Rigetti 第二季收入增185%至513.8萬美元 惟認股權證公平值變動拖累虧損擴大

RIGETTI COMPUTING, INC._June 30, 2026
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​
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
​

​
FORM 10-Q
​

​
☑
QUARTERLY REPORT PURSUANT TO SECTION  13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

​
For the quarterly period ended June 30, 2026
or
​
☐
TRANSITION PURSUANT TO SECTION  13 OR 15(D) OF THE SECURITIES EXCHANGE ACT

​
For the transition period from         to         
​
Commission File Number (001-40140)
​

,
RIGETTI COMPUTING, INC.
(Exact name of registrant as specified in its charter)
​

​
​

​

Delaware
88-0950636

(State or other jurisdiction of
(I.R.S. Employer

incorporation or organization)
Identification No.)

​
​

775 Heinz Avenue
​

Berkeley California
94710

(Address of principal executive offices)
(Zip Code)

​
(510) 210-5550
(Registrant’s telephone number, including area code)
​

​
Securities registered pursuant to Section 12(b) of the Act:
​
​

​

​

​

​

Title of each class
  ​ ​ ​
Trading
Symbol(s)
  ​ ​ ​
Name of each exchange
on which registered

​
​
​
​
​

Common Stock, $0.0001 par value per share
​
RGTI
​
The Nasdaq Capital Market

Warrants, each whole warrant exercisable for 
one share of Common Stock at an exercise price 
of $11.50 per share
​
RGTIW
​
The Nasdaq Capital Market

​
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   ☑ Yes   ☐ No
​
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   ☑ Yes   ☐ No
​
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
​
​

​

​

​

Large Accelerated Filer
☐
Accelerated Filer
☐

Non-Accelerated Filer
☑
Smaller Reporting Company
☐

​
​
Emerging Growth Company
☑

​
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
​
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).   ☐ Yes   ☑ No
​
As of August 3, 2026, there were 333,768,747 shares of the registrant’s Common Stock issued and outstanding.
​
​
​
​

Table of Contents

TABLE OF CONTENTS
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​
Page

Cautionary Note Regarding Forward-looking Statements
2

​
​
​

PART I — FINANCIAL INFORMATION
4

​
​
​

Item 1.
Financial Statements (Unaudited)
4

​
Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025
4

​
Condensed Consolidated Statements of Operations for the Three and Six Months ended June 30, 2026 and 2025
5

​
Condensed Consolidated Statements of Comprehensive Income (loss) for the Three and Six Months ended June 30, 2026 and 2025
6

​
Condensed Consolidated Statements of Cash Flows for the Six Months ended June 30, 2026 and 2025
7

​
Notes to Condensed Consolidated Financial Statements (Unaudited)
8

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
27

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
36

Item 4.
Controls and Procedures
37

​
​
​

PART II — OTHER INFORMATION
37

​
​
​

Item 1.
Legal Proceedings
37

Item 1A.
Risk Factors
37

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
42

Item 3.
Defaults Upon Senior Securities
42

Item 4.
Mine Safety Disclosures
42

Item 5.
Other Information
42

Item 6.
Exhibits
44

​
Signatures
46

​
​
​

1

Table of Contents

Cautionary Note Regarding Forward-looking Statements
Unless the context requires otherwise, references in this report to “Rigetti”, the “Company”, “we”, “us”, and “our” refer to Rigetti Computing, Inc. and its consolidated subsidiaries.
​
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for future operations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. We have based these forward-looking statements on our current expectations and projections about future events. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “goal,” “objective,” “design,” “seek,” “target,” “should,” “could,” “will,” “would” or the negative of such terms or other similar expressions.
​
These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Most of such risks and uncertainties are difficult to predict and many are beyond our control. Discussion of the risks and uncertainties material to our business can be found under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, as updated under “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q.
​
Given such risks and uncertainties, you should not place undue reliance on these forward-looking statements. In addition, our goals and objectives are aspirational and are not guarantees or promises that such goals and objectives will be met. Should one or more of the risks or uncertainties described in this Quarterly Report on Form 10-Q or our Annual Report on Form 10-K for the year ended December 31, 2025 materialize, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements.
​
Also, these forward-looking statements represent our plans, objectives, estimates, expectations, assumptions, and intentions only as of the date of this filing. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q.
​
You should read this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results, levels of activity and performance as well as other events and circumstances may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.
​
Forward-looking statements in this Quarterly Report on Form 10-Q may include, for example, statements about:
​
●our ability to achieve milestones, and/or technological advancements, including with respect to executing on our technology roadmap and developing practical applications,
●the potential of quantum computing and estimated market size and market growth including with respect to our long-term business strategies for sales of quantum computers and quantum computing as a service (“Quantum Computing as a Service,” or “QCaaS”),
●the advantages of superconducting modality of quantum computing, including scalability and gate speeds, and open modular architecture for quantum computing,
●the ability to complete and realize the benefits of the Department of Commerce Transaction (as defined below),
●our ability and timeline to monetize our investments in quantum computing, if at all,
●the success of our partnerships and collaborations, including the Collaboration Agreement with Quanta Computer, Inc., a Taiwan Corporation (“Quanta”),
●unfavorable conditions in our industry, the global economy or global supply chain (including any supply chain impacts from future and ongoing military conflicts around the world and sanctions related thereto, governmental actions and regulations, 

2

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such as trade protections, tariffs or other restrictions), levels of future economic activity, inflation, interest rates and financial and credit market fluctuations,
●macroeconomic conditions, including global economic and geopolitical conditions, military conflicts, government shutdowns, disruptions to and volatility and uncertainty in the credit and financial markets, uncertainty in levels of future economic activity, inflation and interest rates,
●our ability to accelerate our development of multiple generations of quantum processors,
●customer concentration and the risk that a significant portion of our revenue currently depends on contracts with the public sector,
●the outcome of any legal proceedings that have or may be instituted against us or others,
●our ability to execute on our business strategy, including monetization of our products,
●our financial performance, growth rate and market opportunity,
●our ability to grow and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees,
●costs related to operating as a public company, including the additional costs associated with the loss of the ability to use scaled disclosures available to smaller reporting companies (“SRCs”),
●the time and attention necessary with respect to our increased disclosure and compliance obligations associated with the loss of our SRC status under the current rules of the Securities and Exchange Commission (the “SEC”),
●our ability to maintain effective internal controls over financial reporting,
●changes in applicable laws or regulations, including international trade policies and tax legislation, 
●the possibility that we may be adversely affected by other economic, business, or competitive factors,
●our ability to implement our strategic initiatives, expansion plans and continue to innovate our existing products and services,
●the sufficiency of our cash resources and our ability to raise additional capital when needed and on attractive terms,
●our success in retaining or recruiting, or changes required in, our officers, key employees or directors,
●our estimates regarding expenses, profitability, future revenue, capital requirements and needs for additional financing, and
●our ability or decisions to expand or maintain our existing customer base.

​

3

Table of Contents

PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
​
RIGETTI COMPUTING, INC.
 CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except number of shares and par value)
(unaudited)
​

​

​

​

​

​

​

​
 
June 30,
​
December 31,

​
  ​ ​ ​
2026
  ​ ​ ​
2025

Assets
 
 
  ​
 
 
  ​

Current assets:
 
 
  ​
 
 
  ​

Cash and cash equivalents
​
$
 27,763
​
$
 44,851

Available-for-sale investments - short-term
​
​
 365,946
​
​
 398,660

Accounts receivable
​
​
 3,865
​
​
 2,551

Prepaid expenses 
​
​
 4,215
​
​
 3,186

Other current assets
​
​
 12,601
​
​
 5,512

Total current assets
​
​
 414,390
​
​
 454,760

Available-for-sale investments - long-term
​
​
 147,586
​
​
 146,321

Property and equipment, net
​
​
 75,302
​
​
 57,051

Operating lease right-of-use assets
​
​
 6,929
​
​
 6,411

Other assets
​
​
 4,026
​
​
 2,031

Total assets
​
$
 648,233
​
$
 666,574

​
​
​
​
​
​
​

Liabilities and Stockholders' Equity
​
​
  ​
​
​
  ​

Current liabilities:
​
​
  ​
​
​
  ​

Accounts payable
​
$
 14,001
​
$
 3,488

Accrued expenses and other current liabilities
​
​
 6,676
​
​
 5,582

Current derivative warrant liabilities
​
​
 78,407
​
​
 —

Current portion of deferred revenue
​
​
 3,316
​
​
 847

Current portion of operating lease liabilities
​
​
 2,657
​
​
 2,235

Total current liabilities
​
​
 105,057
​
​
 12,152

Deferred revenue, less current portion
​
​
 698
​
​
 698

Operating lease liabilities, less current portion
​
​
 5,044
​
​
 4,932

Derivative warrant liabilities
​
​
 —
​
​
 102,593

Total liabilities
​
​
 110,799
​
​
 120,375

Commitments and contingencies (Note 16)
​
​
  ​
​
​
  ​

Stockholders’ equity:
​
​
​
​
​
​

Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, none outstanding
​
​
 —
​
​
 —

Common stock, par value $0.0001 per share, 1,000,000,000 shares authorized, 333,676,881 shares issued and outstanding at June 30, 2026 and 331,282,895 shares issued and outstanding at December 31, 2025
​
​
 33
​
​
 33

Additional paid-in capital
​
​
 1,329,607
​
​
 1,316,126

Accumulated other comprehensive (loss) income
​
​
 (1,752)
​
​
 997

Accumulated deficit
​
​
 (790,454)
​
​
 (770,957)

Total stockholders’ equity
​
​
 537,434
​
​
 546,199

Total liabilities and stockholders’ equity
​
$
 648,233
​
$
 666,574

​
See accompanying notes to condensed consolidated financial statements.
​

4

Table of Contents

RIGETTI COMPUTING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (in thousands, except per share data)
(unaudited)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
 
 
​
 
 
​
 
 
​
 
 
​

​
 
Three Months Ended June 30,
 
Six Months Ended June 30,

​
  ​ ​ ​
2026
  ​ ​ ​
2025
  ​ ​ ​
2026
  ​ ​ ​
2025

Revenue
​
$
 5,138
​
$
 1,801
​
$
 9,538
​
$
 3,273

Cost of revenue
​
​
 2,950
​
​
 1,235
​
​
 5,972
​
​
 2,265

Total gross profit
​
​
 2,188
​
​
 566
​
​
 3,566
​
​
 1,008

Operating expenses:
​
​
  ​
​
​
  ​
​
​
​
​
​
  ​

Research and development
​
​
 20,728
​
​
 13,522
​
​
 40,685
​
​
 28,977

Selling, general and administrative
​
​
 9,522
​
​
 6,926
​
​
 16,894
​
​
 13,545

Total operating expenses
​
​
 30,250
​
​
 20,448
​
​
 57,579
​
​
 42,522

Loss from operations
​
​
 (28,062)
​
​
 (19,882)
​
​
 (54,013)
​
​
 (41,514)

Other income (expense), net:
​
​
  ​
​
​
  ​
​
​
  ​
​
​
  ​

Interest income
​
​
 5,058
​
​
 3,042
​
​
 10,421
​
​
 5,194

Change in fair value of derivative warrant liabilities
​
​
 (29,602)
​
​
 (20,557)
​
​
 24,095
​
​
 32,705

Change in fair value of earn-out liabilities
​
​
 —
​
​
 (2,257)
​
​
 —
​
​
 6,580

Total other income (expense), net
​
​
 (24,544)
​
​
 (19,772)
​
​
 34,516
​
​
 44,479

Net income (loss) before provision for income taxes
​
​
 (52,606)
​
​
 (39,654)
​
​
 (19,497)
​
​
 2,965

Provision for income taxes
​
​
 —
​
​
 —
​
​
 —
​
​
 —

Net income (loss)
​
$
 (52,606)
​
$
 (39,654)
​
$
 (19,497)
​
$
 2,965

Net loss available to common stockholders used in diluted loss per share
​
$
 (52,606)
​
$
 (39,654)
​
$
 (43,592)
​
$
 (1,398)

Net income (loss) per share attributable to common stockholders – basic
​
$
 (0.16)
​
$
 (0.13)
​
$
 (0.06)
​
$
 0.01

Net loss per share attributable to common stockholders – diluted
​
$
 (0.16)
​
$
 (0.13)
​
$
 (0.13)
​
$
 (0.00)

Weighted average shares used to compute net income (loss) per share attributable to common stockholders – basic and diluted
​
​
 333,215
​
​
 298,254
​
​
 332,640
​
​
 291,514

​
See accompanying notes to condensed consolidated financial statements.
​

5

Table of Contents

RIGETTI COMPUTING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
(unaudited)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
 
 
​
​
​
​
 
 
​
​
​
​

​
 
Three Months Ended June 30,
 
Six Months Ended June 30,

​
  ​ ​ ​
2026
  ​ ​ ​
2025
  ​ ​ ​
2026
  ​ ​ ​
2025

Net income (loss)
​
$
 (52,606)
​
$
 (39,654)
​
$
 (19,497)
​
$
 2,965

Other comprehensive income (loss):
​
​
  ​
​
​
  ​
​
​
  ​
​
​
  ​

Foreign currency translation adjustments
​
​
 (182)
​
​
 156
​
​
 (573)
​
​
 (29)

Unrealized gain (loss) on available-for-sale debt securities
​
​
 (864)
​
​
 65
​
​
 (2,176)
​
​
 57

Total other comprehensive income (loss) before income taxes
​
​
 (1,046)
​
​
 221
​
​
 (2,749)
​
​
 28

Income taxes 
​
​
 —
​
​
 —
​
​
 —
​
​
 —

Total other comprehensive income (loss) after income taxes 
​
​
 (1,046)
​
​
 221
​
​
 (2,749)
​
​
 28

Total comprehensive income (loss)
​
$
 (53,652)
​
$
 (39,433)
​
$
 (22,246)
​
$
 2,993

​
See accompanying notes to condensed consolidated financial statements.
​

6

Table of Contents

RIGETTI COMPUTING INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
​

​

​

​

​

​

​

​
  ​ ​ ​
  ​ ​ ​
​
​
​
​

​
 
Six Months Ended June 30,

​
  ​ ​ ​
2026
  ​ ​ ​
2025

Cash flows from operating activities:
​
​
  ​
 
 
  ​

Net income (loss)
​
$
 (19,497)
​
$
 2,965

Adjustments to reconcile net income (loss) to net cash used in operating activities:
​
​
​
​
​
​

Depreciation and amortization
​
​
 5,484
​
​
 3,723

Stock-based compensation
​
​
 12,910
​
​
 7,728

Change in fair value of earn-out liabilities
​
​
 —
​
​
 (6,580)

Change in fair value of derivative warrant liabilities
​
​
 (24,095)
​
​
 (32,705)

Accretion of available-for-sale securities
​
​
 (2,122)
​
​
 (3,396)

Non-cash lease expense
​
​
 903
​
​
 776

Changes in operating assets and liabilities:
​
​
​
​
​
​

Accounts receivable
​
​
 (1,314)
​
​
 674

Prepaid expenses, other current assets and other assets
​
​
 (9,846)
​
​
 (836)

Deferred revenue
​
​
 2,469
​
​
 5

Accounts payable
​
​
 2,649
​
​
 618

Accrued expenses and operating lease liabilities
​
​
 466
​
​
 (2,792)

Net cash used in operating activities
​
​
 (31,993)
​
​
 (29,820)

Cash flows from investing activities:
​
​
  ​
​
​
  ​

Purchases of property and equipment
​
​
 (16,404)
​
​
 (8,214)

Purchases of available-for-sale securities
​
​
 (189,605)
​
​
 (438,518)

Maturities of available-for-sale securities 
​
​
 221,000
​
​
 77,000

Net cash provided by (used in) investing activities
​
​
 14,991
​
​
 (369,732)

Cash flows from financing activities:
​
​
  ​
​
​
  ​

Proceeds from sale of common stock through At-The-Market (ATM) Offerings
​
​
 —
​
​
 346,719

Proceeds from sale of common stock from Quanta private placement transaction
​
​
 —
​
​
 35,000

Payments of offering costs
​
​
 —
​
​
 (798)

Net proceeds from tax withholdings on sell-to-cover equity award transactions
​
​
 —
​
​
 6,272

Proceeds from issuance of common stock upon exercise of stock options
​
​
 381
​
​
 1,443

Proceeds from issuance of common stock upon exercise of warrants
​
​
 98
​
​
 459

Net cash provided by financing activities 
​
​
 479
​
​
 389,095

Effects of exchange rate changes on cash and cash equivalents 
​
​
 (565)
​
​
 (34)

Net decrease in cash and cash equivalents 
​
​
 (17,088)
​
​
 (10,491)

Cash and cash equivalents – beginning of period 
​
​
 44,851
​
​
 67,674

Cash and cash equivalents – end of period 
​
$
 27,763
​
$
 57,183

Supplemental disclosures of other cash flow information:
​
​
  ​
​
​
  ​

Non-cash investing and financing activities:
​
​
​
​
​
​

Purchases of property and equipment recorded in accounts payable
​
​
 10,118
​
​
 417

Purchases of property and equipment recorded in accrued expenses
​
​
 —
​
​
 11

Non-cash addition to operating lease right-of-use asset and liability
​
​
 1,421
​
​
 —

Reclassification of earn-out liabilities to additional paid-in capital for vesting of Promote Sponsor Vesting Shares
​
​
 —
​
​
 32,946

Reclassification of derivative liabilities to additional paid-in capital due to exercise of Public Warrants
​
​
 92
​
​
 274

Purchases of deferred offering costs in accounts payable
​
​
 —
​
​
 90

Unrealized (loss) gain on short term investments
​
​
 (2,176)
​
​
 57

​
See accompanying notes to condensed consolidated financial statements.
​
​

7

Table of Contents

RIGETTI COMPUTING INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
​
(1)Description of Business 
​
Rigetti Computing, Inc. and its subsidiaries (collectively, the “Company” or “Rigetti”) build quantum computers and the superconducting quantum processors that power them. The Company sells 9-qubit to 108-qubit quantum computing systems under the Novera™ and Cepheus™ trade names. Through the Rigetti Quantum Cloud Services (QCS®) platform, the Company’s machines can be integrated into any public, private or hybrid cloud. 
The Company is located and headquartered in Berkeley, California. The Company also operates in Fremont, California; London, United Kingdom; Adelaide, Australia; British Columbia, Canada; and Thane, India. The Company’s revenue is derived primarily from operations in the United States and the United Kingdom.
​
(2)  Summary of Significant Accounting Policies
​
Basis of Presentation
​
On March 2, 2022 (the “Closing Date”), a merger transaction between Rigetti Holdings, Inc. (“Legacy Rigetti”) and Supernova Partners Acquisition Company II, Ltd. (“SNII”) was completed (the “Business Combination”). In connection with the closing of the Business Combination, the Company changed its name to Rigetti Computing, Inc. and all of SNII Class A ordinary shares and SNII Class B ordinary shares automatically converted into shares of common stock, par value $0.0001, of the Company (the “Common Stock”) on a one-for-one basis. Certain warrants held by SNII became warrants to purchase shares of Common Stock, each entitling the holder to purchase one share of Common Stock at an exercise price of $11.50 per share, that trade on the Nasdaq Capital Market (the “Public Warrants”), while certain other warrants held by SNII became private placement warrants, each entitling the holder to purchase one share of Common Stock at an exercise price of $11.50 per share (the “Private Warrants”). The Company’s Common Stock and Public Warrants trade on the Nasdaq Capital Market under the ticker symbols “RGTI” and “RGTIW,” respectively. 
​
The Company determined that Legacy Rigetti was the accounting acquirer in the Business Combination based on an analysis of the criteria outlined in Accounting Standards Codification (ASC) 805, Business Combination.
​
Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Legacy Rigetti issuing stock for the net assets of SNII, accompanied by a recapitalization. The primary asset acquired from SNII was cash that was assumed at historical costs. Separately, the Company also assumed warrants that were deemed to be derivatives and met liability classification subject to fair value adjustment measurements upon closing of the Business Combination (the “Closing”). No goodwill or other intangible assets were recorded because of the Business Combination. While SNII was the legal acquirer in the Business Combination because Legacy Rigetti was deemed the accounting acquirer, the historical financial statements of Legacy Rigetti became the historical financial statements of the combined company, upon the consummation of the Business Combination.
​
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“U.S” and such accounting principles, “GAAP”) for complete financial statements due to the permitted exclusion of certain disclosures for interim reporting. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary under GAAP for a fair presentation of results for the interim periods presented have been included. As a result of displaying amounts in thousands, rounding differences may exist in the condensed consolidated financial statements and footnote tables. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for other interim periods or future years. 
​
The condensed consolidated balance sheet as of December 31, 2025, included herein, is derived from the audited consolidated financial statements as of that date, however, it does not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on March 4, 2026.
​

8

Table of Contents

Principles of Consolidation
​
The accompanying condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
​
Emerging Growth Company
 
Following the Business Combination, the Company qualifies as an emerging growth company (“EGC”) as defined in the Jumpstart our Business Startups (“JOBS”) Act. The JOBS Act permits companies with EGC status to take advantage of an extended transition period to comply with new or revised accounting standards, delaying the adoption of these accounting standards until they apply to private companies. The Company intends to use this extended transition period to enable it to comply with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date the Company (i) is no longer an EGC or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the consolidated financial statements may not be comparable to companies that comply with the new or revised accounting standards as of public company effective dates.
​
Significant Accounting Policies
​
There were no material changes to the significant accounting policies disclosed in “Note 2 –