&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(13,870)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(217)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Income
        tax provision</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">100</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Net
        income (loss)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(7,478)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6,392&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(13,870)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(217)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  </TABLE></DIV>

<DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT><BR></FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">41</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Comparison
of the Three Months Ended September&#160;30, 2025 and 2024</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Revenue</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Revenue
increased by $0.4 million, or 7,300%, for the three months ended September&#160;30, 2025 compared to the three months ended September&#160;30,
2024, which was primarily attributable to increased sales of products from the Vegan Silk Technology Platform, including shipments for
Bolt&#8217;s partnership with Goddess Maintenance Company and reorders from prior launches. In October 2024, we entered into a three-year
supply agreement with a customer, which includes annual minimum order quantities. Quarterly revenue may vary due to timing of customer
demand.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Cost
of revenue and gross income (loss)</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Cost
of revenue increased by $0.3 million, or 6,140%, for the three months ended September&#160;30, 2025 compared to the three months ended
September&#160;30, 2024, which was primarily attributable to increased sales of products from the Vegan Silk Technology Platform.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Gross
income improved from zero for the three months ended September&#160;30, 2024 to gross income of $0.06 million for the three months ended
September&#160;30, 2025, which was primarily attributable to a reduction in material costs due to improved manufacturing efficiencies,
and on-going pricing discipline.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Operating
expenses</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Research
and development</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Research
and development expenses decreased by $3.1 million, or 88%, for the three months ended September&#160;30, 2025 compared to the three months
ended September&#160;30, 2024, which was primarily attributable to a decrease in stock-based compensation and decreased outside consulting
spend reflecting efficient cost management achieved by leveraging our biomanufacturing expertise and the maturity of our production technology.
The decrease was partially offset by an increase in personnel costs, excluding stock-based compensation, related to increased research
and development headcount.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Sales
and marketing</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Sales
and marketing expenses decreased by $1.5 million, or 93%, for the three months ended September&#160;30, 2025 compared to the three months
ended September&#160;30, 2024, which was primarily attributable to a decrease in stock-based compensation and outside consulting spend.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">General
and administrative</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">General
and administrative expenses decreased by $11.2 million, or 74%, for the three months ended September&#160;30, 2025 compared to the three
months ended September&#160;30, 2024, which was primarily attributable to a decrease in stock-based compensation and a decrease in finance
and legal costs related to financings in the prior year. This decrease was partially offset by an increase in insurance costs.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Other
Income (Expense)</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Interest
expense</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Interest
expense was relatively flat, increasing by $0.03 million, or 12%, for the three months ended September&#160;30, 2025 compared to the three
months ended September&#160;30, 2024.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Loss
on debt extinguishment</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Loss
on debt extinguishment increased by $3.1 million, or 100%, for the three months ended September&#160;30, 2025 compared to the three months
ended September&#160;30, 2024. The loss on debt extinguishment for the three months September 30, 2025 related to the Seneca Transaction
which occurred in August 2025. Refer to </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
12 - Changes in Stockholders' Equity (Deficit)</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
in our unaudited interim condensed consolidated financial statements for the three months ended September&#160;30, 2025 and 2024 included
elsewhere in this report for more information.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">42</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Gain
on lease termination</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Gain
on lease termination decreased by $2.0 million, or 100%, for the three months ended September&#160;30, 2025 compared to the three months
ended September&#160;30, 2024. The gain on lease termination relates to the termination of our Berkeley and Netherlands facility leases
in 2024. See Part II, Item 8 &#8220;Financial Statements and Supplementary Data - Note 7 to the Consolidated Financial Statements - Borrowings
and Other Financing Arrangements&#8221; in the Annual Report for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of convertible preferred stock warrant liability</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of convertible preferred stock warrant liability decreased by $0.1 million, or 100%, for the three months ended September&#160;30, 2025
compared to the three months ended September&#160;30, 2024. The convertible preferred stock warrants were no longer outstanding during
the three months ended September&#160;30, 2025 as a result of the Merger in August 2024. See Part II, Item 8 &#8220;Financial Statements
and Supplementary Data - Note 9 to the Consolidated Financial Statements - Warrants&#8221; in the 2024 Annual Report on Form 10-K for
the year ended December 31, 2024 for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of share-based termination liability</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of share-based termination liability decreased by $0.3 million, or 100%, for the three months ended September&#160;30, 2025 compared to
the three months ended September&#160;30, 2024. The share-based termination liability was not outstanding during the three months ended
September&#160;30, 2025 as it was derecognized in September 2024. See Part II, Item 8 &#8220;Financial Statements and Supplementary Data
- Note 7 to the Consolidated Financial Statements - Share-based Termination Liability&#8221; in the 2024 Annual Report on Form 10-K for
the year ended December 31, 2024 for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of convertible notes</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
convertible notes are related to transactions that took place during the fourth quarter 2023 and the first nine months of 2024, which
resulted in the remeasurement of convertible notes of $14.6 million for the three months ended September&#160;30, 2024. There were no
convertible notes outstanding during the three months ended September&#160;30, 2025. See Part II, Item 8 &#8220;Financial Statements and
Supplementary Data - Note 8 to the Consolidated Financial Statements - Borrowings and Other Financing Arrangements&#8221; in the 2024
Annual Report on Form 10-K for the year ended December 31, 2024 for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of related party convertible notes</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
related party convertible notes are related to transactions that took place during the fourth quarter 2023 and the first nine months of
2024, which resulted in the remeasurement of the related party convertible notes of $1.8 million for the three months ended September&#160;30,
2024. There were no related party convertible notes outstanding during the three months ended September&#160;30, 2025. See Part II, Item
8 &#8220;Financial Statements and Supplementary Data - Note 8 to the Consolidated Financial Statements - Borrowings and Other Financing
Arrangements&#8221; in the 2024 Annual Report on Form 10-K for the year ended December 31, 2024 for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of public placement warrant liability</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of public placement warrant liability resulted in a loss of $0.01 million for the three months ended September&#160;30, 2025 and a gain
of $24.3 million for the three months ended September&#160;30, 2024. The change in the remeasurement of the public placement warrant liability
is entirely related to previously issued warrants to purchase the Company&#8217;s Common stock, which were assumed in connection with
the Merger. In addition, the change in fair value is a direct result of the assumptions used in the Monte Carlo simulation model used
to calculate the fair value as of each balance sheet date, including our estimated equity value at such time, the risk-free rate at such
time, the timing of the warrant expiration, and the estimated volatility. Refer to </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
4 - Fair Value Measurements</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
and </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
7 - Warrants</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"> in
our unaudited interim condensed consolidated financial statements for the three months ended September&#160;30, 2025 and 2024 included
elsewhere in this report for more information.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">43</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of related party private placement warrant liability</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of related party private placement warrant liability resulted in a loss of $0.1 million for the three months ended September&#160;30,
2025 and a gain of $12.7 million for the three months ended September&#160;30, 2024. The change in the remeasurement of the related party
private placement warrant liability is related to previously issued warrants to purchase the Company&#8217;s Common stock, which were
issued to the Sponsor, a related party, and were assumed in connection with the Merger. In addition, the change in fair value is a direct
result of the assumptions used in the Monte Carlo simulation model used to calculate the fair value as of each balance sheet date, including
our estimated equity value at such time, the risk-free rate at such time, the timing of the warrant expiration, and the estimated volatility.
Refer to </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
4 - Fair Value Measurements</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
and </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
7 - Warrants</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"> in
our unaudited interim condensed consolidated financial statements for the three months ended September&#160;30, 2025 and 2024 included
elsewhere in this report for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Other
income (expense), net</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Other
expense was relatively flat, decreasing by $0.06 million for the three months ended September&#160;30, 2025 compared to the three months
ended September&#160;30, 2024.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Results
of Operations for the Nine Months Ended September 30, 2025 and 2024</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
results of operations presented below should be reviewed in conjunction with the unaudited interim condensed consolidated financial statements
and notes thereto included elsewhere in this report. The following table sets forth our results of operations data for the periods presented:</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">44</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 7pt; padding-left: 9pt; text-indent: -9pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 44.35%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR STYLE="height: 26pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Nine
        Months Ended<BR> September 30, </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" ROWSPAN="2" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Dollar
        <BR>Change </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" ROWSPAN="2" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Percentage
        <BR>Change </FONT></TD></TR>
  <TR STYLE="height: 15pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2024</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></TD></TR>
  <TR STYLE="height: 3pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 0 1pt"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="21" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">(in
        thousands) </FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Revenue</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,843&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">80&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,763&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,204&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Cost
        of revenue</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,724&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">155&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,569&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,012&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Gross
        income (loss)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">119&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(75)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">194&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(259)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Operating
        expenses:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Research
        and development</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,035&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4,860&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(2,825)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(58</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Sales
        and marketing</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">412&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,720&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(1,308)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(76</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">General
        and administrative</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">12,253&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">28,431&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(16,178)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(57</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total
        operating expenses</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">14,700&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">35,011&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(20,311)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(58</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Loss
        from operations</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(14,581)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(35,086)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">20,505&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(58</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Other
        income (expense)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Interest
        expense</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(955)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(930)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(25)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Loss
        on debt extinguishment</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(3,053)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(26,359)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">23,306&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(88</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Gain
        on lease termination</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2,013&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(2,013)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(100)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of convertible preferred stock warrant liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(6)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(100)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of share-based termination liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(978)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">978&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(100</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of convertible notes</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(31,664)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">31,664&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(100</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of related party convertible notes</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(3,752)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,752&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(100</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of public placement warrant liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">249&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">24,286&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(24,037)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(99</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
        of related party private placement warrant liability</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(232)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">12,671&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(12,903)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(102</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Other
        income, net</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">552&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">659&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(107)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(16)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 19pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Total
        other income (expense), net</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(3,439)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(24,048)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">20,609&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(86)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Loss
        before income taxes</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(18,020)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(59,134)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">41,114&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(70)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Income
        tax provision</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">0</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Net
        loss</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(18,020)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(59,134)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">41,114&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(70)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">%</FONT></TD></TR>
  </TABLE></DIV>

<DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT><BR></FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Comparison
of the Nine Months Ended September&#160;30, 2025 and 2024</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Revenue</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Revenue
increased by $1.8 million, or 2,204%, for the nine months ended September&#160;30, 2025 compared to the nine months ended September&#160;30,
2024, which was primarily attributable to increased sales of products from the Vegan Silk Technology Platform, including shipments for
Bolt&#8217;s partnership with Goddess Maintenance Company and reorders from prior launches. In October 2024, we entered into a three-year
supply agreement with a customer, which includes annual minimum order quantities. Our revenue in 2025 was predominantly due to purchases
under that supply agreement.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Cost
of revenue and gross loss</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Cost
of revenue increased by $1.6 million, or 1,012%, for the nine months ended September&#160;30, 2025 compared to the nine months ended September&#160;30,
2024, which was primarily attributable to increased sales of products from the Vegan Silk Technology Platform. </FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">45</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Gross
income (loss) improved from a gross loss of $0.08 million for the nine months ended September&#160;30, 2024 to gross income of $0.12 million
for the nine months ended September&#160;30, 2025, which was primarily attributable to a reduction in material costs due to improved manufacturing
efficiencies, and on-going pricing discipline.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Operating
expenses</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Research
and development</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Research
and development expenses decreased by $2.8 million, or 58%, for the nine months ended September&#160;30, 2025 compared to the nine months
ended September&#160;30, 2024, which was primarily attributable to a decrease in stock-based compensation and decreased outside consulting
spend reflecting efficient cost management achieved by leveraging our biomanufacturing expertise and the maturity of our production technology.
The decrease was partially offset by an increase in personnel costs, excluding stock-based compensation, related to increased research
and development headcount.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Sales
and marketing</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Sales
and marketing expenses decreased by $1.3 million, or 76%, for the nine months ended September&#160;30, 2025 compared to the nine months
ended September&#160;30, 2024, which was primarily attributable to a decrease in stock-based compensation and outside consulting spend.
This decrease was partially offset by an increase in marketing spend.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">General
and administrative</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">General
and administrative expenses decreased by $16.2 million, or 57%, for the nine months ended September&#160;30, 2025 compared to the nine
months ended September&#160;30, 2024, which was primarily attributable to a decrease in finance and legal costs related to financings
in the prior year, as well as a decrease in stock-based compensation. This decrease was partially offset by an increase in personnel costs
related to increased headcount, as well as higher insurance costs and general finance and legal consulting costs.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Other
Income (Expense)</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Interest
expense</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Interest
expense was relatively flat, increasing by $0.03 million, or 3%, for the nine months ended September&#160;30, 2025 compared to the nine
months ended September&#160;30, 2024.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Loss
on debt extinguishment</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Loss
on debt extinguishment decreased by $23.3 million, or 88%, for the nine months ended September&#160;30, 2025 compared to the nine months
ended September&#160;30, 2024. The loss on debt extinguishment for the nine months September&#160;30, 2025 relates to the Seneca Transaction
which occurred in August 2025. Refer to </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
12 - Changes in Stockholders' Equity (Deficit)</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
in our unaudited interim condensed consolidated financial statements for the three months ended September&#160;30, 2025 and 2024 included
elsewhere in this report for more information. Loss on debt extinguishment for the nine months ended September 30, 2024 is related to
the Second Amendment to the Note Purchase Agreement, which we entered during June 2024. See Part II, Item 8 &#8220;Financial Statements
and Supplementary Data - Note 8 to the Consolidated Financial Statements - Borrowings and Other Financing Arrangements&#8221; in the Annual
Report for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of convertible preferred stock warrant liability</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of convertible preferred stock warrant liability decreased by $0.01 million, or 100%, for the nine months ended September&#160;30, 2025
compared to the nine months ended September&#160;30, 2024. The convertible preferred stock warrants were no longer outstanding during
the nine months ended September&#160;30, 2025 as a result of the Merger in August 2024. See Part II, Item 8 &#8220;Financial Statements
and Supplementary Data - Note 9 to the Consolidated Financial Statements - Warrants&#8221; in the 2024 Annual Report on Form 10-K for
the year ended December 31, 2024 for more information.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">46</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of share-based termination liability</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of share-based termination liability decreased by $1.0 million, or 100%, for the nine months ended September&#160;30, 2025 compared to
the nine months ended September&#160;30, 2024. The share-based termination liability was not outstanding during the three months ended
September&#160;30, 2025 as it was derecognized in September 2024. See Part II, Item 8 &#8220;Financial Statements and Supplementary Data
- Note 7 to the Consolidated Financial Statements - Share-based Termination Liability&#8221; in the 2024 Annual Report on Form 10-K for
the year ended December 31, 2024 for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of convertible notes</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
convertible notes are related to transactions that took place during the fourth quarter 2023 and the first nine months of 2024, which
resulted in the remeasurement of convertible notes of $31.7 million for the nine months ended September&#160;30, 2024. There were no convertible
notes outstanding during the nine months ended September&#160;30, 2025. See Part II, Item 8 &#8220;Financial Statements and Supplementary
Data - Note 8 to the Consolidated Financial Statements - Borrowings and Other Financing Arrangements&#8221; in the 2024 Annual Report
on Form 10-K for the year ended December 31, 2024 for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of related party convertible notes</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
related party convertible notes are related to transactions that took place during the fourth quarter 2023 and the first nine months of
2024, which resulted in the remeasurement of the related party convertible notes of $3.8 million for the nine months ended September&#160;30,
2024. There were no related party convertible notes outstanding during the nine months ended September&#160;30, 2025. See Part II, Item
8 &#8220;Financial Statements and Supplementary Data - Note 8 to the Consolidated Financial Statements - Borrowings and Other Financing
Arrangements&#8221; in the 2024 Annual Report on Form 10-K for the year ended December 31, 2024 for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of public placement warrant liability</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of public placement warrant liability decreased from a gain of $24.3 million for the nine months ended September&#160;30, 2024 to a gain
of $0.2 million for the nine months ended September&#160;30, 2025. The change in the remeasurement of the public placement warrant liability
is entirely related to previously issued warrants to purchase the Company&#8217;s Common stock, which were assumed in connection with
the Merger. In addition, the change in fair value is a direct result of the assumptions used in the Monte Carlo simulation model used
to calculate the fair value as of each balance sheet date, including our estimated equity value at such time, the risk-free rate at such
time, the timing of the warrant expiration, and the estimated volatility. Refer to </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
4 - Fair Value Measurements</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
and </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
7 - Warrants</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"> in
our unaudited interim condensed consolidated financial statements for the three and nine months ended September&#160;30, 2025 and 2024
included elsewhere in this report for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of related party private placement warrant liability</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Remeasurement
of related party private placement warrant liability resulted in a gain of $12.7 million for the nine months ended September&#160;30,
2024 and loss of $0.1 million for the nine months ended September&#160;30, 2025. The change in the remeasurement of the related party
private placement warrant liability is related to previously issued warrants to purchase the Company&#8217;s Common stock, which were
issued to the Sponsor, a related party, and were assumed in connection with the Merger. The change in the remeasurement of the related
party private placement warrant liability also includes the change in fair value after a modification to the warrants were made during
the nine months ended September&#160;30, 2025, which resulted in a reduction of the exercise price of the warrants. In addition, the change
in fair value is a direct result of the assumptions used in the Monte Carlo simulation model used to calculate the fair value as of each
balance sheet date, including our estimated equity value at such time, the risk-free rate at such time, the timing of the warrant expiration,
and the estimated volatility. Refer to </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
4 - Fair Value Measurements</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
and </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
7 - Warrants</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"> in
our unaudited interim condensed consolidated financial statements for the three and nine months ended September&#160;30, 2025 and 2024
included elsewhere in this report for more information.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Other
income (expense), net</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Other
income was relatively flat, decreasing by $0.1 million, or 16%, for the nine months ended September&#160;30, 2025 compared to the nine
months ended September&#160;30, 2024.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">47</FONT></DIV></DIV></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_112"></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Liquidity
and Capital Resources</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Capital
Requirements</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">We
have incurred losses and negative cash flows from operations since our inception and have historically funded our operations primarily
with the proceeds from sales of our convertible preferred stock, convertible notes, Senior Secured Notes, and Common stock. As of September&#160;30,
2025, we had cash and cash equivalents totaling $4.7 million and an accumulated deficit of $479.8 million.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">We
will need substantial capital to support our product development and operations. Based upon our current operating plan, we estimate that
our cash and cash equivalents as of the date of this filing are insufficient to fund operating, investing, and financing cash flow needs
for the following twelve months.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">These
uncertainties raise substantial doubt regarding our ability to continue as a going concern for a period of twelve months subsequent to
the date of this filing. To obtain the capital necessary to fund the operations, the Company may seek to obtain funds through public or
private equity offerings, debt financing transactions, refinancing or restructuring its current debt obligations, or any other means,
but there is no assurance that this will be successful. Certain elements of the operating plan to alleviate the conditions that raise
substantial doubt, including but not limited to the Company&#8217;s ability to achieve its operating cash flow targets, or restructure
its current equity instruments and current financial obligations, are outside of the Company&#8217;s control. In addition, our ability
to obtain the capital necessary to fund our operations may be impacted if we are unable to regain compliance with Nasdaq listing requirements.
Accordingly, we cannot conclude that management&#8217;s plans will be effectively implemented within one year. These factors raise substantial
doubt about our ability to continue as a going concern for one year following the date of this filing.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Because
we are in the growth stage of our business, we plan to make capital expenditures and related transactions and may incur significant capital
expenditures in the future as we expand our research and business. In addition, cash requirements relate primarily to working capital
needed to operate and grow our business, including funding operating expenses, growth in working capital requirements to support increased
revenue, continued expansion of our markets, continued development and expansion of our products, expanding fermentation capacity with
our manufacturing partners, and the possible repayment or refinancing of any long-term debt that may be incurred. We will also require
additional capital to respond to technological advancements, competitive dynamics or technologies, customer demands, business opportunities,
challenges, acquisitions, or unforeseen circumstances and may determine to engage in equity or debt financings or enter into credit facilities
for other reasons. Any equity securities issued subsequent to the Merger may provide for rights, preferences or privileges senior to those
of holders of Common stock in Bolt Projects Holdings, Inc. If we raise funds by issuing debt securities, these debt securities would have
rights, preferences, and privileges senior to those of holders of Common stock in Bolt Projects Holdings, Inc. The terms of debt securities
or borrowings could impose significant restrictions on our operations. Additionally, the credit market and financial services industry
have experienced recent periods of volatility and uncertainty that could impact the availability and cost of equity and debt financing.
We cannot guarantee that any necessary additional financing will be available on terms favorable to us, or at all. Additionally, even
if we raise sufficient capital through additional equity or debt financings, strategic alternatives or otherwise, there can be no assurance
that the revenue or capital infusion will be sufficient to enable us to develop our business to a level where it will be profitable or
generate positive cash flow. If we are unable to obtain adequate financing or financing on terms satisfactory to us, when we require it,
our ability to continue to grow or support our business and to respond to business challenges could be significantly limited.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">As
the Company continues to address these financial conditions, management has undertaken the following actions:</FONT></DIV>

<DIV STYLE="margin-bottom: 6pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">Triton
Financing: On February 13, 2025, the Company entered into a common stock purchase agreement with Triton for up to $1.5 million of Common
stock. Upon consummation, the Company received $0.5 million of gross proceeds, and recorded $0.2 million of related transaction costs.</FONT></DIV>

<DIV STYLE="margin-bottom: 6pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">Seneca
Transaction: On August 1, 2025, the Company entered into an agreement with Seneca to purchase and settle $1.7 million of vendor payables
through the issuance of 730,439 shares of Common stock under Section 3(a)(10) of the Securities Act.</FONT></DIV>

<DIV STYLE="margin-bottom: 6pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">August
2025 PIPE: On August 14, 2025, the Company completed a private placement for $4.25 million of gross proceeds, issuing 518,817 shares of
Common stock and pre-funded warrants to purchase 395,162 shares at $4.65 per share. The Company incurred $0.6 million in transaction costs
related to this offering.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">48</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">September
2025 Equity Purchase Agreement: On September 12, 2025, the Company entered into a $20.0 million equity line of credit facility with Ascent
Partners Fund LLC. The Company began utilizing the facility in October 2025.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Refer
to </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
12 - Changes in Stockholders' Equity (Deficit)</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
in our unaudited interim condensed consolidated financial statements for the three and nine months ended September&#160;30, 2025 and 2024
included elsewhere in this report for more information on these transactions.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Senior
Secured Notes</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
December 29, 2023, we entered the Ginkgo Note Purchase Agreement Amendment No. 1 to modify our Senior Secured Notes. Under the terms of
the modification, $10.0 million of outstanding principal was exchanged for an equal number of Convertible Notes with the same terms as
the convertible notes issued pursuant to the Note Purchase Agreement entered into by the PIPE Subscribers. The remaining $20.0 million
of outstanding principal, $0.1 million of unamortized issuance costs, and accrued interest of $1.7 million related to the outstanding
principal, were exchanged for amended senior secured notes with a principal balance of $11.8 million, a nonexclusive right to license
Bolt Threads&#8217; intellectual property relating to Mylo, and a reduction of the prepaid balance relating to the 2022 TDA by $5.4 million.
The Amended Senior Note increased the interest rate from the Senior Secured Notes from the existing rate of treasury rate plus 6% per
annum to a fixed rate of 12% per annum. In addition, the Amended Senior Note extended the Maturity Date from October 14, 2024 per the
Senior Secured Notes to December 31, 2027. </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
April 3, 2024, we entered a second amendment to the Ginkgo Note Purchase Agreement. Such amendment provides that (i) cash interest payments
due from the date of the amendment until the occurrence of the Merger may, at our option, be paid in kind by capitalizing and adding such
accrued interest to the principal of the Amended Senior Note and (ii) immediately following the Merger, we prepay $250,000 in aggregate
principal amount of the Amended Senior Note for each interest payment that was so paid in kind, in addition to accrued but unpaid interest
on the principal amount prepaid. In connection with the Closing of the Merger, we paid an aggregate amount of $0.5 million.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On
July 3, 2025, the Company and Ginkgo entered into a waiver agreement to the Amended Senior Note, which deferred the June 30, 2025 interest
payment date to July 31, 2025. On August 7, 2025, the Company and Ginkgo entered into a waiver agreement to the Amended Senior Note, which
further deferred the June 30, 2025 interest payment date to the earlier of 1) the date that the claims purchase agreement between Ginkgo
and Seneca terminated (see </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
12 - Changes in Stockholders' Equity (Deficit)</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
for more information on the Seneca Transaction) or 2) August 31, 2025. The Seneca Transaction occurred in August 2025, and the interest
payment was settled through the claim purchase agreement between Ginkgo and Seneca.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Cash
Flow Summary &#8212; Nine Months Ended September 30, 2025 and 2024</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
following table summarizes our cash flows for the periods presented:</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 71.93%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 12.08%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Nine
        Months Ended<BR>September 30,</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2025</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">2024</FONT></TD></TR>
  <TR STYLE="height: 3pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 0 1pt"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="9" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">(in
        thousands) </FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Cash
        used in operating activities</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(2,555)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 0 1pt">
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">$</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 0; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(13,363)</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Cash
        used in investing activities</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(13)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #ffffff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(23)</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #ffffff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Cash
        provided by financing activities</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3,801&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; background-color: #cceeff; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">18,949&#160;</FONT></TD>
    <TD STYLE="padding: 2px 1pt 2px 0; background-color: #cceeff; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Exchange
        rate effect on cash, cash equivalents and restricted cash</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8212;&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Net
        change in cash and cash equivalents and restricted cash</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 1.5pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">1,233&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 1.5pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 1.5pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">5,571&#160;</FONT></TD>
    <TD STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; border-bottom: #000000 1.5pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Operating
Activities</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Net
cash used in operating activities was $2.6 million for the nine months ended September&#160;30, 2025, a decrease of $10.8 million compared
to the nine months ended September&#160;30, 2024. The decrease in net cash used in operating activities was primarily attributable to
a decrease in net loss, a decrease in inventory as compared to an increase in the prior year, a </FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">49</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

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of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">larger
decrease in prepaid expenses and other current assets as compared to the prior year, and increases in accounts payable and accrued and
other current liabilities as compared to decreases in the prior year.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Investing
Activities</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Net
cash used in investing activities was immaterial for both the nine months ended September&#160;30, 2025 and 2024, and consisted primarily
of the purchases of property and equipment.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Financing
Activities</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Net
cash provided by financing activities was $3.8 million for the nine months ended September&#160;30, 2025 as compared to cash provided
by financing activities of $18.9 million for the nine months ended September&#160;30, 2024. The difference was related to the proceeds
received from the Merger and from convertible notes entered into in connection with the Merger ("Bridge Financing Notes") during the nine
months ended September&#160;30, 2024, as compared to the proceeds received through the Triton Financing and the August 2025 PIPE during
the nine months ended September 30, 2025. See Part II, Item 8 &#8220;Financial Statements and Supplementary Data - Note 4 to the Consolidated
Financial Statements - Reverse Merger&#8221; in the 2024 Annual Report on Form 10-K for the year ended December 31, 2024 for more information
on the Merger. See Part II, Item 8 &#8220;Financial Statements and Supplementary Data - Note 8 to the Consolidated Financial Statements
- Borrowings and Other Financing Arrangements&#8221; in the 2024 Annual Report on Form 10-K for the year ended December 31, 2024 for more
information on the Bridge Financing Notes.</FONT></DIV>

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<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Off-Balance
Sheet Arrangements and Contractual Obligations</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">As
of September&#160;30, 2025 and through the date hereof, we do not have any off-balance sheet arrangements, as defined in the rules and
regulations of the SEC.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
the ordinary course of our operations, we enter into certain contractual obligations. Such obligations include manufacturing arrangements,
leases, and debt arrangements.</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_118"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Recent
Accounting Pronouncements</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Refer
to </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
3 - Significant Accounting Policies</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
in our unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2025 and 2024 included
elsewhere in this report for recently adopted accounting pronouncements and recently issued accounting pronouncements not yet adopted
as of the dates of the statement of financial position included in this filing.</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_121"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Critical
Accounting Policies and Estimates</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Our
unaudited interim condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of these condensed
consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets,
liabilities, revenue, costs, and expenses, and related disclosure in the notes of the unaudited interim condensed consolidated financial
statements. Bolt Threads evaluates its accounting policies, estimates, and judgments on an on-going basis. Management bases its estimates
and judgments on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results
may differ from these estimates under different assumptions or conditions.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">While
the significant accounting policies are described in more detail in Note 3 in our unaudited interim condensed consolidated financial statements
for the three and nine months ended September 30, 2025 and 2024, management believes that the following accounting policies are those
most critical to the judgments and estimates used in the preparation of our unaudited interim condensed consolidated financial statements.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Revenue
Recognition</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Our
revenue contracts represent a single performance obligation to sell our products or provide services to customers. Sales are recorded
at the time control of the product is transferred to customers, or when services are rendered, in an amount that reflects the consideration
we expect to be entitled to in exchange for the goods or services provided. Control is the ability of customers to &#8220;direct the use
of&#8221; and &#8220;obtain&#8221; the benefit from our products. In evaluating the timing of the transfer of control of products to customers,
we consider several control indicators, including significant risks and rewards </FONT></DIV>

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<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">of
products, our right to payment and the legal title of the products. Based on the assessment of control indicators, sales are generally
recognized when products are shipped to customers. Service revenue is generally recognized over time as services are performed.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Deferred
Transaction Costs</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Deferred
transaction costs consist of legal, accounting, filing and other fees and costs directly attributable to anticipated financing transactions.
Prior to the close of an anticipated financing, we capitalize deferred transaction costs within the condensed consolidated balance sheet.
The Company will reclassify the deferred transaction costs to additional paid-in capital to offset the proceeds received upon the closing
of a financing transaction.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Impairment
of Long-lived Assets</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">We
evaluate the recoverability of our long-lived assets, such as property and equipment and operating lease right-of-use assets, for impairment
whenever events or circumstances indicate that the carrying amounts of such assets may not be recoverable. In determining the recoverability
of the asset value, we perform an analysis at the asset group level, since this is the lowest level of identifiable cash flows, and primarily
perform an assessment of historical and projected future cash flows and other relevant factors and circumstances, including changes in
the economic environment and future operating plans of the business. The recoverability of assets to be held and used is measured by a
comparison of the carrying amount of the asset to estimated undiscounted future cash flows expected to be generated by the asset group.
If the carrying amount of an asset group exceeds its estimated future cash flows, we recognize an impairment loss for the amount by which
the carrying amount of the asset group exceeds the fair value of the asset group. Projecting undiscounted future cash flows requires the
use of estimates and assumptions that are largely unobservable and classified as Level 3 inputs in the fair value hierarchy. If actual
performance does not align with or exceed such projections, we may be required to recognize impairment charges in futures periods and
such charges could be material.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Stock-Based
Compensation</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">We
grant restricted stock units (&#8220;RSUs&#8221;) to employees and non-employee consultants, which vest upon the satisfaction of both
the service-based condition or performance milestone-based condition(s) and a liquidity event condition. The fair value of restricted
stock units is determined based on our estimated fair value of Common stock at the date of the grant. During the nine months ended September&#160;30,
2025, we recognized $4.6 million as stock-based compensation expense for the RSUs.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">We
also grant stock options to employees and non-employees with an exercise price equal to the fair value of the shares at the date of grant.
All stock option grants are accounted for using the fair value method and compensation is recognized as the underlying options vest. We
use the Black-Scholes option pricing model to determine the fair value of stock option awards. The Black-Scholes model considers several
variables and assumptions in estimating the fair value of the stock-based awards. These variables include the fair market value of Common
stock, stock-price volatility, expected term, expected dividends, risk-free interest rates, and forfeitures.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">Fair
Value of Common stock &#8212; </FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Given
the absence of a public trading market, we considered numerous objective and subjective factors to determine the fair market value of
Common stock. These factors included but were not limited to (i) contemporaneous third-party valuations of Common stock; (ii) the rights
and preferences of preferred stock relative to Common stock; (iii) the lack of marketability of Common stock; (iv) developments in the
business; and (v) the likelihood of achieving a liquidity event, such as an initial public offering or sale of Bolt Threads, given prevailing
market conditions.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
valuing our Common stock at various dates, the third-party valuation specialists determined the equity value of our business using a mix
of the income and market approaches. The income approach focuses on the income-producing capability of the business, while the market
approach measures the value of the business through an analysis of recent sales or offerings of comparable investments.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Application
of these approaches involves the use of estimates, judgment, and assumptions that are highly complex and subjective, such as those regarding
our expected future revenue, expenses, and future cash flows, discount rates, market multiples, the selection of comparable companies,
and the probability of possible future events. Changes in any or all of these estimates and assumptions or the relationships between those
assumptions impact our valuations as of each valuation date and may have a material impact on the valuation of our Common stock. </FONT></DIV>

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<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
estimates will not be necessary to determine the fair value of new awards once the underlying shares begin trading.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">Expected
Volatility &#8212;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
Expected volatility is estimated based on historical volatilities of comparable public companies operating in our industry.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">Expected
Term &#8212;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"> The
expected term of the options represents the period the options are expected to be outstanding and is estimated using the simplified method.
We believe it is appropriate to use the simplified method in determining the expected life of options because we do not have sufficient
historical exercise data to provide a reasonable basis upon which to estimate the expected term for options.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">Dividend
Yield &#8212;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"> We
have historically not issued dividends and do not expect to in the future.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">Risk-free
Interest Rate &#8212;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">
The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">Forfeitures
&#8212;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000"> Forfeitures
are recognized as they occur.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">We
use the same input to estimate the fair value of awards granted to non-employees.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Following
the Merger, the Bolt Board of Directors will determine the fair value of Bolt Common stock based on the closing price on the date of grant,
as reported on the principal exchange on which the Common stock is listed for trading.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Common
Stock Warrants</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">We
account for Common stock warrants as equity if the contract requires physical settlement or net physical settlement or if we have the
option of physical settlement or net physical settlement and the warrants meet the requirements to be classified as equity. Common stock
warrants classified as equity are initially measured at fair value using the Black-Scholes-Merton option-pricing model using various inputs,
including our estimates of expected stock price volatility, term, risk-free rate and future dividends, on the issuance date and are not
subsequently remeasured.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">We
account for Common stock warrants as a liability if we can be required under any circumstances to settle the warrant by transferring cash
or other assets. Common stock warrants classified as liabilities are initially recorded at fair value using the Black-Scholes-Merton option-pricing
model on the issuance date and remeasured at fair value each balance sheet date with the offset adjustments recorded in remeasurement
of Common stock warrant liability within the condensed consolidated statements of operations and comprehensive loss.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Convertible
Preferred Stock Warrants</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">We
record convertible preferred stock warrants issued as freestanding warrants as liabilities in the condensed consolidated balance sheets
at their estimated fair value at the time of initial recognition based on an option pricing model. Liability-classified warrants are subject
to re-measurement at each balance sheet date, and any change in fair value is recognized in the condensed consolidated statements of operations
and comprehensive loss. We will continue to remeasure the liability-classified warrants until the earlier of the exercise or expiration,
the completion of a deemed liquidation event, the conversion of preferred stock into Common stock, or until holders of the preferred stock
can no longer trigger a deemed liquidation event. On expiration, the preferred stock warrants will automatically net exercise, unless
the warrant holder provides written notice that it does not wish to exercise its warrants. Upon exercise, the related preferred stock
warrant liability will be reclassified to preferred stock.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Convertible
Notes</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Convertible
notes are regarded as hybrid instruments, consisting of a liability component and an equity component. We determined that the convertible
notes are eligible for the fair value option election in connection with the convertible notes under the Bridge NPA and the Ginkgo NPA
Amendment as each instrument met the definition of a &#8220;recognized financial liability&#8221; which is an acceptable financial instrument
eligible for the fair value option under ASC 825-10-15-4 and do not meet the definition of any of the financial instruments found within
ASC 825-10-15-5 that are not eligible for the fair value option. At the date of issuance, the fair value for each instrument is derived
from the instrument&#8217;s implied </FONT></DIV>

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of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">discount
rate at inception. Changes in fair value of the convertible notes are measured through the accompanying condensed consolidated statement
of operations and comprehensive loss until settlement.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Share-based
Termination Liability</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
September 2023, we negotiated a contingent lease termination agreement with our landlord for the Berkeley facility lease. If the Company
issued 600,000 shares of the new public company to its landlord after the closing of the merger transaction with Golden Arrow Merger Corp.
(&#8220;GAMC&#8221;), the Berkeley lease facility would be considered terminated as of September 10, 2023 pursuant to the lease termination
agreement. Further, in October 2023, we entered into a settlement agreement with one of our suppliers. If the Company paid the supplier
$1.0 million and issued 150,000 shares of the new public company to the supplier after the closing of the merger transaction with GAMC,
the Supply Agreement would be considered terminated as of July 13, 2023 pursuant to the settlement agreement.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">We
recorded the contingent issuance of shares as a liability in the consolidated balance sheets at its estimated fair value at the time of
initial recognition based on an option pricing model, with changes in fair value recorded through earnings, as the new public company
shares are not considered to be indexed to the Company&#8217;s own shares at the time the termination occurred.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 700 10pt/120% Times New Roman,serif; color: #000000">Emerging
Growth Company and Smaller Reporting Company Status</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">We
are an emerging growth company under the JOBS Act. The JOBS Act provides that an emerging growth company can delay adopting new or revised
accounting standards until such time as those standards apply to private companies.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Subject
to certain conditions set forth in the JOBS Act, if, as an &#8220;emerging growth company,&#8221; we choose to rely on such exemptions
we may not be required to, among other things, (i) provide an auditor&#8217;s attestation report on our system of internal controls over
financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act, (ii) provide all of the compensation disclosure that may be required
of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) comply with any requirement
that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor&#8217;s report providing additional
information about the audit and the consolidated financial statements (auditor discussion and analysis), or (iv) disclose certain executive
compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO&#8217;s compensation
to median employee compensation. These exemptions will apply for a period up to December 31, 2026, the last day of our fiscal year following
the fifth anniversary of GAMC&#8217;s initial public offering, or such earlier time as when (i) our annual gross revenue exceeds $1.235
billion, (ii) we issue more than $1.0 billion of non-convertible debt in any three-year period or (iii) we become a large accelerated
filer as defined in Rule 12b-2 under the Exchange Act.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Additionally,
we are a &#8220;smaller reporting company&#8221; as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage
of certain reduced disclosure obligations, including, among other things, providing only two years of audited consolidated financial statements.</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_124"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Item
3. Quantitative and Qualitative Disclosures about Market Risk</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">As
a smaller reporting company, as defined by Rule 12b-2 of the Securities Exchange Act of 1934, as amended, we are not required to provide
this information.</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_127"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Item
4. Controls and Procedures.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Limitations
on Effectiveness of Controls and Procedures</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">In
designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how
well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design
of disclosure controls and procedures must reflect the fact that there are resource constraints, and that management is required to apply
judgment in evaluating the benefits of possible controls and procedures relative to their costs.</FONT></DIV>

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<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Evaluation
of Disclosure Controls and Procedures</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Our
management, with the participation of our principal executive officer and our principal financial officer, evaluated the effectiveness
of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2025.
Based on that evaluation, our Chief Executive Officer and our Chief Accounting Officer concluded that, as a result of the material weakness
in our internal control over financial reporting described below, the design and operation of our disclosure controls and procedures were
not effective as of September 30, 2025.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Material
Weakness</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">A
material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a
reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on
a timely basis. The following material weaknesses in our internal control over financial reporting exist as of September 30, 2025:</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">We
did not maintain a sufficient complement of personnel possessing the appropriate technical accounting competency, training, and experience
to address, review, and record financial reporting transactions under U.S. GAAP or maintain appropriate segregation of duties.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">We
did not design and maintain formal accounting policies, procedures and controls to achieve complete, accurate and timely financial accounting,
reporting and disclosures, including controls over the preparation and review of account reconciliations and journal entries.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">We
did not design and maintain formal and effective controls over information technology general controls for IT systems that are relevant
to the preparation of the financial statements.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">We
did not maintain formalized minutes for meetings of the Board of Directors throughout the entire year.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">We
have begun the process of, and are focused on, designing and implementing effective internal controls measures to improve our internal
control over financial reporting and remediate these material weaknesses. Our efforts include several actions:</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">We
have engaged consultants to provide additional depth and breadth in our technical accounting and financial reporting capabilities.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">We
have engaged consultants to assist with the financial statement closing process and segregating duties among accounting personnel to enable
adequate review controls.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">We
have implemented a process for maintaining and formalizing minutes for meetings of the Board of Directors.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">We
have hired key finance roles (VP Finance, and Controller).</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 36pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8226;</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 14.5pt">We
have begun designing and implementing internal controls, including information technology general controls</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The
actions that we are taking are subject to ongoing senior management review, as well as oversight of the audit committee of our Board of
Directors. We also may conclude that additional measures may be required to remediate the material weaknesses or determine to modify the
remediation plans described above. We will not be able to conclude that we have remediated the material weaknesses until the applicable
controls are fully implemented and operate for a sufficient period of time and management has concluded, through formal testing, that
these controls are operating effectively. We will continue to monitor the design and effectiveness of these and other processes, procedures,
and controls and make any further changes management deems appropriate.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Based
on additional procedures, management concluded that the condensed consolidated financial statements included in this Quarterly Report
on Form 10-Q present fairly, in all material respects, our financial position, results of operations, and cash flows for the periods presented
in conformity with accounting principles generally accepted in the United States.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">54</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Changes
in Internal Control over Financial Reporting</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Other
than the ongoing remediation efforts described above, there have been no changes in our internal control over financial reporting (as
defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended September 30, 2025 that have materially
affected, or are reasonably likely to materially affect, our internal control over financial reporting.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">55</FONT></DIV></DIV></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_130"></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">PART
II &#8212; OTHER INFORMATION</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_133"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Item
1. Legal Proceedings</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">From
time to time, we may be involved in claims and proceedings arising in the course of our business. The outcome of any such claims or proceedings,
regardless of the merits, is inherently uncertain. For a description of our legal proceedings, see </FONT><FONT STYLE="font: italic 400 10pt/120% Times New Roman,serif; color: #000000">Note
10, Commitments and Contingencies</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">,
to our condensed consolidated financial statements included elsewhere in this report, which is incorporated herein by reference.</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_136"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Item
1A. Risk Factors</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Our
business, financial condition and operating results can be affected by a number of factors, whether currently known or unknown, including
but not limited to those described as risk factors, any one or more of which could, directly or indirectly, cause our actual operating
results and financial condition to vary materially from past, or anticipated future, operating results and financial condition. For a
discussion of these potential risks and uncertainties, see Part I, Item 1A. &#8220;Risk Factors&#8221; in our Annual Report. Other than
as listed below, there have been no material changes in our risk factors to those included in our Annual Report.</FONT></DIV>

<DIV><FONT STYLE="font: italic 700 10pt/115% Times New Roman,serif; color: #000000">Our
failure to meet the continued listing requirements of Nasdaq could result in a delisting of our Common stock</FONT></DIV>

<DIV><FONT><BR></FONT></DIV>

<DIV><FONT STYLE="font: 400 10pt/115% Times New Roman,serif; color: #000000">On February 10, 2025,
we received a letter from Nasdaq notifying us that, for the last 30 consecutive business days, the Minimum Value of Listed Securities,
as defined by Nasdaq (&#8220;MVLS&#8221;), of our Common stock has been below the minimum $50 million requirement for continued listing
on Nasdaq under Nasdaq Listing Rule 5450(b)(2)(A) (the &#8220;Minimum Market Value of Listed Securities Requirement&#8221;). On the same
day, we also received a letter from Nasdaq notifying us that, for the last 30 consecutive business days, the minimum Market Value of Publicly
Held Shares, as defined by Nasdaq (&#8220;MVPHS&#8221;), of our Common stock has been below the minimum $15 million requirement for continued
listing on Nasdaq under Nasdaq Listing Rule 5450(b)(2)(C) (the &#8220;Minimum Market Value of Publicly Held Shares Requirement&#8221;).
In accordance with Nasdaq Listing Rule 5810(c)(3)(A) and 5810(c)(3)(D), we have been provided with a compliance period of 180 calendar
days from receipt of the letters to regain compliance with the Minimum Market Value of Listed Securities Requirement and Minimum Market
Value of Publicly Held Shares Requirement.</FONT></DIV>

<DIV><FONT><BR></FONT></DIV>

<DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">On August 12, 2025,
we received a letter from Nasdaq stating that, as a result of our continued non-compliance with MVLS and MVPHS, its securities would be
delisted from Nasdaq unless we appeal the delisting determination by requesting a hearing before the Nasdaq Hearings Panel (the &#8220;Panel&#8221;).
Following our appeal, on September 30, 2025, we received written notification from the Panel (the &#8220;Determination Letter&#8221;)
granting our request for an extension to regain compliance with Nasdaq&#8217;s listing standards based on the compliance plan presented
at our hearing before the Panel. As part of that plan, we presented a timeline of achieving compliance by December 31, 2025, which date
is within the Panel&#8217;s authority under Nasdaq Listing Rule 5815 to grant an extension of up to 180 days. Pursuant to the Determination
Letter, we are to gain compliance with the minimum equity standard requirement under Nasdaq Listing Rule 5550(b)(1) (the &#8220;Equity
Rule&#8221;) in lieu of regaining compliance with Nasdaq&#8217;s MVLS and MVPHS listing rules and has phased down to the Nasdaq Capital
Market. There is no guarantee that the Company&#8217;s efforts to satisfy these requirements and demonstrate compliance with the Equity
Rule within the current extension period will be successful or, if made, that the Company&#8217;s request a further extension from the
Panel, which extension is at Panel&#8217;s discretion, would be granted.</FONT></DIV>

<DIV><FONT><BR></FONT></DIV>

<DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">The notices or the
Determination Letter have no immediate impact on the listing of our Common stock, which will continue to be listed and traded on Nasdaq
during the period allowed to regain compliance, subject to our compliance with other listing standards. However, if we do not regain compliance
with these Nasdaq requirements within the applicable compliance period, Nasdaq could commence proceedings to delist our Common stock,
following which our Common stock would trade on the over-the-counter market for as long as we remain eligible to trade on such a market.</FONT></DIV>

<DIV><FONT><BR></FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">A
delisting of our Common stock from Nasdaq may make it more difficult for us to raise capital on favorable terms in the future. Such a
delisting would likely have a negative effect on the price of our Common stock and would impair your ability to sell or purchase our Common
stock when you wish to do so. Further, if we were to be delisted from Nasdaq, our Common stock would cease to be recognized as covered
securities, and we would be subject to regulation in each state in which we offer our securities. Moreover, there is no assurance that
any actions we take to restore our compliance would stabilize the MVLS, MVPHS, or improve the liquidity of our Common stock, prevent our
Common stock from falling below the minimum requirements for continued listing again, or prevent future non-compliance with Nasdaq&#8217;s
rules. There is also no assurance that we will maintain compliance with the other listing standards of Nasdaq.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">56</FONT></DIV></DIV></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT><BR></FONT></DIV>

<DIV><FONT><BR></FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_139"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Item
2. Unregistered Sales of Equity Securities and Use of Proceeds </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">None.</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_142"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Item
3. Defaults Upon Senior Securities</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">None.</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_145"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Item
4. Mine Safety Disclosures</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Not
applicable.</FONT></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_148"></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Item
5. Other Information</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 49.5pt; text-indent: -13.5pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(a)&#160;None.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(b)&#160;None.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">(c)&#160;Insider
Trading Arrangements and Policies.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 49.5pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">During
the three months ended September 30, 2025, no director or &#8220;officer&#8221; (as defined in Rule 16a-1(f) under the Exchange Act) of
the Company adopted
or terminated
a &#8220;Rule 10b5-1 trading arrangement&#8221; or &#8220;non-Rule 10b5-1 trading arrangement&#8221;, as each term is defined in Item
408(a) of Regulation S-K.</FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">57</FONT></DIV></DIV></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_151"></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; margin-top: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Item
6. Exhibits</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">EXHIBIT
INDEX</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 8.59%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.55%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 36.93%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 6.02%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 10.11%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 7.08%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 9.8%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 0.4%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 9.96%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR STYLE="height: 14pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Exhibit</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="21" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Incorporated
        by Reference</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" ROWSPAN="2" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Filed/
        <BR>&#160;Furnished<BR>&#160;Herewith</FONT></TD></TR>
  <TR STYLE="height: 23pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Number</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Exhibit
        Description</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Form</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">File
        No.</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Exhibit</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 0 1pt">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #ffffff; padding: 2px 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Filing
        Date</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2.1+</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: left; vertical-align: bottom">
        <DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001841125/000121390024060541/ea0202730-09.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Business
        Combination Agreement, dated as of October 4, 2023, by and among the Company, Beam Merger Sub, Inc. and Bolt Threads, Inc.</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">S-4/A</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">333-276849</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2.1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">7/10/2024</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; background-color: #cceeff; padding: 2px 1pt; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2.2+</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="https://www.sec.gov/Archives/edgar/data/1841125/000121390024052458/ea020774201ex2-1_golden.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Amendment
        No. 1 to the Business Combination Agreement, dated as of June 10, 2024, by and among the Company, Beam Merger Sub, Inc. and Bolt Threads,
        Inc.</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8-K</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">001-40223</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2.1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">6/13/2024</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3.1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="https://www.sec.gov/Archives/edgar/data/1841125/000121390024070809/ea021163101ex3-1_bolt.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Second
        Amended and Restated Certificate of Incorporation, dated as of August 13, 2024.</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8-K</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">001-40223</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3.1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8/19/2024</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3.2</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="https://www.sec.gov/Archives/edgar/data/1841125/000184112525000066/bolt-charteramendmentrever.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Certificate
        of Amendment to the Second Amended and Restated Certificate of Incorporation of Bolt Projects Holdings, Inc., dated April 21, 2025.</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8-K</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">001-40223</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3.1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4/22/2025</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3.3</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="https://www.sec.gov/Archives/edgar/data/1841125/000184112525000142/bslk-amendedandrestatedbyl.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Amended
        and Restated Bylaws, dated as of October 17, 2025.</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8-K</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">001-40223</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3.1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10/17/2025</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="http://www.sec.gov/Archives/edgar/data/1841125/000121390024076969/ea021278701ex4-1_bolt.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Specimen
        common stock Certificate.</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">S-1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">333-282014</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">9/9/2024</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.2</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="https://www.sec.gov/Archives/edgar/data/1841125/000121390021013772/ea136921ex4-4_goldenarrow.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Specimen
        Warrant Certificate.</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">S-1/A</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">333-253465</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.3</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3/5/2021</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.3</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="https://www.sec.gov/Archives/edgar/data/1841125/000121390021016991/ea138137ex4-1_golden.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Warrant
        Agreement between the Registrant and Continental Stock Transfer &amp; Trust Company, dated as of March 16, 2021.</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8-K</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">001-40223</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3/22/2021</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.4</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="https://www.sec.gov/Archives/edgar/data/1841125/000121390025013804/ea023117001ex4-1_bolt.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Common
        Stock Purchase Warrant, between the Company and Triton Funds LP, dated as of February 13, 2025.</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">S-1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">333-284964</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.4</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">2/14/2025</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.5</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="https://www.sec.gov/Archives/edgar/data/1841125/000184112525000017/bolt-ex45xwarrantagreement.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Warrant
        Agreement between the Company and Golden Arrow Sponsor LLC, dated as of March 5, 2025.</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10-K</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">001-40223</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.5</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">3/18/2025</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.6</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="https://www.sec.gov/Archives/edgar/data/1841125/000184112525000116/bolt-ex41xformofprexfunded.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Form
        of Pre-Funded Warrant.</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8-K</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">001-40223</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">4.1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8/19/2025</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10.1&#8224;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV><FONT STYLE="font: 10pt/120% Times New Roman,serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1841125/000184112525000155/a101settlementagreementand.htm">Settlement Agreement and Stipulation, dated August 1, 2025, between Bolt Projects Holdings, Inc. and Southern Point Capital Corporation.</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">*</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10.2</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="https://www.sec.gov/Archives/edgar/data/1841125/000184112525000111/a102boltginkgo-limitedwaiv.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Limited
        Waiver, dated July 3, 2025, to Senior Secured Note Purchase Agreement, between Bolt Project</A><A HREF="https://www.sec.gov/Archives/edgar/data/1841125/000184112525000111/a102boltginkgo-limitedwaiv.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">s</A><A HREF="https://www.sec.gov/Archives/edgar/data/1841125/000184112525000111/a102boltginkgo-limitedwaiv.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">
        Holdings, Inc. and Ginkgo Bioworks, Inc., as amended.</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10-Q</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">001-40223</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10.2</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8/12/2025</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff; text-indent: -9pt"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10.3</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="https://www.sec.gov/Archives/edgar/data/1841125/000184112525000111/a103boltginkgo-limitedwaiv.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Limited
        Waiver, dated August 7, 2025, to Senior Secured Note Purchase Agreement, between Bolt Project</A><A HREF="https://www.sec.gov/Archives/edgar/data/1841125/000184112525000111/a103boltginkgo-limitedwaiv.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">s</A><A HREF="https://www.sec.gov/Archives/edgar/data/1841125/000184112525000111/a103boltginkgo-limitedwaiv.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">
        Holdings, Inc. and Ginkgo Bioworks, Inc., as amended.</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10-Q</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">001-40223</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10.3</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8/12/2025</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff; text-indent: -9pt"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10.4&#8224;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="https://www.sec.gov/Archives/edgar/data/1841125/000184112525000116/exhibit101-bslkxsecurities.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Form
        of Purchase Agreement</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8-K</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">001-40223</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10.1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8/19/2025</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10.5&#8224;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt 0 10pt; background-color: #ffffff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="https://www.sec.gov/Archives/edgar/data/1841125/000184112525000116/exhibit102-bslkxrraaugust2.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Form
        of Registration Rights Agreement.</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt 0 10pt; background-color: #ffffff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8-K</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">001-40223</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10.2</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8/19/2025</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10.6&#8224;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt 0 10pt; background-color: #cceeff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="https://www.sec.gov/Archives/edgar/data/1841125/000184112525000129/ex-101bslkxascentxelocspae.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Equity
        Purchase Agreement, dated September 12, 2025, by and among the Registrant and Ascent Partners Fund LLC.</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt 0 10pt; background-color: #cceeff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8-K</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">001-40223</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10.1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">9/15/2025</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10.7&#8224;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt 0 10pt; background-color: #ffffff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="https://www.sec.gov/Archives/edgar/data/1841125/000184112525000129/ex-102bslkxascentxregistra.htm" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Registration
        Rights Agreement, dated September 12, 2025, by and among the Registrant and Ascent Partners Fund LLC.</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt 0 10pt; background-color: #ffffff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">8-K</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">001-40223</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">10.2</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff; text-indent: -9pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">9/15/2025</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">31.1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt/120% Times New Roman,serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1841125/000184112525000155/bslkw-q325x10qex311.htm">Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a).</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">*</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">31.2</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt/120% Times New Roman,serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1841125/000184112525000155/bslkw-q325x10qex312.htm">Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a).</A></FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">*</FONT></TD></TR>
  <TR>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom">
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    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">**</FONT></TD></TR>
  <TR>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt/120% Times New Roman,serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1841125/000184112525000155/bslkw-q325x10qex322.htm">Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350.</A></FONT></DIV></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">**</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Inline
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        the Inline XBRL document.</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">*</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #ffffff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">101.SCH</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Inline
        XBRL Taxonomy Extension Schema Document.</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">*</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; background-color: #cceeff; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">101.CAL</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Inline
        XBRL Taxonomy Extension Calculation Linkbase Document.</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">*</FONT></TD></TR>
  <TR>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Inline
        XBRL Taxonomy Extension Definition Linkbase Document.</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">*</FONT></TD></TR>
  <TR>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Inline
        XBRL Taxonomy Extension Label Linkbase Document.</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">*</FONT></TD></TR>
  <TR>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Inline
        XBRL Taxonomy Extension Presentation Linkbase Document.</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #ffffff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #ffffff">
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  <TR>
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    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: left; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Cover
        Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0 1pt; background-color: #cceeff">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; background-color: #cceeff; text-align: center; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">*</FONT></TD></TR>
  </TABLE></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">*</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 13pt">Filed
herewith. </FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">**</FONT><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000; padding-left: 8pt">Furnished
herewith.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">&#8224;
Certain of the schedules and attachments to this exhibit have been omitted pursuant to Regulation S-K, Item 601(a)(5). The registrant
hereby undertakes to provide further information regarding such omitted materials to the Commission upon request.</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt"><FONT><BR></FONT></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">58</FONT></DIV></DIV></DIV>

<DIV ID="i4955da60f8e54bd49b43b4ac5c7f11a9_154"></DIV><HR STYLE="page-break-after: always">

<DIV STYLE="min-height: 45pt; width: 100%">

<DIV STYLE="margin-bottom: 12pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline"><A HREF="#i4955da60f8e54bd49b43b4ac5c7f11a9_7" STYLE="font: 400 10pt/120% Times New Roman,serif; color: #0000ff; text-decoration: underline">Table
of Contents</A></FONT></DIV></DIV>

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">SIGNATURES</FONT></DIV>

<DIV STYLE="margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned, duly authorized.</FONT></DIV>

<DIV STYLE="padding-left: 9pt; text-indent: -9pt"><TABLE STYLE="border-collapse: collapse; display: inline-table; margin-bottom: 5pt; vertical-align: text-bottom; width: 100%">
  <TR>
    <TD STYLE="width: 1%">
    <TD STYLE="width: 57.99%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 6.02%">
    <TD STYLE="width: 0.1%">
    <TD STYLE="width: 1%">
    <TD STYLE="width: 32.68%">
    <TD STYLE="width: 0.1%"></td></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="6" STYLE="padding: 2px 1pt; text-align: left; vertical-align: top"><FONT STYLE="font: 700 10pt/120% Times New Roman,serif; color: #000000">Bolt
        Projects Holdings, Inc.</FONT></TD></TR>
  <TR STYLE="height: 9pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-align: right; text-indent: -9pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Date:
        November&#160;12, 2025</FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">By:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: bottom"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">/s/
        Daniel Widmaier</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Name:
        </FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Daniel
        Widmaier</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Title:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Chief
        Executive Officer (principal executive officer)</FONT></TD></TR>
  <TR STYLE="height: 11pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></TD></TR>
  <TR STYLE="height: 11pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom">
        <DIV STYLE="padding-left: 9pt; text-align: right; text-indent: -9pt"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Date:
        November&#160;12, 2025</FONT></DIV></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">By:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">/s/
        Randy Befumo</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Name:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #000000 1.5pt solid; padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Randy
        Befumo</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 0 1pt">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt 2px 10pt; text-align: left; text-indent: -9pt; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Title:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: top"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">Interim
        Chief Financial Officer (principal financial officer and principal accounting officer) </FONT></TD></TR>
  </TABLE></DIV>

<DIV STYLE="height: 45pt; position: relative; width: 100%">

<DIV STYLE="bottom: 0; position: absolute; width: 100%">

<DIV STYLE="margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 400 10pt/120% Times New Roman,serif; color: #000000">59</FONT></DIV></DIV></DIV>
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