0001628280-26-055707 | 10-Q | XBRL Viewer

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Aug. 07, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-42629
Entity Registrant Name	Factorial Energy Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	42-2967285
Entity Address, Address Line One	805 Middlesex Turnpike
Entity Address, City or Town	Billerica
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01821
City Area Code	617
Local Phone Number	315-9733
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0002049662
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Series A Common Stock, par value $0.00001 per share
Document Information [Line Items]
Title of 12(b) Security	Series A Common Stock, par value $0.00001 per share
Trading Symbol	FAC
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		91,510,501
Warrants, each whole warrant exercisable for one share of Series A Common Stock at an exercise price of $11.50
Document Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of Series A Common Stock at an exercise price of $11.50
Trading Symbol	FACWW
Security Exchange Name	NASDAQ
Series B Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		15,512,744

REDEEMABLE CONVERTIBLE PREFERRED STOCK - Narrative (Details) $ in Thousands	Jun. 30, 2026 USD ($) shares	Mar. 31, 2026 USD ($) shares	Dec. 31, 2025 USD ($) shares	Jun. 30, 2025 USD ($) shares	Mar. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares
Temporary Equity Disclosure [Abstract]
Conversion basis			1
Total redeemable convertible preferred stock \| $	$ 0	$ 249,652	$ 249,652	$ 249,652	$ 249,652	$ 249,652
Redeemable convertible preferred stock, issued (in shares)	0		67,314,957
Redeemable convertible preferred stock, outstanding (in shares)	0	67,314,957	67,314,957	67,314,957	67,314,957	67,314,957
Redeemable convertible preferred stock, authorized (in shares)	0

- Definition

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References

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+ Details

- Definition

The maximum number of securities classified as temporary equity that are permitted to be issued by an entity's charter and bylaws. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

- Definition

The number of securities classified as temporary equity that have been sold (or granted) to the entity's shareholders. Securities issued include securities outstanding and securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

- Definition

The number of securities classified as temporary equity that have been issued and are held by the entity's shareholders. Securities outstanding equals securities issued minus securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 1,150		$ 760
Accrued legal and professional	1,404		239
Accrued private issuance liability	1,109		0
Accrued transaction costs	0		1,423
Accrued other	772		559
Total accrued expenses	$ 4,435	$ 2,981	$ 2,981

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Jason Duva [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 11, 2026, Jason Duva, our General Counsel, entered into a written trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Subject to the terms of the plan, Mr. Duva may sell up to 600,000 shares of our Series A Common Stock, representing shares issuable upon exercise of outstanding stock options with an exercise price of $0.88 per share. The plan will terminate on June 11, 2027, or upon the earlier completion of all transactions under the plan. The plan was adopted during an open trading window, and no sales will commence under the plan until completion of the applicable cooling-off period required by Rule 10b5-1(c).
Name	Jason Duva
Title	General Counsel
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 11, 2026
Expiration Date	June 11, 2027
Arrangement Duration	365 days
Aggregate Available	600,000
Siyu Huang [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 16, 2026, Siyu Huang, our Chief Executive Officer, as trustee of the North Point Family Trust, entered into a written trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Subject to the terms of the plan, the North Point Family Trust may sell up to 1,103,706 shares of our Series A Common Stock, including shares issuable upon exercise and/or conversion of shares of our Series B Common Stock. The plan will terminate on June 16, 2027, or upon the earlier completion of all transactions under the plan. The plan was adopted during an open trading window, and no sales will commence under the plan until completion of the applicable cooling-off period required by Rule 10b5-1(c). Such shares of Series A Common Stock subject to the plan constitute approximately 5.1% of the aggregate of 21,597,865 shares of Series A Common Stock beneficially owned by Dr. Huang and Dr. Yu.
Name	Siyu Huang
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 16, 2026
Expiration Date	June 16, 2027
Arrangement Duration	365 days
Aggregate Available	1,103,706
Alex Yu [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 16, 2026, Alex Yu, our Chief Technology Officer, as trustee of the Danehy Family Trust, entered into a written trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Subject to the terms of the plan, the Danehy Family Trust may sell up to 1,536,242 shares of our Series A Common Stock, including shares issuable upon exercise and/or conversion of shares of our Series B Common Stock. The plan will terminate on June 16, 2027, or upon the earlier completion of all transactions under the plan. The plan was adopted during an open trading window, and no sales will commence under the plan until completion of the applicable cooling-off period required by Rule 10b5-1(c). Such shares of Series A Common Stock subject to the plan constitute approximately 7.1% of the aggregate of 21,597,865 shares of Series A Common Stock beneficially owned by Dr. Huang and Dr. Yu.
Name	Alex Yu
Title	Chief Technology Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 16, 2026
Expiration Date	June 16, 2027
Arrangement Duration	365 days
Aggregate Available	1,536,242

WARRANTS	6 Months Ended
WARRANTS	Jun. 30, 2026
Warrants [Abstract]
WARRANTS	WARRANTS Warrant Liability Series B-1 In connection with the issuance of Series B-1 redeemable convertible preferred stock of the Company (“Series B-1”) on October 28, 2019, the Company entered into a warrant agreement with Massachusetts Development Finance Agency, or its registered assignees to purchase 19,930 Series B-1 redeemable convertible preferred stock (“Series B-1 Warrant Agreements”). The warrant was issued at a purchase price of $0.81 per share, with a maturity date of February 1, 2029, or the closing of the Company’s Initial Public Offering. Upon the consummation of the Merger, the Series B-1 warrants were exercised cashless for 71,779 shares of Series A Common Stock (share figure was 19,930 shares prior to the application of the merger exchange ratio in the Merger, which was closed on June 5, 2026). Warrant Liability Series D In connection with the issuance of Series D redeemable convertible preferred stock of the Company (“Series D”) on November 30, 2021, the Company entered into a warrant agreement for preferred stock (the “Series D Warrant Agreement”) with each of Mercedes-Benz Investment Company LLC and Stellantis (each a “Holder”). Upon closing of the Series D Agreement, Mercedes-Benz Investment Company LLC and its affiliates (“Mercedes-Benz”) and Stellantis became related parties to the Company. During 2022, the Series D Warrant Agreements were amended and restated with both Stellantis and Mercedes-Benz to eliminate certain milestone-based provisions (the “Amended Warrants”). The Amended Warrants modified the original agreements by setting the number of shares issuable upon exercise at a fixed 137,814 shares per Holder at a fixed price of $27.21 per share. The warrants had a maturity date of February 1, 2029, or the closing of the Company’s initial public offering. The Amended Warrants remained consistent with the Series D Warrant Agreements to require settlement through the issuance of the then most senior redeemable convertible preferred stock of the Company to the Holder. At inception, the monetary value of the obligation was based on a fixed monetary amount known at inception. Upon the consummation of the Merger, the Amended Warrants were exercised cashless for 291,066 shares of Series A Common Stock (share figure was 79,344 shares prior to the application of the merger exchange ratio in the Merger, which was closed on June 5, 2026). Simultaneously, with the Merger and related transactions described in Note 3 – Reverse Recapitalization, all outstanding warrants at that time were converted from warrants to acquire CGC Class A Shares to warrants to acquire Series A Common Stock (the “Warrants”). An amended BCA was entered into contemporaneously with the business combination closing on the Closing Date to reflect the post-combination entity, share-class and updated terms. The post-combination Warrant quantity, exercise price, and holders did not change for any of the warrant classes as of the Closing Date. Public Warrants As of June 30, 2026, 13,800,000 Public Warrants were outstanding: there were no exercises or issuances during 2026. Each whole Public Warrant entitles the holder to purchase one share of Series A Common Stock at a price of $11.50 per share beginning on July 5, 2026, subject to restrictions as described further. Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued. The Public Warrants will expire on June 5, 2031 or earlier upon redemption or liquidation. Public Warrant holders do not have the rights or privileges of holders of Series A Common Stock nor any voting rights until they exercise their warrants and receive shares of Series A Common Stock. The Company will not be obligated to deliver any share of Series A Common Stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of Series A Common Stock underlying the warrants is then effective and a prospectus relating thereto is current. No warrant will be exercisable and the Company will not be obligated to issue shares of Series A Common Stock upon exercise of a warrant unless the shares of Series A Common Stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will the Company be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the shares of Series A Common Stock underlying such unit. Redemption of Warrants When the price per share of Series A Common Stock equals or exceeds $18.00 and there is an effective registration statement covering the issuance of the Series A Common Stock issuable upon exercise of the Warrants: The Company may redeem the outstanding warrants: •In whole and not in part; •At a price of $0.01 per warrant; •Upon a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”); and •if, and only if, the closing price of the shares of Series A Common Stock equals or exceeds $18.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-day trading period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. Additionally, if the number of outstanding shares of Series A Common Stock is increased by a share capitalization payable in Series A Common Stock, or by a subdivision of Series A Common Stock or other similar event, then, on the effective date of such share capitalization, subdivision or similar event, the number of shares of Series A Common Stock issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding shares of Series A Common Stock. A rights offering made to all or substantially all holders of shares of Series A Common Stock entitling holders to purchase Series A Common Stock at a price less than the fair market value will be deemed a share capitalization of a number of Series A Common Stock equal to the product of (i) the number of Series A Common Stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Series A Common Stock) and (ii) one minus the quotient of (x) the price per Series A Common Stock paid in such rights offering and (y) the historical fair market value. For these purposes (i) if the rights offering is for securities convertible into or exercisable for Series A Common Stock, in determining the price payable for Series A Common Stock, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) historical fair market value means the volume weighted average price of the Series A Common Stock as reported during the 10 trading day period ending on the trading day prior to the first date on which the Series A Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. No Series A Common Stock shall be issued at less than their par value. As of June 30, 2026, the value of outstanding Public Warrants of $3.1 million was recorded in additional paid-in capital. This amount reflects the relative fair value allocated to the Public Warrants at original issuance in 2025 and has not been remeasured, consistent with their continuing equity classification. The amendment to the Public Warrants did not result in any incremental fair value, as it was determined to be a non-substantive equity-to-equity modification. Private Warrants At June 30, 2026, 6,800,000 Private Warrants were outstanding. The Private Warrants are identical to the Public Warrants, except that so long as they are held by the Sponsor or any of its permitted transferees: •the Private Warrants are exercisable for cash or on a cashless basis, at the holder’s option and •the Private Warrants are not redeemable by the Company. The Private Warrants are subject to the Company’s redemption option at the price of $0.01 per warrant, if not held by the Sponsor or any of its permitted transferees, provided that the other conditions of such redemption are met, as described above. If holders of the Private Warrants elect to exercise the warrants on a cashless basis, the holder would pay the exercise price by surrendering their Private Warrants for a number of shares of Series A Common Stock equal to: •the quotient obtained by dividing (x) the product of the number of Series A Common Stock underlying the Warrants, multiplied by the excess of the average last reported sale price of the Series A Common Stock for ten trading days ending on the third trading day prior to the date on which notice of redemption is sent to the holders of the warrants (“Fair Market Value”) over the Warrant Price by (y) the Fair Market Value. If the Private Warrants are held by a holder other than the Sponsor or any of its permitted transferees, the Private Warrants are redeemable by the Company in all redemption scenarios applicable to the Public Warrants and exercisable by such holders on the same basis as the Public Warrants. The Private Warrants will expire on June 5, 2031. Upon completion of the Merger, the Company evaluated the amended Private Warrants under ASC 815-40, in conjunction with the proxy statement/prospectus dated as of, and filed with the Securities and Exchange Commission pursuant to Rule 424(b) on, May 6, 2026, and concluded that they do not meet the criteria to be classified in shareholders’ equity. Specifically, the terms of the warrants provide for potential changes to the settlement amounts dependent upon the characteristics of the warrant holder, and, because the holder of a warrant is not an input into the pricing of a fixed-for-fixed option on equity shares, such provision would preclude the warrant from being classified in equity and thus the warrants should be classified as a liability.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Current assets:
Cash and cash equivalents	$ 112,831	$ 28,891	$ 34,533
Receivables under collaboration agreements (includes $0 and $1,000 as related party as of June 30, 2026, and December 31, 2025, respectively)	103	1,152
Deferred transaction costs	0	1,423
Prepaid expenses and other current assets (includes $720 and $1,110 as related party as of June 30, 2026, and December 31, 2025, respectively)	2,667	1,425
Total current assets	115,601	32,891
Restricted cash	886	881	3,203
Property and equipment, net	19,218	21,276
Operating lease right-of-use assets, net	6,949	7,576
Other non-current assets (related party)	0	160
Total Assets	142,654	62,784
Current liabilities:
Accounts payable (includes $2 and $190 as related party, as of June 30, 2026, and December 31, 2025, respectively)	720	741
Accrued expenses	4,435	2,981	2,981
Operating lease liabilities, current portion	1,445	1,357
Total current liabilities	6,600	5,079
Operating lease liabilities, net of current portion	6,439	7,180
Convertible promissory notes – related parties, at fair value	0	18,889
Total liabilities	57,655	34,526
Commitments and contingencies (Note 9)
Total redeemable convertible preferred stock	0	249,652	249,652
Stockholders’ equity (deficit):
Preferred stock, $0.00001 pare value, 100,000,000 authorized as of June 30, 2026. No shares were authorized as of December 31, 2025.	0	0
Additional paid-in capital	361,299	34,625
Accumulated deficit	(275,492)	(255,576)
Accumulated other comprehensive loss	(819)	(445)
Total stockholders’ equity (deficit)	84,999	(221,394)	$ (174,497)
Total Liabilities, Redeemable Convertible Preferred Stock & Stockholders’ Equity (Deficit)	142,654	62,784
Series B-1 and Series D redeemable convertible preferred stock warrants
Current liabilities:
Warrant liabilities	0	3,378
Warrants for Series A
Current liabilities:
Warrant liabilities	44,616	0
Series A-1 redeemable convertible preferred stock
Current liabilities:
Total redeemable convertible preferred stock	0	327
Series A-2 redeemable convertible preferred stock
Current liabilities:
Total redeemable convertible preferred stock	0	655
Series B-1 redeemable convertible preferred stock
Current liabilities:
Total redeemable convertible preferred stock	0	2,169
Series C-1 redeemable convertible preferred stock
Current liabilities:
Total redeemable convertible preferred stock	0	28,303
Series C-2 redeemable convertible preferred stock
Current liabilities:
Total redeemable convertible preferred stock	0	26,013
Series D redeemable convertible preferred stock
Current liabilities:
Total redeemable convertible preferred stock	0	192,185
Series A Common stock
Stockholders’ equity (deficit):
Common stock	$ 9	$ 0
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Series B Common stock
Stockholders’ equity (deficit):
Common stock	$ 2	$ 2
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001

PROPERTY AND EQUIPMENT - Schedule Of Property And Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Property, Plant, and Equipment [Line Items]
Total	$ 32,663	$ 34,077	$ 32,663	$ 34,077
Accumulated depreciation	(13,445)	(12,801)	(13,445)	(12,801)
Total	19,218	21,276	19,218	21,276
Depreciation expense	920	1,987	1,802	3,971
Leasehold improvements
Property, Plant, and Equipment [Line Items]
Total	10,151	10,680	10,151	10,680
Machinery and equipment
Property, Plant, and Equipment [Line Items]
Total	15,733	16,315	15,733	16,315
Furniture and fixtures
Property, Plant, and Equipment [Line Items]
Total	395	419	395	419
Computer and software
Property, Plant, and Equipment [Line Items]
Total	210	216	210	216
Buildings
Property, Plant, and Equipment [Line Items]
Total	1,145	1,227	1,145	1,227
Building Fixtures
Property, Plant, and Equipment [Line Items]
Total	1,240	1,206	1,240	1,206
Land
Property, Plant, and Equipment [Line Items]
Total	3,155	3,382	3,155	3,382
Advances on purchases of property and equipment
Property, Plant, and Equipment [Line Items]
Total	$ 634	$ 632	$ 634	$ 632

STOCKHOLDERS' EQUITY (Details)	Jun. 30, 2026 $ / shares shares	May 31, 2026 vote $ / shares shares	Dec. 31, 2025 $ / shares shares
Class of Stock [Line Items]
Authorized (in shares)		750,000,000
Common stock, authorized (in shares)		650,000,000
Common stock, par value (in usd per share) \| $ / shares		$ 0.00001
Preferred stock, authorized (in shares)	100,000,000	100,000,000	0
Preferred stock, par value (in usd per share) \| $ / shares	$ 0.00001	$ 0.00001	$ 0.00001
Series A Common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	600,000,000	600,000,000	32,000,000
Common stock, par value (in usd per share) \| $ / shares	$ 0.00001		$ 0.00001
Voting rights, number of votes \| vote		10
Series B Common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in usd per share) \| $ / shares	$ 0.00001		$ 0.00001
Voting rights, number of votes \| vote		1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

STOCK BASED COMPENSATION

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

STOCK BASED COMPENSATION

Stock-based compensation expense for the three and six months ended June 30, 2026, and 2025 was classified in the Company’s condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	101	$	218	$	341	$	565
Selling, general and administrative	937		1,531		2,231		5,041
Total	$	1,038	$	1,749	$	2,572	$	5,606

Share options

During the six months ended June 30, 2026, the Company granted stock options for the purchase of 123,185 shares of Series A Common Stock with a weighted average exercise price of $6.94 per share and a weighted average grant-date fair value of $6.88 per share. As of June 30, 2026, the unrecognized compensation cost related to outstanding stock options was $8.4 million, which is expected to be recognized over a weighted-average period of 2.7 years.

NET LOSS PER COMMON SHARE

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

NET LOSS PER COMMON SHARE

Basic loss per share (“EPS”) is computed by dividing net loss available to common stockholders by the weighted‑average number of shares of common stock outstanding. Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of all potentially dilutive shares of common stock. The dilutive effect of the Private Warrants is computed using the “treasury stock” method. Gains associated with the changes in the fair value of the Private Warrants are excluded from the numerator in computing diluted earnings per share because inclusion of such gains in the computation would be anti‑dilutive (in thousands, except share and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Basic EPS:
Numerator:
Net loss	$	(11,341)	$	(10,569)	$	(19,916)	$	(23,439)

Denominator:
Weighted average number of shares of common stock outstanding	18,594,006		18,423,699		18,571,685		18,486,699

Diluted EPS:
Numerator:
Net loss	$	(11,341)	$	(10,569)	$	(19,916)	$	(23,439)
Adjust for: Change in fair value of Private Warrant liability	(4,738)		—		(4,738)		—
Adjusted net loss	$	(16,079)	$	(10,569)	$	(24,654)	$	(23,439)

Denominator:
Weighted average number of shares of common stock outstanding	18,594,006		18,423,699		18,571,685		18,486,699
Dilutive effect of warrants - treasury stock method	340,273		—		171,076		—
Weighted average diluted shares of common stock outstanding	18,934,279		18,423,699		18,742,761		18,486,699

Basic loss per share:	$	(0.61)	$	(0.57)	$	(1.07)	$	(1.27)

Diluted loss per share:	$	(0.85)	$	(0.57)	$	(1.32)	$	(1.27)

The following common stock equivalents were excluded from the calculation of diluted loss per share attributable to common stockholders because their inclusion would have been anti-dilutive:


	As of June 30,
	2026	2025
Series A-1 redeemable convertible preferred stock	—	4,528,900
Series A-2 redeemable convertible preferred stock	—	8,665,524
Series B-1 redeemable convertible preferred stock	—	9,972,682
Series C-1 redeemable convertible preferred stock	—	13,098,851
Series C-2 redeemable convertible preferred stock	—	9,221,245
Series D redeemable convertible preferred stock	—	21,827,755
Series B-1 and Series D redeemable convertible preferred stock warrants	—	1,084,228
Public Warrants	13,800,000	—
Options to purchase Series A Common Stock	19,589,342	18,180,825
Restricted stock units	5,116,217	5,190,513

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2026
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Collaboration Arrangements Uwe Keller, a member of the Company’s Board of Directors, represents Mercedes-Benz who is an investor in the Company’s Series A Common Stock. For the three and six months ended June 30, 2026, the Company recognized no expense reimbursements for the services provided under the JDA with Mercedes-Benz. For the three and six months ended June 30, 2025, the Company recognized $0.1 million and $0.1 million in expense reimbursements for the services provided under the JDA with Mercedes-Benz, which are recorded net within research and development expenses on the condensed consolidated statements of operations and comprehensive loss. There were no amounts due from Mercedes-Benz as of June 30, 2026, and December 31, 2025. Jon Nelson, a member of the Company’s Board of Directors, represents Stellantis who is an investor in the Company’s Series A Common Stock. For the three and six months ended June 30, 2026, the Company recognized an insignificant amount in expense reimbursements for the services provided under the JDA with Stellantis. For the three and six months ended June 30, 2025, the Company recognized no expense reimbursements for the services provided under the JDA with Stellantis. There were no amounts due from Stellantis as of June 30, 2026. Amounts due from Stellantis totaled $1.0 million which are included in receivables under collaboration agreements on the condensed consolidated balance sheets as of December 31, 2025. In August 2025, the Company modified its existing JDA with Stellantis. The modified JDA required the Company to make a $2.0 million payment to Stellantis for services related to the production and testing of a demo fleet, offsetting an investment of an equal amount in the purchase of August 2025 Notes described in Note 7 - Convertible Promissory Notes - Related Parties above. The Company and Stellantis jointly developed a production timeline as outlined in the agreement, which includes deliverables of Stellantis to the Company through June 2027 such as, module and pack safety reports, battery management system results, installation and retrofitting of test cells, and validation results of the demo fleet. In December 2025, the Company prepaid $2.0 million to Stellantis for these services. As of June 30, 2026, and December 31, 2025, there was $0.7 million and $1.0 million included in prepaid expenses and other current assets, and an insignificant amount included in other non-current assets, respectively, on the condensed consolidated balance sheets. During the three and six months ended June 30, 2026, $0.2 million and $0.4 million was recognized as part of the agreement and is included in research and development expenses on the condensed consolidated statements of operations and comprehensive loss. Consulting Arrangements In March of 2020, the Company entered into a consulting services agreement with Joseph Taylor who also serves as Executive Chairman of the Company’s Board of Directors. For the three months ended June 30, 2026 and 2025, the Company incurred $0.1 million and $0.1 million, and for the six months ended June 30, 2026 and 2025, the Company incurred $0.2 million and $0.1 million, respectively, in expenses for consulting services provided by Joseph Taylor recorded within selling, general and administrative expenses on the condensed consolidated statements of operations and comprehensive loss. Amounts due to Joseph Taylor totaled $0.2 million as of December 31, 2025, and are included in accounts payable.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

+ Details

WARRANTS (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 05, 2026	Jun. 04, 2026	Nov. 30, 2021	Oct. 28, 2019
Series B-1
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)					19,930
Exercise price (in usd per share)					$ 0.81
Series B-1 \| Series A Common stock
Class of Warrant or Right [Line Items]
Number of securities called by warrants or rights (in shares)		71,779
Series D
Class of Warrant or Right [Line Items]
Exercise price (in usd per share)				$ 27.21
Series D \| Series A Common stock
Class of Warrant or Right [Line Items]
Number of securities called by warrants or rights (in shares)		291,066	79,344	137,814
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	13,800,000
Exercise price (in usd per share)	$ 11.50
Redemption, exercise price threshold (in usd per share)	18.00
Redemption, price per share (in usd per share)	$ 0.01
Redemption period	30 days
Redemption, threshold consecutive trading days	20 days
Redemption, threshold trading days	30 days
Redemption, threshold volume weighted average price trading days	10 days
Warrants outstanding	$ 3.1
Public Warrants \| Series A Common stock
Class of Warrant or Right [Line Items]
Number of securities called by each warrant or right (in shares)	1
Warrants for Series A
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	6,800,000
Redemption, price per share (in usd per share)	$ 0.01
Redemption, threshold consecutive trading days	10 days

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Leases The Company’s leases include various operating leases for offices, laboratory space, and storage space, expiring at various dates through November 2032. Many leases include one or more options to renew. The Company does not assume renewals in the determination of the lease term unless the renewals are deemed to be reasonably certain. The Company’s finance lease for the facility in Methuen, Massachusetts was terminated in October 2025. Fixed rent generally escalates each year, and the Company is responsible for a portion of the landlords’ operating expenses such as property tax, insurance, and common area maintenance. For additional information, please read Note 8, Commitments and Contingencies, to the audited financial statements included in the Company’s audited annual consolidated financial statements for the year ended December 31, 2025, included in the proxy statement/prospectus filed by CGC on May 6, 2026. Private Issuance The Company entered into an agreement with Clear Street LLC (“Clear Street”) in June 2026, pursuant to which Clear Street agreed to act as capital markets advisor to the Company for a term of twelve months. As consideration for these services, the agreement provides for the issuance to Clear Street of 100,000 shares of the Company’s Series A Common Stock. As of June 30, 2026, certain awards covering 100,000 shares of common stock remained subject to pending authorization of the underlying shares. Because the grant-date criteria under ASC Topic 718, Compensation—Stock Compensation (“ASC 718”). had not been satisfied, the awards were accounted for as liability-classified awards and remeasured to fair value at June 30, 2026. As of June 30, 2026, the Company has recorded a $1.1 million liability within accrued expenses on the Company’s condensed consolidated balance sheet. The liability is subject to remeasurement under ASC 718 until the shares are authorized and issued. Legal Proceedings From time to time, the Company may be subject to legal claims or be party to legal proceedings arising in the normal course of business. While the outcome of such claims or proceedings cannot be predicted with certainty, the Company’s management expects that any such liabilities, to the extent not provided for by insurance or otherwise, would not have a material effect on the Company’s financial condition, results of operations or cash flows. The Company is party to an arbitration, initiated on March 14, 2025, before the International Centre for Dispute Resolution. A hearing was conducted in June 2026, and post-hearing submissions were made in July 2026. The hearing is regarding a contractual dispute in which a vendor is seeking $4.9 million in damages, interest, and other relief. The Company does not believe that such payment is owed, is defending against such claims, and it has asserted counterclaims. The Company believes that a loss is neither probable nor remote and is unable to reasonably estimate the amount or range of possible loss due to the stage of the proceedings and the uncertainty regarding the resolution of the competing claims.

FAIR VALUE MEASURES - Schedule Of Level 3 Changes In Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Warrant Liabilities \| Series B-1
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value outstanding	$ 0	$ 608
Reclassification of Warrant liability for Series A Common Stock from equity to liability	0
Issuance of convertible promissory notes	0
Change in fair value	137
Conversion to shares of Series A Common Stock	(745)
Ending balance	0
Warrant Liabilities \| Series D
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value outstanding	0	2,770
Reclassification of Warrant liability for Series A Common Stock from equity to liability	0
Issuance of convertible promissory notes	0
Change in fair value	262
Conversion to shares of Series A Common Stock	(3,032)
Ending balance	0
Warrant Liabilities \| Warrants for Series A
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value outstanding	44,616	0
Reclassification of Warrant liability for Series A Common Stock from equity to liability	49,354
Issuance of convertible promissory notes	0
Change in fair value	(4,738)
Conversion to shares of Series A Common Stock	0
Ending balance	44,616
Convertible Promissory Notes \| Related Party
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value outstanding	0	18,889
Reclassification of Warrant liability for Series A Common Stock from equity to liability	0
Issuance of convertible promissory notes	0
Change in fair value	3,791
Conversion to shares of Series A Common Stock	(22,680)
Ending balance	0
Convertible Promissory Notes \| Nonrelated Party
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value outstanding	0	$ 0
Reclassification of Warrant liability for Series A Common Stock from equity to liability	0
Issuance of convertible promissory notes	5,340
Change in fair value	1,264
Conversion to shares of Series A Common Stock	(6,604)
Ending balance	$ 0

ACCRUED EXPENSES

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

ACCRUED EXPENSES

Accrued expenses consisted of the following (in thousands):


	As of
	June 30, 2026		December 31, 2025
Accrued compensation and benefits	$	1,150	$	760
Accrued legal and professional	1,404		239
Accrued private issuance liability	1,109		—
Accrued transaction costs	—		1,423
Accrued other	772		559
Total accrued expenses	$	4,435	$	2,981

NET LOSS PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Basic EPS:
Numerator:
Net loss	$	(11,341)	$	(10,569)	$	(19,916)	$	(23,439)

Denominator:
Weighted average number of shares of common stock outstanding	18,594,006		18,423,699		18,571,685		18,486,699

Diluted EPS:
Numerator:
Net loss	$	(11,341)	$	(10,569)	$	(19,916)	$	(23,439)
Adjust for: Change in fair value of Private Warrant liability	(4,738)		—		(4,738)		—
Adjusted net loss	$	(16,079)	$	(10,569)	$	(24,654)	$	(23,439)

Denominator:
Weighted average number of shares of common stock outstanding	18,594,006		18,423,699		18,571,685		18,486,699
Dilutive effect of warrants - treasury stock method	340,273		—		171,076		—
Weighted average diluted shares of common stock outstanding	18,934,279		18,423,699		18,742,761		18,486,699

Basic loss per share:	$	(0.61)	$	(0.57)	$	(1.07)	$	(1.27)

Diluted loss per share:	$	(0.85)	$	(0.57)	$	(1.32)	$	(1.27)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following common stock equivalents were excluded from the calculation of diluted loss per share attributable to common stockholders because their inclusion would have been anti-dilutive:


	As of June 30,
	2026	2025
Series A-1 redeemable convertible preferred stock	—	4,528,900
Series A-2 redeemable convertible preferred stock	—	8,665,524
Series B-1 redeemable convertible preferred stock	—	9,972,682
Series C-1 redeemable convertible preferred stock	—	13,098,851
Series C-2 redeemable convertible preferred stock	—	9,221,245
Series D redeemable convertible preferred stock	—	21,827,755
Series B-1 and Series D redeemable convertible preferred stock warrants	—	1,084,228
Public Warrants	13,800,000	—
Options to purchase Series A Common Stock	19,589,342	18,180,825
Restricted stock units	5,116,217	5,190,513

REVERSE RECAPITALIZATION

6 Months Ended

Jun. 30, 2026

Reverse Recapitalization [Abstract]

Reverse Recapitalization

REVERSE RECAPITALIZATION

Immediately prior to the de-SPAC Transaction described in Note 1 – The Company, CGC issued and sold to investors in the PIPE Financing 7,519,404 shares of its common stock for gross proceeds of $64.7 million. In connection with the de-SPAC Transaction, the Company received a total for $47.4 million in proceeds from the trust account previously held by CGC (the “Trust Account”). The Company incurred $1.3 million in transaction costs paid in cash prior to the Closing Date of the Merger, which are recorded to additional paid-in capital. On the Closing Date of the Merger, the Company incurred de-SPAC Transaction costs of $20.1 million, consisting of legal, accounting, and other professional fees, which were recorded to additional paid-in capital as a reduction of the deemed proceeds from the reverse recapitalization, the PIPE Financing, and the Trust Account.

The Company accounted for the Merger, described in Note 1 - The Company, under ASC 805, Business Combinations, and related guidance and determined that Legacy Factorial is the accounting acquirer for financial reporting purposes. Accordingly, these unaudited condensed consolidated financial statements of the Company are presented as a continuation of the financial statements of Legacy Factorial, except for the legal capital structure, which was retroactively recast to reflect the equity structure of the Company. The de-SPAC Transaction is presented as the issuance of common stock by the Company for the net assets of CGC and proceeds from the PIPE Financing, accompanied by a recapitalization and a change in the reporting entity. The net assets of CGC were recorded at historical cost as of the Closing date, with no goodwill or other intangible assets recognized. All shares and per-share amounts for periods prior to the Merger have been retroactively recast, where applicable, to reflect the exchange ratio established in the BCA of approximately 3.6684 (“Consideration Ratio”).

Upon the effective time of the Merger (“Merger Effective Time”), the following occurred with respect to the equity of Legacy Factorial:

•At the Merger Effective Time, each share of common stock of Legacy Factorial (“Legacy Factorial Common Stock”) that was issued and outstanding as of immediately prior to the Merger Effective Time (excluding treasury shares, dissenting shares and shares held by Dr. Siyu Huang, Factorial’s Co-Founder and Chief Executive Officer and Dr. Alex Yu, Factorial’s Co-Founder and Chief Technology Officer (together, the “Legacy Factorial Founders”) was automatically canceled and converted into the right to receive a corresponding number of shares of Series A Common Stock equal to the Consideration Ratio and each share of Legacy Factorial’s capital stock that was issued and outstanding as of immediately prior to the Merger Effective Time held by the Legacy Factorial Founders was automatically canceled and converted into the right to receive a corresponding number of shares of Factorial’s Series B common stock, par value $0.00001 per share (the “Series B Common Stock,” and together with the Series A Common Stock, the “Factorial Energy Common Stock”) equal to the Consideration Ratio;

•The number of shares of Legacy Factorial Common Stock set forth in the above gave effect to:

◦The conversion of each outstanding convertible debt instrument including accrued interest (including the Convertible Promissory Notes - Related Parties and Convertible Promissory Notes (together the “Legacy Factorial Convertible Notes”)) into Legacy Factorial Common Stock pursuant to its terms, see Note 7 - Convertible Promissory Notes - Related Parties and Note 8 - Convertible Promissory Notes for details;

◦The conversion of each issued and outstanding share of Series A-1, Series A-2, Series B-1, Series C-1, Series C-2, and Series D redeemable convertible preferred stock (together the “Legacy Factorial Preferred Stock”) into a number of shares of Legacy Factorial Common Stock in accordance with the terms of Section 5.1 of the Factorial Certificate of Incorporation in effect immediately prior to the Merger Effective Time; and

◦The conversion of each issued and outstanding Series B-1 and Series D warrants (together the “Legacy Factorial Warrants”) into a number of shares of Legacy Factorial Common Stock in accordance with the terms of the corresponding warrant agreements, see Note 12 - Warrants for details;

•Each share of Legacy Factorial Common Stock held immediately prior to the Merger Effective Time by Legacy Factorial as treasury stock was automatically cancelled and extinguished, and no consideration was paid with respect thereto;

•Each share of capital stock of Merger Sub issued and outstanding immediately prior to the Merger Effective Time was automatically cancelled and extinguished and converted into one share of Factorial Energy Common Stock;

•Each outstanding and unexercised vested and unvested option to purchase shares of Legacy Factorial Common Stock (each, a “Legacy Factorial Option”) to purchase shares of Legacy Factorial Common Stock became a Factorial Option containing the same terms, conditions, vesting and other provisions as were historically applicable to such Legacy Factorial Options and each resulting Factorial Option became exercisable for the number of shares of Series A Common Stock equal to the Consideration Ratio multiplied by the number of shares of Legacy Factorial Common Stock subject to the Legacy Factorial Option as of immediately prior to the Merger Effective Time, rounded down to the nearest whole share, at an exercise price equal to the per share exercise price of the Legacy Factorial Option divided by the Consideration Ratio, rounded up to the nearest whole cent; and

•Each restricted stock unit award with respect to Legacy Factorial Common Stock (each, a “Legacy Factorial RSU”) that was outstanding was cancelled in exchange for a restricted stock unit award with respect to Series A Common Stock (“Factorial RSU”) under the Factorial Energy Inc. 2026 Equity Incentive Plan (the “2026 Plan”) containing the same terms, conditions, vesting and other provisions as were historically applicable to such Legacy Factorial RSU, and each resulting Factorial RSU will settle into a number of shares of Series A Common Stock equal to a number of shares of Series A Common Stock as set forth on an allocation schedule, rounded down to the nearest whole share.

As a result of the Merger, the following shares were issued at the Merger Effective Time, exclusive of Legacy Factorial Common Stock and Legacy Factorial Preferred Stock that were converted into Series A Common Stock and Series B Common Stock were reflected retroactively for all periods presented:


	Amount		Series A Common Stock
Legacy Factorial Convertible Notes and accrued interest	$	29,284	2,811,447
Series B-1 and Series D warrants	3,777		362,625
Issuance of Series A Common Stock in connection with the reverse recapitalization and PIPE Financing, net of issuance costs	90,624		17,940,207
Total	$	123,685	21,114,279

Immediately after the Merger, the Company’s outstanding common stock included the following components:


	Total Combined Shares	Series A Common Stock	Series B Common Stock
CGC's Public Shareholders(1)	4,548,687	4,548,687	—
Sponsor and Director Co(2)	5,810,000	5,810,000	—
PIPE Institutional Investor(3)	6,340,000	6,340,000	—
PIPE Sponsor Investor(4)	1,179,404	1,179,404	—
Factorial Shareholders(5)	89,083,034	73,570,292	15,512,742
Cantor Advisory Fee(6)	62,118	62,118	—
Total shares outstanding	107,023,243	91,510,501	15,512,742

(1)Reflects redemption of 23,051,313 CGC Class A Shares out of the 27,600,000 CGC Class A Shares available for redemption by CGC Public Shareholders prior to the Closing. Note that the 4,548,687 shares presented herein include an aggregate of 3,470,764 CGC Class A Shares (the “NRA Shares”) that a certain institutional investor (the “Institutional Investor”) and an affiliate of CGC III Sponsor LLC, a Cayman Islands limited liability company (the “Sponsor” and such affiliate, the “Sponsor Investor”) purchased prior to the Closing to partially satisfy their PIPE Financing obligations.

(2)Amount includes 5,710,000 Class B ordinary shares of CGC, par value $0.0001 per share (the “Founder Shares”) held by the Sponsor and 100,000 Founder Shares held by CGC III Sponsor DirectorCo LLC, a Cayman limited liability company managed by the Sponsor(in which, each of CGC’s independent directors hold an interest in 30,000 Founder Shares).

(3)Amount includes (i) the Institutional Investor’s subscription for 5,500,000 shares of Series A Common Stock at a subscription price of $10.00 per share; plus (ii) the constructive transfer at the Closing of an aggregate of 750,000 shares of Series A Common Stock from the Sponsor to the Institutional Investor; and plus (iii) an aggregate of 90,000 shares of Series A Common Stock constructively transferred to the Institutional Investor by the Sponsor as part of a certain letter agreement. The effective subscription price of the Institutional Investor is $8.68 per share, taking into account the foregoing transfers from the Sponsor.

(4)Amount includes (i) the Sponsor Investor’s subscription for 929,404 shares of Series A Common Stock at a subscription price equal to the redemption price of $10.42 per share; plus (ii) the constructive transfer at the Closing of an aggregate of 250,000 shares of Series A Common Stock from the Sponsor to the Sponsor Investor. The effective subscription price of the Sponsor Investor is $8.21 per share, taking into account the foregoing transfer from the Sponsor.

(5)Includes (i) an aggregate of 3,081,263 shares of Series A Common Stock issued to holder of Legacy Factorial Common Stock from conversion of Legacy Factorial Common Stock based upon the Consideration Ratio; (ii) an aggregate of 15,512,742 shares of Series B Common Stock issued to the Factorial Founders from the exchange of shares of Legacy Factorial Common Stock based upon the Consideration Ratio; (iii) an aggregate of 67,314,957 shares of Series A Common Stock issued to holders of Legacy Factorial Preferred Stock from the exchange of shares of Legacy Factorial Preferred Stock; (iv) an aggregate of 2,811,447 shares of Series A Common Stock issued to holders of the Legacy Factorial Convertible Notes from conversion of the Legacy Factorial Convertible Notes along with accrued interest into shares of Legacy Factorial Common Stock immediately before the Merger and the subsequent exchange into shares of Series A Common Stock; and (v) an aggregate of 362,625 shares of Series A Common Stock issued to holders of the Legacy Factorial Warrants from their cashless exercise of the warrants for shares of Legacy Factorial Preferred Stock and converted into shares of Legacy Factorial Common Stock immediately before the Merger and subsequent exchange for Series A Common Stock.

(6)Amount includes 62,118 shares of Series A Common Stock issued to Cantor pursuant to the financial advisor engagement letter as outlined in the Company’s the S-4 filed on June 11, 2026.

REVERSE RECAPITALIZATION - Schedule Of Common Stock Outstanding After Merger (Details) - $ / shares	Jun. 05, 2026	Jun. 04, 2026	Jun. 30, 2026	May 31, 2026	Dec. 31, 2025
Schedule Of Reverse Recapitalization [Line Items]
Issued and sold (in shares)	7,519,404
Converted, reverse recapitalization (in shares)	89,083,034
Common stock, outstanding (in shares)	107,023,243
Common stock, par value (in usd per share)				$ 0.00001
Sponsor and Director Co
Schedule Of Reverse Recapitalization [Line Items]
Issued during period, acquisition (in shares)	5,810,000
PIPE Institutional Investor
Schedule Of Reverse Recapitalization [Line Items]
Issued and sold (in shares)	6,340,000
Issued and sold (in usd per share)	$ 8.68
PIPE Institutional Investor \| Subscription Agreements
Schedule Of Reverse Recapitalization [Line Items]
Issued and sold (in shares)	5,500,000
Issued and sold (in usd per share)	$ 10.00
PIPE Institutional Investor \| Reverse Recapitalization
Schedule Of Reverse Recapitalization [Line Items]
Issued and sold (in shares)	750,000
PIPE Institutional Investor \| Letter Agreement
Schedule Of Reverse Recapitalization [Line Items]
Issued and sold (in shares)	90,000
PIPE Sponsor Investor
Schedule Of Reverse Recapitalization [Line Items]
Issued and sold (in shares)	1,179,404
Issued and sold (in usd per share)	$ 8.21
PIPE Sponsor Investor \| Subscription Agreements
Schedule Of Reverse Recapitalization [Line Items]
Issued and sold (in shares)	929,404
Redemption price (in usd per share)	$ 10.42
PIPE Sponsor Investor \| Reverse Recapitalization
Schedule Of Reverse Recapitalization [Line Items]
Issued and sold (in shares)	250,000
Cantor Advisory Fee
Schedule Of Reverse Recapitalization [Line Items]
Issued for services (in shares)	62,118
Sponsor Members
Schedule Of Reverse Recapitalization [Line Items]
Issued during period, acquisition (in shares)	5,710,000
Director Members
Schedule Of Reverse Recapitalization [Line Items]
Issued during period, acquisition (in shares)	100,000
Series A Common stock
Schedule Of Reverse Recapitalization [Line Items]
Converted, reverse recapitalization (in shares)	73,570,292
Common stock, outstanding (in shares)	91,510,501		91,510,501		18,486,699
Common stock, par value (in usd per share)			$ 0.00001		$ 0.00001
Series A Common stock \| Sponsor and Director Co
Schedule Of Reverse Recapitalization [Line Items]
Issued during period, acquisition (in shares)	5,810,000
Series A Common stock \| PIPE Institutional Investor
Schedule Of Reverse Recapitalization [Line Items]
Issued and sold (in shares)	6,340,000
Series A Common stock \| PIPE Sponsor Investor
Schedule Of Reverse Recapitalization [Line Items]
Issued and sold (in shares)	1,179,404
Series A Common stock \| Cantor Advisory Fee
Schedule Of Reverse Recapitalization [Line Items]
Issued for services (in shares)	62,118
Series A Common stock \| Legacy Factorial Common Stock Shareholders
Schedule Of Reverse Recapitalization [Line Items]
Converted, reverse recapitalization (in shares)	3,081,263
Series A Common stock \| Legacy Factorial Preferred Stock Shareholders
Schedule Of Reverse Recapitalization [Line Items]
Converted, reverse recapitalization (in shares)	67,314,957
Series A Common stock \| Legacy Factorial Convertible Notes Shareholders
Schedule Of Reverse Recapitalization [Line Items]
Converted, reverse recapitalization (in shares)	2,811,447
Series A Common stock \| Factorial Warrants Shareholders
Schedule Of Reverse Recapitalization [Line Items]
Converted, reverse recapitalization (in shares)	362,625
Series B Common stock
Schedule Of Reverse Recapitalization [Line Items]
Converted, reverse recapitalization (in shares)	15,512,742
Common stock, outstanding (in shares)	15,512,742		15,512,742		15,512,742
Common stock, par value (in usd per share)			$ 0.00001		$ 0.00001
Series B Common stock \| Sponsor and Director Co
Schedule Of Reverse Recapitalization [Line Items]
Issued during period, acquisition (in shares)	0
Series B Common stock \| PIPE Institutional Investor
Schedule Of Reverse Recapitalization [Line Items]
Issued and sold (in shares)	0
Series B Common stock \| PIPE Sponsor Investor
Schedule Of Reverse Recapitalization [Line Items]
Issued and sold (in shares)	0
Series B Common stock \| Cantor Advisory Fee
Schedule Of Reverse Recapitalization [Line Items]
Issued for services (in shares)	0
Series B Common stock \| Sponsor Members
Schedule Of Reverse Recapitalization [Line Items]
Common stock, par value (in usd per share)	$ 0.0001
Cartesian Growth Corporation (“CGC”)
Schedule Of Reverse Recapitalization [Line Items]
Issued during period, acquisition (in shares)	4,548,687
Repurchased during period (in shares)		23,051,313
Common stock, outstanding (in shares)	4,548,687	27,600,000
Cartesian Growth Corporation (“CGC”) \| Director Members
Schedule Of Reverse Recapitalization [Line Items]
Issued during period, acquisition (in shares)	30,000
Cartesian Growth Corporation (“CGC”) \| Series A Common stock
Schedule Of Reverse Recapitalization [Line Items]
Issued during period, acquisition (in shares)	4,548,687
Cartesian Growth Corporation (“CGC”) \| Series B Common stock
Schedule Of Reverse Recapitalization [Line Items]
Issued during period, acquisition (in shares)	0
Common stock, par value (in usd per share)			$ 0.0001
Cartesian Growth Corporation (“CGC”) \| Cartesian Growth Corporation (“CGC”) Series A Shares (“NRA Shares”)
Schedule Of Reverse Recapitalization [Line Items]
Common stock, outstanding (in shares)	3,470,764

THE COMPANY	6 Months Ended
THE COMPANY	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
THE COMPANY	THE COMPANY Nature of Operations Factorial Energy Inc. (“Factorial”, the “Company”, or “we”), formerly known as Cartesian Growth Corporation III (“CGC”), is a developer and manufacturer of advanced battery energy storage technologies and solid-state battery (“SSB”) technology. The technologies developed are expected to create a more sustainable future with high-performance batteries for electric vehicles, homes, and critical applications. de-SPAC Transaction On December 17, 2025, CGC, Fenway MS, Inc., a Delaware corporation (“Merger Sub”), and Factorial Inc. (“Legacy Factorial”), entered into a Business Combination Agreement (as amended, the “BCA”). CGC, a publicly traded special purpose acquisition company (“SPAC”) was listed on the Nasdaq Capital Market under the ticker symbol “CGCT”. On June 5, 2026 (the "Closing Date"), the Merger Sub, a wholly-owned subsidiary of CGC, merged with and into Legacy Factorial, with Legacy Factorial surviving the merger as a wholly-owned subsidiary of CGC (the “Merger”). In connection with the Merger, CGC was renamed Factorial Energy Inc. The Company became listed on the Nasdaq Capital Market under the new ticker symbol “FAC” (“de-SPAC Transaction”) and subsequently upgraded to the Nasdaq Global Market (together with the Nasdaq Capital Market, “Nasdaq”). The Company received gross proceeds of approximately $112.1 million in connection with the de-SPAC Transaction and the sale of a private placement (the “PIPE Financing”) of Class A ordinary shares of CGC, par value $0.0001 per share (the “CGC Class A Shares”), prior to the payment of transaction expenses (“de-SPAC and PIPE Proceeds”) of $20.1 million. As discussed in Note 3 - Reverse Recapitalization, the de-SPAC Transaction was accounted for as a reverse recapitalization with Factorial being the accounting acquirer, and CGC identified as the acquired company for accounting purposes. Accordingly, prior to the Closing Date, all historical financial information presented in the unaudited condensed consolidated financial statements represents the balances and activity of Legacy Factorial. Basis of Presentation The accompanying interim condensed consolidated financial statements and notes to the condensed consolidated financial statements have been prepared in accordance with accounting standards generally accepted in the United States of America (“U.S. GAAP”) for interim financial information as organized in the Accounting Standards Codification (“ASC”) administrated by the Financial Accounting Standards Board (“FASB”). The accompanying interim Condensed Consolidated Balance Sheet as of June 30, 2026, the interim Condensed Consolidated Statements of Operations and Comprehensive Loss, Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) for the three and six months ended June 30, 2026 and 2025, and the interim Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025, 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’s opinion, include adjustments consisting of only normal recurring adjustments, excluding the de-SPAC Transaction described in Note 3 - Reverse Recapitalization, necessary for the fair statement of the Company’s financial position as of June 30, 2026 and its result of operations for the three and six months ended June 30, 2026 and 2025 are not necessarily indicative of the results to be expected for the full fiscal year or any other period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s audited annual consolidated financial statements for the year ended December 31, 2025, included in the proxy statement/prospectus filed by CGC on May 6, 2026. The accounting policies applied in the preparation of these interim condensed consolidated financial statements are consistent with those disclosed in the Company’s audited consolidated financial statements and accompanying notes. The disclosures provided herein include only those policies that have been newly adopted or updated during the interim period, if any. Prior to the receipt of the de-SPAC and PIPE Proceeds, the Company determined that its existing liquidity was not sufficient to fund operations for at least twelve months from the date of issuance of its audited annual consolidated financial statements, which raised substantial doubt about the Company’s ability to continue as a going concern. The Company has experienced net losses and negative cash flows from operations since its inception. The Company expects it will continue to incur significant costs including research and development expenses related to its ongoing operations until it successfully develops a commercial product and achieves revenues adequately to support the Company’s operations. However, Factorial believes that its cash on hand, including the net proceeds from the de-SPAC and PIPE Proceeds, will be sufficient to meet its working capital and capital expenditure requirements for a period of at least twelve months from the date of this filing. Accordingly, management has concluded that the substantial doubt about the Company’s ability to continue as a going concern has been alleviated. Factorial may, however, need additional cash resources due to changed business conditions or other developments, including unanticipated delays in negotiations with Original Equipment Manufacturers (“OEMs”) and tier-one automotive suppliers or other suppliers, supply chain challenges, competitive pressures, and regulatory or permitting developments, among other possible developments. To the extent that Factorial’s current resources are insufficient to satisfy its cash requirements, Factorial may need to seek additional equity or debt financing. If the financing is not available, or if the terms of financing are less desirable than Factorial expects, Factorial may be forced to decrease its level of investment in product development or scale back its operations.

REVERSE RECAPITALIZATION (Tables)

6 Months Ended

Jun. 30, 2026

Reverse Recapitalization [Abstract]

Schedule Of Reverse Recapitalization

Immediately after the Merger, the Company’s outstanding common stock included the following components:


	Total Combined Shares	Series A Common Stock	Series B Common Stock
CGC's Public Shareholders(1)	4,548,687	4,548,687	—
Sponsor and Director Co(2)	5,810,000	5,810,000	—
PIPE Institutional Investor(3)	6,340,000	6,340,000	—
PIPE Sponsor Investor(4)	1,179,404	1,179,404	—
Factorial Shareholders(5)	89,083,034	73,570,292	15,512,742
Cantor Advisory Fee(6)	62,118	62,118	—
Total shares outstanding	107,023,243	91,510,501	15,512,742

(6)Amount includes 62,118 shares of Series A Common Stock issued to Cantor pursuant to the financial advisor engagement letter as outlined in the Company’s the S-4 filed on June 11, 2026.

SEGMENT INFORMATION - Schedule Of Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Research and development expense	$ (6,582)		$ (6,745)		$ (8,524)	$ (13,499)
Depreciation expense	(920)		(1,987)		(1,802)	(3,971)
Loss from operations	(12,961)		(11,402)		(19,452)	(24,524)
Total other income (expenses), net	1,620		833		(464)	1,085
Net loss	(11,341)	$ (8,575)	(10,569)	$ (12,870)	(19,916)	(23,439)
Reportable Segment
Segment Reporting [Line Items]
Reimbursement from JDAs and others	198		214		3,608	248
Payroll expense	(5,880)		(5,949)		(11,740)	(14,082)
Occupancy expense	(1,039)		(1,516)		(1,898)	(3,013)
Professional service expense	(3,028)		(673)		(3,944)	(1,279)
Research and development expense	(1,617)		(991)		(2,550)	(1,528)
Depreciation expense	(920)		(1,987)		(1,802)	(3,971)
Other operating expense	(675)		(500)		(1,126)	(899)
Loss from operations	(12,961)		(11,402)		(19,452)	(24,524)
Total other income (expenses), net	1,620		833		(464)	1,085
Net loss	$ (11,341)		$ (10,569)		$ (19,916)	$ (23,439)

REDEEMABLE CONVERTIBLE PREFERRED STOCK

6 Months Ended

Jun. 30, 2026

Temporary Equity Disclosure [Abstract]

REDEEMABLE CONVERTIBLE PREFERRED STOCK

Prior to the Merger (see Note 3 — Reverse Recapitalization), Legacy Factorial had outstanding shares of redeemable convertible preferred stock across four series: Series A, Series B-1, Series C, and Series D (collectively, the "Preferred Stock"). The rights, preferences, and privileges of the Preferred Stock, including dividend, liquidation, conversion, voting, and redemption features, are described in the Company's annual report for the year ended December 31, 2025 included in the Company’s Registration Statement on Form S-4/A.

Immediately prior to the closing of the Merger, all outstanding shares of Preferred Stock automatically converted into an equivalent number of shares of Legacy Factorial common stock on a one-to-one basis. As the conversion occurred pursuant to the Preferred Stock's original terms rather than as a result of a deemed liquidation event, no accretion to redemption value was recognized in connection with the conversion, and the Company recognized no gain or loss upon conversion. The aggregate carrying value was $249.7 million, which was unchanged from December 31, 2025 was reclassified into stockholders’ deficit on our condensed consolidated balance sheet.

Following the conversion, and in connection with the Merger, the converted shares of Legacy Factorial common stock were converted into shares of the Series A Common Stock at the Exchange Ratio (as defined in Note 3 — Reverse Recapitalization). As a result, no shares of Preferred Stock remain authorized, issued, or outstanding as of June 30, 2026, and the Company has no shares of preferred stock designated or outstanding as of that date.

The following table summarizes activity related to the Preferred Stock for the six months ended June 30, 2026:


	Shares Outstanding as of	Conversion	Factorial
	December 31, 2025	Ratio	Shares Issued
Series A-1	1,234,568	3.6684	4,528,900
Series A-2	2,362,204	3.6684	8,665,524
Series B-1	2,718,539	3.6684	9,972,682
Series C-1	3,570,724	3.6684	13,098,851
Series C-2	2,513,698	3.6684	9,221,245
Series D	5,950,204	3.6684	21,827,755
Total	18,349,937		67,314,957

STOCKHOLDERS' EQUITY	6 Months Ended
STOCKHOLDERS' EQUITY	Jun. 30, 2026
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY Common Stock In May 2026, in connection with the de-SPAC Transaction, the Company filed a new certificate of incorporation, which authorized the issuance of up to 750,000,000, which shall consist of two classes as follows: 650,000,000 shares designated as common stock, par value $0.00001 per share, which is subdivided into two series consisting of 600,000,000 shares designated as Series A Common Stock and 50,000,000 shares designated as Series B Common Stock; and 100,000,000 shares designated as preferred stock, par value $0.00001 per share. Each share of Series A Common Stock entitles the holder to one vote, and each share of Series B Common Stock entitles the holder to 10 votes, on all matters submitted to a vote of the Company’s stockholders.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (g)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S50
-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481520/505-30-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

+ Details

REVERSE RECAPITALIZATION - Schedule Of Shares Issued At Merger Effective Time (Details) - USD ($) $ in Thousands		3 Months Ended
	Jun. 05, 2026	Jun. 30, 2026
Schedule Of Reverse Recapitalization [Line Items]
Total	$ 123,685	$ 123,723
Common Stock
Schedule Of Reverse Recapitalization [Line Items]
Total	90,624
Series B-1 and Series D redeemable convertible preferred stock warrants
Schedule Of Reverse Recapitalization [Line Items]
Total	$ 3,777
Series A Common stock
Schedule Of Reverse Recapitalization [Line Items]
Total (in shares)	21,114,279
Series A Common stock \| Common Stock
Schedule Of Reverse Recapitalization [Line Items]
Total		$ 2
Total (in shares)	17,940,207	21,114,279
Series A Common stock \| Series B-1 and Series D redeemable convertible preferred stock warrants
Schedule Of Reverse Recapitalization [Line Items]
Total (in shares)	362,625
Convertible Promissory Notes
Schedule Of Reverse Recapitalization [Line Items]
Total	$ 29,284
Convertible Promissory Notes \| Series A Common stock
Schedule Of Reverse Recapitalization [Line Items]
Total (in shares)	2,811,447

RELATED PARTY TRANSACTIONS (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Dec. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Related Party Transaction [Line Items]
Research and development, net		$ 6,582,000	$ 6,745,000	$ 8,524,000	$ 13,499,000
Receivables under collaboration agreements	$ 1,152,000	103,000		103,000
Prepaid expenses and other current assets	1,425,000	2,667,000		2,667,000
Selling, general and administrative		6,379,000	4,657,000	10,928,000	11,025,000
Accounts payable	741,000	720,000		720,000
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Related Party Transaction [Line Items]
Research and development, net		200,000	200,000	3,600,000	200,000
Related Party
Related Party Transaction [Line Items]
Research and development, net		10,000	140,000	10,000	165,000
Selling, general and administrative		65,000	44,000	153,000	88,000
Mercedes-Benz \| Related Party \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Related Party Transaction [Line Items]
Research and development, net		100,000		100,000
Stellantis \| Related Party \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Related Party Transaction [Line Items]
Research and development, net		200,000		400,000
Receivables under collaboration agreements	1,000,000.0	0		0
Prepayments for services	2,000,000.0
Prepaid expenses and other current assets	1,000,000.0	700,000		700,000
Joseph Taylor \| Related Party
Related Party Transaction [Line Items]
Selling, general and administrative		$ 100,000	$ 100,000	$ 200,000	$ 100,000
Accounts payable	$ 200,000

STOCK BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	101	$	218	$	341	$	565
Selling, general and administrative	937		1,531		2,231		5,041
Total	$	1,038	$	1,749	$	2,572	$	5,606

REDEEMABLE CONVERTIBLE PREFERRED STOCK (Tables)

6 Months Ended

Jun. 30, 2026

Temporary Equity Disclosure [Abstract]

Temporary Equity

The following table summarizes activity related to the Preferred Stock for the six months ended June 30, 2026:


	Shares Outstanding as of	Conversion	Factorial
	December 31, 2025	Ratio	Shares Issued
Series A-1	1,234,568	3.6684	4,528,900
Series A-2	2,362,204	3.6684	8,665,524
Series B-1	2,718,539	3.6684	9,972,682
Series C-1	3,570,724	3.6684	13,098,851
Series C-2	2,513,698	3.6684	9,221,245
Series D	5,950,204	3.6684	21,827,755
Total	18,349,937		67,314,957

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

FAIR VALUE MEASURES (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

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

The Company’s financial assets are subject to fair value measurements on a recurring basis. The following table presents information about the Company’s financial assets and liabilities measured at fair value and the level of input utilized to determine such fair values (in thousands):


	Fair value measurements as of June 30, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Money market (included in cash and cash equivalents)	$	95,492	$	95,492	$	—	$	—
Money market (included in restricted cash)	886		886		—		—
Total Assets	$	96,378	$	96,378	$	—	$	—
Liabilities:
Warrant liability for Series A Common Stock	$	44,616	$	—	$	—	$	44,616
Accrued private issuance liability (included in accrued expenses)	1,109		1,109		—		—
Total Liabilities	$	45,725	$	1,109	$	—	$	44,616


	Fair value measurements as of December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Money market (included in cash and cash equivalents)	$	14,152	$	14,152	$	—	$	—
Money market (included in restricted cash)	881		881		—		—
Total Assets	$	15,033	$	15,033	$	—	$	—
Liabilities:
Warrant liability Series B-1	$	608	$	—	$	—	$	608
Warrant liability Series D	2,770		—		—		2,770
Convertible promissory notes – related parties	18,889		—		—		18,889
Total Liabilities	$	22,267	$	—	$	—	$	22,267

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

Accordingly, the gain or loss in the table below includes changes in fair value due in part to observable factors that are part of the Level 3 methodology recognized in the condensed consolidated statements of operations and comprehensive loss as a component of other income (expense), net as appropriate (in thousands):


	Warrant Liabilities						Convertible Promissory Notes
	Series B-1		Series D		Warrants for Series A		Related Party Notes		Notes
December 31, 2025	$	608	$	2,770	$	—	$	18,889	$	—
Reclassification of Warrant liability for Series A Common Stock from equity to liability	—		—		49,354		—		—
Issuance of convertible promissory notes	—		—		—		—		5,340
Change in fair value 1	137		262		(4,738)		3,791		1,264
Conversion to shares of Series A Common Stock	(745)		(3,032)		—		(22,680)		(6,604)
June 30, 2026	$	—	$	—	$	44,616	$	—	$	—

1 Upon the closing of the Merger, the conversion price and number of shares issuable for the Series B-1 Warrants, Series D Warrants, Convertible Promissory Notes – Related Parties, and Convertible Promissory Notes were determined based on the price per share paid in the Merger, an observable input, rather than the unobservable inputs used in the PWERM for the warrants and the SBM for the convertible promissory notes as of December 31, 2025. Accordingly, no further Level 3 fair value estimate was required at the conversion date; the final fair value was determined directly from the Merger's per-share price applied to the conversion formula set forth in in Note 7 – Convertible Promissory Notes – Related Parties.

The following table presents the changes in the fair value of warrant liability:


	June 30, 2026
Warrant liability for Private Placement as of December 31, 2025	$	—
Reclassification of Warrant liability for Series A Common Stock from equity to liability	49,354
Change in fair value	(4,738)
Warrant liability for Private Placement as of June 30, 2026	$	44,616

Fair Value Measurement Inputs and Valuation Techniques

The following are assumptions used in valuing the Series B-1 and D Warrant Agreements in the SPAC Exit scenario, as of December 31, 2025:


	Series B-1		Series D
Discount rate	25%		25%
Expected life	0.38		0.38
Future projected price per share	$	37.76	$	37.76
Strike price	$	0.08	$	27.21

The following are the assumptions used in valuing the Series B-1 and D Warrant Agreements in the OPM scenario, as of December 31, 2025:


	Series B-1		Series D
Share value	$	18.14	$	33.71
Assumed volatility	90%		37%
Assumed risk-free interest rate	3.5%		3.5%
Expected life	2		2
Expected dividends	—		—

As of the issuance date, the fair value of the Private Warrants was estimated using the following assumptions:


	June 5, 2026
Exercise price	$	11.50
Share price	$	11.90
Volatility	68.5		%
Remaining contractual term	4.99
Risk Free Rate	4.25		%
Dividend yield	—		%

As of June 30, 2026, the fair value of the Private Warrants was estimated using the following assumptions:


	June 30, 2026
Exercise price	$	11.50
Share price	$	11.09
Volatility	68.7		%
Remaining contractual term	4.93
Risk Free Rate	4.1		%
Dividend yield	—		%

The assumptions used in determining the fair value of the August 2025 Notes under the SBM as of December 31, 2025, were as follows:


	Series D December 31, 2025
SPAC Exit Scenario	75.0		%
Qualified Financing Scenario	15.0		%
Dissolution Scenario	10.0		%
Assumed volatility	40.0		%
Assumed risk-free interest rate	3.5		%
Expected life	0.75
Assumed discount rate	20.0		%
Share value	$	34.47

The assumptions used in determining the fair value of the January 2026 Notes under the SBM were as follows:


	January 26, 2026
SPAC Exit Scenario	80	%
Qualified Financing Scenario	10	%
Dissolution Scenario	10	%
Expected life	0.68
Assumed discount rate	20	%

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Series A Common stock	Series A Common stock Common Stock	Series B Common stock	Series B Common stock Common Stock
Beginning balance (in shares) at Dec. 31, 2024	67,314,957
Beginning balance at Dec. 31, 2024	$ 249,652
Ending balance (in shares) at Mar. 31, 2025	67,314,957
Ending balance at Mar. 31, 2025	$ 249,652
Beginning balance (in shares) at Dec. 31, 2024							2,888,163		15,512,742
Beginning balance at Dec. 31, 2024	(156,496)		$ 25,157	$ (181,731)	$ 76		$ 0		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Series A common stock from stock option exercises (in shares)		1,101
Issuance of Series A Common Stock from stock option exercises	2		2
Stock based compensation	3,857		3,857
Foreign currency translation adjustments	8				8
Net loss	(12,870)			(12,870)
Ending balance (in shares) at Mar. 31, 2025							2,889,264		15,512,742
Ending balance at Mar. 31, 2025	$ (165,499)		29,016	(194,601)	84		$ 0		$ 2
Beginning balance (in shares) at Dec. 31, 2024	67,314,957
Beginning balance at Dec. 31, 2024	$ 249,652
Ending balance (in shares) at Jun. 30, 2025	67,314,957
Ending balance at Jun. 30, 2025	$ 249,652
Beginning balance (in shares) at Dec. 31, 2024							2,888,163		15,512,742
Beginning balance at Dec. 31, 2024	(156,496)		25,157	(181,731)	76		$ 0		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustments	(174)
Net loss	(23,439)
Ending balance (in shares) at Jun. 30, 2025							2,893,241		15,512,742
Ending balance at Jun. 30, 2025	$ (174,497)		30,769	(205,170)	(98)		$ 0		$ 2
Beginning balance (in shares) at Mar. 31, 2025	67,314,957
Beginning balance at Mar. 31, 2025	$ 249,652
Ending balance (in shares) at Jun. 30, 2025	67,314,957
Ending balance at Jun. 30, 2025	$ 249,652
Beginning balance (in shares) at Mar. 31, 2025							2,889,264		15,512,742
Beginning balance at Mar. 31, 2025	(165,499)		29,016	(194,601)	84		$ 0		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Series A common stock from stock option exercises (in shares)		3,977
Issuance of Series A Common Stock from stock option exercises	4		4
Stock based compensation	1,749		1,749
Foreign currency translation adjustments	(182)				(182)
Net loss	(10,569)			(10,569)
Ending balance (in shares) at Jun. 30, 2025							2,893,241		15,512,742
Ending balance at Jun. 30, 2025	$ (174,497)		30,769	(205,170)	(98)		$ 0		$ 2
Beginning balance (in shares) at Dec. 31, 2025	67,314,957
Beginning balance at Dec. 31, 2025	$ 249,652
Ending balance (in shares) at Mar. 31, 2026	67,314,957
Ending balance at Mar. 31, 2026	$ 249,652
Beginning balance (in shares) at Dec. 31, 2025						18,486,699	2,973,957	15,512,742	15,512,742
Beginning balance at Dec. 31, 2025	(221,394)		34,625	(255,576)	(445)		$ 0		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Series A common stock from stock option exercises (in shares)							107,308
Issuance of Series A Common Stock from stock option exercises	90		90
Stock based compensation	1,534		1,534
Foreign currency translation adjustments	(298)				(298)
Net loss	(8,575)			(8,575)
Ending balance (in shares) at Mar. 31, 2026							3,081,265		15,512,742
Ending balance at Mar. 31, 2026	$ (228,643)		36,249	(264,151)	(743)		$ 0		$ 2
Beginning balance (in shares) at Dec. 31, 2025	67,314,957
Beginning balance at Dec. 31, 2025	$ 249,652
Ending balance (in shares) at Jun. 30, 2026	0
Ending balance at Jun. 30, 2026	$ 0
Beginning balance (in shares) at Dec. 31, 2025						18,486,699	2,973,957	15,512,742	15,512,742
Beginning balance at Dec. 31, 2025	(221,394)		34,625	(255,576)	(445)		$ 0		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustments	(374)
Net loss	(19,916)
Ending balance (in shares) at Jun. 30, 2026						91,510,501	91,510,501	15,512,742	15,512,742
Ending balance at Jun. 30, 2026	$ 84,999		361,299	(275,492)	(819)		$ 9		$ 2
Beginning balance (in shares) at Mar. 31, 2026	67,314,957
Beginning balance at Mar. 31, 2026	$ 249,652
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable convertible preferred stock and treasury stock into Series A common stock (in shares)	(67,314,957)
Conversion of redeemable convertible preferred stock into Series A Common Stock	$ (249,652)
Ending balance (in shares) at Jun. 30, 2026	0
Ending balance at Jun. 30, 2026	$ 0
Beginning balance (in shares) at Mar. 31, 2026							3,081,265		15,512,742
Beginning balance at Mar. 31, 2026	(228,643)		36,249	(264,151)	(743)		$ 0		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	1,038		1,038
Foreign currency translation adjustments	(76)				(76)
Net loss	(11,341)			(11,341)
Conversion of redeemable convertible preferred stock into Series A Common Stock (in shares)							67,314,957
Conversion of redeemable convertible preferred stock into Series A Common Stock	249,652		249,645				$ 7
Issuance of common stock in connection with reverse recapitalization and PIPE Financing, net of issuance costs (in shares)							21,114,279
Issuance of common stock in connection with reverse recapitalization and PIPE Financing, net of issuance costs	123,723		123,721				$ 2
Reclassification of warrant liability for Series A Common Stock from equity	(49,354)		(49,354)
Ending balance (in shares) at Jun. 30, 2026						91,510,501	91,510,501	15,512,742	15,512,742
Ending balance at Jun. 30, 2026	84,999		$ 361,299	$ (275,492)	$ (819)		$ 9		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with reverse recapitalization and PIPE Financing, net of issuance costs (in shares)						21,114,279	17,940,207
Issuance of common stock in connection with reverse recapitalization and PIPE Financing, net of issuance costs	$ 123,685	$ 90,624
Ending balance (in shares) at Jun. 05, 2026	107,023,243					91,510,501		15,512,742

FAIR VALUE MEASURES

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASURES


	Fair value measurements as of June 30, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Money market (included in cash and cash equivalents)	$	95,492	$	95,492	$	—	$	—
Money market (included in restricted cash)	886		886		—		—
Total Assets	$	96,378	$	96,378	$	—	$	—
Liabilities:
Warrant liability for Series A Common Stock	$	44,616	$	—	$	—	$	44,616
Accrued private issuance liability (included in accrued expenses)	1,109		1,109		—		—
Total Liabilities	$	45,725	$	1,109	$	—	$	44,616


	Fair value measurements as of December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Money market (included in cash and cash equivalents)	$	14,152	$	14,152	$	—	$	—
Money market (included in restricted cash)	881		881		—		—
Total Assets	$	15,033	$	15,033	$	—	$	—
Liabilities:
Warrant liability Series B-1	$	608	$	—	$	—	$	608
Warrant liability Series D	2,770		—		—		2,770
Convertible promissory notes – related parties	18,889		—		—		18,889
Total Liabilities	$	22,267	$	—	$	—	$	22,267

Certain of the Company’s financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate their fair value due to their liquid or short-term nature, such as accounts payable, accrued expenses, and other current liabilities.

Level 3 Financial Instruments

The following table sets forth a summary of the changes in the estimated fair value of the Company’s warrants for Series A Common Stock, redeemable convertible preferred stock warrants, and convertible promissory note, which represents financial instruments with valuations classified as Level 3. When a determination is made to classify a financial instrument within Level 3, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable inputs, observable inputs (that is, components that are actively quoted and can be validated to external sources). Accordingly, the gain or loss in the table below includes changes in fair value due in part to observable factors that are part of the Level 3 methodology recognized in the condensed consolidated statements of operations and comprehensive loss as a component of other income (expense), net as appropriate (in thousands):


	Warrant Liabilities						Convertible Promissory Notes
	Series B-1		Series D		Warrants for Series A		Related Party Notes		Notes
December 31, 2025	$	608	$	2,770	$	—	$	18,889	$	—
Reclassification of Warrant liability for Series A Common Stock from equity to liability	—		—		49,354		—		—
Issuance of convertible promissory notes	—		—		—		—		5,340
Change in fair value 1	137		262		(4,738)		3,791		1,264
Conversion to shares of Series A Common Stock	(745)		(3,032)		—		(22,680)		(6,604)
June 30, 2026	$	—	$	—	$	44,616	$	—	$	—

Upon the completion of the Company’s Merger in June 2026, warrants exercised for redeemable convertible preferred stock and convertible promissory notes were automatically exchanged for shares of Series A Common Stock based on the Consideration Ratio. See Note 7 – Convertible Promissory Notes – Related Parties, Note 8 - Convertible Promissory Notes, and Note 12 – Warrants for further details.

Series B-1 and Series D Warrant Liabilities

To estimate the fair value of the Series B-1 and D Warrant Agreements, the Company applied the PWERM. Under this approach, the Company develops multiple scenarios and ascribes a probability weighting to each scenario and related estimated fair value. Key inputs and assumptions in the PWERM include the probability and the estimated value of the security in each liquidity scenario, in addition to scenario specific assumptions. The two scenarios used in the valuation of the Series B-1 and D Warrant Agreements are a SPAC Exit scenario and Option Pricing Method scenario (the “OPM scenario”). The Company applied a 75% weighting to the SPAC Exit Scenario and 25% to the OPM scenario as of December 31, 2025. As of the Merger date there were no further assumptions and the fair market value was equal to the conversion value per the terms of the agreement based on the SPAC redemption value, adjusted by the Consideration Ratio to a value of $10.42 per converted share of Series A Common Stock.

The following are assumptions used in valuing the Series B-1 and D Warrant Agreements in the SPAC Exit scenario, as of December 31, 2025:


	Series B-1		Series D
Discount rate	25%		25%
Expected life	0.38		0.38
Future projected price per share	$	37.76	$	37.76
Strike price	$	0.08	$	27.21

The significant unobservable inputs used in the fair value measurement of the Series B-1 and D warrant liability in the SPAC Exit scenario are the discount rate and the expected life. The future projected price per share is estimated based on the SPAC purchase price as outlined in the Company’s BCA. The discount rate reflects current market assessments of the time of value of money and the risks specific to the Company given its stage of development.

The following are the assumptions used in valuing the Series B-1 and D Warrant Agreements in the OPM scenario, as of December 31, 2025:


	Series B-1		Series D
Share value	$	18.14	$	33.71
Assumed volatility	90%		37%
Assumed risk-free interest rate	3.5%		3.5%
Expected life	2		2
Expected dividends	—		—

The significant unobservable inputs used in the fair value measurement of the Series B-1 and D warrant liability in the OPM scenario are the equity value of the Company, the expected life and assumed volatility. The equity value of the Company is derived from a discounted cash flow analysis based on the Company’s best estimates of future cash flows. The assumptions underlying these valuations include projected future revenue and cash flows, discount rates, market adjustments and multiples, selection of comparable companies, the lack of marketability of our equity, and probability of possible future events, including the expected time to liquidity. These underlying assumptions represent our best estimates at the time they were made, which involves inherent uncertainty and the application of judgment. Changes to the key assumptions and estimates used in the valuations could result in materially different fair values of our common and preferred stock at each valuation date.

The expected life is based upon the fact that the Warrant Agreements would not persist through a liquidity event, and therefore the expected life is based upon management’s estimated holding period to an exit/liquidity event. The expected volatility is based upon observed historical volatilities of a cohort of guideline public companies. Equity allocation mechanics are based upon the distribution waterfall as outlined in the Company’s operating agreement. Significant increases (decreases) in the equity value, the expected life, or the assumed volatility, could result in significantly higher (lower) fair value measurements.

Warrant Liability for Series A Common Stock

The Private Warrants are valued using a Black-Scholes model, which resulted in a Level 3 fair value measurement. The primary unobservable input utilized in determining the fair value of the Private Warrants is the expected volatility of the Company’s common stock. The expected volatility was estimated based on the historical volatility of a group of comparable publicly traded companies over a period commensurate with the expected remaining term of the warrants, as the Company’s common stock does not have sufficient trading history to estimate volatility on a stand-alone basis.

As of June 30, 2026, the fair value of outstanding Private Warrants of approximately $44.6 million is recorded as warrant liability. The following table presents the changes in the fair value of warrant liability:


	June 30, 2026
Warrant liability for Private Placement as of December 31, 2025	$	—
Reclassification of Warrant liability for Series A Common Stock from equity to liability	49,354
Change in fair value	(4,738)
Warrant liability for Private Placement as of June 30, 2026	$	44,616

As of the issuance date, the fair value of the Private Warrants was estimated using the following assumptions:


	June 5, 2026
Exercise price	$	11.50
Share price	$	11.90
Volatility	68.5		%
Remaining contractual term	4.99
Risk Free Rate	4.25		%
Dividend yield	—		%

As of June 30, 2026, the fair value of the Private Warrants was estimated using the following assumptions:


	June 30, 2026
Exercise price	$	11.50
Share price	$	11.09
Volatility	68.7		%
Remaining contractual term	4.93
Risk Free Rate	4.1		%
Dividend yield	—		%

Convertible Promissory Notes – Related Parties

To estimate the fair value of the August 2025 Notes, the Company applied the SBM. The fair value of the August 2025 Notes includes an estimate of the value of accrued interest. The significant unobservable inputs used in the fair value measurement of the August 2025 Notes are the underlying share value, the expected life, assumed volatility, assumed discount rate, share value, and the probability of scenarios. As of the Merger date, there were no further assumptions and the fair market value was equal to the conversion value per the terms of the agreement and SPAC redemption value, adjusted by the Consideration Ratio to a value of $10.42.

The assumptions used in determining the fair value of the August 2025 Notes under the SBM as of December 31, 2025, were as follows:


	Series D December 31, 2025
SPAC Exit Scenario	75.0		%
Qualified Financing Scenario	15.0		%
Dissolution Scenario	10.0		%
Assumed volatility	40.0		%
Assumed risk-free interest rate	3.5		%
Expected life	0.75
Assumed discount rate	20.0		%
Share value	$	34.47

To estimate the share value of the Series D redeemable convertible preferred stock at December 31, 2025, we used a PWERM. The two scenarios used in the estimation of the Series D redeemable convertible preferred stock are a SPAC Exit scenario and Option Pricing Method scenario.

Convertible Promissory Notes

To estimate the fair value of the January 2026 Notes, the Company applied the SBM. The fair value of the January 2026 Notes includes an estimate of the value of accrued interest. The significant unobservable inputs used in the fair value measurement of the January 2026 Notes are the expected life, assumed discount rate, and the probability of scenarios. As of the Merger date there were no further assumptions and the fair market value was equal to the conversion value per the terms of the agreement and weighted average PIPE investment price, adjusted by the Consideration Ratio to a value of $10.06.

The assumptions used in determining the fair value of the January 2026 Notes under the SBM were as follows:


	January 26, 2026
SPAC Exit Scenario	80	%
Qualified Financing Scenario	10	%
Dissolution Scenario	10	%
Expected life	0.68
Assumed discount rate	20	%

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 6A
-Subparagraph (f)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (h)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

ACCRUED EXPENSES (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	As of
	June 30, 2026		December 31, 2025
Accrued compensation and benefits	$	1,150	$	760
Accrued legal and professional	1,404		239
Accrued private issuance liability	1,109		—
Accrued transaction costs	—		1,423
Accrued other	772		559
Total accrued expenses	$	4,435	$	2,981

REVERSE RECAPITALIZATION - Narrative (Details) $ / shares in Units, $ in Thousands			6 Months Ended
	Jun. 05, 2026 USD ($) shares	Jun. 04, 2026 USD ($)	Jun. 30, 2026 USD ($) $ / shares	May 31, 2026 $ / shares	Dec. 31, 2025 $ / shares
Schedule Of Reverse Recapitalization [Line Items]
Issued and sold (in shares) \| shares	7,519,404
Proceeds from shares issued and sold	$ 64,700
Proceeds received from reverse recapitalization, gross	112,100
Transaction costs	$ 20,100	$ 1,300	$ 20,064
Conversion ratio	3.6684
Common stock, par value (in usd per share) \| $ / shares				$ 0.00001
Series B Common stock
Schedule Of Reverse Recapitalization [Line Items]
Common stock, par value (in usd per share) \| $ / shares			$ 0.00001		$ 0.00001
Cartesian Growth Corporation (“CGC”)
Schedule Of Reverse Recapitalization [Line Items]
Proceeds received from reverse recapitalization, gross	$ 47,400
Cartesian Growth Corporation (“CGC”) \| Series B Common stock
Schedule Of Reverse Recapitalization [Line Items]
Common stock, par value (in usd per share) \| $ / shares			$ 0.0001

CONVERTIBLE PROMISSORY NOTES — RELATED PARTIES (Details) - Convertible Promissory Notes - Related Party - USD ($) $ / shares in Units, $ in Millions		1 Months Ended
	Jun. 05, 2026	Aug. 31, 2025	Jun. 30, 2026
Debt Instrument [Line Items]
Face amount		$ 10.0
Interest rate (in percent)		15.00%
Conversion price (in usd per share)			$ 34.0131
Threshold proceeds		$ 20.0
Accrued interest	$ 1.3
Converted instrument, issue (in usd per share)	$ 10.42
Stellantis
Debt Instrument [Line Items]
Face amount		2.0
Mercedes-Benz
Debt Instrument [Line Items]
Face amount		2.0
Gatemore Capital Management
Debt Instrument [Line Items]
Face amount		$ 6.0
Series A Common stock
Debt Instrument [Line Items]
Converted instrument, issued (in shares)	2,177,459
Converted instrument, issue (in usd per share)	$ 10.42
Converted instrument, value	$ 22.7
Converted instrument, issued prior to exchange ratio (in shares)	593,574
Debt Conversion Terms One
Debt Instrument [Line Items]
Threshold percentage of stock price trigger		110.00%
Debt Conversion Terms Two
Debt Instrument [Line Items]
Threshold percentage of stock price trigger		50.00%

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company conducts business as a single operating segment. In reaching this conclusion, management considers the definition of the (“CODM”), how the business is defined by the CODM, the nature of the information provided to the CODM, and how that information is used to make operating decisions, allocate resources, and assess performance. The Company’s CODM is the chief executive officer. The results of operations provided to and analyzed by the CODM are at the consolidated level which is the level that the CODM manages the business, allocates resources, makes key resource decisions, and assesses performance.

The key measure of segment profit and loss that the CODM uses to allocate resources and assess performance is the Company’s net loss. The table below shows a reconciliation of the Company’s net loss, including the significant expense categories regularly provided to and reviewed by the CODM, as computed under U.S. GAAP to the Company’s total net loss in the condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating expenses
Reimbursement from JDAs and others	$	198	$	214	$	3,608	$	248
Payroll expense	(5,880)		(5,949)		(11,740)		(14,082)
Occupancy expense	(1,039)		(1,516)		(1,898)		(3,013)
Professional service expense	(3,028)		(673)		(3,944)		(1,279)
Research and development expense	(1,617)		(991)		(2,550)		(1,528)
Depreciation expense	(920)		(1,987)		(1,802)		(3,971)
Other operating expense	(675)		(500)		(1,126)		(899)
Loss from operations	$	(12,961)	$	(11,402)	$	(19,452)	$	(24,524)
Total other income (expense), net	1,620		833		(464)		1,085
Net loss	$	(11,341)	$	(10,569)	$	(19,916)	$	(23,439)

Assets provided to CODM are consistent with those reported on the condensed consolidated balance sheets with particular emphasis on the Company’s available liquidity, including its cash and cash equivalents reduced by current liabilities. All long-lived assets are maintained in, and all losses are attributable to the United States of America and South Korea.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

REDEEMABLE CONVERTIBLE PREFERRED STOCK - Schedule Of Activity Related To Preferred Stock (Details)	Jun. 30, 2026 shares	Jun. 05, 2026	Mar. 31, 2026 shares	Dec. 31, 2025 shares	Jun. 30, 2025 shares	Mar. 31, 2025 shares	Dec. 31, 2024 shares
Temporary Equity [Line Items]
Shares Outstanding (in shares)	0		67,314,957	67,314,957	67,314,957	67,314,957	67,314,957
Conversion ratio		3.6684
Factorial Shares Issued	0			67,314,957
Previously Reported
Temporary Equity [Line Items]
Shares Outstanding (in shares)				18,349,937
Series A-1 redeemable convertible preferred stock
Temporary Equity [Line Items]
Shares Outstanding (in shares)				4,528,900
Conversion ratio				3.6684
Factorial Shares Issued				4,528,900
Series A-1 redeemable convertible preferred stock \| Previously Reported
Temporary Equity [Line Items]
Shares Outstanding (in shares)				1,234,568
Series A-2 redeemable convertible preferred stock
Temporary Equity [Line Items]
Shares Outstanding (in shares)				8,665,524
Conversion ratio				3.6684
Factorial Shares Issued				8,665,524
Series A-2 redeemable convertible preferred stock \| Previously Reported
Temporary Equity [Line Items]
Shares Outstanding (in shares)				2,362,204
Series B-1 redeemable convertible preferred stock
Temporary Equity [Line Items]
Shares Outstanding (in shares)				9,972,682
Conversion ratio				3.6684
Factorial Shares Issued				9,972,682
Series B-1 redeemable convertible preferred stock \| Previously Reported
Temporary Equity [Line Items]
Shares Outstanding (in shares)				2,718,539
Series C-1 redeemable convertible preferred stock
Temporary Equity [Line Items]
Shares Outstanding (in shares)				13,098,851
Conversion ratio				3.6684
Factorial Shares Issued				13,098,851
Series C-1 redeemable convertible preferred stock \| Previously Reported
Temporary Equity [Line Items]
Shares Outstanding (in shares)				3,570,724
Series C-2 redeemable convertible preferred stock
Temporary Equity [Line Items]
Shares Outstanding (in shares)				9,221,245
Conversion ratio				3.6684
Factorial Shares Issued				9,221,245
Series C-2 redeemable convertible preferred stock \| Previously Reported
Temporary Equity [Line Items]
Shares Outstanding (in shares)				2,513,698
Series D redeemable convertible preferred stock
Temporary Equity [Line Items]
Shares Outstanding (in shares)				21,827,755
Conversion ratio				3.6684
Factorial Shares Issued				21,827,755
Series D redeemable convertible preferred stock \| Previously Reported
Temporary Equity [Line Items]
Shares Outstanding (in shares)				5,950,204

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands			6 Months Ended
	Jun. 05, 2026	Jun. 04, 2026	Jun. 30, 2026
Statement of Cash Flows [Abstract]
Transaction costs	$ 20,100	$ 1,300	$ 20,064

STOCK BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Grants in period (in shares) \| shares	123,185
Grants in period, weighted average exercise price (in usd per share)	$ 6.94
Grants in period, weighted average grant-date fair value (in usd per share)	$ 6.88
Unrecognized compensation costs \| $	$ 8.4
Unrecognized compensation costs, weighted-average period	2 years 8 months 12 days

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On August 3, 2026, Factorial’s Korean subsidiary entered into a new lease agreement for a manufacturing site in Korea. The term of the lease ends in July 2031 with total cash payments expected to be approximately $2.6 million.

Property, Plant, and Equipment (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Property, Plant, and Equipment

Property and equipment, net consists of the following (in thousands):


	As of
	June 30, 2026		December 31, 2025
Leasehold improvements	$	10,151	$	10,680
Machinery and equipment	15,733		16,315
Furniture and fixtures	395		419
Computer and software	210		216
Buildings	1,145		1,227
Building Fixtures	1,240		1,206
Land	3,155		3,382
Advances on purchases of property and equipment*	634		632
Total	$	32,663	$	34,077
Accumulated depreciation	(13,445)		(12,801)
Total	$	19,218	$	21,276

*Advances on purchases of property and equipment are payments made before the related asset (such as machinery and equipment) are delivered and are not depreciated until the asset is placed in service.

Depreciation expense related to property and equipment is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Total	$	920	$	1,987	$	1,802	$	3,971

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	May 31, 2026	Jan. 31, 2026	Dec. 31, 2025	Aug. 31, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development, net		$ 6,582	$ 6,745	$ 8,524	$ 13,499
Common stock, par value (in usd per share)						$ 0.00001
Related Party
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development, net		$ 10	140	$ 10	165
Series A Common stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value (in usd per share)		$ 0.00001		$ 0.00001				$ 0.00001
Convertible Promissory Notes \| Related Party
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Face amount									$ 10,000
Convertible Promissory Notes \| Nonrelated Party
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Face amount							$ 5,300
Public Warrants
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants outstanding (in shares)		13,800,000		13,800,000
Warrants for Series A
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants outstanding (in shares)		6,800,000		6,800,000
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development, net		$ 200	$ 200	$ 3,600	$ 200
PowerCo SE (“PowerCo”) \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative agreement term	15 months
Noteholder \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Consideration for performance							900
Noteholder \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Nonrelated Party
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Consideration for performance							$ 900

PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Property and equipment, net consists of the following (in thousands):


	As of
	June 30, 2026		December 31, 2025
Leasehold improvements	$	10,151	$	10,680
Machinery and equipment	15,733		16,315
Furniture and fixtures	395		419
Computer and software	210		216
Buildings	1,145		1,227
Building Fixtures	1,240		1,206
Land	3,155		3,382
Advances on purchases of property and equipment*	634		632
Total	$	32,663	$	34,077
Accumulated depreciation	(13,445)		(12,801)
Total	$	19,218	$	21,276

Depreciation expense related to property and equipment is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Total	$	920	$	1,987	$	1,802	$	3,971

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

Debt	6 Months Ended
Debt	Jun. 30, 2026
Debt Disclosure [Abstract]
CONVERTIBLE PROMISSORY NOTES	CONVERTIBLE PROMISSORY NOTES — RELATED PARTIES On August 1, 2025, the Company entered into the August 2025 Notes where they can receive a total of $10.0 million. The August 2025 Notes, were issued to related parties with initial principal balances as follows, Stellantis $2.0 million, Mercedes-Benz $2.0 million, and Gatemore Capital Management controlled entities $6.0 million. The August 2025 Notes bore interest of 15% per annum, compounded monthly, and had a maturity date of August 1, 2028. The accrued interest balance was included in the fair value estimate of the August 2025 Notes liability. No payments were due until maturity. The August 2025 Notes principal and interest were convertible into the most senior preferred security at the time of conversion. The August 2025 Notes provided the holders with certain conversion features including: a mandatory conversion upon a qualified financing event, an optional conversion upon a non-qualified financing event and an optional conversion upon an acquisition of the Company. The August 2025 Notes included an automatic conversion event in connection with a qualified financing event. The principal amount and any unpaid interest on the August 2025 Notes would automatically be converted into shares of the same class and type of securities issued in the qualified financing. The number of shares issued would be calculated by dividing the greater of either i) 110% of the original August 2025 Note or ii) the total outstanding principal and accrued interest of the August 2025 Note, by 50% of the cash price per share paid by investors in the qualified financing (excluding conversions of August 2025 Notes or other convertible instruments). This resulting share total would be rounded down to the nearest whole number of shares, and the conversion price per share would not exceed $34.0131. A “qualified financing” means the issuance and sale, in a single transaction or series of related transactions, of the Company’s equity securities resulting in aggregate proceeds to the Company of equal to or more than $20.0 million (including the conversion of the August 2025 Notes, less any Interest) in exchange for cash. The mandatory conversion feature upon a qualified financing event would automatically convert into stock of the same class and series (the “New Equity”) of the Company’s securities that is issued by the Company in the qualified financing. A “non-qualified financing” means the issuance and sale, in a single transaction or series of related transactions of the Company’s equity securities resulting in aggregate proceeds to the Company of less than $20.0 million (including the conversion of the August 2025 Notes, less any Interest) in exchange for cash. An “acquisition event” means a Deemed Liquidation Event as defined in the Company’s Certificate of Incorporation, as amended from time to time. Upon the consummation of the Merger, all principal and accrued interest of $1.3 million in respect to the August 2025 Notes was automatically converted into 2,177,459 shares of Series A Common Stock at price of $10.42 per share for a value of $22.7 million (share figure was 593,574 shares prior to the application of the merger exchange ratio in the Merger, which was closed on June 5, 2026). CONVERTIBLE PROMISSORY NOTES During January 2026, the Company issued the January 2026 Notes pursuant to which it could receive proceeds up to $5.3 million. The January 2026 Notes bore interest of 5% per annum and had a maturity dates of either August 1, 2028 or January 1, 2029. The January 2026 Notes provided the holders with certain conversion features including: a mandatory conversion upon a qualified financing event, an optional conversion upon a non-qualified financing event and an optional conversion upon an acquisition of the Company. Concurrently with the issuance of the January 2026 Notes, the Company entered into a partnership agreement with a note holder. Pursuant to the partnership agreement, the Company could receive up to $2.2 million in total consideration. The deliverables of the partnership agreement coincided with payments to the Company on the convertible note. Deliverables under the partnership agreement were aligned with, and contingent upon, funding milestones under the convertible note, which provided for up to $1.3 million in aggregate principal funding to the Company of which $1.3 million of proceeds have been received as of June 30, 2026. The note holder had the option to request funding in part or in full. In addition, the partnership agreement includes up to $0.9 million of consideration for the performance of research and development services to the note holder. Upon the consummation of the Merger, all principal and accrued interest in respect to the January 2026 Notes was automatically converted into 633,988 shares of Series A Common Stock at price of $10.06 per share for a value of $6.6 million (share figure was 172,823 shares prior to the application of the merger exchange ratio in the Merger, which was closed on June 5, 2026).

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (11,341)	$ (10,569)	$ (19,916)	$ (23,439)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			1,802	4,385
Non-cash lease expenses and amortization			627	593
Stock-based compensation			2,571	5,606
Loss (gain) on disposal of property and equipment			36	(12)
Unrealized foreign exchange loss (gain)			584	(611)
Non-cash interest			0	75
Changes in operating assets and liabilities:
Receivables under collaboration agreements			1,049	449
Prepaid expenses and other current assets			(1,262)	37
Other non-current assets			160	0
Accounts payable			(21)	583
Accrued expenses			2,916	(164)
Operating lease liabilities			(653)	(590)
Net cash used in operating activities			(11,391)	(13,088)
Cash flows from investing activities:
Property and equipment expenditures			(556)	(185)
Advances on property and equipment			(22)	0
Net cash used in investing activities			(578)	(185)
Cash flows from financing activities:
Proceeds received from reverse recapitalization and PIPE Financing, net of $20,064 of transaction costs			91,996	0
Issuance of convertible promissory notes, net			5,340	0
Proceeds from stock option exercises			90	6
Principal paid on finance lease liability			0	(414)
Deferred transaction costs paid			(1,335)	0
Net cash provided by (used in) financing activities			96,091	(408)
Effects of exchange rate change on cash, cash equivalents and restricted cash			(177)	(4)
Net change in cash, cash equivalents and restricted cash			83,945	(13,685)
Beginning cash, cash equivalents and restricted cash			29,772	51,421
Ending cash, cash equivalents and restricted cash	113,717	37,736	113,717	37,736
Supplemental disclosures:
Interest			0	146
Leases			986	975
Non-cash investing and financing activities:
Reclassification of warrant liability for Series A Common Stock from equity			(49,354)	0
Conversion of warrant liabilities for Series B-1 and Series D into Series A Common Stock			3,378	0
Deferred transaction costs included in accrued expenses			1,423	0
The following table presents the Company’s cash, cash equivalents and restricted cash by category in the Company’s Condensed Consolidated Balance Sheets:
Cash and cash equivalents	112,831	34,533	112,831	34,533
Restricted cash	886	3,203	886	3,203
Total cash, cash equivalents and restricted cash	113,717	37,736	113,717	37,736
Related Party
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of convertible promissory notes	2,384	0	3,791	0
Non-cash investing and financing activities:
Conversion of convertible promissory notes and accrued interest into Series A Common Stock			22,681	0
Nonrelated Party
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of convertible promissory notes	964	0	1,264	0
Non-cash investing and financing activities:
Conversion of convertible promissory notes and accrued interest into Series A Common Stock			6,604	0
Series B-1 and Series D redeemable convertible preferred stock warrants
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of Private warrant liability	293	0	399	0
Series B-1 and Series D redeemable convertible preferred stock warrants \| Related Party
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of Private warrant liability	229	0	262	0
Warrants for Series A
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of Private warrant liability	$ (4,738)	$ 0	$ (4,738)	$ 0

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

The table below shows a reconciliation of the Company’s net loss, including the significant expense categories regularly provided to and reviewed by the CODM, as computed under U.S. GAAP to the Company’s total net loss in the condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating expenses
Reimbursement from JDAs and others	$	198	$	214	$	3,608	$	248
Payroll expense	(5,880)		(5,949)		(11,740)		(14,082)
Occupancy expense	(1,039)		(1,516)		(1,898)		(3,013)
Professional service expense	(3,028)		(673)		(3,944)		(1,279)
Research and development expense	(1,617)		(991)		(2,550)		(1,528)
Depreciation expense	(920)		(1,987)		(1,802)		(3,971)
Other operating expense	(675)		(500)		(1,126)		(899)
Loss from operations	$	(12,961)	$	(11,402)	$	(19,452)	$	(24,524)
Total other income (expense), net	1,620		833		(464)		1,085
Net loss	$	(11,341)	$	(10,569)	$	(19,916)	$	(23,439)

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 34
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

CONVERTIBLE PROMISSORY NOTES — RELATED PARTIES	6 Months Ended
CONVERTIBLE PROMISSORY NOTES — RELATED PARTIES	Jun. 30, 2026
Debt Disclosure [Abstract]
CONVERTIBLE PROMISSORY NOTES — RELATED PARTIES	CONVERTIBLE PROMISSORY NOTES — RELATED PARTIES On August 1, 2025, the Company entered into the August 2025 Notes where they can receive a total of $10.0 million. The August 2025 Notes, were issued to related parties with initial principal balances as follows, Stellantis $2.0 million, Mercedes-Benz $2.0 million, and Gatemore Capital Management controlled entities $6.0 million. The August 2025 Notes bore interest of 15% per annum, compounded monthly, and had a maturity date of August 1, 2028. The accrued interest balance was included in the fair value estimate of the August 2025 Notes liability. No payments were due until maturity. The August 2025 Notes principal and interest were convertible into the most senior preferred security at the time of conversion. The August 2025 Notes provided the holders with certain conversion features including: a mandatory conversion upon a qualified financing event, an optional conversion upon a non-qualified financing event and an optional conversion upon an acquisition of the Company. The August 2025 Notes included an automatic conversion event in connection with a qualified financing event. The principal amount and any unpaid interest on the August 2025 Notes would automatically be converted into shares of the same class and type of securities issued in the qualified financing. The number of shares issued would be calculated by dividing the greater of either i) 110% of the original August 2025 Note or ii) the total outstanding principal and accrued interest of the August 2025 Note, by 50% of the cash price per share paid by investors in the qualified financing (excluding conversions of August 2025 Notes or other convertible instruments). This resulting share total would be rounded down to the nearest whole number of shares, and the conversion price per share would not exceed $34.0131. A “qualified financing” means the issuance and sale, in a single transaction or series of related transactions, of the Company’s equity securities resulting in aggregate proceeds to the Company of equal to or more than $20.0 million (including the conversion of the August 2025 Notes, less any Interest) in exchange for cash. The mandatory conversion feature upon a qualified financing event would automatically convert into stock of the same class and series (the “New Equity”) of the Company’s securities that is issued by the Company in the qualified financing. A “non-qualified financing” means the issuance and sale, in a single transaction or series of related transactions of the Company’s equity securities resulting in aggregate proceeds to the Company of less than $20.0 million (including the conversion of the August 2025 Notes, less any Interest) in exchange for cash. An “acquisition event” means a Deemed Liquidation Event as defined in the Company’s Certificate of Incorporation, as amended from time to time. Upon the consummation of the Merger, all principal and accrued interest of $1.3 million in respect to the August 2025 Notes was automatically converted into 2,177,459 shares of Series A Common Stock at price of $10.42 per share for a value of $22.7 million (share figure was 593,574 shares prior to the application of the merger exchange ratio in the Merger, which was closed on June 5, 2026). CONVERTIBLE PROMISSORY NOTES During January 2026, the Company issued the January 2026 Notes pursuant to which it could receive proceeds up to $5.3 million. The January 2026 Notes bore interest of 5% per annum and had a maturity dates of either August 1, 2028 or January 1, 2029. The January 2026 Notes provided the holders with certain conversion features including: a mandatory conversion upon a qualified financing event, an optional conversion upon a non-qualified financing event and an optional conversion upon an acquisition of the Company. Concurrently with the issuance of the January 2026 Notes, the Company entered into a partnership agreement with a note holder. Pursuant to the partnership agreement, the Company could receive up to $2.2 million in total consideration. The deliverables of the partnership agreement coincided with payments to the Company on the convertible note. Deliverables under the partnership agreement were aligned with, and contingent upon, funding milestones under the convertible note, which provided for up to $1.3 million in aggregate principal funding to the Company of which $1.3 million of proceeds have been received as of June 30, 2026. The note holder had the option to request funding in part or in full. In addition, the partnership agreement includes up to $0.9 million of consideration for the performance of research and development services to the note holder. Upon the consummation of the Merger, all principal and accrued interest in respect to the January 2026 Notes was automatically converted into 633,988 shares of Series A Common Stock at price of $10.06 per share for a value of $6.6 million (share figure was 172,823 shares prior to the application of the merger exchange ratio in the Merger, which was closed on June 5, 2026).

- Definition

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Statement [Line Items]
Receivables under collaboration agreements	$ 103	$ 1,152
Prepaid expenses and other current assets	2,667	1,425
Accounts payable	$ 720	$ 741
Redeemable convertible preferred stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Redeemable convertible preferred stock, authorized (in shares)	0
Redeemable convertible preferred stock, issued (in shares)	0	67,314,957
Redeemable convertible preferred stock, outstanding (in shares)	0	67,314,957
Preferred stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Preferred stock, authorized (in shares)	100,000,000	0
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Series B-1 and Series D redeemable convertible preferred stock warrants
Statement [Line Items]
Warrant liabilities	$ 0	$ 3,378
Related Party
Statement [Line Items]
Receivables under collaboration agreements	0	1,000
Prepaid expenses and other current assets	720	1,110
Accounts payable	$ 2	190
Related Party \| Series B-1 and Series D redeemable convertible preferred stock warrants
Statement [Line Items]
Warrant liabilities		$ 2,770
Series A-1 redeemable convertible preferred stock
Statement [Line Items]
Redeemable convertible preferred stock, par value (in usd per share)		$ 0.00001
Redeemable convertible preferred stock, authorized (in shares)		4,528,900
Redeemable convertible preferred stock, issued (in shares)		4,528,900
Redeemable convertible preferred stock, outstanding (in shares)		4,528,900
Redeemable convertible preferred stock, liquidation preference		$ 3,000
Series A-2 redeemable convertible preferred stock
Statement [Line Items]
Redeemable convertible preferred stock, par value (in usd per share)		$ 0.00001
Redeemable convertible preferred stock, authorized (in shares)		8,665,524
Redeemable convertible preferred stock, issued (in shares)		8,665,524
Redeemable convertible preferred stock, outstanding (in shares)		8,665,524
Redeemable convertible preferred stock, liquidation preference		$ 6,000
Series B-1 redeemable convertible preferred stock
Statement [Line Items]
Redeemable convertible preferred stock, par value (in usd per share)		$ 0.00001
Redeemable convertible preferred stock, authorized (in shares)		10,045,799
Redeemable convertible preferred stock, issued (in shares)		9,972,682
Redeemable convertible preferred stock, outstanding (in shares)		9,972,682
Redeemable convertible preferred stock, liquidation preference		$ 22,166
Series C-1 redeemable convertible preferred stock
Statement [Line Items]
Redeemable convertible preferred stock, par value (in usd per share)		$ 0.00001
Redeemable convertible preferred stock, authorized (in shares)		13,098,851
Redeemable convertible preferred stock, issued (in shares)		13,098,851
Redeemable convertible preferred stock, outstanding (in shares)		13,098,851
Redeemable convertible preferred stock, liquidation preference		$ 28,423
Series C-2 redeemable convertible preferred stock
Statement [Line Items]
Redeemable convertible preferred stock, par value (in usd per share)		$ 0.00001
Redeemable convertible preferred stock, authorized (in shares)		9,221,245
Redeemable convertible preferred stock, issued (in shares)		9,221,245
Redeemable convertible preferred stock, outstanding (in shares)		9,221,245
Redeemable convertible preferred stock, liquidation preference		$ 26,857
Series D redeemable convertible preferred stock
Statement [Line Items]
Redeemable convertible preferred stock, par value (in usd per share)		$ 0.00001
Redeemable convertible preferred stock, authorized (in shares)		27,974,242
Redeemable convertible preferred stock, issued (in shares)		21,827,755
Redeemable convertible preferred stock, outstanding (in shares)		21,827,755
Redeemable convertible preferred stock, liquidation preference		$ 202,385
Series A Common stock
Statement [Line Items]
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	600,000,000	32,000,000
Common stock, issued (in shares)	91,510,501	18,486,699
Common stock, outstanding (in shares)	91,510,501	18,486,699
Series B Common stock
Statement [Line Items]
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	50,000,000
Common stock, issued (in shares)	15,512,742	15,512,742
Common stock, outstanding (in shares)	15,512,742	15,512,742

NET LOSS PER COMMON SHARE - Schedule of Basic And Diluted Losses Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net loss	$ (11,341)	$ (8,575)	$ (10,569)	$ (12,870)	$ (19,916)	$ (23,439)
Denominator:
Weighted average number of common shares outstanding (in shares)	18,594,006		18,423,699		18,571,685	18,486,699
Numerator:
Adjusted net loss	$ (16,079)		$ (10,569)		$ (24,654)	$ (23,439)
Denominator:
Dilutive effect of warrants - treasury stock method	340,273		0		171,076	0
Weighted average diluted shares of common stock outstanding (in shares)	18,934,279		18,423,699		18,742,761	18,486,699
Basic loss per share (in usd per share)	$ (0.61)		$ (0.57)		$ (1.07)	$ (1.27)
Diluted loss per share (in usd per share)	$ (0.85)		$ (0.57)		$ (1.32)	$ (1.27)
Warrants for Series A
Numerator:
Change in fair value of Private warrant liability	$ (4,738)		$ 0		$ (4,738)	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim condensed consolidated financial statements and notes to the condensed consolidated financial statements have been prepared in accordance with accounting standards generally accepted in the United States of America (“U.S. GAAP”) for interim financial information as organized in the Accounting Standards Codification (“ASC”) administrated by the Financial Accounting Standards Board (“FASB”). The accompanying interim Condensed Consolidated Balance Sheet as of June 30, 2026, the interim Condensed Consolidated Statements of Operations and Comprehensive Loss, Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) for the three and six months ended June 30, 2026 and 2025, and the interim Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025, 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’s opinion, include adjustments consisting of only normal recurring adjustments, excluding the de-SPAC Transaction described in Note 3 - Reverse Recapitalization, necessary for the fair statement of the Company’s financial position as of June 30, 2026 and its result of operations for the three and six months ended June 30, 2026 and 2025 are not necessarily indicative of the results to be expected for the full fiscal year or any other period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s audited annual consolidated financial statements for the year ended December 31, 2025, included in the proxy statement/prospectus filed by CGC on May 6, 2026. The accounting policies applied in the preparation of these interim condensed consolidated financial statements are consistent with those disclosed in the Company’s audited consolidated financial statements and accompanying notes. The disclosures provided herein include only those policies that have been newly adopted or updated during the interim period, if any. Prior to the receipt of the de-SPAC and PIPE Proceeds, the Company determined that its existing liquidity was not sufficient to fund operations for at least twelve months from the date of issuance of its audited annual consolidated financial statements, which raised substantial doubt about the Company’s ability to continue as a going concern. The Company has experienced net losses and negative cash flows from operations since its inception. The Company expects it will continue to incur significant costs including research and development expenses related to its ongoing operations until it successfully develops a commercial product and achieves revenues adequately to support the Company’s operations. However, Factorial believes that its cash on hand, including the net proceeds from the de-SPAC and PIPE Proceeds, will be sufficient to meet its working capital and capital expenditure requirements for a period of at least twelve months from the date of this filing. Accordingly, management has concluded that the substantial doubt about the Company’s ability to continue as a going concern has been alleviated. Factorial may, however, need additional cash resources due to changed business conditions or other developments, including unanticipated delays in negotiations with Original Equipment Manufacturers (“OEMs”) and tier-one automotive suppliers or other suppliers, supply chain challenges, competitive pressures, and regulatory or permitting developments, among other possible developments. To the extent that Factorial’s current resources are insufficient to satisfy its cash requirements, Factorial may need to seek additional equity or debt financing. If the financing is not available, or if the terms of financing are less desirable than Factorial expects, Factorial may be forced to decrease its level of investment in product development or scale back its operations.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in the preparation of the consolidated financial statements in accordance with the provisions under ASC Topic 810 Consolidation.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the amounts of expenses during the reporting period. On an ongoing basis, the Company’s management evaluates its estimates, judgments, and methodologies. Significant estimates and assumptions in the consolidated financial statements include those related to warrant liabilities, convertible promissory notes and stock-based compensation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ materially from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known.
Collaboration Arrangements and Partnership Agreements	Collaboration Arrangements and Partnership Agreements The Company enters into collaborative arrangements with various parties individually through joint development agreements (“JDAs”) to evaluate and test its technology. The agreements are executed in anticipation of entering into either a purchasing agreement for the Company’s sellable products or jointly developing a commercialized product. As part of the JDAs, the counterparty may either reimburse the Company for certain costs incurred through a fixed fee payment or per unit payment or share certain costs with the Company. The Company assesses each collaborative arrangement to determine whether it is in scope for ASC Topic 808, Collaborative Arrangements (“ASC 808”). In making the determination, the Company considers whether the arrangement involves joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards that are dependent on the commercial success of such activities. All of the JDAs entered into by the Company have been concluded to be arrangements within the scope of ASC 808. As a result, payments received/paid from/to the counterparties have been netted against the research and development expenses incurred by the Company. The Company assesses each collaborative arrangement to determine whether it is in scope for ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). In making the determination, the Company considers if some or all aspects of the arrangement represent a transaction with a customer. All of the JDAs entered into by the Company to date have been concluded to be arrangements outside the scope of ASC 606. As a result, no revenue has been recognized by the Company. For the three months ended June 30, 2026, and 2025, the Company recognized approximately $0.2 million and $0.2 million, respectively, and for the six months ended June 30, 2026 and 2025, the Company recognized $3.6 million and $0.2 million, respectively, in expense reimbursements from arrangements, which are recorded net within research and development expenses on the unaudited condensed consolidated statements of operations and comprehensive loss. In February 2026, the Company entered into a new development agreement with PowerCo SE (“PowerCo”). The development agreement has various terms and conditions and has a term of fifteen months; however, PowerCo has the right to terminate under certain conditions. The Company entered into this development agreement for purposes of assessing its technology through evaluation and testing of its batteries. In January 2026, the Company entered into a partnership agreement with a note holder as further described in Note 8- Convertible Promissory Note. The partnership agreement includes up to $0.9 million of consideration for the performance of research and development services to the note holder.
Deferred Transaction Costs	Deferred Transaction Costs The Company complies with the requirements of ASC 340, Other Assets and Deferred Costs, with regards to transaction costs. Prior to the completion of the transaction (potential business combination with Cartesian Growth Corporation III), direct transaction costs are capitalized as deferred transaction costs. If the transaction is completed, the deferred transaction costs are charged to additional paid-in capital and offset the proceeds received from the potential business combination. As of June 30, 2026, the Company has completed the Merger, and all deferred transaction costs have been recognized.
Convertible Promissory Notes, Fair Value	Convertible Promissory Notes, Fair Value In August 2025, the Company entered into Convertible Promissory Note Agreements with existing investors (“August 2025 Notes” or “Convertible Promissory Notes – Related parties”) where they can receive a total of $10.0 million. In January 2026, the Company entered into Note Purchase Agreements and a Convertible Promissory Note Agreement pursuant to which it could receive proceeds up to $5.3 million (the “January 2026 Notes” or “Convertible Promissory Notes”) from new investors. The Company determined that it is eligible for the fair value option election in connection with the Convertible Promissory Notes – Related Parties and the Convertible Promissory Notes. Both the Convertible Promissory Notes – Related Parties and the Convertible Promissory Notes meet the definition of a “recognized financial liability” which is an acceptable financial instrument eligible for the fair value option under ASC Topic 825 Financial Instruments (“ASC 825”). At the date of issuance, the fair value of the Convertible Promissory Notes – Related Parties and Convertible Promissory Notes were derived using the scenario-based method (“SBM”) as further described in Note 4 – Fair Value Measurements. The fair value option election was made to enhance the relevance and transparency of information presented related to the features embedded in the Convertible Promissory Notes. Changes in the fair value of the Convertible Promissory Notes – Related Parties and the Convertible Promissory Notes are recorded as gains or losses in the Company’s consolidated statements of operations and comprehensive loss within other (expense) income, net, until the date of the Merger. At the Closing Date, all convertible promissory notes and accrued interest were exchanged as part of the de-SPAC Transaction, see Note 3 – Reverse Recapitalization, Note 4 – Fair Value Measures, Note 7 - Convertible Promissory Notes – Related Parties, and Note 8 - Convertible Promissory Notes, for further details.
Warrant Instruments	Warrant Instruments The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, “Distinguishing Liabilities from Equity” (“ASC 480”), and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own shares of Series A common stock $0.00001 per share (the “Series A Common Stock”) and whether warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end-date while the warrants are outstanding. For issued or modified warrants that meet all the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of warrants classified as liabilities are recognized as a non-cash gain or loss on Company’s condensed consolidated statements of operations and comprehensive loss within other (expense) income, net. Series B-1 and Series D Warrants Series B-1 and Series D Warrants for the purchase of shares of redeemable convertible preferred stock are classified as liabilities on the condensed consolidated balance sheets at fair value upon issuance because the underlying shares of redeemable convertible preferred stock are redeemable outside of the control of Company. The initial liability recorded is adjusted for changes in the fair value at each reporting date and recorded as other income/expense in the accompanying Company’s condensed consolidated statements of operations and comprehensive loss. The Company continued to adjust the convertible preferred stock warrant liability for changes in fair value until the exercise of the warrants, at which time the liability was reclassified to redeemable convertible preferred stock, and is reflected in the Company’s condensed consolidated statements of operations and comprehensive loss. The redeemable convertible preferred stock warrant liabilities increased or decreased each period based on the fluctuations of the fair value of the underlying security. The fair value of the Series B-1 and Series D redeemable convertible preferred stock warrants are estimated using a Probability Weighted Equity Return Method (“PWERM”). Under this approach, the Company develops multiple scenarios and ascribes a probability weighting to each scenario and related estimated fair value. Key inputs and assumptions in the PWERM include the probability and the estimated value of the security in each liquidity scenario, in addition to scenario specific assumptions. Public and Private Warrants The Company accounts for the Public Warrants and Private Warrants (as defined below) in accordance with U.S. GAAP, under which the 13,800,000 redeemable public warrants for Series A Common Stock (“Public Warrants) and 6,800,000 redeemable private placement warrants for Series A Common Stock (the “Private Warrants”) were issued by CGC in connection with its initial public offering. Upon completion of the Merger, such warrant agreements were amended and remained outstanding as warrants of the Company. The Company evaluated the amended terms of the Public Warrants and concluded that equity classification remains appropriate. The amended terms of the Private Warrants provide for potential changes to the settlement amounts dependent upon the characteristics of the warrant holder, and, because the holder of a Private Warrant is not an input into the pricing of a fixed-for-fixed option on equity shares, such provision precluded the Private Warrants from being classified in equity. Accordingly, the Company reclassified the Private Warrants from equity to a liability and measured the Private Warrants at fair value. At the end of each reporting period, the Company will adjust the fair value of the Private Warrants using a Black-Scholes option pricing model whereby the expected volatility was estimated based on the historical volatility of a group of comparable publicly traded companies over a period commensurate with the expected remaining term of the warrants, as the Company’s common stock and Public Warrants do not have sufficient trading history to estimate volatility on a stand-alone basis.
Accounting Pronouncements	Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. After the completion of the re-recapitalization described in Note 3 – Reverse Recapitalization, the Company is considered an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the “Jobs Act”). The Jobs Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to avail itself of this extended transition period and, as a result, the Company will not be required to adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides optional practical expedients intended to simplify the application of the current expected credit loss model to current trade accounts receivable and current contract assets arising from revenue transactions under Topic 606. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company adopted the guidance effective January 1, 2026. The adoption did not have a material impact on its accounting policies, financial position, results of operations, or cash flows, as the Company has no trade receivables and contract assets. In December 2025, the FASB issued ASU 2025-12, Codification Improvements (Topic 815). The amendments in this ASU update the FASB Accounting Standards Codification for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. The amendments in this ASU are effective for all entities for annual periods beginning after December 15, 2026, with early adoption permitted. The Company early adopted ASU 2025-12 and the adoption did not have a material impact on its condensed consolidated financial statements. New Accounting Pronouncements — Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE) (“ASU 2024-03”), requiring additional disclosure of the nature of expenses included in the income statement. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The amendment in this update applies to all public business entities and is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the provisions of the amendments and the impact on its disclosures. In December 2025, the FASB issued ASU 2025-11 Interim Reporting (Topic 270): Narrow-Scope Improvements. This standard clarifies current interim reporting requirements on Topic 270 and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This standard will be effective for fiscal years beginning after December 15, 2027, with the option to apply it retrospectively. Early adoption is allowed. Currently, the Company is assessing the potential impact of this guidance on its financial statement disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

FAIR VALUE MEASURES - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Jun. 30, 2026	Jun. 05, 2026
Convertible Promissory Notes \| Related Party
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Converted instrument, issue (in usd per share)			$ 10.42
Convertible Promissory Notes \| Nonrelated Party
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Converted instrument, issue (in usd per share)			10.06
Series A Common stock \| Convertible Promissory Notes \| Related Party
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Converted instrument, issue (in usd per share)			10.42
Series A Common stock \| Convertible Promissory Notes \| Nonrelated Party
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Converted instrument, issue (in usd per share)			10.06
Series B-1 and Series D redeemable convertible preferred stock warrants \| Series A Common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Converted instrument, issue (in usd per share)			$ 10.42
Warrants for Series A \| Warrant Liabilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value outstanding	$ 0	$ 44,616
Valuation Technique, SPAC Exit Scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation approach and technique concentration (in percent)	75.00%
Valuation Technique, Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation approach and technique concentration (in percent)	25.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2026
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in the preparation of the consolidated financial statements in accordance with the provisions under ASC Topic 810 Consolidation. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the amounts of expenses during the reporting period. On an ongoing basis, the Company’s management evaluates its estimates, judgments, and methodologies. Significant estimates and assumptions in the consolidated financial statements include those related to warrant liabilities, convertible promissory notes and stock-based compensation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ materially from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known. Collaboration Arrangements and Partnership Agreements The Company enters into collaborative arrangements with various parties individually through joint development agreements (“JDAs”) to evaluate and test its technology. The agreements are executed in anticipation of entering into either a purchasing agreement for the Company’s sellable products or jointly developing a commercialized product. As part of the JDAs, the counterparty may either reimburse the Company for certain costs incurred through a fixed fee payment or per unit payment or share certain costs with the Company. The Company assesses each collaborative arrangement to determine whether it is in scope for ASC Topic 808, Collaborative Arrangements (“ASC 808”). In making the determination, the Company considers whether the arrangement involves joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards that are dependent on the commercial success of such activities. All of the JDAs entered into by the Company have been concluded to be arrangements within the scope of ASC 808. As a result, payments received/paid from/to the counterparties have been netted against the research and development expenses incurred by the Company. The Company assesses each collaborative arrangement to determine whether it is in scope for ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). In making the determination, the Company considers if some or all aspects of the arrangement represent a transaction with a customer. All of the JDAs entered into by the Company to date have been concluded to be arrangements outside the scope of ASC 606. As a result, no revenue has been recognized by the Company. For the three months ended June 30, 2026, and 2025, the Company recognized approximately $0.2 million and $0.2 million, respectively, and for the six months ended June 30, 2026 and 2025, the Company recognized $3.6 million and $0.2 million, respectively, in expense reimbursements from arrangements, which are recorded net within research and development expenses on the unaudited condensed consolidated statements of operations and comprehensive loss. In February 2026, the Company entered into a new development agreement with PowerCo SE (“PowerCo”). The development agreement has various terms and conditions and has a term of fifteen months; however, PowerCo has the right to terminate under certain conditions. The Company entered into this development agreement for purposes of assessing its technology through evaluation and testing of its batteries. In January 2026, the Company entered into a partnership agreement with a note holder as further described in Note 8- Convertible Promissory Note. The partnership agreement includes up to $0.9 million of consideration for the performance of research and development services to the note holder. Deferred Transaction Costs The Company complies with the requirements of ASC 340, Other Assets and Deferred Costs, with regards to transaction costs. Prior to the completion of the transaction (potential business combination with Cartesian Growth Corporation III), direct transaction costs are capitalized as deferred transaction costs. If the transaction is completed, the deferred transaction costs are charged to additional paid-in capital and offset the proceeds received from the potential business combination. As of June 30, 2026, the Company has completed the Merger, and all deferred transaction costs have been recognized. Convertible Promissory Notes, Fair Value In August 2025, the Company entered into Convertible Promissory Note Agreements with existing investors (“August 2025 Notes” or “Convertible Promissory Notes – Related parties”) where they can receive a total of $10.0 million. In January 2026, the Company entered into Note Purchase Agreements and a Convertible Promissory Note Agreement pursuant to which it could receive proceeds up to $5.3 million (the “January 2026 Notes” or “Convertible Promissory Notes”) from new investors. The Company determined that it is eligible for the fair value option election in connection with the Convertible Promissory Notes – Related Parties and the Convertible Promissory Notes. Both the Convertible Promissory Notes – Related Parties and the Convertible Promissory Notes meet the definition of a “recognized financial liability” which is an acceptable financial instrument eligible for the fair value option under ASC Topic 825 Financial Instruments (“ASC 825”). At the date of issuance, the fair value of the Convertible Promissory Notes – Related Parties and Convertible Promissory Notes were derived using the scenario-based method (“SBM”) as further described in Note 4 – Fair Value Measurements. The fair value option election was made to enhance the relevance and transparency of information presented related to the features embedded in the Convertible Promissory Notes. Changes in the fair value of the Convertible Promissory Notes – Related Parties and the Convertible Promissory Notes are recorded as gains or losses in the Company’s consolidated statements of operations and comprehensive loss within other (expense) income, net, until the date of the Merger. At the Closing Date, all convertible promissory notes and accrued interest were exchanged as part of the de-SPAC Transaction, see Note 3 – Reverse Recapitalization, Note 4 – Fair Value Measures, Note 7 - Convertible Promissory Notes – Related Parties, and Note 8 - Convertible Promissory Notes, for further details. Warrant Instruments The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, “Distinguishing Liabilities from Equity” (“ASC 480”), and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own shares of Series A common stock $0.00001 per share (the “Series A Common Stock”) and whether warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end-date while the warrants are outstanding. For issued or modified warrants that meet all the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of warrants classified as liabilities are recognized as a non-cash gain or loss on Company’s condensed consolidated statements of operations and comprehensive loss within other (expense) income, net. Series B-1 and Series D Warrants Series B-1 and Series D Warrants for the purchase of shares of redeemable convertible preferred stock are classified as liabilities on the condensed consolidated balance sheets at fair value upon issuance because the underlying shares of redeemable convertible preferred stock are redeemable outside of the control of Company. The initial liability recorded is adjusted for changes in the fair value at each reporting date and recorded as other income/expense in the accompanying Company’s condensed consolidated statements of operations and comprehensive loss. The Company continued to adjust the convertible preferred stock warrant liability for changes in fair value until the exercise of the warrants, at which time the liability was reclassified to redeemable convertible preferred stock, and is reflected in the Company’s condensed consolidated statements of operations and comprehensive loss. The redeemable convertible preferred stock warrant liabilities increased or decreased each period based on the fluctuations of the fair value of the underlying security. The fair value of the Series B-1 and Series D redeemable convertible preferred stock warrants are estimated using a Probability Weighted Equity Return Method (“PWERM”). Under this approach, the Company develops multiple scenarios and ascribes a probability weighting to each scenario and related estimated fair value. Key inputs and assumptions in the PWERM include the probability and the estimated value of the security in each liquidity scenario, in addition to scenario specific assumptions. Public and Private Warrants The Company accounts for the Public Warrants and Private Warrants (as defined below) in accordance with U.S. GAAP, under which the 13,800,000 redeemable public warrants for Series A Common Stock (“Public Warrants) and 6,800,000 redeemable private placement warrants for Series A Common Stock (the “Private Warrants”) were issued by CGC in connection with its initial public offering. Upon completion of the Merger, such warrant agreements were amended and remained outstanding as warrants of the Company. The Company evaluated the amended terms of the Public Warrants and concluded that equity classification remains appropriate. The amended terms of the Private Warrants provide for potential changes to the settlement amounts dependent upon the characteristics of the warrant holder, and, because the holder of a Private Warrant is not an input into the pricing of a fixed-for-fixed option on equity shares, such provision precluded the Private Warrants from being classified in equity. Accordingly, the Company reclassified the Private Warrants from equity to a liability and measured the Private Warrants at fair value. At the end of each reporting period, the Company will adjust the fair value of the Private Warrants using a Black-Scholes option pricing model whereby the expected volatility was estimated based on the historical volatility of a group of comparable publicly traded companies over a period commensurate with the expected remaining term of the warrants, as the Company’s common stock and Public Warrants do not have sufficient trading history to estimate volatility on a stand-alone basis. Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. After the completion of the re-recapitalization described in Note 3 – Reverse Recapitalization, the Company is considered an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the “Jobs Act”). The Jobs Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to avail itself of this extended transition period and, as a result, the Company will not be required to adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides optional practical expedients intended to simplify the application of the current expected credit loss model to current trade accounts receivable and current contract assets arising from revenue transactions under Topic 606. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company adopted the guidance effective January 1, 2026. The adoption did not have a material impact on its accounting policies, financial position, results of operations, or cash flows, as the Company has no trade receivables and contract assets. In December 2025, the FASB issued ASU 2025-12, Codification Improvements (Topic 815). The amendments in this ASU update the FASB Accounting Standards Codification for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. The amendments in this ASU are effective for all entities for annual periods beginning after December 15, 2026, with early adoption permitted. The Company early adopted ASU 2025-12 and the adoption did not have a material impact on its condensed consolidated financial statements. New Accounting Pronouncements — Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE) (“ASU 2024-03”), requiring additional disclosure of the nature of expenses included in the income statement. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The amendment in this update applies to all public business entities and is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the provisions of the amendments and the impact on its disclosures. In December 2025, the FASB issued ASU 2025-11 Interim Reporting (Topic 270): Narrow-Scope Improvements. This standard clarifies current interim reporting requirements on Topic 270 and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This standard will be effective for fiscal years beginning after December 15, 2027, with the option to apply it retrospectively. Early adoption is allowed. Currently, the Company is assessing the potential impact of this guidance on its financial statement disclosures.

THE COMPANY (Details) - USD ($) $ / shares in Units, $ in Thousands			6 Months Ended
	Jun. 05, 2026	Jun. 04, 2026	Jun. 30, 2026	May 31, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Proceeds received from reverse recapitalization, gross	$ 112,100
Common stock, par value (in usd per share)				$ 0.00001
Payments of transaction expenses	20,100	$ 1,300	$ 20,064
Cartesian Growth Corporation (“CGC”)
Class of Stock [Line Items]
Proceeds received from reverse recapitalization, gross	$ 47,400
Series B Common stock
Class of Stock [Line Items]
Common stock, par value (in usd per share)			$ 0.00001		$ 0.00001
Series B Common stock \| Cartesian Growth Corporation (“CGC”)
Class of Stock [Line Items]
Common stock, par value (in usd per share)			$ 0.0001

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development, net (includes $10 and $140 for the three months ended June 30, 2026 and 2025, respectively; and $10 and $165 for the six months ended June 30, 2026 and 2025, respectively, of related party research and development reimbursement)	$ (6,582)	$ (6,745)	$ (8,524)	$ (13,499)
Selling, general and administrative (includes $65 and $44 for the three months ended June 30, 2026 and 2025, respectively; and $153 and $88 for the six months ended June 30, 2026 and 2025, respectively, of related party expenses)	(6,379)	(4,657)	(10,928)	(11,025)
Total operating expenses	(12,961)	(11,402)	(19,452)	(24,524)
Loss from operations	(12,961)	(11,402)	(19,452)	(24,524)
Other income (expense), net:
Other income, net	523	833	289	1,085
Total other income (expenses), net	1,620	833	(464)	1,085
Loss before income taxes	(11,341)	(10,569)	(19,916)	(23,439)
Income tax expense	0	0	0	0
Net loss	(11,341)	(10,569)	(19,916)	(23,439)
Net loss attributable to common stockholders - basic	(11,341)	(10,569)	(19,916)	(23,439)
Net loss attributed to common stockholders - diluted	$ (16,079)	$ (10,569)	$ (24,654)	$ (23,439)
Net loss per share attributable to common stockholders – basic (in usd per share)	$ (0.61)	$ (0.57)	$ (1.07)	$ (1.27)
Net loss per share attributable to common stockholders – diluted (in usd per share)	$ (0.85)	$ (0.57)	$ (1.32)	$ (1.27)
Weighted-average common stock outstanding - basic (in shares)	18,594,006	18,423,699	18,571,685	18,486,699
Weighted-average common stock outstanding - diluted (in shares)	18,934,279	18,423,699	18,742,761	18,486,699
Other comprehensive loss:
Foreign currency translation adjustments	$ (76)	$ (182)	$ (374)	$ (174)
Comprehensive loss	(11,417)	(10,751)	(20,290)	(23,613)
Related Party
Operating expenses:
Research and development, net (includes $10 and $140 for the three months ended June 30, 2026 and 2025, respectively; and $10 and $165 for the six months ended June 30, 2026 and 2025, respectively, of related party research and development reimbursement)	(10)	(140)	(10)	(165)
Selling, general and administrative (includes $65 and $44 for the three months ended June 30, 2026 and 2025, respectively; and $153 and $88 for the six months ended June 30, 2026 and 2025, respectively, of related party expenses)	(65)	(44)	(153)	(88)
Other income (expense), net:
Financing costs related to issuance of convertible promissory notes	0	0	(37)	0
Change in fair value of convertible promissory notes	(2,384)	0	(3,791)	0
Nonrelated Party
Other income (expense), net:
Change in fair value of convertible promissory notes	(964)	0	(1,264)	0
Series B-1 and Series D redeemable convertible preferred stock warrants
Other income (expense), net:
Change in fair value of warrant liabilities for Series B-1 and Series D redeemable convertible preferred stock	(293)	0	(399)	0
Series B-1 and Series D redeemable convertible preferred stock warrants \| Related Party
Other income (expense), net:
Change in fair value of warrant liabilities for Series B-1 and Series D redeemable convertible preferred stock	(229)	0	(262)	0
Warrants for Series A
Other income (expense), net:
Change in fair value of warrant liabilities for Series B-1 and Series D redeemable convertible preferred stock	$ 4,738	$ 0	$ 4,738	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement [Line Items]
Research and development, net	$ 6,582	$ 6,745	$ 8,524	$ 13,499
Selling, general and administrative	6,379	4,657	10,928	11,025
Related Party
Statement [Line Items]
Research and development, net	10	140	10	165
Selling, general and administrative	65	44	153	88
Series B-1 and Series D redeemable convertible preferred stock warrants
Statement [Line Items]
Change in fair value of warrant liabilities for Series B-1 and Series D redeemable convertible preferred stock	293	0	399	0
Series B-1 and Series D redeemable convertible preferred stock warrants \| Related Party
Statement [Line Items]
Change in fair value of warrant liabilities for Series B-1 and Series D redeemable convertible preferred stock	$ 229	$ 0	$ 262	$ 0

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) (UNAUDITED)(Parenthetical) - $ / shares	Jun. 30, 2026	May 31, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Statement [Line Items]
Redeemable convertible preferred stock, par value (in usd per share)	$ 0.00001		$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001
Common stock, par value (in usd per share)		$ 0.00001
Series A Common stock
Statement [Line Items]
Common stock, par value (in usd per share)	0.00001			0.00001
Series B Common stock
Statement [Line Items]
Common stock, par value (in usd per share)	$ 0.00001			$ 0.00001

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONVERTIBLE PROMISSORY NOTES (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	6 Months Ended
	Jun. 05, 2026	Jan. 31, 2026	Jun. 30, 2026	Jun. 30, 2025
Debt Instrument [Line Items]
Issuance of convertible promissory notes, net			$ 5,340	$ 0
Noteholder \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Debt Instrument [Line Items]
Consideration for performance		$ 900
Noteholder \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Nonrelated Party
Debt Instrument [Line Items]
Maximum consideration		2,200
Consideration for performance		900
Convertible Promissory Notes \| Nonrelated Party
Debt Instrument [Line Items]
Face amount		$ 5,300
Interest rate (in percent)		5.00%
Issuance of convertible promissory notes, net		$ 1,300
Converted instrument, issue (in usd per share)	$ 10.06
Convertible Promissory Notes \| Series A Common stock \| Nonrelated Party
Debt Instrument [Line Items]
Converted instrument, issued (in shares)	633,988
Converted instrument, issue (in usd per share)	$ 10.06
Converted instrument, value	$ 6,600
Converted instrument, issued prior to exchange ratio (in shares)	172,823

FAIR VALUE MEASURES - Schedule Of Valuation Assumptions (Details)	Jun. 30, 2026 $ / shares yr	Jun. 05, 2026 $ / shares yr	Jan. 26, 2026 yr	Dec. 31, 2025 $ / shares yr
Discount rate \| Valuation Approach Technique, Scenario Based Method \| Related Party
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible promissory notes, measurement input				0.200
Discount rate \| Valuation Approach Technique, Scenario Based Method \| Nonrelated Party
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible promissory notes, measurement input			0.20
Expected life \| Valuation Approach Technique, Scenario Based Method \| Related Party
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible promissory notes, measurement input \| yr				0.75
Expected life \| Valuation Approach Technique, Scenario Based Method \| Nonrelated Party
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible promissory notes, measurement input \| yr			0.68
Share value \| Valuation Approach Technique, Scenario Based Method \| Related Party
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible promissory notes, measurement input				34.47
Assumed volatility \| Valuation Approach Technique, Scenario Based Method \| Related Party
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible promissory notes, measurement input				0.400
Assumed risk-free interest rate \| Valuation Approach Technique, Scenario Based Method \| Related Party
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible promissory notes, measurement input				0.035
SPAC Exit Scenario \| Valuation Approach Technique, Scenario Based Method \| Related Party
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible promissory notes, measurement input				0.750
SPAC Exit Scenario \| Valuation Approach Technique, Scenario Based Method \| Nonrelated Party
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible promissory notes, measurement input			0.80
Qualified Financing Scenario \| Valuation Approach Technique, Scenario Based Method \| Related Party
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible promissory notes, measurement input				0.150
Qualified Financing Scenario \| Valuation Approach Technique, Scenario Based Method \| Nonrelated Party
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible promissory notes, measurement input			0.10
Dissolution Scenario \| Valuation Approach Technique, Scenario Based Method \| Related Party
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible promissory notes, measurement input				0.100
Dissolution Scenario \| Valuation Approach Technique, Scenario Based Method \| Nonrelated Party
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible promissory notes, measurement input			0.10
Series B-1 \| Discount rate \| Valuation Technique, SPAC Exit Scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input				0.25
Series B-1 \| Expected life \| Valuation Technique, SPAC Exit Scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input \| yr				0.38
Series B-1 \| Expected life \| Valuation Technique, Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input \| yr				2
Series B-1 \| Future projected price per share \| Valuation Technique, SPAC Exit Scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input				37.76
Series B-1 \| Strike price \| Valuation Technique, SPAC Exit Scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input				0.08
Series B-1 \| Share value \| Valuation Technique, Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input				18.14
Series B-1 \| Assumed volatility \| Valuation Technique, Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input				0.90
Series B-1 \| Assumed risk-free interest rate \| Valuation Technique, Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input				0.035
Series B-1 \| Expected dividends \| Valuation Technique, Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input				0
Series D \| Discount rate \| Valuation Technique, SPAC Exit Scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input				0.25
Series D \| Expected life \| Valuation Technique, SPAC Exit Scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input \| yr				0.38
Series D \| Expected life \| Valuation Technique, Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input \| yr				2
Series D \| Future projected price per share \| Valuation Technique, SPAC Exit Scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input				37.76
Series D \| Strike price \| Valuation Technique, SPAC Exit Scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input				27.21
Series D \| Share value \| Valuation Technique, Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input				33.71
Series D \| Assumed volatility \| Valuation Technique, Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input				0.37
Series D \| Assumed risk-free interest rate \| Valuation Technique, Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input				0.035
Series D \| Expected dividends \| Valuation Technique, Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input				0
Warrants for Series A \| Strike price \| Valuation Technique, Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	11.50	11.50
Warrants for Series A \| Share value \| Valuation Technique, Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	11.09	11.90
Warrants for Series A \| Assumed volatility \| Valuation Technique, Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0.687	0.685
Warrants for Series A \| Assumed risk-free interest rate \| Valuation Technique, Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0.041	0.0425
Warrants for Series A \| Remaining contractual term \| Valuation Technique, Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input \| yr	4.93	4.99
Warrants for Series A \| Dividend yield \| Valuation Technique, Option Pricing Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0	0

SUBSEQUENT EVENTS (Details) $ in Millions	Aug. 03, 2026 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Lease agreement, total expected cash payments	$ 2.6

STOCK BASED COMPENSATION - Schedule Of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 1,038	$ 1,749	$ 2,572	$ 5,606
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	101	218	341	565
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 937	$ 1,531	$ 2,231	$ 5,041

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE MEASURES - Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Money market (included in cash and cash equivalents)	$ 95,492	$ 14,152
Money market (included in restricted cash)	886	881
Total Assets	96,378	15,033
Liabilities:
Accrued private issuance liability (included in accrued expenses)	1,109
Total Liabilities	45,725	22,267
Related Party
Liabilities:
Convertible promissory notes – related parties		18,889
Warrants for Series A
Liabilities:
Warrant liability	44,616
Series B-1
Liabilities:
Warrant liability		608
Series D
Liabilities:
Warrant liability		2,770
Level 1
Assets:
Money market (included in cash and cash equivalents)	95,492	14,152
Money market (included in restricted cash)	886	881
Total Assets	96,378	15,033
Liabilities:
Accrued private issuance liability (included in accrued expenses)	1,109
Total Liabilities	1,109	0
Level 1 \| Related Party
Liabilities:
Convertible promissory notes – related parties		0
Level 1 \| Warrants for Series A
Liabilities:
Warrant liability	0
Level 1 \| Series B-1
Liabilities:
Warrant liability		0
Level 1 \| Series D
Liabilities:
Warrant liability		0
Level 2
Assets:
Money market (included in cash and cash equivalents)	0	0
Money market (included in restricted cash)	0	0
Total Assets	0	0
Liabilities:
Accrued private issuance liability (included in accrued expenses)	0
Total Liabilities	0	0
Level 2 \| Related Party
Liabilities:
Convertible promissory notes – related parties		0
Level 2 \| Warrants for Series A
Liabilities:
Warrant liability	0
Level 2 \| Series B-1
Liabilities:
Warrant liability		0
Level 2 \| Series D
Liabilities:
Warrant liability		0
Level 3
Assets:
Money market (included in cash and cash equivalents)	0	0
Money market (included in restricted cash)	0	0
Total Assets	0	0
Liabilities:
Accrued private issuance liability (included in accrued expenses)	0
Total Liabilities	44,616	22,267
Level 3 \| Related Party
Liabilities:
Convertible promissory notes – related parties		18,889
Level 3 \| Warrants for Series A
Liabilities:
Warrant liability	$ 44,616
Level 3 \| Series B-1
Liabilities:
Warrant liability		608
Level 3 \| Series D
Liabilities:
Warrant liability		$ 2,770

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Subsidiary or Equity Method Investee [Line Items]
Accrued legal and professional	$ 1,404	$ 239
Damages sought	$ 4,900
Clear Street LLC (“Clear Street”)
Subsidiary or Equity Method Investee [Line Items]
Advisory agreement term	12 months
Accrued legal and professional	$ 1,100
Clear Street LLC (“Clear Street”) \| Private Placement
Subsidiary or Equity Method Investee [Line Items]
Sale of stock, issuable in transaction (in shares)	100,000

NET LOSS PER COMMON SHARE - Schedule of Anti-Dilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Series A-1 redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	0	4,528,900
Series A-2 redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	0	8,665,524
Series B-1 redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	0	9,972,682
Series C-1 redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	0	13,098,851
Series C-2 redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	0	9,221,245
Series D redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	0	21,827,755
Series B-1 and Series D redeemable convertible preferred stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	0	1,084,228
Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	13,800,000	0
Options to purchase Series A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	19,589,342	18,180,825
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	5,116,217	5,190,513