0001104659-26-061234 | 10-Q | XBRL Viewer | Terrestrial Energy INC DE

Financial Instruments

3 Months Ended

Mar. 31, 2026

3. Financial Instruments

The following table shows the Company’s cash, cash equivalent and investments by significant investment category as of March 31, 2026:


	As of March 31, 2026
										Cash and Cash		Short-Term		Long-Term
	Amortized Cost			Unrealized Gains		Unrealized Losses		Fair Value		Equivalents		Investments		Investments
Cash	$	—	$	—	$	—	$	—	$	4,252	$	—	$	—
Level 1:		—		—		—		—		—		—		—
Money market funds		—		—		—		—		72,694		—		—
U.S. Treasury securities		196,039		1,979		—		198,018		—		198,018		—
Level 2:		—		—		—		—		—		—		—
Government securities		14,910		—		(12)		14,898		—		—		14,898
Total	$	210,949	$	1,979	$	(12)	$	212,916	$	76,946	$	198,018	$	14,898


	As of December 31, 2025
										Cash and Cash		Short-Term		Long-Term
	Amortized Cost			Unrealized Gains		Unrealized Losses		Fair Value		Equivalents		Investments		Investments
Cash	$	—	$	—	$	—	$	—	$	3,267	$	—	$	—
Level 1:		—		—		—		—		—		—		—
Money market funds		—		—		—		—		93,897		—		—
U.S. Treasury securities		199,497		1,129		—		200,626		—		200,626		—
Level 2:		—		—		—		—		—		—		—
Government securities		—		—		—		—		—		—		—
Total	$	199,497	$	1,129	$	—	$	200,626	$	97,164	$	200,626	$	—

As of March 31, 2026, accrued interest earned of $55 related to investments were included in prepaid expenses and other current assets on the condensed consolidated balance sheets. There was no allowance for expected credit losses on available-for-sale debt securities included as of March 31, 2026 as the unrealized losses were deemed to be temporary in nature.

The following table shows the fair value of the Company’s investments, by contractual maturity, as of March 31, 2026:



Due within 1 year	$	198,018
Due after 1 year through 5 years		14,898
Total fair value	$	212,916

Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Significant Accounting Policies

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Articles 8 and 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, it does not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. The information herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed on March 30, 2026. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair statement of the financial position, operating results, and cash flows for the periods presented.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions. The Company believes that the estimates, judgments and assumptions made when accounting for items and matters such as, but not limited to, determination of deferred income for government assistance, useful life of property and equipment and intangible assets, fair value of stock options granted, recognition of deferred income tax assets, determination of incremental borrowing rate used to measure lease liabilities, and warrants, are reasonable based on information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements, as well as amounts reported on the statements of operations during the periods presented. Actual results could differ from those estimates.

Foreign Currency

The Company’s reporting currency is the United States dollar (“USD”). The functional currency of each subsidiary is determined by the currency of the primary economic environment in which the entity operates. The functional currency of Terrestrial Energy Ontario Inc. (“TEON”) is the Canadian dollar (“CAD”), that of Terrestrial Energy Limited, a company incorporated under the laws of England and Wales, the Pound Sterling and that of Terrestrial Energy USA, Inc., the USD. Assets and liabilities of the operating subsidiaries are translated at the spot rate in effect at the applicable reporting date. Revenues and expenses of the operating subsidiaries are translated at the average exchange rates in effect during the applicable period. The resulting foreign currency translation adjustment is recorded as Accumulated other comprehensive income (loss), which is reflected as a separate component of Stockholders’ Equity (Deficit). The functional currency is translated into U.S. dollars for balance sheet accounts using currency exchange rates in effect as of the balance sheet date, and for revenue and expense accounts using a weighted-average exchange rate during the respective reporting period. The transactions in foreign currency (that is a different currency than the functional currency of the entity) are converted at the exchange rate prevailing to the date of the transaction. The assets and liabilities denominated in foreign currencies are evaluated in the current period on the date of the closing or at the opening rate, when applicable. The translation adjustments are deferred as a separate component of equity in “Accumulated other comprehensive income (loss)”. Gains or losses resulting from transactions denominated in foreign currencies and intercompany debt that is not of a long-term investment nature are included in foreign exchange gain (loss) in the condensed consolidated statements of operations and comprehensive loss.

Concentration of Credit Risks

The Company’s cash accounts in a financial institution may at times exceed the Federal Depository Insurance coverage of $250,000. No losses have been incurred to date on any deposit balance.

Fair Value Measurements

Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three levels:

●

Level 1: Inputs are quoted prices in active markets for identical assets or liabilities.

●

Level 2: Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly.

●

Level 3: Inputs are unobservable for the asset or liability.

The carrying amounts of certain financial instruments, such as cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses, approximate fair value due to their relatively short maturities. The Company’s investments are classified as Level 1 or Level 2 assets (as described in Note 3). The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant inputs derived from and corroborated by observable market data.

Warrants

The Company reviews the terms of warrants to purchase its common stock to determine whether warrants should be classified as liabilities or stockholders’ equity (deficit) in its condensed consolidated balance sheets. In order for a warrant to be classified in stockholders’ equity (deficit), the warrant must be (i) indexed to the Company’s equity and (ii) meet the conditions for equity classification.

If a warrant does not meet the conditions for stockholders’ equity (deficit) classification, it is carried on the condensed consolidated balance sheets as a warrant liability measured at fair value, with subsequent changes in the fair value of the warrant recorded in other income (expense) in the condensed consolidated statements of operations and comprehensive loss. If a warrant meets both conditions for equity classification, the warrant is initially recorded, at its relative fair value on the date of issuance, in stockholders’ deficit in the condensed consolidated balance sheets, and the amount initially recorded is not subsequently remeasured at fair value.

Stock-Based Compensation

The Company accounts for stock-based compensation arrangements granted to employees in accordance with Accounting Standards Codification (“ASC”) 718, “Compensation: Stock Compensation”, by measuring the grant date fair value of the award and recognizing the resulting expense over the period during which the employee is required to perform service in

exchange for the award. Equity-based compensation expense is only recognized for awards subject to performance conditions if it is probable that the performance condition will be achieved. The Company accounts for forfeitures when they occur.

The Company uses the Black-Scholes option pricing model to determine the grant date fair value of its stock-based compensation. This model requires the Company to estimate the expected volatility and the expected term of the stock options, which are highly complex and subjective variables. The Company uses an expected volatility of its stock price during the expected life of the options that is based on the historical performance of the Company’s stock price as well as including an estimate using similar companies. The expected term is computed using the simplified method as the Company’s best estimate given its lack of actual exercise history. The Company has selected a risk-free rate based on the implied yield available on U.S. Treasury securities with a maturity equivalent to the expected exercise term of the stock option.

Prior to the Closing of the Business Combination, there was no public market for the Company’s common stock. Therefore, the Company determined the fair value of common stock at the time of each grant of stock options by considering a number of objective and subjective factors in accordance with applicable elements of the practice aid issued by the American Institute of Certified Public Accountants titled, “Valuation of Privately Held Company Equity Securities Issued as Compensation.” Stock options granted by the Company have exercise prices equal to the fair value of the Company’s common stock, as determined by the Company on the date of grant. After the Closing of the Business Combination, the closing price of the common stock on Nasdaq is used as the fair value of the Company’s common stock.

The Company grants restricted stock units (“RSUs”) to employees and non-employee directors as part of its equity-based compensation program. RSUs represent the right to receive shares of the Company’s common stock upon vesting, subject to specified service. RSUs do not have voting or dividend rights prior to the issuance of shares, except for dividend equivalents if and when declared, as applicable under the terms of the award agreements.

The Company accounts for RSUs in accordance with ASC 718, Compensation—Stock Compensation. Compensation expense for RSUs is measured at the grant-date fair value, which is equal to the closing market price of the Company’s common stock on the date of grant. For RSUs subject solely to service-based vesting conditions, compensation expense is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the award. The Company accounts for forfeitures as they occur.

Upon vesting, each RSU is converted into one share of the Company’s common stock. The Company may withhold shares to satisfy statutory tax withholding requirements. The issuance of shares upon vesting results in an increase to common stock and additional paid-in capital.

Government Grants

Government grants are recognized where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grant relates to an expense item, the grant is recognized in other income as government grants deferred over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate. Where the grant relates to an asset, it is recognized as deferred income, and then recognized as income over the useful life of the related depreciable asset.

Net Loss Per Share

Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. The two-class method determines net income (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to shares in undistributed

earnings as if all income (loss) for the period had been distributed. The Company’s preferred stock does not contractually require the holders of such stock to participate in losses of the Company. Accordingly, in periods in which the Company reports a net loss attributable to common stockholders, such losses are not allocated to such participating securities.

Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of this calculation, stock options, warrants, and restricted stock units have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive for all periods presented.

Segment reporting

The Company has a single operating and reportable segment. The Company’s Chief Executive Officer (“CEO”) is its Chief Operating Decision Maker (“CODM”), who reviews financial information presented on a consolidated basis for the purposes of making operating decisions, allocating resources and evaluating financial performance.

Emerging Growth Company Status

The Company is an emerging growth company, as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that the Company (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Recent Accounting Pronouncements

The Company has assessed the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board on the Company’s condensed consolidated financial statements as well as material updates to previous assessments, if any, to the Company’s annual audited consolidated financial statements and notes thereto included in our Form 10-K for the year ended December 31, 2025.

Income Taxes	3 Months Ended
Mar. 31, 2026
Income Taxes
Income Taxes	8. Income Taxes The Company is subject to United States federal and state taxes as well as other foreign income taxes. During the three months ended March 31, 2026 and 2025, the Company recorded a provision for income taxes of $37 and $0, which represented an effective tax rate of (0.4%) and 0%, respectively. The effective income tax rates for both the three months ended March 31, 2026 and 2025 are different from the U.S. federal statutory rate of 21.0% due to the valuation allowance.

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Taxes

Income Taxes

8. Income Taxes

The Company is subject to United States federal and state taxes as well as other foreign income taxes.

During the three months ended March 31, 2026 and 2025, the Company recorded a provision for income taxes of $37 and $0, which represented an effective tax rate of (0.4%) and 0%, respectively. The effective income tax rates for both the three months ended March 31, 2026 and 2025 are different from the U.S. federal statutory rate of 21.0% due to the valuation allowance.

- Definition

The entire disclosure for income tax.

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+ Details

Organization and Description of Business (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Organization and Description of Business
Operating losses	$ 11,931	$ 4,878
Negative cash flow from operations	9,093	$ 2,760
Cash and Cash Equivalents	76,946		$ 97,164
short-term investments	198,018
Net working capital	271,695
Accumulated deficit	$ 135,128		$ 124,625

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Related Party Balances and Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Related Party Balances and Transactions
Research and development expenses paid to companies controlled by officers included in general and administrative	$ 4,566	$ 1,408
Related party
Related Party Balances and Transactions
Professional fees and expenses paid to companies controlled by officers included in general and administrative		109
Research and development expenses paid to companies controlled by officers included in general and administrative		$ 18

- Definition

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

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+ Details

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Stock-Based Compensation
Number of shares authorized	38,741,269
Stock option term (in years)	10 years
Stock options
Stock-Based Compensation
Stock-based compensation expense	$ 440	$ 180
Unrecognized expense	$ 1,532
Weighted average period for stock-based compensation expense related to awards not yet recognized	10 months 24 days
RSU
Stock-Based Compensation
Stock-based compensation expense	$ 2,321	$ 0
Unrecognized expense	$ 8,952
Weighted average period for stock-based compensation expense related to awards not yet recognized	1 year 3 months 18 days

- Definition

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+ Details

Segment Information (Details) $ in Thousands	3 Months Ended
Segment Information (Details) $ in Thousands	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
Segment Information
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Research and development costs	$ 4,566	$ 1,408
General and administrative expenses	7,304	3,289
Depreciation and amortization	61	181
Total Operating Expenses	11,931	4,878
Single reportable segment
Segment Information
Research and development costs	4,566	1,408
General and administrative expenses	7,304	3,289
Depreciation and amortization	61	181
Total Operating Expenses	$ 11,931	$ 4,878

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Taxes
Income tax (expense) benefit	$ 37	$ 0
Effective tax rate	(0.40%)	0.00%
U.S. federal statutory tax rate	21.00%	21.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Related Party Balances and Transactions

3 Months Ended

Mar. 31, 2026

Related Party Balances and Transactions

4. Related Party Balances and Transactions

The following table summarizes the Company’s related party transactions for:


		Three months ended
		March 31,
		2026			2025
Professional fees and expenses paid to companies controlled by officers included in general and administrative		$	—		$	109
Research and development expenses paid to companies controlled by officers included in general and administrative			—			18

These transactions are in the normal course of operations and are measured at fair value, which is the amount of consideration established and agreed to by the related parties.

- 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.

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+ Details

Net Loss Per Share of Common Share (Details)	3 Months Ended
Net Loss Per Share of Common Share (Details)	Mar. 31, 2026 shares	Mar. 31, 2025 shares
Net Loss Per Share of Common Share
Potentially dilutive securities included in calculation	0	0
Share exchangeable ratio	1	1

Financial Instruments - Investment by contractual maturity (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Financial Instruments
Due within 1 year	$ 198,018
Due after 1 year through 5 years	14,898
Total fair value	$ 212,916

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Information

Schedule of segment information


		Three months ended
		March 31,
		2026			2025
Research and development costs		$	4,566		$	1,408
General and administrative expenses			7,304			3,289
Other significant non-cash items:
Depreciation and amortization			61			181
Total Operating Expenses		$	11,931		$	4,878

Schedule of geographic location of long-lived assets


		March 31,			December 31,
		2026			2025
United States		$	1,372		$	1,191
Canada			2,077			2,166
Total		$	3,449		$	3,357

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events

Subsequent Events

11. Subsequent Events

The Company evaluated subsequent events from March 31, 2026, the date of these condensed consolidated financial statements, through May 14, 2026, the issuance date of these condensed consolidated financial statements for events requiring recognition or disclosure in the condensed consolidated financial statements. The Company concluded that no events have occurred that would require recognition or disclosure in the condensed consolidated financial statements.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies

Commitments and Contingencies

10. Commitments and Contingencies

Litigation and loss contingencies

From time to time, the Company may be subject to other legal proceedings, claims, investigations, and government inquiries (collectively, legal proceedings) in the ordinary course of business. It may receive claims from third parties asserting, among other things, infringement of their intellectual property rights, defamation, labor and employment rights, privacy, and contractual rights. There are no currently pending legal proceedings that the Company believes will have a material adverse impact on the business or condensed consolidated financial statements.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 06, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-42252
Entity Registrant Name	TERRESTRIAL ENERGY INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1785406
Entity Address, Address Line One	2730 W. Tyvola Road
Entity Address, Adress Line Two	Suite 100
Entity Address, City or Town	Charlotte
Entity Address State Or Province	NC
Entity Address, Postal Zip Code	28217
City Area Code	646
Local Phone Number	687-8212
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		105,935,254
Entity Central Index Key	0002019804
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	IMSR
Security Exchange Name	NASDAQ
Redeemable Warrants
Document Information [Line Items]
Title of 12(b) Security	Redeemable Warrants, each whole warrant exercisable for one Common Stock at a price of $11.50 per share
Trading Symbol	IMSRW
Security Exchange Name	NASDAQ

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Net Loss Per Share of Common Share (Tables)

3 Months Ended

Mar. 31, 2026

Net Loss Per Share of Common Share

Schedule of computation of basic and dilutive net loss per share


		For the three months ended
		March 31,
		2026			2025
Numerator:
Net loss		$	(10,503)		$	(6,252)
Denominator:
Weighted-average shares outstanding, basic and diluted			105,861,986			63,170,918
Net loss per share, basic and diluted		$	(0.10)		$	(0.10)

Schedule of potentially dilutive securities


		For the three months ended
		March 31,
		2026			2025
Stock options			17,550,369			19,198,254
RSUs			1,232,794			—
Warrants (public and private)			30,276,119			12,670,143
Total			49,059,282			31,868,397

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

Use of Estimates

Foreign Currency

Foreign Currency

Concentration of Credit Risks

The Company’s cash accounts in a financial institution may at times exceed the Federal Depository Insurance coverage of $250,000. No losses have been incurred to date on any deposit balance.

Fair Value Measurements

●

Level 1: Inputs are quoted prices in active markets for identical assets or liabilities.

●

Level 3: Inputs are unobservable for the asset or liability.

Warrants

Stock-Based Compensation

Government Grants

Net Loss Per Share

Segment reporting

Emerging Growth Company Status

Recent Accounting Pronouncements

Stockholders' Equity (Deficit) (Details)	3 Months Ended
Stockholders' Equity (Deficit) (Details)	Mar. 31, 2026 $ / shares $ / shares shares	Mar. 31, 2025 shares	Dec. 31, 2025 $ / shares shares
Preferred Stock
Preferred stock, number of shares authorized	1,000,000
Preferred shares, par value (in dollars per share) \| $ / shares	$ 0.0001
Preferred stock, shares issued	0		0
Common Stock
Common stock, number of shares authorized	500,000,000		500,000,000
Common shares, par value (in dollars per share) \| $ / shares	$ 0.0001		$ 0.0001
Common stock, shares issued	82,242,434		81,771,422
Common stock, shares outstanding	82,242,434		81,771,422
Common Stock Warrants
Common stock warrants, Outstanding	30,276,119		30,276,119
Common stock warrants, Exercise price \| $ / shares	$ 8.24		$ 8.24
Number of shares retrained for repurchase	6,124,297
Exchangeable shares, share outstanding	23,692,820		24,011,017
Exchangeable shares conversion ratio	1
Number of shares exchanged during the period	318,197	0
Minimum
Common Stock Warrants
Purchase price per share \| $ / shares	$ 1.12
Maximum
Common Stock Warrants
Purchase price per share \| $ / shares	$ 2.24
Series A Preferred Stock
Preferred Stock
Preferred stock, shares outstanding	0

Net Loss Per Share of Common Share

3 Months Ended

Mar. 31, 2026

Net Loss Per Share of Common Share

Net Loss Per Share of Common Share

6. Net Loss per Share of Common Share

Prior to the Business Combination, the Company used the two-class method required for participating securities. The two-class method determines net income (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to shares in undistributed earnings as if all income (loss) for the period had been distributed. The Company’s preferred stock that was outstanding prior to the Business Combination contractually entitled the holders of such stock to participate in dividends but did not contractually require the holders of such stock to participate in losses of the Company. Accordingly, in periods in which the Company reported a net loss attributable to common stockholders, such losses were not allocated to the preferred stock. The Company may be required to issue additional common shares pursuant to contingent value rights (“CVRs”) issued in connection with the Business Combination. The number of shares issuable is contingent upon the Company’s future stock price performance over a specified measurement period. As the contingency has not been met as of March 31, 2026, these shares have not been included in the calculation of basic or diluted net loss per share.

After the Business Combination, the Company applied the treasury stock method to determine the dilutive effect of potentially dilutive securities, and the if-converted method to determine the dilutive effect of any potentially dilutive convertible securities, as post-merger, the Company’s only participating securities were shares of the Company’s common stock, and any dividends declared on the common stock would be forfeitable if not vested.

Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of common stock outstanding during the period, without consideration of potentially dilutive securities. There are no potentially dilutive securities included in the Company’s diluted net loss per share calculation for the three months ended March 31, 2026 and 2025, as the effect of any potentially dilutive security is anti-dilutive due to the net losses in those periods.

The table below sets forth the computation of basic and dilutive net loss per share:


		For the three months ended
		March 31,
		2026			2025
Numerator:
Net loss		$	(10,503)		$	(6,252)
Denominator:
Weighted-average shares outstanding, basic and diluted			105,861,986			63,170,918
Net loss per share, basic and diluted		$	(0.10)		$	(0.10)

The weighted-average shares outstanding above include both common shares and exchangeable shares outstanding at March 31, 2026 and 2025 as these shares are exchangeable on a one-for-one basis into the Company’s common shares and are therefore economically equivalent to common shares outstanding.

The table below sets forth a listing of potentially dilutive securities that were excluded from the calculation of diluted net loss per share attributable to common shareholders because the impact of including them would have been anti-dilutive or out-of-the-money. Potentially dilutive securities include stock options, restricted stock units, warrants, and other share-settled instruments:


		For the three months ended
		March 31,
		2026			2025
Stock options			17,550,369			19,198,254
RSUs			1,232,794			—
Warrants (public and private)			30,276,119			12,670,143
Total			49,059,282			31,868,397

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 76,946	$ 97,164
Short-term investments	198,018	200,626
Prepaid expenses and other current assets	1,779	1,769
Total current assets	276,743	299,559
Property and equipment, net	831	835
Long-term investments	14,898
Intangible assets, net	699	708
Right-of-use assets	1,919	1,814
Other assets	78	64
Total Assets	295,168	302,980
Current liabilities
Accounts payable and accrued expenses	4,495	5,501
Operating lease liabilities, current	520	383
Finance lease liabilities, current	33	33
Total current liabilities	5,048	5,917
Operating lease liabilities, noncurrent	1,478	1,601
Finance lease liabilities, noncurrent	46	56
Total liabilities	6,572	7,574
Commitments and Contingencies (Note 10)
Stockholders' Equity
Common shares, $0.0001 par value; 500,000,000 authorized shares; 82,242,434 and 81,771,422 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	8	8
Exchangeable shares, $0.0001 par value; 23,692,820 and 24,011,017 shares issued and outstanding as of March 31, 2026 and December 31, 2025	2	2
Additional paid-in-capital	421,734	418,815
Accumulated deficit	(135,128)	(124,625)
Accumulated other comprehensive income	1,980	1,206
Total stockholders' equity	288,596	295,406
Total liabilities and stockholders' equity	$ 295,168	$ 302,980

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
OPERATING EXPENSES
Research and development costs	$ 4,566	$ 1,408
General and administrative	7,304	3,289
Depreciation and amortization	61	181
Total Operating Expenses	11,931	4,878
OPERATING LOSS	(11,931)	(4,878)
OTHER INCOME (EXPENSE)
Government grants	48	23
Interest and dividend income	1,453	4
Foreign exchange loss	(34)	(30)
OTHER INCOME (EXPENSE)	1,465	(1,374)
Net loss before income tax	(10,466)	(6,252)
Income tax expense	(37)	0
Net loss	$ (10,503)	$ (6,252)
Loss per common share, basic (in dollars per share)	$ (0.1)	$ (0.1)
Loss per common share, diluted (in dollars per share)	$ (0.1)	$ (0.1)
Weighted-Average Shares of Common Shares Outstanding, Basic (in shares)	105,861,986	63,170,918
Weighted-Average Shares of Common Shares Outstanding, Diluted (in shares)	105,861,986	63,170,918
Other comprehensive (loss) income net of tax:
Foreign currency translation adjustments	$ (64)	$ (827)
Change in net unrealized gains on short-term and long-term investments	838
Comprehensive loss	(9,729)	(7,079)
Nonrelated party
OTHER INCOME (EXPENSE)
Interest expense	$ (2)	(1,231)
Related party
OPERATING EXPENSES
Research and development costs		18
OTHER INCOME (EXPENSE)
Interest expense		$ (140)

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Information

Segment Information

9. Segment Information

ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding how to allocate resources and assess performance.

The Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer in accordance with ASC 280-10-50-5, who reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that there is only one reportable segment.

The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss that also is reported on the consolidated statement of operations as net income or loss. The measure of segment assets is reported on the consolidated balance sheet as total assets when evaluating the Company’s performance and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following:


		Three months ended
		March 31,
		2026			2025
Research and development costs		$	4,566		$	1,408
General and administrative expenses			7,304			3,289
Other significant non-cash items:
Depreciation and amortization			61			181
Total Operating Expenses		$	11,931		$	4,878

As the Company has not earned significant revenue yet, the key measures of segment profit or loss reviewed by the Company’s CODM are research and development costs and general and administrative expenses to monitor, manage and forecast cash to ensure enough capital is available for working capital needs. The CODM also reviews research and development costs and general and administrative costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget.

The geographic location of long-lived assets is as follows:


		March 31,			December 31,
		2026			2025
United States		$	1,372		$	1,191
Canada			2,077			2,166
Total		$	3,449		$	3,357

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Stock-Based Compensation

Stock-Based Compensation

7. Stock-Based Compensation

In 2014, the Company adopted the amended and restated Terrestrial Energy Inc. 2014 Stock Options Plan (“the 2014 Plan”). In connection with the Company’s redomestication to Delaware, outstanding awards under the 2014 Plan were assumed by the Terrestrial Energy Delaware Inc. 2024 Stock Option Plan, which was most recently amended and restated in October 2024, as the Terrestrial Energy Inc. Second Amended and Restated 2024 Stock Option Plan. In October 2025, the Company adopted the 2025 Equity Incentive Plan, effective immediately prior to the closing of the (the “Current Plan”). As of March 31, 2026, the Current Plan authorizes the Company to award equity awards resulting in the issuance of up to 38,741,269 shares of common stock. The Current Plan provides for grants of incentive stock options, non-qualified stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights and other awards to employees, non-employee directors, consultants and advisors of the Company. The Current Plan is designed to promote the interests of the Company using equity investment interests to attract, motivate, and retain individuals. The Plan is administered by the Board of Directors. The Board determines the type, number, vesting requirements and other features and conditions of such awards. Generally, stock options granted from the Current Plan have a contractual term of ten years from the date of the grant and vest over one to three years, subject to the discretion of the Compensation Committee.

The Company has recorded stock-based compensation expense for options of $440 and $180 for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, total compensation expense related to awards not yet recognized was approximately $1,532 which is expected to be recognized over a weighted average period of 0.9 years.

The Company recorded stock-based compensation expense for RSU awards of $2,321 and $0 for the three months ended March 31, 2026 and 2025, respectively. The total unrecognized RSU expense as of March 31, 2026 was $8,952 with a weighted-average period over which it is to be recognized of 1.3 years.

Related Party Balances and Transactions (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of related party transactions


		Three months ended
		March 31,
		2026			2025
Professional fees and expenses paid to companies controlled by officers included in general and administrative		$	—		$	109
Research and development expenses paid to companies controlled by officers included in general and administrative			—			18

Segment Information - Long-lived assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 3,449	$ 3,357
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	1,372	1,191
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 2,077	$ 2,166

Net Loss Per Share of Common Share - Potentially dilutive securities excluded from the calculation (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Potentially dilutive securities excluded from the calculation
Total	49,059,282	31,868,397
Stock options
Potentially dilutive securities excluded from the calculation
Total	17,550,369	19,198,254
RSUs
Potentially dilutive securities excluded from the calculation
Total	1,232,794
Warrants (public and private)
Potentially dilutive securities excluded from the calculation
Total	30,276,119	12,670,143

Stockholders' Equity (Deficit)

3 Months Ended

Mar. 31, 2026

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)

5. Stockholders’ Equity (Deficit)

Preferred Stock

The Company has authorized 1,000,000 shares of preferred stock, par value $0.0001 per share. The Company’s board of Directors is authorized, without further stockholder action, to issue preferred stock in one or more series and to establish the designations, powers, preferences and rights of each such series and the qualifications, limitations and restrictions thereof. As of March 31, 2026 and December 31, 2025, no shares of Preferred Stock were issued and outstanding.

Common Stock

The Company’s Board of Directors has authorized 500,000,000 shares of common stock, par value $0.0001. As of March 31, 2026 and December 31, 2025, the Company had 82,242,434 and 81,771,422 shares of common stock issued and outstanding.

Common Stock Warrants

As of March 31, 2026 and December 31, 2025, the Company had 30,276,119 outstanding warrants to purchase common stock at a weighted average exercise price of $8.24 per share.

Call Options

Pursuant to various call option agreements entered into with certain stockholders prior to the Company’s Business Combination, the Company retains the right to repurchase up to an aggregate of 6,124,297 shares of its outstanding common stock at fixed exercise prices ranging from $1.12 CAD to $2.24 per share. These call options are exercisable at the Company’s discretion and expire at various dates ranging from December 31, 2035, through March 7, 2043. The call options are not subject to any service, performance, or market-based vesting conditions and are not transferable without Company consent. The Company has not exercised any of these call options to date.

The call options continue to be valid and enforceable following the consummation of the business combination. These instruments are presented within stockholders’ equity (deficit) at the original consideration price per share and are not remeasured unless exercised.

Exchangeable Shares

As of March 31, 2026 and December 31, 2025, the Company had 23,692,820 and 24,011,017 exchangeable shares outstanding. These shares are legally issued by Terrestrial Energy Canada (Exchange) Inc., a wholly-owned subsidiary of the Company (“ExchangeCo”). Each exchangeable share is convertible on a 1-for-1 basis into the Company’s common shares, either at the option of the holder or upon the occurrence of certain events. The exchangeable shares carry economic rights and dividend entitlements equivalent to the Company’s corresponding equity instruments and participate in Company-level voting through a special voting mechanism. Exchangeable shares hold limited economic rights with respect to ExchangeCo and are not entitled to dividends of ExchangeCo; provided that holders of exchangeable shares are entitled to dividends paid on Company shares.

The Company has entered into a support and exchange agreement with ExchangeCo and a trustee to guarantee all obligations associated with the exchangeable shares and ensure that holders receive equivalent rights that are intended to be substantively equivalent to direct shareholders of the Company. As such, these instruments are treated as equity of the Company and not reported as noncontrolling interests. During the three months ended March 31, 2026 and 2025, 318,197 and zero exchangeable shares, respectively, were exchanged for common shares.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Organization and Description of Business

3 Months Ended

Mar. 31, 2026

Organization and Description of Business

Organization and Description of Business

1. Organization and Description of Business

Terrestrial Energy Inc. (the “Company” or “TEI”), a Company incorporated under the laws of the State of Delaware, is a Company developing Generation IV nuclear technology, as defined by the Generation IV International Forum. The Company is committed to delivering reliable, resilient, emission-free, and cost-competitive energy by developing and deploying its patented Integral Molten Salt Reactor (“IMSR”) for commercial operation.

On October 28, 2025 (the “Closing Date”), Terrestrial Energy Inc. (formerly HCM II Acquisition Corp. “HCM II”) consummated the transactions set forth by the Business Combination Agreement dated March 26, 2025 with Terrestrial Energy Development Inc. (formerly Terrestrial Energy, Inc.) (“TEDI”) and HCM II Merger Sub Inc. (the “Business Combination”). Upon closing, Merger Sub merged with and into TEDI, with TEDI surviving as a wholly owned subsidiary of Terrestrial Energy Inc. (collectively, the “Transactions”). Under the terms of the Agreement, TEDI’s outstanding shares of common stock and convertible notes were exchanged for shares in Terrestrial Energy Inc. at an exchange ratio specified in the Business Combination Agreement.

The Business Combination was accounted for as a reverse recapitalization in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Under this method of accounting, TEDI was deemed to be the accounting acquirer for financial reporting purposes.

The Business Combination closed on Tuesday, October 28, 2025, with trading commencing on the Nasdaq Stock Market LLC (“Nasdaq”) on Wednesday, October 29, 2025.

Upon closing of the transaction, the combined company became known as Terrestrial Energy Inc. and its securities and warrants were listed on Nasdaq under the symbols “IMSR” and “IMSRW”, respectively.

Liquidity and Going Concern

Historically, the Company’s primary sources of liquidity have been cash flows from private fundraising offerings to related parties or other investors and other financing activities to fund operations. For the three months ended March 31, 2026 and 2025, the Company reported operating losses of $11,931 and $4,878, respectively, and negative cash flows from operations of $9,093 and $2,760, respectively. As of March 31, 2026, the Company had $76,946 in cash and cash equivalents and $198,018 in short-term investments. The Company had net working capital of $271,695 and an accumulated deficit of $135,128.

The Company believes that it has sufficient liquidity to support operations for at least the next twelve months following the date of issuance of the condensed consolidated financial statements. This projection is based on the Company’s current expectations regarding cost structure, cash burn rate and other operating assumptions.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (10,503)	$ (6,252)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	61	181
Amortization of debt discount		517
Interest income and accretion of discount on investments, net	(55)
Stock-based compensation	2,761	180
Unrealized foreign currency transaction gain	(378)	(96)
Noncash lease expense	99	62
Changes in operating assets and liabilities
Prepaid expenses and other current assets	27	(150)
Accounts payable and accrued expenses	(908)	2,023
Operating lease payments	(197)	(31)
Net cash used in operating activities	(9,093)	(2,760)
Cash flows from investing activities
Purchases of intangible assets		(21)
Purchases of property and equipment	(53)	(163)
Purchase of investments	(73,146)
Proceeds from redemptions of investments	61,693
Net cash used in investing activities	(11,506)	(184)
Cash flows from financing activities
Proceeds from the exercise of stock options for common shares	158
Repayment of finance lease liabilities	(9)	(40)
Net cash provided by financing activities	149	10,945
Effect of exchange rate changes on cash and cash equivalents	232	295
(Decrease) increase in cash and cash equivalents during the period	(20,218)	8,296
Cash and cash equivalents, beginning of period	97,164	3,022
Cash and cash equivalents, end of period	76,946	11,318
Supplemental noncash investing and financing activities
Recognition of warrants in connection with convertible notes, net of tax		2,595
Operating lease liabilities obtained in exchange for operating lease assets	$ 228
Nonrelated party
Changes in operating assets and liabilities
Accrued interest		663
Cash flows from financing activities
Proceeds from issuance of convertible notes		9,335
Related party
Changes in operating assets and liabilities
Accrued interest		143
Cash flows from financing activities
Proceeds from issuance of convertible notes		$ 1,650

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Condensed Consolidated Balance Sheets
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, number of shares authorized	500,000,000	500,000,000
Common stock, shares issued	82,242,434	81,771,422
Common stock, shares outstanding	82,242,434	81,771,422
Exchangeable shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Exchangeable shares, shares issued	23,692,820	24,011,017
Exchangeable shares, share outstanding	23,692,820	24,011,017

Financial Instruments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Financial Instruments
Accrued interest	$ 55
Allowance for expected credit losses	$ 0

Significant Accounting Policies - Segments (Details)	3 Months Ended
Significant Accounting Policies - Segments (Details)	Mar. 31, 2026 segment
Significant Accounting Policies
Number of operating segments	1
Number of reportable segments	1

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (10,503)	$ (6,252)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Financial Instruments - Investments by significant investment category (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total amortized cost	$ 210,949	$ 199,497
Total unrealized Gains	1,979	1,129
Total Unrealized Losses	(12)
Total Fair Value	212,916	200,626
Cash and Cash Equivalents	76,946	97,164
U.S. Treasury securities - Fair Value, Short-Term Investments	198,018	200,626
Government securities - Fair Value, Long-Term Investments	14,898
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost - U.S. Treasury securities	196,039	199,497
Unrealized Gains - U.S. Treasury securities	1,979	1,129
U.S. Treasury securities - Fair Value, Short-Term Investments	198,018	200,626
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost - Government securities	14,910
Unrealized Losses - Government securities	(12)
Government securities - Fair Value, Long-Term Investments	14,898
Cash
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	4,252	3,267
Money market funds \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	$ 72,694	$ 93,897

Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($)
$ in Thousands

Common Shares

Exchangeable Shares

Additional Paid-In-Capital

Accumulated Other Comprehensive Income (Loss)

Accumulated Deficit

Total

Beginning balance at Dec. 31, 2024

$ 4

$ 2

$ 82,774

$ 337

$ (96,608)

$ (13,491)

Beginning balance (in shares) at Dec. 31, 2024

^[1]

39,159,901

24,011,017

Consolidated Statements of Changes in Stockholders' Equity (Deficit)

Stock-based compensation

180

$ 180

Conversion of exchangeable shares to common shares

Currency translation adjustments

(827)

$ (827)

Issuance of warrants in connection with convertible notes, net of tax

2,595

Net loss

(6,252)

Ending balance at Mar. 31, 2025

$ 4

$ 2

85,549

(490)

(102,860)

(17,795)

Ending balance (in shares) at Mar. 31, 2025

^[1]

39,159,901

24,011,017

Beginning balance at Dec. 31, 2025

$ 8

$ 2

418,815

1,206

(124,625)

295,406

Beginning balance (in shares) at Dec. 31, 2025

81,771,422

24,011,017

Consolidated Statements of Changes in Stockholders' Equity (Deficit)

Stock-based compensation

2,761

Shares issued upon exercise of options

158

$ 158

Shares issued upon exercise of options (in shares)

140,815

Conversion of exchangeable shares to common shares

318,197

(318,197)

318,197

Issuance of shares for private placement (in shares)

12,000

Currency translation adjustments

(64)

$ (64)

Change in net unrealized gains on short-term and long-term investments

838

Net loss

(10,503)

Ending balance at Mar. 31, 2026

$ 8

$ 2

$ 421,734

$ 1,980

$ (135,128)

$ 288,596

Ending balance (in shares) at Mar. 31, 2026

82,242,434

23,692,820

[1]	The shares of the Company’s common stock prior to the Recapitalization have been retrospectively recast to reflect the change in the capital structure as a result of the Recapitalization as described in Note 1.

Net Loss Per Share of Common Share - Computation of basic and dilutive net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net Loss Per Share of Common Share
Net Income (Loss)	$ (10,503)	$ (6,252)
Weighted-average shares outstanding, basic (in shares)	105,861,986	63,170,918
Weighted-average shares outstanding, diluted (in shares)	105,861,986	63,170,918
Net loss per share, basic (in dollars per share)	$ (0.1)	$ (0.1)
Net loss per share, diluted (in dollars per share)	$ (0.1)	$ (0.1)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Financial Instruments

Schedule of financial instruments


	As of March 31, 2026
										Cash and Cash		Short-Term		Long-Term
	Amortized Cost			Unrealized Gains		Unrealized Losses		Fair Value		Equivalents		Investments		Investments
Cash	$	—	$	—	$	—	$	—	$	4,252	$	—	$	—
Level 1:		—		—		—		—		—		—		—
Money market funds		—		—		—		—		72,694		—		—
U.S. Treasury securities		196,039		1,979		—		198,018		—		198,018		—
Level 2:		—		—		—		—		—		—		—
Government securities		14,910		—		(12)		14,898		—		—		14,898
Total	$	210,949	$	1,979	$	(12)	$	212,916	$	76,946	$	198,018	$	14,898


	As of December 31, 2025
										Cash and Cash		Short-Term		Long-Term
	Amortized Cost			Unrealized Gains		Unrealized Losses		Fair Value		Equivalents		Investments		Investments
Cash	$	—	$	—	$	—	$	—	$	3,267	$	—	$	—
Level 1:		—		—		—		—		—		—		—
Money market funds		—		—		—		—		93,897		—		—
U.S. Treasury securities		199,497		1,129		—		200,626		—		200,626		—
Level 2:		—		—		—		—		—		—		—
Government securities		—		—		—		—		—		—		—
Total	$	199,497	$	1,129	$	—	$	200,626	$	97,164	$	200,626	$	—

Schedule of investment by contractual maturity

The following table shows the fair value of the Company’s investments, by contractual maturity, as of March 31, 2026:



Due within 1 year	$	198,018
Due after 1 year through 5 years		14,898
Total fair value	$	212,916