# Deep Fission, Inc.: Form 10-K for the period ended Dec 31, 2025

- Company: [Deep Fission, Inc.](/companies/fisn.md) (CIK 1918102)
- Form: 10-K
- Filed: 2026-04-15
- Accepted by EDGAR: Apr 15, 2026, 17:28 ET
- Period: 2025-12-31
- Accession: 0001104659-26-043870
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/1918102/000110465926043870/tmb-20251231x10k.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/1918102/000110465926043870/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2025-12-31.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Research and development | 12 months, 2025-01-01 to 2025-12-31 | $6.6m | us-gaap:ResearchAndDevelopmentExpense |
| Operating income | 12 months, 2025-01-01 to 2025-12-31 | −$21.4m | us-gaap:OperatingIncomeLoss |
| Net income | 12 months, 2025-01-01 to 2025-12-31 | −$61.0m | us-gaap:NetIncomeLoss |
| Basic EPS | 12 months, 2025-01-01 to 2025-12-31 | −$2.41 | us-gaap:EarningsPerShareBasic |
| Operating cash flow | 12 months, 2025-01-01 to 2025-12-31 | −$13.1m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 12 months, 2025-01-01 to 2025-12-31 | $43.4k | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Cash and equivalents | at 2025-12-31 | $23.7m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2025-12-31 | $24.4m | us-gaap:AssetsCurrent |
| Total assets | at 2025-12-31 | $24.7m | us-gaap:Assets |
| Current liabilities | at 2025-12-31 | $2.4m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2025-12-31 | $2.4m | us-gaap:Liabilities |
| Shareholders' equity | at 2025-12-31 | $22.3m | us-gaap:StockholdersEquity |

## Business

As filed, 87,054 characters.

### Consolidated Balance Sheets

| ​ ​ ​ ​ ASSETS ​ Current assets | ​ ​ ​ ​ ​ ​ ​ | ​ ​ December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ | ​ ​ 2024 (As Restated) ​ ​ ​ ​ ​ ​ |
| --- | --- | --- | --- | ---: |
| Cash and cash equivalents | ​ | $23,719,422 | ​ | $6,728,895 |
| Prepaid expenses and other current assets | ​ | 713,154 | ​ | 32,113 |
| SAFE note subscription receivable | ​ | — | ​ | 100,000 |
| Total current assets | ​ | 24,432,576 | ​ | 6,861,008 |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| Property and equipment, net | ​ | 37,102 | ​ | 1,993 |
| Long term prepaid expenses | ​ | ​ 221,407 | ​ | ​ — |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| **Total assets** | **​** | **​** **24,691,085** | **​** | **$6,863,001** |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| **LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)** | ​ | ​ | ​ | ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| **Current liabilities** | ​ | ​ | ​ | ​ |
| Accounts payable | ​ | ​ 538,270 | ​ | $94,797 |
| Accrued expenses | ​ | 185,164 | ​ | 31,777 |
| Accrued compensation | ​ | 25,031 | ​ | 34,863 |
| RSU liability award | ​ | ​ 1,655,507 | ​ | ​ — |
| Total current liabilities | ​ | 2,403,972 | ​ | 161,437 |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| SAFE notes | ​ | — | ​ | 10,783,385 |
| **Total liabilities** | ​ | 2,403,972 | ​ | 10,944,822 |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| Commitments and contingencies (Note 6) | ​ | ​ | ​ | ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| **Stockholders’ equity (deficit)** | ​ | ​ | ​ | ​ |
| Common stock, par value $0.0001 per share, 300,000,000 shares authorized, 51,099,089 and 16,320,839 shares issued and outstanding as of December 31, 2025 and 2024, respectively | ​ | 5,110 | ​ | 1,632 |
| Additional paid-in capital | ​ | 89,009,102 | ​ | 1,640,692 |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| Accumulated deficit | ​ | (66,727,099) | ​ | (5,724,145) |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| **Total stockholders’ equity (deficit)** | ​ | 22,287,113 | ​ | (4,081,821) |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| **Total liabilities and stockholders’ equity (deficit)** | **​** | **​** **24,691,085** | **​** | **$6,863,001** |

The accompanying notes are an integral part of these consolidated financial statements.

### Consolidated Statements of Operations

| ​ ​ ​ ​ Operating expenses | ​ ​ ​ ​ ​ ​ | ​ ​ For the Years Ended December 31, 2025 ​ ​ ​ ​ | ​ ​ ​ ​ ​ | ​ ​ 2024 (As Restated) ​ ​ |
| --- | --- | ---: | --- | ---: |
| General and administrative expenses | ​ | $14,766,607 | ​ | $3,441,820 |
| Research and development expenses | ​ | 6,617,562 | ​ | 661,183 |
| Operating expenses | ​ | 21,384,169 | ​ | 4,103,003 |
| Operating loss | ​ | (21,384,169) | ​ | (4,103,003) |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| **Other non-operating income (expense)** | ​ | ​ | ​ | ​ |
| Interest income | ​ | 210,987 | ​ | 20,331 |
| Change in fair value of SAFE Notes | ​ | (39,834,049) | ​ | (1,631,446) |
| Other income | ​ | 4,277 | ​ | 749 |
| Total non-operating expense | ​ | (39,618,785) | ​ | (1,610,366) |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| **Net loss** | **​** | **$(61,002,954)** | **​** | **$(5,713,369)** |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| **Basic and diluted weighted average shares outstanding of common stock** | ​ | 25,332,277 | ​ | 10,037,251 |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| **Basic and diluted net loss per share of common stock** | ​ | $(2.41) | ​ | $(0.57) |

The accompanying notes are an integral part of these consolidated financial statements.

### Consolidated Statements of Stockholders’ Equity (Deficit)

| ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ | ​ ​ Common Stock Shares | ​ ​ ​ ​ ​ | ​ ​ ​ ​ Amount | ​ ​ ​ ​ ​ ​ | ​ ​ Additional Paid-In Capital | ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ Accumulated Deficit | ​ ​ ​ ​ ​ ​ | ​ ​ Total Stockholders’ Equity (Deficit) |
| --- | --- | ---: | --- | --- | --- | --- | --- | --- | --- | --- |
| **Balance at December 31, 2023 (As Restated)** | ​ | 7,434,955 | ​ | $743 | ​ | $470,295 | ​ | $(10,776) | ​ | $460,262 |
| Stock-based compensation - restricted stock | ​ | 8,885,884 | ​ | **​** 889 | ​ | **​** (889) | ​ | **​** — | ​ | **​** — |
| Issuance of restricted stock awards | ​ | — | ​ | **​** — | ​ | **​** 1,171,286 | ​ | **​** — | ​ | **​** 1,171,286 |
| Net loss | ​ | — | ​ | **​** — | ​ | **​** — | ​ | **​** (5,713,369) | ​ | **​** (5,713,369) |
| **Balance at December 31, 2024 (As Restated)** | ​ ​ ​ | 16,320,839 | ​ ​ ​ | ​ 1,632 | ​ ​ ​ | ​ 1,640,692 | ​ ​ ​ | ​ (5,724,145) | ​ ​ ​ | ​ (4,081,821) |
| Stock-based compensation | ​ | — | ​ | ​ — | ​ | ​ 6,769,296 | ​ | ​ — | ​ | ​ 6,769,296 |
| Issuance of restricted stock awards | ​ | 3,010,401 | ​ | ​ 301 | ​ | ​ 797 | ​ | ​ — | ​ | ​ 1,098 |
| Issuance of common stock upon conversion of SAFE Notes | ​ | 19,601,182 | ​ | ​ 1,960 | ​ | ​ 53,509,274 | ​ | ​ — | ​ | ​ 53,511,234 |
| Issuance of common stock to PIPE investors | ​ | 10,000,000 | ​ | ​ 1,000 | ​ | ​ 29,999,000 | ​ | ​ — | ​ | ​ 30,000,000 |
| Offering costs | ​ | — | ​ | ​ — | ​ | ​ (2,909,740) | ​ | ​ — | ​ | ​ (2,909,740) |
| Issuance of placement agent warrants (equity component) | ​ | — | ​ | ​ — | ​ | ​ 948,639 | ​ | ​ — | ​ | ​ 948,639 |
| Issuance costs – placement agent warrants (non-cash) | ​ | — | ​ | ​ — | ​ | ​ (948,639) | ​ | ​ — | ​ | ​ (948,639) |
| Issuance of common stock to new shareholders upon merger | ​ | 2,166,667 | ​ | ​ 217 | ​ | ​ (217) | ​ | ​ — | ​ | ​ — |
| Net loss | ​ | — | ​ | ​ — | ​ | ​ — | ​ | ​ (61,002,954) | ​ | ​ (61,002,954) |
| **Balance at December 31, 2025** | ​ | 51,099,089 | ​ | $5,110 | ​ | $89,009,102 | ​ | $(66,727,099) | ​ | $22,287,113 |

The accompanying notes are an integral part of these consolidated financial statements.

### Consolidated Statements of Cash Flows

| ​ ​ ​ ​ Cash flows from operating activities: | ​ ​ ​ ​ ​ ​ ​ | ​ ​ For the Year Ended December 31, 2025 ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ | ​ ​ 2024 (As Restated) ​ ​ |
| --- | --- | --- | --- | --- |
| Net loss |  | $(61,002,954) |  | $(5,713,369) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ​ | ​ ​ | ​ | ​ ​ |
| Depreciation | ​ | ​ 8,327 | ​ | ​ 664 |
| Change in fair value of SAFE notes | ​ | ​ 39,834,049 | ​ | ​ 1,631,446 |
| Stock-based compensation | ​ | ​ 8,424,803 | ​ | ​ 1,171,287 |
| Changes in operating assets and liabilities: | ​ | ​ ​ | ​ | ​ ​ |
| Prepaid expenses | ​ | ​ (902,448) | ​ | ​ (32,113) |
| Accounts payable | ​ | ​ 443,473 | ​ | ​ 75,803 |
| Accrued expenses | ​ | ​ 153,387 | ​ | ​ 31,777 |
| Accrued compensation | ​ | ​ (9,832) | ​ | ​ 34,863 |
| Net cash used in operating activities | ​ | ​ (13,051,195) | ​ | ​ (2,799,642) |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| **Cash flows from investing activities:** | ​ | ​ ​ | ​ | ​ ​ |
| Purchases of property and equipment | ​ | ​ (43,436) | ​ | ​ (2,657) |
| Net cash used in investing activities | ​ | ​ (43,436) | ​ | ​ (2,657) |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| **Cash flows from financing activities:** | ​ | ​ ​ | ​ | ​ ​ |
| Proceeds from exercise of restricted stock awards | ​ | ​ 1,098 | ​ | ​ 5,392 |
| Proceeds from SAFE notes | ​ | ​ 2,993,800 | ​ | ​ 8,590,000 |
| Proceeds from private placement | ​ | ​ 30,000,000 | ​ | ​ — |
| Offering costs paid | ​ | ​ (2,909,740) | ​ | ​ — |
| Payment of related party loan | ​ | ​ — | ​ | ​ (10,000) |
| Net cash provided by financing activities | ​ | ​ 30,085,158 | ​ | ​ 8,585,392 |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| Net increase in cash and cash equivalents | ​ | ​ 16,990,527 | ​ | ​ 5,783,093 |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| Cash and cash equivalents, beginning of the year | ​ | ​ 6,728,895 | ​ | ​ 945,802 |
| **Cash and cash equivalents, end of the year** |  | $23,719,422 |  | $6,728,895 |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| **Supplemental cash flow information:** | ​ | ​ ​ | ​ | ​ ​ |
| Subscription of SAFE notes | ​ | $— | ​ | $110,000 |
| Conversion of SAFE Notes into common stock | ​ | $53,511,234 | ​ | $— |

The accompanying notes are an integral part of these consolidated financial statements.

### Note 1: Description of Business and Basis of Presentation

### Organization

Deep Fission, Inc. (“Deep Fission” or the “Company”) was incorporated on July 17, 2023, under the laws of the state of Delaware.

Surfside Acquisition Inc. (“Surfside”) was incorporated in the State of Delaware on December 10, 2021. Prior to the Merger (as defined below), Surfside was a “shell company” (as defined in Rule 12b-2 under Securities Exchange Act of 1934, as amended (the “Exchange Act”)). On September 5, 2025, Surfside completed a merger (the “Merger”) with Deep Fission Nuclear, Inc. (formerly known as Deep Fission, Inc.), a private Delaware corporation (“Legacy Deep Fission”), pursuant to an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), under which a wholly owned subsidiary of Surfside merged with and into Legacy Deep Fission, with Legacy Deep Fission continuing as the surviving corporation and becoming a wholly owned subsidiary of Surfside. In connection with the transaction, Surfside changed its name to Deep Fission, Inc. For financial reporting purposes, the transaction was treated as a recapitalization and reverse acquisition, with Legacy Deep Fission considered the accounting acquirer. See below, *Recapitalization*, for the accounting of the Merger.

Following the consummation of the Merger, the business previously conducted by Legacy Deep Fission became the business conducted by the Company. The Company’s headquarters are located in Berkeley, California.

### Operations

The Company is a nuclear energy technology company developing a small modular reactor based on established pressurized water reactor technology, with novel emplacement in deep boreholes approximately one mile below the Earth’s surface. The Company is currently participating in the U.S. Department of Energy (“DOE”) Reactor Pilot Program, and we expect to demonstrate our system as part of the DOE Reactor Pilot Program.

Deep Fission’s current activities include reactor development, geological evaluation, large-diameter borehole drilling research and development, geothermal testing, safety analysis, regulatory engagement, site development, and commercialization planning.

### Basis of Presentation

The accompanying consolidated financial statements for the years ended December 31, 2025 and 2024 have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The consolidated financial statements include the results of the Company and its wholly owned or controlled subsidiary. All intercompany transactions and balances have been eliminated during consolidation.

For accounting purposes, the Merger was treated as a reverse recapitalization outside the scope of ASC 805 (see *Organization* above and *Recapitalization* below), with Legacy Deep Fission considered the accounting acquirer and the Company (formerly Surfside Acquisition Inc.) considered the legal acquirer. Accordingly, these consolidated financial statements represent a continuation of the financial statements of Legacy Deep Fission, with the Merger reflected as the equivalent of Legacy Deep Fission issuing shares for the net assets of Surfside, accompanied by a recapitalization.

All periods prior to the Merger reflect the historical financial position, results of operations, and cash flows of Legacy Deep Fission. The consolidated financial statements are presented in the name of the legal parent; however, they represent the historical operations of Legacy Deep Fission.

The number of shares and corresponding capital amounts and earnings per share, where applicable, have been retroactively restated to reflect the Common Share Conversion Ratio established in connection with the Merger. No goodwill or other intangible assets were recorded as a result of the transaction.

### Liquidity and Going Concern

As of December 31, 2025 and 2024, the Company’s cash and cash equivalents were $23,719,422 and $6,728,895, respectively. The Company continues to incur significant operating losses. For the years ended December 31, 2025 and 2024, the Company had a net loss of $61,002,954 and $5,713,369, respectively, and net cash used in operating activities of $13,051,195 and $2,799,642, respectively. As of December 31, 2025 and 2024, the Company had accumulated deficits of $66,727,099 and $5,724,145, respectively. Management expects that significant on-going operating expenditures will be necessary to successfully implement the Company’s business plan and develop and market its products and services. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these financial statements are issued. Implementation of the Company’s plans and its ability to continue as a going concern will depend upon the Company’s ability to establish a source of revenue and raise additional capital to fund its operations.

The Company plans to access capital resources through possible public or private equity issuances, debt financings, corporate collaborations, and other means. The Company has historically been able to raise capital through equity and equity-linked instruments, such as Simple Agreements for Future Equity (“SAFE Notes”) and private placement equity issuances, although no assurance can be provided that it will continue to be successful in raising capital in the future. While the Company believes that it has a reasonable basis for its expectation that it will be able to raise additional funds, there is no assurance that the Company will be able to complete additional financing in a timely manner.

The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary if the Company is unable to continue as a going concern due to the inability to obtain adequate financing in the future.

### Recapitalization

As described above, Legacy Deep Fission continued as the surviving corporation and became the Company’s wholly owned subsidiary following the Merger. The Merger was accounted for as a reverse recapitalization and Legacy Deep Fission was considered the accounting acquirer for financial reporting purposes. This determination was based on the facts that, immediately following the Merger:

- the assets of Legacy Deep Fission represented a significant majority of the assets of the combined company;
- Legacy Deep Fission stockholders have a majority of the voting power of the combined company;
- Legacy Deep Fission designated the entire governing body of the combined company;
- the executive officers of the combined company immediately after the closing of the Merger are the same individuals as those of Legacy Deep Fission immediately prior to the closing of the Merger; and
- Legacy Deep Fission’s operations comprise the ongoing operations of the combined company.

At the effective time of the Merger, each outstanding share of Legacy Deep Fission capital stock (after giving effect to the conversion of all SAFE Notes of Legacy Deep Fission into shares of Legacy Deep Fission common stock) was converted into the right to receive 17.32141 shares of the Company’s common stock, rounded to the nearest whole share (“Common Share Conversion Ratio”). Accordingly, all share and per share amounts for all periods presented in the accompanying consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect the Common Share Conversion Ratio. There was no effect on the number of shares of common stock or preferred stock authorized for issuance under the Company’s amended and restated certificate of incorporation or the par value of such securities. On September 5, 2025, we issued 85,000 shares of our common stock to an accredited investor (the “Advisor”) in consideration for services rendered in connection with the Merger.

On September 5, 2025, the Company issued an aggregate of 10,000,000 shares of its common stock at a purchase price of $3.00 per share in a private placement (the “Private Placement”) to certain accredited and institutional investors for aggregate gross consideration of $30.0 million. The Company also issued warrants issued to each of the U.S. registered broker-dealers acting as placement agents in connection with the Private Placement representing the right to acquire, on the terms set forth therein, 586,666 shares of its common stock.

| ​ | ​ | ​ |
| --- | --- | ---: |
| Total Legacy Deep Fission shares outstanding prior to Merger | ​ ​ ​ | 38,538,922 |
| Shares issued to Surfside shareholders |  | 2,166,667 |
| Shares issued to Advisor |  | 85,000 |
| Shares issued to Private Placement |  | 10,000,000 |
| Total shares outstanding immediately following the Merger |  | 50,790,589 |

### Note 2: Restatement of Previously Issued Consolidated Financial Statements

In connection with the preparation of the Company’s consolidated financial statements as of and for the fiscal year ended December 31, 2025, the Company discovered errors relating to certain inputs and assumptions used in the valuation models for the Company’s SAFE Notes and stock-based compensation expense, which were used to record the fair value of the SAFE Notes and stock-based compensation expense for various equity agreements. The errors resulted in an overstatement of the fair value of SAFE Notes and an understatement of stock-based compensation expense.

As previously announced in the Company’s Current Report on Form 8-K filed with the SEC on April 9, 2026, on April 9, 2026, the Audit Committee of the Company’s board of directors, in consultation with management, concluded that the audited consolidated financial statements for the fiscal year ended December 31, 2024 and for the period from July 17, 2023 (inception) through December 31, 2023, and the unaudited condensed consolidated financial statements for the six month periods ended June 30, 2024 and 2025, and the three- and nine-month periods ended September 30, 2024 and 2025 of the Company could no longer be relied upon as a result of the misstatement.

Furthermore, the misstatement was evaluated under both rollover and iron curtain methods in accordance with ASC 250, and determined to be quantitatively material to certain previously issued financial statements of the Company and as a result, the Company has restated its consolidated financial statements for the periods presented herein. The restatement includes adjustments to SAFE notes, stock-based compensation expense, net loss, and net loss per share.

The misstatement had no material impact on reported cash flows during the period, as the valuations pertained to non-cash transactions.

Although management did not conduct a formal assessment of internal control over financial reporting in accordance with Section 215.02 of the SEC Division of Corporation Finance’s Regulation S-K Corporation Finance Interpretations, as a result of the misstatement and the related restatement, the Company identified material weaknesses in its internal control over financial reporting, which caused its management to conclude that the Company did not maintain effective internal control over financial reporting as of December 31, 2024 and 2025 due to lack of formal controls and standardized procedures related to financial reporting and historical equity accounting processes.

The impacts of the restatement are summarized below:

#### Consolidated Balance Sheet – As of January 1, 2024

| ​ ​ Liabilities | ​ ​ ​ ​ ​ | ​ ​ As Previously Reported ​ ​ | ​ ​ ​ ​ ​ | ​ ​ Adjustment ​ ​ | ​ ​ ​ ​ ​ | ​ ​ As Restated ​ ​ |
| --- | --- | ---: | --- | ---: | --- | ---: |
| SAFE Notes | ​ | $2,047,000 | ​ | $(1,085,061) | ​ | $961,939 |
| Total liabilities | ​ | $2,075,994 | ​ | $(1,085,061) | ​ | $990,933 |
| Total stockholders’ equity (deficit) | ​ | $(630,192) | ​ | $1,085,061 | ​ | $454,869 |

#### Consolidated Balance Sheet – As of December 31, 2024

| ​ ​ | ​ ​ ​ ​ | ​ ​ As Previously Reported | ​ ​ ​ ​ | ​ ​ Adjustment | ​ ​ ​ ​ | ​ ​ As Restated |
| --- | --- | ---: | --- | ---: | --- | ---: |
| SAFE Notes subscription receivable | **​** | $110,000 | **​** | ​ (10,000) | **​** | $100,000 |
| Total assets | ​ | $6,873,001 | ​ | $(10,000) | ​ | $6,863,001 |
| Liabilities | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| SAFE Notes | ​ | $15,224,665 | ​ | $(4,441,280) | ​ | $10,783,385 |
| Total liabilities | ​ | $15,386,102 | ​ | $(4,441,280) | ​ | $10,944,822 |
| Total stockholders’ deficit | ​ | $(8,513,101) | ​ | $4,431,280 | ​ | $(4,081,821) |

#### Consolidated Statement of Operations – For the year ended December 31, 2024

| ​ ​ Operating expenses: | ​ ​ ​ ​ ​ | ​ ​ As Previously Reported ​ ​ | ​ ​ ​ ​ ​ | ​ ​ Adjustment ​ ​ | ​ ​ ​ ​ ​ | ​ ​ As Restated ​ ​ |
| --- | --- | ---: | --- | ---: | --- | ---: |
| General and administrative expenses | ​ | $2,419,009 | ​ | $1,022,811 | ​ | $3,441,820 |
| Research and development expenses | ​ | $643,642 | ​ | $17,541 | ​ | $661,183 |
| Other non-operating income (expense): | ​ | ​ | ​ | ​ | ​ | ​ |
| Change in fair value of SAFE Notes | ​ | $(4,987,665) | ​ | $3,356,219 | ​ | $(1,631,446) |
| Net loss | ​ | $(8,029,236) | ​ | $2,315,867 | ​ | $(5,713,369) |
| Basic and diluted weighted average shares outstanding of common stock | ​ | 13,877,567 | ​ | (3,840,316) | ​ | 10,037,251 |
| Basic and diluted net loss per share of common stock | ​ | $(0.58) | ​ | $0.01 | ​ | $(0.57) |

#### Consolidated Statement of Stockholders’ Equity (Deficit) for the year ended December 31, 2024

| ​ ​ | ​ ​ | ​ ​ As Previously Reported | ​ ​ | ​ ​ Adjustment | ​ ​ | ​ ​ As Restated |
| --- | --- | ---: | --- | ---: | --- | ---: |
| Balance at December 31, 2023 | ​ | $(630,235) | ​ | $1,090,496 | ​ | $460,261 |
| Stock-based compensation | ​ | ​ 146,327 | ​ | ​ 1,024,960 | ​ | ​ 1,171,287 |
| Net loss |  | ​ (8,029,236) |  | ​ 2,315,867 |  | ​ (5,713,369) |
| Balance at December 31, 2024 | ​ | $(8,513,101) | ​ | $4,431,280 | ​ | $(4,081,821) |

#### Consolidated Statement of Cash Flows for the year ended December 31, 2024

| ​ ​ Cash flows from operating activities: | ​ ​ ​ | ​ ​ As Previously Reported ​ ​ | ​ ​ ​ | ​ ​ Adjustment ​ ​ | ​ ​ ​ | ​ ​ As Restated ​ ​ |
| --- | --- | --- | --- | --- | --- | --- |
| Net loss | ​ | $(8,029,236) | ​ | $2,315,867 | ​ | $(5,713,369) |
| Change in fair value of SAFE Notes |  | ​ 4,987,665 |  | ​ (3,356,219) |  | ​ 1,631,446 |
| Stock-based compensation |  | ​ 140,935 |  | ​ 1,030,352 |  | ​ 1,171,287 |

All referenced amounts for prior period in these financial statements and the notes herein reflect the balances and amounts on a restated basis.

### Note 3: Summary of Significant Accounting Policies

The accompanying consolidated financial statements reflect the application of the accounting policies described in this note.

### Segments

In accordance with criteria under ASC 280, *Segment Reporting*, which establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers, the Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer. The Company’s CODM reviews results to assess performance, make decisions, and allocate operating and capital resources of the Company as a whole. The CODM has made decisions and assessed performance at the Company level as one segment. The CODM does not distinguish its principal business activities for the purpose of internal reporting and uses net loss, consistent with what is presented in the statement of operations, to allocate resources in the annual budgeting and forecasting process, along with using that measure as a basis for evaluating financial performance quarterly by comparing the actual results with historical budgets.

### Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting period. Actual results may differ from these estimates.

### Fair Value Measurements

The authoritative guidance with respect to fair value established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels and requires that assets and liabilities carried at fair value be classified and disclosed in one of three categories, as presented below. There are no transfers in and out of Levels 1 and 2, and activity in Level 3 represents fair value measurements.

Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories:

Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company is able to access.

Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly. These inputs may include (a) quoted prices for similar assets in active markets, (b) quoted prices for identical or similar assets in markets that are not active, (c) inputs other than quoted prices that are observable for the asset, or (d) inputs derived principally from or corroborated by observable market data by correlation or other means.

Level 3 - Valuations based on inputs that are unobservable and significant to the entire fair value measurement.

The Company determines the level in the fair value hierarchy within which each fair value measurement falls in its entirety, based on the lowest level input that is significant to the fair value measurement in its entirety. In determining the appropriate levels, the Company performs an analysis of the assets and liabilities at each reporting period end.

The Company’s cash and cash equivalents, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximate their fair value due to the short-term nature of these assets and liabilities. The Company’s SAFE Notes (see Note 6) and RSU liability (see Note 8) were carried at fair value and classified as Level 3 liabilities.

| ​ ​ ​ | ​ ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ Fair Value Total | ​ ​ ​ ​ ​ | ​ ​ Fair Value Measurements at December 31, 2025 Level 1 | ​ ​ ​ ​ | ​ ​ Level 2 | ​ ​ ​ ​ | ​ ​ Level 3 |
| --- | --- | ---: | --- | ---: | --- | ---: | --- | ---: |
| RSU liability | ​ | $1,655,507 | ​ | $— | ​ | $— | ​ | $1,655,507 |

| ​ ​ ​ | ​ ​ ​ ​ ​ | ​ ​ ​ ​ Fair Value Total | ​ ​ ​ ​ ​ | ​ ​ Fair Value Measurements at December 31, 2024 Level 1 | ​ ​ ​ ​ | ​ ​ Level 2 | ​ ​ ​ ​ | ​ ​ Level 3 |
| --- | --- | ---: | --- | ---: | --- | ---: | --- | ---: |
| SAFE Notes | ​ | $10,783,385 | ​ | $— | ​ | $— | ​ | $10,783,385 |

### Cash and Cash Equivalents

The Company maintains deposits in financial institutions that at times exceed the insured amounts provided by the Federal Deposit Insurance Corporation (“FDIC”). As of December 31, 2025 and 2024, the amount of cash exceeding the FDIC insurance limit was $23,219,422 and $6,228,584. The Company believes it is not exposed to any significant credit risk to cash. Money market funds and other short-term investments with an original maturity of three months or less are considered cash equivalents.

### Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Expenditures for repairs and maintenance which do not extend the useful lives of the assets are charged to operations as incurred.

The Company reviews its long-lived assets periodically to determine potential impairment by comparing the carrying value of those assets with the estimated future undiscounted cash flows expected to result from the use of the assets, including cash flows from disposition. Should the sum of the expected future undiscounted cash flows be less than the carrying value, the Company would determine the amount of and recognize an impairment loss at that time in accordance with the guidance. No impairment loss was recognized during the years ended December 31, 2025 and 2024. The estimated useful lives of the Company’s property and equipment are as follows:

|  |  |  |
| --- | --- | --- |
| ​ | ​ | ​ |
| ​ | **​ ​ ​** | **Useful Life** |
| Equipment |  | 3 years |

### SAFE Notes

The Company issued SAFE Notes in exchange for cash financing during the years ended December 31, 2025 and 2024. The Company accounted for its SAFE Notes as derivatives under ASC 815, *Derivatives and Hedging*, and presented them as long-term liabilities in the accompanying consolidated balance sheets. Changes in the fair value of the SAFE Notes were recorded in earnings.

Immediately upon the effectiveness of the Merger on September 5, 2025, the SAFE Notes were converted into shares of the Company’s common stock (see Note 5).

### Research and Development Expenses

Research and development (“R&D”) expenses primarily represent costs incurred to develop the Company’s technology. These costs consist of personnel costs, including salaries, employee benefit costs, bonuses and stock-based compensation expenses, software costs, computing costs, hardware and experimental supplies, and expenses for outside engineering contractors for analytical work and consulting costs. The Company expenses all R&D costs in the periods in which they are incurred.

### Stock-Based Compensation

The Company accounts for stock-based compensation in accordance with ASC 718, *Compensation - Stock Compensation*. The Company classifies awards as either equity-classified or liability-classified based on the terms of the award. Equity-classified awards are measured at the grant-date fair value and recognized as compensation expense over the requisite service period, which is generally the vesting period. Equity-classified awards are not subsequently remeasured. Liability-classified awards are measured at fair value at each reporting date until settlement, with changes in fair value recognized as compensation expense in the period of change. Compensation cost for liability-classified awards is recognized over the requisite service period based on the fair value of the award at each reporting date.

The Company classifies stock-based compensation expense in its statement of operations in the same line items in which the award recipient’s cash and other compensation costs are classified.

### Net Loss Per Common Share

The Company calculates basic net loss per common share in accordance with ASC 260, *Earnings Per Share*, based on the weighted-average number of outstanding common shares during the fiscal period. Diluted loss per common share is based on the weighted-average number of outstanding common shares plus the weighted-average number of potential outstanding common shares. The calculation of diluted net loss does not consider the effect of the warrants to purchase an aggregate of 586,666 common stock with exercise contingent on future events, stock options to purchase an aggregate of 2,325,059 common stock, and unvested RSUs of 669,451, because their inclusion would be anti-dilutive under the treasury stock method. In periods where potentially dilutive securities are anti-dilutive, such amounts are excluded from the calculations of diluted earnings (loss) per share. All potentially dilutive securities are anti-dilutive for the years ended December 31, 2025 and 2024. For the year ended December 31, 2024, the Company had SAFE Notes, the conversion of which would have been anti-dilutive.

### Income Tax (Provision) Benefit

The Company accounts for income taxes in accordance with ASC 740, *Income Taxes*. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the periods in which those temporary differences are expected to reverse.

The Company evaluates the realizability of its deferred tax assets and establishes a valuation allowance when it is more likely than not that some or all of the deferred tax assets will not be realized. In assessing the need for a valuation allowance, the Company considers all available positive and negative evidence, including historical operating results, future taxable income, and the reversal of existing taxable temporary differences.

The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained upon examination by the relevant taxing authorities. The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense.

### New Accounting Pronouncements

Effective January 1, 2025, the Company adopted ASU 2023-09 “*Income Taxes (Topic 740): Improvements to Income Tax Disclosures”* which enhances income tax disclosures, including expanded requirements for the rate reconciliation and disaggregation of income taxes paid. The adoption of ASU 2023-09 primarily impacts the presentation and disclosure of income taxes in the Company’s consolidated financial statements beginning in 2025. The adoption did not affect the measurement of the Company’s income tax provision.

In October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements”, to clarify or improve disclosure and presentation requirements of a variety of topics and align the requirements in the FASB ASC with the SEC’s regulations. The amendments in ASU 2023-06 will become effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC, and will no longer be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. Adoption is not expected to have a material impact on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03,’-” Income Statement —Reporting Comprehensive Income —Expense Disaggregation Disclosures” as an update to ASC Topic 220-40, which will be effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 was issued to improve the disclosures about a public business entity’s expenses and address requests from investors for more disaggregated disclosures about the types of expenses (including employee compensation, depreciation, and amortization) in commonly presented expense captions (such as general and administrative expenses). In January 2025, the FASB also issued ASU 2025-01 “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date” to clarify the effective date provisions of ASU 2024-03 related to expense disaggregation disclosures. The Company is currently evaluating the impact of ASU 2024-03 and ASU 2025-01 on its consolidated financial statements.

In May 2025, the FASB issued ASU 2025-04 “Compensation – Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer”, which clarifies the accounting for share based consideration payable to a customer, including classification and measurement guidance, to reduce diversity in practice. The amendments are effective for fiscal years, including interim periods, beginning after December 15, 2026, with early adoption permitted. The Company is currently assessing the impact of adopting ASU 2025-04 on its consolidated financial statements but does not expect a material impact.

In December 2025, the FASB issued ASU 2025-11, “*Interim Reporting (Topic 270): Narrow Scope Improvements”*. The amendments clarify the applicability of the interim reporting guidance in Topic 270, improve the navigability of the interim reporting requirements, and provide a more comprehensive framework for interim disclosures, including a principle that entities disclose events and changes since the last annual reporting period that have a material effect on the entity. ASU 2025-11 is effective for public business entities for interim reporting periods within annual reporting periods beginning after December 15, 2027, and for all other entities for interim reporting periods within annual reporting periods beginning after December 15, 2028. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2025-11 on its interim financial statements and related disclosures.

The Company does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s financial statement presentation or disclosures.

### Note 4: Property and Equipment

Property and equipment consisted of the following:

| ​ ​ ​ | ​ ​ ​ ​ ​ | ​ ​ December 31, 2025 | ​ ​ ​ ​ ​ | ​ ​ December 31, 2024 |
| --- | --- | --- | --- | --- |
| Equipment |  | $46,094 |  | $2,657 |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| Less: accumulated depreciation | ​ | ​ (8,992) | ​ | ​ (664) |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| Equipment, net |  | $37,102 |  | $1,993 |

Depreciation expense for the years ended December 31, 2025 and 2024 totaled $8,327 and $664, respectively.

### Note 5: SAFE Notes

During the years ended December 31, 2025 and 2024, the Company issued SAFE Notes in exchange for aggregate amounts of $2,893,800 and $8,190,000, respectively. For the year ended December 31, 2025, the Company received total cash proceeds of $2,993,800, consisting of $2,893,800 of cash from the issuance of SAFE Notes during the period and $100,000 of cash received from the subscription of a SAFE Note. For the year ended December 31, 2024, the Company received total cash proceeds of $8,590,000, with $8,190,000 cash from the issuance of SAFE Notes during the period and $400,000 of cash received from the subscription of a SAFE Note. As of December 31, 2024, the estimated fair value of the SAFE Notes totaled $10,783,385.

Prior to completion of the Merger, each SAFE Note holder gave consent to convert into shares of the Company’s common stock at the valuation cap reflected in each SAFE Note. In connection with the Merger, all SAFE Notes converted into 19,601,182 shares of the Company’s common stock, and the Company recorded a loss from the change in fair value on the date of conversion of approximately $39,834,049 (see Note 6).

### Note 6: Fair Value Measurements

The following is a description of the valuation methodology and significant inputs used for each asset and liability measured at fair value on a recurring or nonrecurring basis, as well as the classification of the asset or liability within the fair value hierarchy.

The Company’s SAFE Notes were recorded at fair value on the consolidated balance sheets. The fair value of the Company’s SAFE Notes was based on significant inputs not observable in the market which cause the instrument to be classified as a Level 3 measurement with the fair value hierarchy. The valuation used weighted average probabilities estimated by management considering pay-offs under various scenarios as follows: (i) an equity financing where the SAFE Notes would convert into certain preferred stock; (ii) a liquidity event (change of control or initial public offering) where the SAFE Note holders would have an option to receive either a cash payment equal to the invested amount under such SAFE Note, or a number of shares of preferred stock equal to the invested amount divided by the liquidity price; and (iii) a dissolution event where the SAFE Note holders would have been entitled to receive a portion of the related proceeds equal to the purchase amount. Management estimated that equity financing or liquidity events were the predominant settlement scenarios at each period end. The Company determined the fair value of the SAFE Notes under the Monte Carlo simulation method which was used to estimate the future market value of invested capital (“MVIC”) of the Company at an equity financing event and the expected payment to the SAFE Note holders at each simulated MVIC value. The Company believed these assumptions would be made by a market participant in estimating the valuation of the SAFE Notes. The Company assessed these assumptions and estimates on an on-going basis as additional data impacting the assumptions and estimates was obtained while the SAFE Notes were outstanding. The determination of fair value for the Company’s SAFE Notes required significant judgment and the use of estimates. Additionally, the valuation scenarios described above reflected the original contractual terms of the SAFE Notes and anticipated early-stage financing structures. However, the Company completed the Merger with a concurrent issuance of common stock, and in connection with the Merger, the Company obtained consent from all holders of the SAFE Notes to convert their SAFE Notes into common stock rather than preferred stock. Changes in the fair value of the SAFE Notes were recognized on the consolidated statements of operations until their conversion to common stock occurred upon the Merger on September 5, 2025.

The key assumptions used in the Monte Carlo simulation are presented in the table below:

|  |  |  |
| --- | --- | --- |
| ​ | ​ | ​ ​ |
| ​ | **​ ​ ​** | **December 31,** |
| ​ | **​** | **2024** |
| Asset volatility(1) |  | 90 - 95% |
| Risk-free rate(2) |  | 4.08 - 4.23% |
| Expected term(3) |  | 12 - 48 months ​ |

(1) Volatility was based on implied and historical volatility of the share price of peer companies.

(2) Risk-free rate based on the U.S. Treasury yield in effect at the time of SAFE Notes consistent with the expected term.

(3) The simulation considered 1–2 year term for equity event and 3.5 and 4-year term for liquidity event.

The following table presents a reconciliation of the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2025 and 2024:

| ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​Year Ended December 31, 2025 | ​ ​ ​ | ​ ​ December 31, 2024 |
| --- | --- | ---: | --- | ---: |
| Beginning balance |  | $10,783,385 |  | $961,939 |
| SAFE Notes issued during the period | ​ | $2,893,800 | ​ | $8,190,000 |
| Change in fair value during the period | ​ | $39,834,049 | ​ | $1,631,446 |
| Conversion of SAFE Notes to common stock | ​ | $(53,511,234) | ​ | $— |
| Ending balance |  | $— |  | $10,783,385 |

### Note 7: Commitments and Contingencies

In the normal course of business, the Company may be subject to contingencies, including litigation, investigations, claims and other legal proceedings, including those arising in the ordinary course of business. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter. The Company has not had any litigation, investigations, claims or other legal proceedings for which it should recognize a liability. As such, the Company has not recorded any liability for these in the consolidated financial statements.

### Note 8: Stockholders’ Equity (Deficit)

### Common Stock

As of December 31, 2025, the Company had 300,000,000 shares of common stock authorized. Each share of its common stock has a par value of $0.0001 as of December 31, 2025.

#### The September 5, 2025 Private Placement

Concurrently with the consummation of the Merger, the Company also issued and sold 10,000,000 shares of our common stock in the Private Placement to certain accredited and institutional investors at a purchase price of $3.00 per share. The Company incurred offering costs of $2,909,740 in connection with the Private Placement, which were recorded as a reduction of the gross proceeds and recognized as a reduction to additional paid-in capital within stockholders’ equity.

#### Warrants

On September 5, 2025, the Company issued warrants to purchase an aggregate of 586,666 shares of its common stock, subject to customary anti-dilution adjustments for stock splits, stock dividends, and similar events, at an exercise price of $3.00 per share to placement agents in connection with the closing of the Private Placement (the “Placement Agent Warrants”). The Placement Agent Warrants expire on the earlier of (i) five years after the Merger Closing Date and (ii) three years after the Company’s shares of common stock are listed on a national securities exchange. The Warrants are indexed to the Company’s own stock and do not permit net cash settlement under circumstances outside the Company’s control, and thus were accounted for as equity-classified instruments in accordance with ASC 718 *Compensation - Stock Compensation* and *ASC 815-40 Contracts in Entity’s Own Equity.* The Warrants were measured at their grant-date fair value $1.617 per warrant share, using a Black-Scholes valuation model. The total fair value of $948,639 was recorded as an equity issuance cost and reflected as a reduction to additional paid-in capital, with a corresponding increase to additional paid-in capital for the warrant equity, resulting in no net impact to total stockholders’ equity.

#### Equity Incentive Plans

On August 29, 2025, the board of directors of Legacy Deep Fission approved the 2025 Equity Incentive Plan (the “Pre-Merger Equity Plan”), which permitted the grant of incentive stock options (“ISOs”), nonstatutory stock options (“NSOs”), stock appreciation rights (“SARs”), restricted stock awards (“RSAs”), restricted stock unit awards (“RSUs”), and other stock awards to employees, directors and consultants of Legacy Deep Fission. Subject to certain capitalization adjustments described in the Pre-Merger Equity Plan, the maximum aggregate number of shares of common stock that was issuable pursuant to the Pre-Merger Equity Plan was 84,351 shares. As of the effective date of the Merger, all outstanding options to purchase shares of Legacy Deep Fission common stock were converted into options to purchase shares of the Company’s common stock. Following the effective date of the Merger, no additional equity awards were permitted to be granted under the Pre-Merger Equity Plan; however, the Pre-Merger Equity Plan will continue to govern the terms and conditions of all outstanding equity awards previously granted under the Pre-Merger Equity Plan.

Awards granted prior to the Pre-Merger Equity Incentive Plan were approved by the board of directors and consisted of RSAs, with service-based vesting terms ranging from immediate vesting to four years.

On September 5, 2025, in connection with the Merger, the board of directors and the stockholders of the Company approved the 2025 Equity Incentive Plan (the “2025 Plan”), which permits the grant of ISOs, NSOs, SARs, RSAs, RSUs, performance awards, and other awards to the Company’s employees, directors and consultants, including employees and consultants of the Company’s affiliates. The Company initially reserved 9,500,884 shares of common stock (the “Share Reserve”) for the issuance of awards under the 2025 Plan. The Share Reserve will automatically increase on January 1 of each year for a period of up to nine years commencing on January 1, 2027 and ending on (and including) January 1, 2035, in an amount equal to five percent (5%) of the total number of shares of common stock outstanding on December 31 of the preceding year; provided, however, that the board of directors may act prior to January 1 of a given year to limit the increase for such year to a lesser number of shares of common stock.

In the event of any merger, reorganization, recapitalization, reincorporation, or other such transaction as defined in the 2025 Plan (a “Capitalization Adjustment”), the board of directors is allowed to proportionately adjust the classes and maximum number of shares of common stock subject to the 2025 Plan and the maximum number of shares by which the Share Reserve may annually increase; the classes and maximum number of shares that may be issued pursuant to the exercise of ISOs; and the classes and number of securities and exercise price, strike price or purchase price of common stock subject to outstanding equity awards. No fractional shares or rights for fractional shares of common stock shall be issued under the 2025 Plan.

#### RSAs, RSUs, and Stock Options

During the years ended December 31, 2025 and 2024, the Company’s board of directors approved the issuances of RSAs, RSUs, and Stock Options to employees, officers, directors, and consultants. Stock-based compensation expense is measured based on the fair value of awards in accordance with ASC 718, *Compensation - Stock Compensation*. Equity-classified awards are measured at grant-date fair value and are not subsequently remeasured. Liability-classified awards are remeasured at fair value at each reporting date until settlement, with changes in fair value recognized in stock-based compensation expense. The cost of stock-based compensation is recognized over the requisite service period, which is generally the vesting period of the respective award. Grants ranged from immediate vesting to over four years. The determination of fair value requires significant judgment and the use of estimates as the Company does not have an observable stock price. Prior to the Company having an observable transaction for the sale of common stock, the Company estimated the fair value of common stock using invested capital multiple and discounted present value to arrive at equity available for common shareholders. Upon the Private Placement described above, the Company estimated the fair value of common stock using the price per share of the Private Placement, with a de-minimis discount for lack of marketability as the Company’s common stock does not trade in an active market. For restricted common stock awards, shares are issued concurrently with the issuance of restricted common stock.

A summary of the restricted common stock award activity during the year ended December 31, 2025, is as follows:

| ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ ​ | ​ Restricted Common Stock ​ Number of Shares | ​ ​ ​ ​ ​ ​ | ​ ​ Weighted Average Fair Value |
| --- | --- | ---: | --- | --- |
| Unvested as of December 31, 2024 | **​** | 2,810,659 | **​** | $0.10 |
| Granted | **​** | 2,848,936 | **​** | ​ 2.29 |
| Vested | **​** | (2,802,246) | **​** | ​ 1.59 |
| Forfeited/ cancelled | **​** | (151,926) | **​** | **​** 0.14 |
| Unvested as of December 31, 2025 |  | 2,705,423 |  | $0.76 |

A summary of the RSU activity during the year ended December 31, 2025, is as follows:

| ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ ​ | ​ Restricted Stock Units ​ Number of RSUs | ​ ​ ​ ​ ​ ​ | ​ ​ Weighted Average Fair Value |
| --- | --- | ---: | --- | ---: |
| Unvested as of December 31, 2024 | ​ | — | ​ | $— |
| Granted |  | 894,451 | ​ | 7.20 |
| Vested |  | (225,000) | ​ | 7.20 |
| Forfeited |  | — | ​ | — |
| Unvested as of December 31, 2025 |  | 669,451 | ​ | $7.20 |

No RSUs were granted during the year ended December 31, 2024.

A summary of the stock option activity during the year ended December 31, 2025, is as follows:

| ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ | ​ Stock Options ​ Number of Options | ​ ​ ​ ​ ​ ​ | ​ ​ Weighted Average Fair Value |
| --- | ---: | --- | --- |
| Unvested as of December 31, 2024 | — | ​ | $— |
| Granted | 2,325,059 | ​ | ​ 3.03 |
| Vested | (615,540) | ​ | ​ 2.02 |
| Forfeited | — | ​ | ​ — |
| Unvested as of December 31, 2025 | 1,709,519 | ​ | $3.29 |

No stock options were granted during the year ended December 31, 2024. The stock options were valued at the grant date using the Black-Scholes pricing model using the range of inputs as indicated below:

| ​ ​ Risk-free interest rate ​ ​ ​ | ​ ​ | ​ ​ 3.87 – 3.94% |
| --- | --- | ---: |
| Expected term (in years) | ​ | 6.25 ​ |
| Expected volatility | ​ | 48.7 – 85.9% |
| Expected dividend yield | ​ | 0% |

The risk-free interest rate is the rate available as of the option date on zero-coupon U.S. government issues with a remaining term equal to the expected term of the option using the simplified approach. The Company currently estimates volatility by using the weighted average implied and historical volatility of the share price of peer companies. The Company has not paid dividends in the past and does not plan to pay any dividends in the foreseeable future.

The Company classifies stock-based compensation expense in its statement of operations in the same manner in which the award recipient’s costs are classified in the statement of operations. Total stock-based compensation expense for the years ended December 31, 2025 and 2024, was $8,424,803 and $1,171,287, respectively. Of the stock-based compensation expense recognized in the year ended December 31, 2025, $1,655,507 is related to a liability-classified award for a fixed number of shares that can also be settled in cash at the participant’s election upon vesting. The fair value of this award is based on the fair value of the underlying common stock and is remeasured at each reporting date until settlement. As of December 31, 2025, the Company recorded a liability of $1,655,507 related to this award, which is included in RSU liability award on the balance sheet.

As of December 31, 2025, the Company has unrecognized stock-based compensation expense of $14,742,022, which will be recognized over a weighted average period of 2.43 years.

### Preferred Stock

As of December 31, 2025, the Company had 10,000,000 shares of preferred stock authorized at a par value of $0.0001. No preferred stock was issued and outstanding.

### Note 9: Income Taxes

Income tax expense consisted of the following for the years ended December 31, 2025 and December 31, 2024:

| ​ ​ ​ Current: | ​ ​ ​ ​ ​ ​ | ​ ​ As of December 31, 2025 ​ ​ | ​ ​ ​ ​ ​ | ​ ​ 2024 ​ ​ |
| --- | --- | ---: | --- | ---: |
| Federal | ​ | $— | ​ | $— |
| State | ​ | 825 | ​ | 800 |
| Foreign | ​ | — | ​ | — |
| Total | ​ | 825 | ​ | 800 |

The Company had no deferred income tax expense for the years ended December 31, 2025 and 2024.

The provision for income taxes differs from the amount obtained by applying the federal statutory income tax rate as follows:

| ​ ​ | ​ ​ ​ ​ | ​ ​ 2025 ​ ​ ​ | ​ ​ 2024 ​ ​ ​ |
| --- | --- | ---: | ---: |
| Federal taxes at statutory rate |  | 21.00% | 21.00% |
| State and local taxes, net of federal benefit |  | 0.00% | 4.98% |
| Change in Fair Value of SAFE Notes and other nondeductible/nontaxable items |  | (13.76)% | (6.00)% |
| Changes in valuation allowance | ​ | (7.36)% | (22.26)% |
| Tax credits | ​ | 0.12% | 0.00% |
| Deferred true-up | ​ | 0.00% | 2.28% |
| **Effective income tax rate** |  | 0.00% | 0.00% |

Deferred income taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of net deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Significant components of the Company’s deferred tax assets and liabilities are as follows:

| ​ ​ ​ Deferred tax assets: | ​ ​ ​ ​ ​ ​ | ​ ​ As of December 31, 2025 ​ ​ | ​ ​ ​ ​ ​ | ​ ​ 2024 ​ ​ |
| --- | --- | ---: | --- | ---: |
| Net operating losses | ​ | $3,005,295 | ​ | $617,819 |
| Stock-based compensation | ​ | 2,786,419 | ​ | 458,061 |
| Capitalized R&D expenses | ​ | 1,378,270 | ​ | 208,112 |
| Start-up costs | ​ | ​ 10,435 | ​ | ​ 11,208 |
| Property and equipment | ​ | ​ — | ​ | ​ 38 |
| Credits | ​ | ​ 71,006 | ​ | ​ — |
| Total deferred tax assets | ​ | 7,251,425 | ​ | 1,295,238 |
| Valuation allowance | ​ | (7,251,124) | ​ | (1,295,238) |
| Deferred income tax assets, net | ​ | $301 | ​ | $— |
| ​ | ​ | ​ ​ | ​ | ​ ​ |
| Deferred tax liabilities: | ​ | ​ | ​ | ​ |
| Property and equipment | ​ | ​ (301) | ​ | ​ — |
| Net deferred tax asset/(liability) | ​ | $— | ​ | $— |

The Company regularly assesses the ability to realize deferred tax assets recorded based upon the weight of available evidence, including such factors as recent earnings history and expected future taxable income on a jurisdiction-by-jurisdiction basis. In the event that the Company changes its determination as to the amount of realizable deferred tax assets, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made. Due to the uncertainty surrounding their realization, the Company has recorded a full valuation allowance against the net deferred tax assets. Accordingly, no deferred tax asset has been recorded on the balance sheets. The Company’s valuation allowance increased during 2025 and 2024 by $5,955,886 and $1,271,946, respectively, primarily due to the generation of net operating losses and the capitalization of research and development expenditures.

As of December 31, 2025 and 2024, the Company has net operating loss carryforwards for federal income tax purposes of approximately $9,101,980 and $1,960,671, respectively, which do not expire and may be available to offset future income tax liabilities, but will generally limit the net operating loss deduction to the lesser of the net operating loss carryover or 80% of a corporation’s taxable income. As of December 31, 2025 and 2024, the Company’s state net operating loss carryforwards were $15,663,544 and $2,950,882 which may be available to offset future income tax liabilities and start to expire in 2043.

The Internal Revenue Code of 1986, as amended, imposes restrictions on the utilization of net operating losses in the event of an “ownership change” of a corporation. Accordingly, a Company’s ability to use net operating losses may be limited as prescribed under Internal Revenue Code Section 382 (“Section 382”). Events which may cause limitations in the amount of the net operating losses that the Company may use in any one year include, but are not limited to, a cumulative ownership change of more than 50% over a three-year period. Utilization of the federal and state net operating losses may be subject to substantial annual limitation due to the ownership change limitations provided by the Section 382 and similar state provision.

The Company files income tax returns in the U.S. federal and various state jurisdictions with varying statutes of limitations.

### Note 10: Related Party Transactions

The Company has signed a consulting agreement with a related party, Deep Isolation Nuclear, Inc., a company co-founded by Deep Fission’s co-founder and Chief Executive Officer, to develop generic technical and regulatory guidance for management of the Company. Deep Fission’s Chief Executive Officer currently serves as a member of the board of directors of Deep Isolation Nuclear, Inc. The Company has paid certain administrative expenses totaling $12,500 and $0 during the years ended December 31, 2025 and 2024, respectively.

During 2023, the Company received $10,000 in exchange for a loan payable to a related party that was due on demand and carried interest of 6% per annum. The loan was repaid in full, with interest, during the year ended December 31, 2024.

### Note 11: Subsequent Events

In January 2026, the Company entered into a commitment with a supplier to purchase low-enriched uranium fuel at a cost of $9.2 million.

On February 5, 2026, the Company issued and sold 5,333,333 shares of common stock (the “Shares”) at a purchase price of $15.00 per share, to certain accredited and institutional investors pursuant to the subscription agreements for an aggregate purchase price of $80.0 million. The Company also issued 129,418 warrants to placement agents in conjunction with the financing. The aggregate net proceeds to the Company from the offering was approximately $76.0 million, after deducting fees to the placement agents and expenses payable by the Company. The Company is in the process of completing the valuation associated with associated with this transaction. As of the date the financial statements were available to be issued, the valuation has not been finalized.

In February 2026, the Company agreed to issue 188,701 additional shares to former holders of SAFE Notes related to the September 2025 financing, resulting in a reduction of the effective investment price from $3.92 to $2.90 per share. In connection with this issuance, the investors executed settlement agreements releasing the Company from any potential future claims related to these instruments.

In February 2026, the Company entered into a long-term lease for approximately 100 acres located within the Great Plains Industrial Park in Parsons, Kansas. The Company has commenced initial site development activities, including geological evaluation, borehole planning, and initial drilling activities, and are conducting geological surveys and site characterization studies at the site. These activities are intended to inform borehole design, drilling techniques, and site suitability for future reactor deployment. As part of the lease agreement, the Company has agreed to purchase the property from Great Plains Industrial Park for a purchase price of approximately $5 million, upon being granted a license for commercial operation of the reactor by the NRC.

### Note 12: Restatement of Interim Financial Information (Unaudited)

As described in Note 2, the Company identified errors related to certain inputs and assumptions used in the valuation models for its SAFE Notes and stock-based compensation expense. These errors resulted in an overstatement of the fair value of SAFE Notes and an understatement of stock-based compensation expense in previously issued financial statements.

The Company has restated the previously issued quarterly (unaudited) financial data for the six-month periods ended June 30, 2024 and 2025, and the three- and nine-month periods ended September 30, 2024 and 2025, to correct these errors. The impacts of the restatement on the Company’s interim Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Stockholders’ Equity (Deficit) and Consolidated Statements of Cash Flows for each of the affected quarterly periods are presented below. The misstatements did not have a material impact on reported cash flows during the period, as the valuations pertained to non-cash transactions.

#### Consolidated Balance Sheet – As of June 30, 2025

| ​ ​ | ​ ​ ​ ​ | ​ ​ As Previously Reported | ​ ​ ​ ​ | ​ ​ Adjustment | ​ ​ ​ ​ | ​ ​ As Restated |
| --- | --- | ---: | --- | ---: | --- | ---: |
| SAFE Notes subscription receivable | **​** | $— | **​** | $33,000 | **​** | $33,000 |
| Total assets | ​ | $4,926,231 | ​ | $33,000 | ​ | $4,959,231 |
| Liabilities | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| SAFE Notes | ​ | $20,463,632 | ​ | $(4,917,505) | ​ | $15,546,127 |
| Total liabilities | ​ | $20,564,519 | ​ | $(4,917,505) | ​ | $15,647,014 |
| Total stockholders’ deficit | ​ | $(15,638,288) | ​ | $4,950,505 | ​ | $(10,687,783) |

#### Consolidated Balance Sheet – As of September 30, 2025

| ​ ​ | ​ ​ ​ ​ | ​ ​ As Previously Reported | ​ ​ ​ ​ | ​ ​ Adjustment | ​ ​ ​ ​ | ​ ​ As Restated |
| --- | --- | ---: | --- | ---: | --- | ---: |
| SAFE Notes subscription receivable | **​** | $— | **​** | $28,000 | **​** | $28,000 |
| Total assets | ​ | $30,524,544 | ​ | $28,000 | ​ | $30,552,544 |
| Liabilities | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| SAFE Notes | ​ | $— | ​ | $— | ​ | $— |
| Total liabilities | ​ | $605,325 | ​ | $138,977 | ​ | $744,302 |
| Total stockholders’ equity | ​ | $29,919,219 | ​ | $(110,977) | ​ | $29,808,242 |

#### Consolidated Statement of Operations – For the six months ended June 30, 2024

| ​ ​ Operating expenses: | ​ ​ ​ ​ ​ | ​ ​ As Previously Reported ​ ​ | ​ ​ ​ ​ ​ | ​ ​ Adjustment ​ ​ | ​ ​ ​ ​ ​ | ​ ​ As Restated ​ ​ |
| --- | --- | ---: | --- | ---: | --- | ---: |
| General and administrative expenses | ​ | $752,535 | ​ | $892,601 | ​ | $1,645,136 |
| Research and development expenses | ​ | $135,930 | ​ | $77,832 | ​ | $213,762 |
| Other non-operating income (expense): | ​ | ​ | ​ | ​ | ​ | ​ |
| Change in fair value of SAFE notes | ​ | $(1,251,721) | ​ | $1,409,741 | ​ | $158,020 |
| Net loss | ​ | $(2,129,151) | ​ | $439,308 | ​ | $(1,689,843) |
| Basic and diluted weighted average shares outstanding of common stock | ​ | 658,569 | ​ | 4,826,068 | ​ | 5,484,637 |
| Basic and diluted net loss per share of common stock | ​ | $(3.23) | ​ | $2.92 | ​ | $(0.31) |

#### Consolidated Statement of Operations – For the three months ended September 30, 2024

| ​ ​ Operating expenses: | ​ ​ ​ ​ | ​ ​ As Previously Reported ​ ​ | ​ ​ ​ ​ | ​ ​ Adjustment ​ ​ | ​ ​ ​ ​ | ​ ​ As Restated ​ ​ |
| --- | --- | ---: | --- | ---: | --- | ---: |
| General and administrative expenses | ​ | $486,151 | ​ | $101,016 | ​ | $587,167 |
| Research and development expenses | ​ | $219,478 | ​ | $(72,754) | ​ | $146,724 |
| Other non-operating income (expense): | ​ | ​ | ​ | ​ | ​ | ​ |
| Change in fair value of SAFE notes | ​ | $(1,248,279) | ​ | $752,928 | ​ | $(495,351) |
| Net loss | ​ | $(1,944,963) | ​ | $724,667 | ​ | $(1,220,296) |
| Basic and diluted weighted average shares outstanding of common stock | ​ | 16,182,268 | ​ | (2,992,451) | ​ | 13,189,817 |
| Basic and diluted net loss per share of common stock | ​ | $(0.12) | ​ | $0.03 | ​ | $(0.09) |

F-21

#### Consolidated Statement of Operations – For the nine months ended September 30, 2024

| ​ ​ Operating expenses: | ​ ​ ​ ​ ​ | ​ ​ As Previously Reported ​ ​ | ​ ​ ​ ​ ​ | ​ ​ Adjustment ​ ​ | ​ ​ ​ ​ ​ | ​ ​ As Restated ​ ​ |
| --- | --- | ---: | --- | ---: | --- | ---: |
| General and administrative expenses | ​ | $1,238,686 | ​ | $993,617 | ​ | $2,232,303 |
| Research and development expenses | ​ | $355,408 | ​ | $5,078 | ​ | $360,486 |
| Other non-operating income (expense): | ​ | ​ | ​ | ​ | ​ | ​ |
| Change in fair value of SAFE notes | ​ | $(2,500,000) | ​ | $2,162,669 | ​ | $(337,331) |
| Net loss | ​ | $(4,074,114) | ​ | $1,163,975 | ​ | $(2,910,139) |
| Basic and diluted weighted average shares outstanding of common stock | ​ | 13,006,041 | ​ | (4,329,737) | ​ | 8,676,304 |
| Basic and diluted net loss per share of common stock | ​ | $(0.31) | ​ | $(0.02) | ​ | $(0.33) |

#### Consolidated Statement of Operations – For the six months ended June 30, 2025

| ​ ​ Operating expenses: | ​ ​ ​ ​ ​ | ​ ​ As Previously Reported ​ ​ | ​ ​ ​ ​ ​ | ​ ​ Adjustment ​ ​ | ​ ​ ​ ​ ​ | ​ ​ As Restated ​ ​ |
| --- | --- | ---: | --- | ---: | --- | ---: |
| General and administrative expenses | ​ | $2,718,780 | ​ | $(450,018) | ​ | $2,268,762 |
| Research and development expenses | ​ | $780,517 | ​ | $769,258 | ​ | $1,549,775 |
| Other non-operating income (expense): | ​ | ​ | ​ | ​ | ​ | ​ |
| Change in fair value of SAFE notes | ​ | $(3,638,167) | ​ | $519,225 | ​ | $(3,118,942) |
| Net loss | ​ | $(7,136,460) | ​ | $199,985 | ​ | $(6,936,475) |
| Basic and diluted weighted average shares outstanding of common stock | ​ | 16,237,748 | ​ | (2,180,399) | ​ | 14,057,349 |
| Basic and diluted net loss per share of common stock | ​ | $(0.44) | ​ | $(0.05) | ​ | $(0.49) |

#### Consolidated Statement of Operations – For the three months ended September 30, 2025

| ​ ​ Operating expenses: | ​ ​ ​ ​ | ​ ​ As Previously Reported ​ ​ | ​ ​ ​ ​ | ​ ​ Adjustment ​ ​ | ​ ​ ​ ​ | ​ ​ As Restated ​ ​ |
| --- | --- | ---: | --- | ---: | --- | ---: |
| General and administrative expenses | ​ | $6,700,416 | ​ | $93,626 | ​ | $6,794,042 |
| Research and development expenses | ​ | $2,104,021 | ​ | $(183,649) | ​ | $1,920,372 |
| Other non-operating income (expense): | ​ | ​ | ​ | ​ | ​ | ​ |
| Change in fair value of SAFE notes | ​ | $(31,601,632) | ​ | $(5,113,475) | ​ | $(36,715,107) |
| Net loss | ​ | $(40,390,883) | ​ | $(5,023,452) | ​ | $(45,414,335) |
| Basic and diluted weighted average shares outstanding of common stock | ​ | 31,316,149 | ​ | (7,881,883) | ​ | 23,434,266 |
| Basic and diluted net loss per share of common stock | ​ | $(1.29) | ​ | $(0.65) | ​ | $(1.94) |

#### Consolidated Statement of Operations – For the nine months ended September 30, 2025

| ​ ​ Operating expenses: | ​ ​ ​ ​ | ​ ​ As Previously Reported ​ ​ | ​ ​ ​ ​ | ​ ​ Adjustment ​ ​ | ​ ​ ​ ​ | ​ ​ As Restated ​ ​ |
| --- | --- | ---: | --- | ---: | --- | ---: |
| General and administrative expenses | ​ | $9,419,196 | ​ | $(356,392) | ​ | $9,062,804 |
| Research and development expenses | ​ | $2,884,538 | ​ | $585,609 | ​ | $3,470,147 |
| Other non-operating income (expense): | ​ | ​ | ​ | ​ | ​ | ​ |
| Change in fair value of SAFE notes | ​ | $(35,239,799) | ​ | $(4,594,250) | ​ | $(39,834,049) |
| Net loss | ​ | $(47,527,343) | ​ | $(4,823,467) | ​ | $(52,350,810) |
| Basic and diluted weighted average shares outstanding of common stock | ​ | 21,282,445 | ​ | (3,891,242) | ​ | 17,391,203 |
| Basic and diluted net loss per share of common stock | ​ | $(2.23) | ​ | $(0.78) | ​ | $(3.01) |

#### Consolidated Statement of stockholders’ equity (deficit) for six months ended June 30, 2024

| ​ ​ | ​ ​ ​ ​ | ​ ​ As Previously Reported | ​ ​ ​ ​ | ​ ​ Adjustment | ​ ​ ​ ​ | ​ ​ As Restated |
| --- | --- | ---: | --- | ---: | --- | ---: |
| Balance at December 31, 2023 | ​ | $(630,192) | ​ | $1,090,453 | ​ | $460,261 |
| Stock-based compensation |  | ​ 140,730 |  | ​ 965,135 |  | ​ 1,105,865 |
| Net loss |  | ​ (2,129,151) |  | ​ 439,308 |  | ​ (1,689,843) |
| Balance at June 30, 2024 | ​ | $(2,618,613) | ​ | $2,494,896 | ​ | $(123,717) |

#### Consolidated Statement of stockholders’ equity (deficit) for nine months ended September 30, 2024

| ​ ​ | ​ ​ ​ ​ | ​ ​ As Previously Reported | ​ ​ ​ ​ | ​ ​ Adjustment | ​ ​ ​ ​ | ​ ​ As Restated |
| --- | --- | ---: | --- | ---: | --- | ---: |
| Balance at December 31, 2023 | ​ | $(630,192) | ​ | $1,090,453 | ​ | $460,261 |
| Stock-based compensation |  | ​ 145,273 |  | ​ 993,302 |  | ​ 1,138,575 |
| Net loss |  | ​ (4,074,114) |  | ​ 1,163,975 |  | ​ (2,910,139) |
| Balance at September 30, 2024 | ​ | $(4,559,033) | ​ | $3,247,730 | ​ | $(1,311,303) |

#### Consolidated Statement of stockholders’ equity (deficit) for three months ended September 30, 2024

| ​ ​ | ​ ​ ​ ​ | ​ ​ As Previously Reported | ​ ​ ​ ​ | ​ ​ Adjustment | ​ ​ ​ ​ | ​ ​ As Restated |
| --- | --- | ---: | --- | ---: | --- | ---: |
| Balance at June 30, 2024 | ​ | $(2,618,613) | ​ | $2,494,896 | ​ | $(123,717) |
| Stock-based compensation |  | ​ 4,543 |  | ​ 28,167 |  | ​ 32,710 |
| Net loss |  | ​ (1,944,963) |  | ​ 724,667 |  | ​ (1,220,296) |
| Balance at September 30, 2024 | ​ | $(4,559,033) | ​ | $3,247,730 | ​ | $(1,311,303) |

#### Consolidated Statement of stockholders’ equity (deficit) for six months ended June 30, 2025

| ​ ​ | ​ ​ ​ ​ | ​ ​ As Previously Reported | ​ ​ ​ ​ | ​ ​ Adjustment | ​ ​ ​ ​ | ​ ​ As Restated |
| --- | --- | ---: | --- | ---: | --- | ---: |
| Balance at December 31, 2024 | ​ | $(8,513,101) | ​ | $4,431,280 | ​ | $(4,081,821) |
| Stock-based compensation |  | ​ 11,273 |  | ​ 216,400 |  | ​ 227,673 |
| Net loss |  | ​ (7,136,460) |  | ​ 199,985 |  | ​ (6,936,475) |
| Balance at June 30, 2025 | ​ | $(15,638,288) | ​ | $4,847,665 | ​ | $(10,790,623) |

#### Consolidated Statement of stockholders’ equity (deficit) for nine months ended September 30, 2025

| ​ ​ | ​ ​ ​ ​ | ​ ​ As Previously Reported | ​ ​ ​ ​ | ​ ​ Adjustment | ​ ​ ​ ​ | ​ ​ As Restated |
| --- | --- | --- | --- | --- | --- | --- |
| Balance at December 31, 2024 | ​ | $(8,513,101) | ​ | $4,431,280 | ​ | $(4,081,821) |
| Stock-based compensation |  | ​ 5,567,153 |  | ​ 97,296 |  | ​ 5,664,449 |
| Issuance of Common Stock upon conversion of SAFE Notes |  | ​ 53,328,419 |  | ​ 182,815 |  | ​ 53,511,234 |
| Net loss |  | ​ (47,527,343) |  | ​ (4,823,467) |  | ​ (52,350,810) |
| Balance at September 30, 2025 | ​ | $29,919,219 | ​ | $(110,977) | ​ | $29,808,242 |

#### Consolidated Statement of stockholders’ equity (deficit) for three months ended September 30, 2025

| ​ ​ | ​ ​ ​ ​ | ​ ​ As Previously Reported | ​ ​ ​ ​ | ​ ​ Adjustment | ​ ​ ​ ​ | ​ ​ As Restated |
| --- | --- | --- | --- | --- | --- | --- |
| Balance at June 30, 2025 | ​ | $(15,638,288) | ​ | $4,848,486 | ​ | $(10,789,802) |
| Stock-based compensation |  | ​ 5,555,880 |  | ​ (119,104) |  | ​ 5,436,776 |
| Issuance of Common Stock upon conversion of SAFE Notes |  | ​ 53,328,419 |  | ​ 182,815 |  | ​ 53,511,234 |
| Net loss |  | ​ (40,390,883) |  | ​ (5,023,451) |  | ​ (45,414,334) |
| Balance at September 30, 2025 | ​ | $29,919,219 | ​ | $(110,977) | ​ | $29,808,242 |

#### Consolidated Statement of cash flows for the six months ended June 30, 2024

| ​ ​ Cash flows from operating activities: | ​ ​ ​ ​ ​ | ​ ​ As Previously Reported ​ ​ | ​ ​ ​ ​ ​ | ​ ​ Adjustment ​ ​ | ​ ​ ​ ​ ​ | ​ ​ As Restated ​ ​ |
| --- | --- | ---: | --- | ---: | --- | ---: |
| Net loss | ​ | $(2,129,151) | ​ | $439,308 | ​ | $(1,689,843) |
| Change in fair value of SAFE Notes | ​ | 1,251,721 | ​ | (1,409,741) | ​ | (158,020) |
| Stock-based compensation | ​ | 135,432 | ​ | 970,433 | ​ | 1,105,865 |

#### Consolidated Statement of cash flows for the nine months ended September 30, 2024

| ​ ​ Cash flows from operating activities: | ​ ​ ​ ​ ​ | ​ ​ As Previously Reported ​ ​ | ​ ​ ​ ​ ​ | ​ ​ Adjustment ​ ​ | ​ ​ ​ ​ ​ | ​ ​ As Restated ​ ​ |
| --- | --- | ---: | --- | ---: | --- | ---: |
| Net loss | ​ | $(4,074,114) | ​ | $1,163,975 | ​ | $(2,910,139) |
| Change in fair value of SAFE Notes | ​ | 2,500,000 | ​ | (2,004,649) | ​ | 495,351 |
| Stock-based compensation | ​ | 139,880 | ​ | 998,695 | ​ | 1,138,575 |

#### Consolidated Statement of cash flows for the six months ended June 30, 2025

| ​ ​ Cash flows from operating activities: | ​ ​ ​ ​ | ​ ​ As Previously Reported ​ ​ | ​ ​ ​ ​ | ​ ​ Adjustment ​ ​ | ​ ​ ​ ​ | ​ ​ As Restated ​ ​ |
| --- | --- | ---: | --- | ---: | --- | ---: |
| Net loss | ​ | $(7,136,460) | ​ | $199,985 | ​ | $(6,936,475) |
| Change in fair value of SAFE Notes | ​ | 3,638,167 | ​ | (519,225) | ​ | 3,118,942 |
| Stock-based compensation | ​ | 10,452 | ​ | 217,221 | ​ | 227,673 |

#### Consolidated Statement of cash flows for the nine months ended September 30, 2025

| ​ ​ Cash flows from operating activities: | ​ ​ ​ ​ ​ | ​ ​ As Previously Reported ​ ​ | ​ ​ ​ ​ ​ | ​ ​ Adjustment ​ ​ | ​ ​ ​ ​ ​ | ​ ​ As Restated ​ ​ |
| --- | --- | ---: | --- | ---: | --- | ---: |
| Net loss | ​ | $(47,527,343) | ​ | $(4,823,467) | ​ | $(52,350,810) |
| Change in fair value of SAFE Notes | ​ | 35,239,799 | ​ | 4,594,250 | ​ | 39,834,049 |
| Stock-based compensation | ​ | 5,567,153 | ​ | 97,296 | ​ | 5,664,449 |

### EXHIBIT INDEX

| Exhibit Number | ​ ​ ​ | Description of Document |
| --- | --- | --- |
| 2.1§ | ​ | Agreement and Plan of Merger and Reorganization, dated September 5, 2025, by and among Surfside Acquisition Inc., Deep Fission Acquisition Co., and the Company (incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K filed on September 11, 2025). |
| 3.1 | ​ | Certificate of Merger relating to the merger of Deep Fission Acquisition Co. with and into Deep Fission Nuclear, Inc., filed with the Secretary of State of the State of Delaware on September 5, 2025 (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed on September 11, 2025). |
| 3.2 | ​ | Amended and Restated Certificate of Incorporation, filed with the Secretary of State of the State of Delaware on September 5, 2025 (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K filed on September 11, 2025). |
| 3.3 | ​ | Amended and Restated Bylaws (incorporated by reference to Exhibit 3.3 of the Company’s Current Report on Form 8-K filed on September 11, 2025). |
| 4.1\* | ​ | Description of Securities Registered Pursuant to Section 12 of the Securities and Exchange Act of 1934. |
| 10.1 | ​ | Form of Pre-Merger Indemnification Agreement (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on September 11, 2025). |
| 10.2 | ​ | Form of Post-Merger Indemnification Agreement (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed on September 11, 2025). |
| 10.3 | ​ | Form of Subscription Agreement, dated September 5, 2025, by and between the Company and the parties thereto (incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K filed on September 11, 2025). |
| 10.4 | ​ | Form of Registration Rights Agreement, dated September 5, 2025, by and between the Company and the parties thereto (incorporated by reference to Exhibit 10.4 of the Company’s Current Report on Form 8-K filed on September 11, 2025). |
| 10.5+ | ​ | Deep Fission, Inc. 2025 Equity Incentive Plan (Pre-Merger) (incorporated by reference to Exhibit 10.5 of the Company’s Current Report on Form 8-K filed on September 11, 2025). |
| 10.6+ | ​ | Forms of Option Grant Notice and Option Agreement under 2025 Equity Incentive Plan (Pre-Merger) (incorporated by reference to Exhibit 10.6 of the Company’s Current Report on Form 8-K filed on September 11, 2025). |
| 10.7+ | ​ | Deep Fission, Inc. 2025 Equity Incentive Plan (Post-Merger) (incorporated by reference to Exhibit 10.7 of the Company’s Current Report on Form 8-K filed on September 11, 2025). |
| 10.8+ | ​ | Forms of Option Grant Notice and Option Agreement under 2025 Equity Incentive Plan (Post-Merger) (incorporated by reference to Exhibit 10.8 of the Company’s Current Report on Form 8-K filed on September 11, 2025). |
| 10.9+ | ​ | Forms of Restricted Stock Unit Grant Notice and Award Agreement under 2025 Equity Incentive Plan (Post-Merger) (incorporated by reference to Exhibit 10.9 of the Company’s Current Report on Form 8-K filed on September 11, 2025). |
| 10.10+ | ​ | Deep Fission, Inc. 2025 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.10 of the Company’s Current Report on Form 8-K filed on September 11, 2025). |
| 10.11 | ​ | Form of Lock-Up Agreement, dated September 5, 2025, by and between the Company and the parties thereto (incorporated by reference to Exhibit 10.11 of the Company’s Registration Statement on Form S-1/A filed on September 24, 2025). |
| 10.12 | ​ | Form of 2025 Placement Agent Warrant (incorporated by reference to Exhibit 10.12 of the Company’s Current Report on Form 8-K filed on September 11, 2025). |
| 10.13+ | ​ | Employee Separation Agreement by and between the Company and Malcolm Thompson, dated September 4, 2025, (incorporated by reference to Exhibit 10.13 of the Company’s Current Report on Form 8-K filed on September 11, 2025). |
| 10.14+ | ​ | Non-Employee Director Compensation Policy (adopted November 7, 2025) (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on November 12, 2025). |
| 10.15+ | ​ | Form of Director and Officer Indemnification Agreement (adopted November 7, 2025) (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed on November 12, 2025). |
| 10.16+ | ​ | Executive Severance Policy (adopted November 7, 2025) (incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K filed on November 12, 2025). |
| 10.17+ | ​ | Offer Letter by and between the Company and Elizabeth Muller, dated December 9, 2025 (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on December 11, 2025). |

70

|  |  |  |
| --- | --- | --- |
| 10.18+ | ​ | Offer Letter by and between the Company and Michael Brasel, dated November 7, 2025 (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed on November 14, 2025). |
| 10.19+ | ​ | Offer Letter by and between the Company and Jon Gordon, dated November 7, 2025 (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q filed on November 14, 2025). |
| 10.20+\* | ​ | Offer Letter by and between the Company and William (Mark) Schmitz dated August 7, 2025. |
| 10.21 | ​ | Other Transaction Agreement for Reactor Authorization, dated November 14, 2025, by and between the Company and the United States Department of Energy (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on November 21, 2025). |
| 10.22§ | ​ | Form of Subscription Agreement, dated February 5, 2026, by and between the Company and the parties thereto (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on February 10, 2026). |
| 10.23§ | ​ | Form of Registration Rights Agreement, dated February 5, 2026, by and between the Company and the parties thereto (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed on February 10, 2026). |
| 10.24 | ​ | Form of 2026 Placement Agent Warrant (incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K filed on February 10, 2026). |
| 14.1\* | ​ | Code of Ethics for Senior Financial Officers. |
| 16.1 | ​ | Letter from Grassi & Co., CPAs, P.C. as to the change in certifying accountant, dated September 10, 2025 (incorporated by reference to Exhibit 16.1 of the Company’s Current Report on Form 8-K filed on September 11, 2025). |
| 16.2 | ​ | Letter from dbbmckennon as to the change in certifying accountant, dated March 5, 2026 (incorporated by reference to Exhibit 16.1 of the Company’s Current Report on Form 8-K filed on March 5, 2026). |
| 19.1 | ​ | Insider Trading Policy (incorporated by reference to Exhibit 19.1 of the Company’s Current Report on Form 8-K filed on December 22, 2025). |
| 21.1 | ​ | Subsidiaries of the Registrant (incorporated by reference to Exhibit 21.1 of the Company’s Current Report on Form 8-K filed on September 11, 2025). |
| 24.1 | ​ | Power of Attorney (included on the signature page hereof). |
| 31.1\* | ​ | Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 31.2\* | ​ | Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 32.1˄ | ​ | Certification of the Principal Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 32.2˄ | ​ | Certification of the Principal Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 101.INS | ​ | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | ​ | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | ​ | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | ​ | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | ​ | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | ​ | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | ​ | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

\* Filed herewith.

\+ Denotes management compensatory contract or arrangement.

˄ Furnished herewith and not “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “**Exchange Act”**). Such certifications will not be deemed to be incorporated by reference into any filings under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates by reference.

- Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K promulgated by the SEC. The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request.

### SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.

|  |  |
| --- | --- |
| ​ | ​ ​ |
| April 15, 2026 | **DEEP FISSION, INC.** |
| ​ | ​ ​ |
| ​ | By: /s/ Elizabeth Muller |
| ​ | Name: Elizabeth Muller |
| ​ | Title: Chair, President and Chief Executive Officer (Principal Executive Officer of the Registrant) |

### POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Elizabeth Muller and William (Mark) Schmitz, and each of them, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place, and stead, in any and all capacities, to sign any amendments to this Annual Report on Form 10-K and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or his or her substitute or substitutes, may do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated:

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| **Signature** | **​ ​ ​** | **Title** | **​ ​ ​** | **Date** |
| ​ | ​ | ​ | ​ | ​ |
| /s/ Elizabeth Muller | ​ | Chair, President and Chief Executive Officer | ​ | April 15, 2026 |
| Elizabeth Muller | ​ | (principal executive officer) | ​ | ​ |
| ​ | ​ | ​ | ​ | ​ |
| /s/ William (Mark) Schmitz | ​ | Chief Financial Officer | ​ | April 15, 2026 |
| William (Mark) Schmitz | ​ | (principal financial and accounting officer) | ​ | ​ |
| ​ | ​ | ​ | ​ | ​ |
| /s/ Thomas Glanville | ​ | Director | ​ | April 15, 2026 |
| Thomas Glanville | ​ | ​ | ​ | ​ |
| ​ | ​ | ​ | ​ | ​ |
| /s/ Blake Janover | ​ | Director | ​ | April 15, 2026 |
| Blake Janover | ​ | ​ | ​ | ​ |
| ​ | ​ | ​ | ​ | ​ |
| /s/ Leslie Goldman Tepper | ​ | Director | ​ | April 15, 2026 |
| Leslie Goldman Tepper | ​ | ​ | ​ | ​ |
| ​ | ​ | ​ | ​ | ​ |
| /s/ Jonathon Angell | ​ | Director | ​ | April 15, 2026 |
| Jonathon Angell | ​ | ​ | ​ | ​ |

72

## Risk factors

As filed, 96,012 characters.

*Investing in our common stock involves a high degree of risk. You should carefully consider the risk factors discussed below, together with all of the other information contained in this Annual Report. The risk factors set forth below are not the only risks we face; we may also face risk factors not presently known to us or that we currently believe to be immaterial. If any of the following risk factors or any other risk factors actually occur, our business, prospects, results of operations, and financial condition could be materially adversely affected. In such event, the trading price of our common stock could decline, and you might lose all or part of your investment.*

Summary of Risk Factors

Our business is subject to numerous risks and uncertainties, including the following:

- our Gravity Reactor is unproven and may not perform as expected or be commercially viable
- we are an early-stage company with no revenue, a history of losses, and a “going concern” opinion from our auditors
- we require substantial additional capital and may be unable to obtain financing on acceptable terms or at all
- our technology depends on successful deep vertical borehole drilling and subsurface engineering, which involve significant technical and regulatory risks
- we may be unable to identify, acquire, lease, or otherwise secure access to suitable sites with geological characteristics necessary to deploy our Gravity Reactor
- we have no experience operating nuclear facilities and may be unable to develop necessary operational capabilities
- the market for our technology is not established and may not develop as expected
- commercialization depends on our ability to enter into long-term commercial arrangements, including power purchase agreements, ability to establish strategic partnerships, and ability to obtain grid interconnection approvals
- our technology may not be cost competitive with other energy sources
- our development timelines, cost projections, and financial forecasts are subject to significant uncertainty
- we are subject to significant supply chain risks, including access to nuclear fuel and specialized components and specialized fuel cycle services
- our development activities and operations involve inherent safety risks and potential liability for nuclear incidents and environmental contamination
- our business is subject to extensive government regulation, and we may be unable to obtain required approvals, including from the NRC
- our reliance on DOE authorization under our OTA involves legal and regulatory uncertainty and does not replace the requirement for NRC licensing
- we are involved in litigation relating to the NRC’s licensing framework, which may adversely affect our regulatory pathway
- changes in government policy, including government incentives, public perception of nuclear energy, or environmental laws could adversely affect our business
- we are subject to government export control, economic sanctions, import, anti-corruption, anti-bribery, anti-money laundering and other laws and regulations that may affect our ability to compete successfully outside of the United States
- we may be unable to adequately protect our intellectual property or may be subject to infringement claims
- we face general risks related to cybersecurity, macroeconomic conditions, supply chains, natural disasters and severe weather events, and loss of key personnel
- we may be subject to litigation, investigations, claims or other legal proceedings that could be costly to defend
- we have restated in this Annual Report certain previously issued consolidated financial statements to correct certain errors and have identified material weaknesses in our internal control over financial reporting that caused our management to conclude that we did not maintain effective internal control over financial reporting and disclosure controls and procedures
- there is currently no public trading market for our common stock, and even if one develops, the market price of our common stock may be volatile

### Risks Related to Our Business and Industry

***Our Gravity Reactor is unproven, and our design, borehole development activities, planned pilot reactor, and future commercial applications may fail, progress more slowly than projected, or encounter delays or changes that increase costs and capital requirements.***

Our Gravity Reactor is in the development stage and has not been proven in a real-world operating environment. We are currently advancing the design of the Gravity Reactor and conducting site development, borehole test drilling, engineering, and validation activities, and we plan to construct and operate a pilot reactor under the DOE Reactor Pilot Program. These efforts involve significant technical and engineering challenges, including subsurface deployment and integration of reactor and borehole systems, and may require design changes, additional engineering and validation work, and result in delays or increased costs.

Our development pathway also depends on the timing of required regulatory approvals and licenses. The planned pilot reactor would operate under DOE authorization, which does not permit commercial operation and does not replace the need for NRC licensing. Delays in DOE authorization, challenges in pilot reactor development, or difficulties in obtaining or maintaining NRC approvals could delay or prevent commercialization.

If our design, borehole development activities, or planned pilot reactor do not perform as expected, or if regulatory requirements materially delay or constrain our development and licensing pathway, our technology may prove infeasible or more costly to deploy than anticipated, which could materially adversely affect our business, prospects, results of operations, and financial condition.

***We are an early-stage company with a history of operating losses and expect to incur losses for the foreseeable future.***

Legacy Deep Fission was formed in 2023 and has not generated revenue from commercial operations. During the years ended December 31, 2025 and 2024, we incurred net losses of $61.0 million and $5.7 million, respectively.

We expect to continue to incur significant expenses as we continue to develop our technology, pursue regulatory approvals, build our organization, and prepare for potential commercialization. These activities may require substantial capital and may not result in commercially viable products or revenue-generating operations.

Even if we successfully commercialize our technology, we may not achieve or sustain profitability. Our ability to generate revenue will depend on a number of factors, including obtaining regulatory approvals, customer adoption of our technology, successful development and deployment of our reactors, and access to sufficient capital.

***Our auditor has issued a “going concern” opinion with respect to our financial statements.***

Our independent registered public accounting firm has included an explanatory paragraph in its report on our financial statements for the year ended December 31, 2025 indicating that there is substantial doubt about our ability to continue as a going concern. During the years ended December 31, 2025 and 2024, we generated no revenue and incurred net losses of $61.0 million and $5.7 million, respectively, and as of December 31, 2025 and 2024 we had an accumulated deficit of $66.7 million and $5.7 million, respectively. As of December 31, 2025, our cash and cash equivalents were $23.7 million. In February 2026, we raised approximately $76.0 million in net proceeds from a private placement; however, we expect that these funds, together with our existing cash, will not be sufficient to operate our business for the next twelve months.

Based on our recurring losses from operations, our expectation of continued operating losses for the foreseeable future, and our current cash position, our existing cash and cash equivalents will not be sufficient to fund our operating and capital requirements for the next twelve months. These conditions raise substantial doubt about our ability to continue as a going concern.

To continue operating our business, we will need to raise substantial additional capital. We are actively evaluating potential financing sources, including equity issuances, debt financing, strategic partnerships, and other capital raising transactions. However, there can be no assurance that such financing will be available on acceptable terms, on a timely basis, or at all.

***Our business plans require substantial additional capital, and we may not be able to obtain financing on acceptable terms or at all.***

Our business will require significant capital to fund the continued development of our Gravity Reactor, obtain regulatory approvals, construct and deploy reactor facilities, and support our operations. We estimate that the total capital required to complete our pilot reactor program under the DOE Reactor Pilot Program and to obtain NRC licensing for commercial deployment will be substantial, and there is significant uncertainty regarding the exact amount of our ultimate capital requirements due to the early stage of our technology development, the novel nature of our regulatory pathway, and the unpredictability of construction and deployment costs. We expect to incur operating losses for the foreseeable future and will require significant additional financing to execute our business plan. Our planned pilot reactor and subsequent development activities are not fully funded and will require substantial additional capital. If we are unable to obtain such funding, our development timelines may be delayed, and we may be required to reduce or terminate portions of our development programs.

The timing and amount of our future capital requirements will depend on a number of factors, including the progress of our technology development, regulatory approvals and processes, commercialization efforts, customer demand, supply chain conditions, and general economic and capital market conditions. Because our technology is in an early stage of development and represents a new category of nuclear energy solutions, we have limited historical data upon which to estimate our capital needs.

We expect that we will need to raise additional capital through equity issuances, debt financings, strategic partnerships, government programs, or other financing arrangements. However, there can be no assurance that such financing will be available on acceptable terms, on a timely basis, or at all.

If we are unable to obtain sufficient funding, we may be required to delay, reduce, or terminate all or portions of our development programs or other operations, which could materially adversely affect our business, prospects, results of operations, and financial condition. In addition, to the extent that we raise additional capital through the issuance of equity or convertible securities, the ownership interests of our existing stockholders will be diluted, potentially significantly. Given the magnitude of our anticipated capital requirements, future equity financings could result in substantial dilution to existing stockholders. Moreover, the terms of such securities or any other financing may include preferences or other rights that adversely affect the value of, or rights of holders of, our common stock. Debt financing, if available, could result in additional debt service obligations, and debt financings or other financings may involve covenants that restrict our operations or financial flexibility.

If we are unable to obtain sufficient funding or otherwise manage our capital resources effectively, we may not be able to continue operations.

***Our technology depends on the successful drilling and long-term stability of deep vertical boreholes, which presents significant technical, engineering, regulatory and operational risks.***

Our Gravity Reactors require the drilling and long-term operation of deep vertical boreholes designed to house nuclear reactor systems at significant depths below the surface. Deep vertical borehole drilling and subsurface engineering involve complex technical challenges, including maintaining borehole stability, managing subsurface pressures and temperatures, ensuring the integrity of well casings and seals, and preventing subsurface fluid migration.

Our staged borehole development program (including non-nuclear and prototype wells) may not successfully validate drilling methods, installation procedures, or subsurface performance assumptions necessary for reactor deployment.

Engineering studies and modeling activities are ongoing to refine borehole diameter requirements, drilling techniques, casing systems, and installation procedures as part of the continuing development of the Gravity Reactor. While conducting such studies and activities, we may encounter unforeseen engineering challenges.

Any such engineering challenges may be exacerbated by unpredictable geological conditions, equipment limitations, drilling errors, or failures in subsurface materials or infrastructure. Unexpected subsurface conditions may require changes in drilling design, additional engineering work, or abandonment of drilling operations at particular sites. Additionally, long-term operation of a reactor in a deep vertical borehole environment may involve risks that we do not currently expect.

In addition, the drilling and construction of deep vertical boreholes are subject to federal, state, and local permitting and regulatory requirements, including environmental reviews, groundwater protection standards, and well construction regulations. These requirements vary by jurisdiction, may change from time to time and have generally become more stringent over time, and may be subject to evolving interpretations. Obtaining and maintaining necessary permits may be time-consuming, costly, and uncertain, and may require modifications to drilling plans or site selection.

If we are unable to successfully drill, permit, construct, and maintain boreholes suitable for reactor deployment, or if borehole integrity cannot be maintained or regulatory requirements materially delay or constrain our drilling activities, our technology may prove infeasible or significantly more costly to deploy than anticipated. Any such failure or delay could materially adversely affect our development timelines, costs, and ability to commercialize our technology.

***We may be unable to identify, acquire, lease, or otherwise secure access to suitable sites with the geological characteristics necessary to deploy our Gravity Reactor.***

The successful deployment of our Gravity Reactor depends on our ability to identify and secure sites with geological characteristics capable of supporting deep vertical borehole drilling and long-term structural stability of deep vertical boreholes. These characteristics may include stable subsurface formations, appropriate thermal and hydrological conditions, sufficient depth, and the ability to safely construct and maintain a borehole reactor facility.

Suitable sites may be difficult to locate, may not be available on commercially acceptable terms, or may be subject to competing land uses, ownership disputes, or conflicting mineral, drilling, or surface rights. In addition, site acquisition may require negotiation with private landowners, governmental entities, non-governmental organizations, or other stakeholders, and may involve obtaining easements, mineral rights, drilling rights, or other property interests. These processes can be time-consuming, uncertain, and costly.

Even if a potential site is identified, geological conditions may ultimately prove unsuitable for reactor deployment following additional subsurface analysis, drilling activities, or regulatory review. For example, we are currently conducting geological analysis at the Kansas Site, which we intend to use for our pilot reactor program. There can be no assurance that the Kansas Site will ultimately prove to be a suitable site for reactor deployment following further testing. Furthermore, local zoning requirements, environmental regulations, permitting requirements, or opposition from host communities could delay or prevent the development of otherwise suitable sites.

If we are unable to identify or secure suitable sites with the required geological characteristics on commercially reasonable terms, or if such sites become unavailable due to regulatory, environmental, or community considerations or otherwise prove unsuitable, our ability to deploy our technology and execute our business plan could be materially adversely affected.

***We have no experience operating nuclear power facilities, and our lack of operational experience may create additional risks as we develop and deploy our technology.***

The safe and reliable operation of nuclear reactors requires highly specialized technical capabilities, operational procedures, safety culture, regulatory compliance systems, and experienced personnel. We have not yet constructed or operated a nuclear power facility, commercial or otherwise.

As we work toward demonstration and potential commercial deployment of our Gravity Reactor, we will need to develop operational capabilities, establish safety and compliance programs, recruit and train qualified operating personnel, and implement systems necessary to safely operate nuclear facilities. These efforts may require significant time, expense, and organizational development.

If we are unable to, on a timely basis, successfully develop these operational capabilities, establish safety and compliance programs, recruit and retain appropriately qualified personnel, or establish the operational infrastructure necessary to safely operate our reactors, we may experience operational failures, safety incidents, regulatory enforcement actions, delays in commercialization, or increased operating costs. Any such developments could materially adversely affect our business, prospects, results of operations, and financial condition.

***The market for our Gravity Reactor is not yet established and may not achieve the growth potential we expect or may grow more slowly than expected. If demand for our technology fails to develop sufficiently, our business and operations would suffer, and we would be unable to achieve or maintain profitability.***

The market for Gravity Reactors has not yet been established. Projections we may provide from time to time for the total addressable market are based on a number of internal and third-party estimates, including, but not limited to, levels of demand for clean energy, including nuclear power, the number of potential customers who have expressed interest in our products and services, estimates of prices and production costs for our Gravity Reactors and the various components of our Gravity Reactor, our anticipated project development, deployment, and operating model, and general market conditions. However, our assumptions and the data underlying our estimates may not be correct and the conditions supporting our assumptions or estimates may change at any time, thereby reducing the predictive accuracy of these underlying factors. As a result, estimates we may provide from time to time of the annual total addressable market for our technology and related offerings, as well as the expected growth rate for the total addressable market for our technology and related offerings may prove to be incorrect.

Challenges that could impact our expectations for the timeline and costs of market development might arise from obtaining federal, state, and local permits and approvals, transportation, actual or threatened litigation, political, host community or other opposition to our technology or proposed Gravity Reactor sites, access to and availability of raw materials on cost-effective terms, lack of support or opposition from governmental entities, our ability to raise capital on attractive terms, as well as other factors. The timeline to scale-up and deploy the necessary technological processes for the commercialization of Gravity Reactors is also based upon assumptions regarding our technology and general market conditions. However, our Gravity Reactor has not been proven at scale and market conditions are volatile and difficult to predict, and our assumptions and the data underlying these estimates may not be correct, and the conditions supporting our assumptions or estimates might change at any time, reducing the accuracy of these underlying assumptions. As a result, the market for the Gravity Reactor may not develop on the timeline we expect or at all, and we may not realize the financial performance we have projected.

***Our ability to deploy reactors commercially will depend on our ability to enter into long-term power purchase agreements or other commercial arrangements with customers.***

The successful commercialization of our reactors will depend on our ability to enter into commercial arrangements, including PPAs, with hyperscale data centers and other large power users, as well as utilities, industrial operators, and government or defense installations. These agreements are typically required to support project financing and provide revenue certainty for power generation assets. We have not yet entered into any PPAs or other binding commercial arrangements.

Negotiating PPAs can be complex and time-consuming, and potential customers may be reluctant to enter into long-term commitments with a company developing a novel technology that has not yet been commercially deployed. In addition, potential counterparties may require extensive technical validation, regulatory approvals, operational track records, or other assurances before entering into such agreements.

Even if we are able to negotiate potential commercial arrangements, such agreements may be subject to regulatory approvals, financing conditions, or other contingencies that could delay or prevent their execution. If we are unable to enter into PPAs or similar agreements on commercially reasonable terms, or at all, our ability to deploy reactors, generate revenue, and execute our business plan could be materially adversely affected.

***Our future revenue plans depend in part on strategic partners and government entities.***

Our business model contemplates the deployment of our Gravity Reactor in collaboration with hyperscale data centers and other large power users, as well as utilities, industrial operators, government or defense installations, and other strategic partners. These relationships may involve joint development arrangements, licensing agreements, project development partnerships, or other commercial structures.

There can be no assurance that we will successfully establish or maintain such partnerships on commercially acceptable terms. Potential partners may require additional validation of our technology, regulatory approvals, operational track records, or other assurances before committing to collaboration.

If we are unable to establish strategic partnerships or if such partnerships fail to achieve the expected level of deployment or utilization of our technology, our business model and commercialization strategy could be materially adversely affected.

***Electricity generated by our Gravity Reactors may not be cost-competitive with other energy generation technologies, and competing energy solutions could reduce demand for our reactors and related services.***

The markets for electricity generation and clean energy technologies are highly competitive and rapidly evolving. Our Gravity Reactor will compete with a wide range of existing and emerging energy generation technologies, including renewable energy sources such as solar, wind, and geothermal power, natural gas-fired generation, large-scale nuclear power plants, energy storage technologies, and other emerging low-carbon energy solutions.

Many competing technologies benefit from established supply chains, existing regulatory frameworks, government incentives, or declining capital costs. In some markets, renewable energy technologies benefit from subsidies, tax incentives, or regulatory mandates that increase their competitiveness relative to nuclear power. In addition, new or improved technologies, including advances in energy storage, carbon capture, or alternative generation technologies, may provide comparable or superior performance, reliability, or cost advantages relative to our Gravity Reactor.

If the levelized cost of electricity generated by our Gravity Reactor is not competitive with other sources of electricity generation, or if alternative technologies become more cost-effective or widely adopted, commercialization and demand for our reactors and related services could be reduced or fail to materialize. In addition, even if we are able to commercialize our reactor and related services, if we are unable to continue developing and improving our technology to remain competitive, we may lose market share. Any such developments could materially adversely affect our business, prospects, financial condition, and results of operations.

***Delays or failures in obtaining grid interconnection approvals could delay or prevent deployment of our reactors.***

The commercial deployment of our reactors will require interconnection to regional electricity transmission systems. Obtaining grid interconnection approvals typically involves complex technical studies, regulatory review, coordination with utilities, transmission providers, and, in some cases, regional transmission organizations or independent system operators, and potentially significant infrastructure upgrades.

Interconnection processes in many regions are subject to substantial backlogs and may take several years to complete. In addition, the cost of required transmission upgrades or system modifications may be significant and could affect the economic viability of a proposed reactor project. Interconnection approvals may also be subject to regulatory or operational conditions that affect project timing or feasibility.

If we are unable to obtain grid interconnection approvals on acceptable timelines or terms, or if required transmission infrastructure upgrades prove too costly or technically impractical, our ability to deploy reactors and deliver electricity to customers could be delayed or prevented. Any such delays could materially adversely affect our development plans, financial condition, and results of operations.

***Our development timelines, cost projections, and financial forecasts are subject to significant uncertainty.***

From time to time we may provide development or commercialization timelines, cost projections, and financial forecasts, which are based on estimates, including regarding the timing of reactor development, testing, licensing, construction, and commercialization, as well as projections regarding the potential costs associated with developing and deploying our technology.

These estimates are based on numerous assumptions, including assumptions regarding regulatory approvals, engineering performance, supply chain availability, financing conditions, market demand, and the availability of suitable deployment sites.

Because our technology is in an early stage of development and has not yet been commercially deployed, there is limited historical data on which to base these estimates. Actual results may differ materially from our expectations due to a variety of factors, including technical challenges, regulatory delays, supply chain disruptions, changes in market conditions, or the need for additional engineering work or safety modifications.

If our development timelines are delayed or if our costs are materially higher or energy demand is materially lower than we anticipate, our ability to commercialize our technology, obtain financing, or enter into commercial arrangements with customers could be materially adversely affected.

***Manufacturing or construction issues could increase costs or delay deployment of our reactors.***

Our Gravity Reactor design is still under development, and aspects of the design may evolve as engineering work, validation activities, and regulatory engagement progress. Although we intend to actively manage our design process through design reviews, validation activities, engagement with external partners, and application of industry lessons learned, latent manufacturing, construction, or safety issues may not be identified on a timely basis.

If such issues are discovered after design finalization, long-lead component procurement, module fabrication, or construction activities have begun, addressing them could require design modifications, additional engineering work, replacement of components, or changes to construction procedures. These developments could increase project costs, delay construction schedules, or affect the performance of our reactors.

Any significant delays or cost increases resulting from latent manufacturing, construction, or safety challenges could materially adversely affect our development timelines, business, prospects, results of operations, and financial condition.

***We may be unable to obtain sufficient quantities of nuclear fuel and fuel cycle services required to operate our reactors.***

While we have entered into an agreement to procure LEU for certain demonstration and initial operations, we have not secured sufficient fuel supply or fuel cycle service arrangements to support ongoing or large-scale commercial deployment of our reactors.

The nuclear fuel supply chain is subject to capacity constraints, regulatory requirements, and geopolitical risks. Global enrichment and fuel fabrication capacity is concentrated among a limited number of suppliers, including in jurisdictions that have been subject to geopolitical tensions, trade restrictions, or sanctions, including Russia.

We have not entered into binding agreements for long-term or large-scale fuel supply or fuel cycle service arrangements, and there can be no assurance that we will be able to obtain such agreements on acceptable terms, or at all. If sufficient quantities of nuclear fuel or fuel cycle services are not available, our ability to develop, deploy, and operate our reactors could be materially adversely affected.

***Our reactors will depend on specialized components and suppliers, and disruptions in the supply chain could delay development, interrupt operations or increase costs.***

The development and deployment of our reactors will require specialized components, materials, and services, including nuclear-grade fuel and other materials, fuel cycle services, precision-engineered reactor components, drilling equipment, heat exchange systems, control systems, long-lead manufactured components, and other specialized infrastructure. In many cases, these components must meet stringent regulatory and quality standards and may be available from a limited number of suppliers.

Disruptions in the supply of these components, materials or services may occur due to manufacturing delays, supplier financial distress, quality issues, geopolitical developments, trade restrictions or other regulatory changes, labor shortages, transportation constraints, or other supply chain disruptions. In addition, certain suppliers may have limited capacity to produce nuclear-grade or similarly specialized components or services, and may prioritize larger or more established customers.

If we are unable to secure reliable suppliers for critical components, materials or services on acceptable terms and timelines, the development, deployment, and operation of our reactors could be delayed, interrupted or become significantly more expensive. Any such delays or cost increases could materially adversely affect our business, prospects, results of operations, financial condition, and ability to commercialize our technology.

Construction, drilling, installation procedures and development activities associated with our reactor facilities involve inherent safety risks and could result in workplace accidents, injuries, or fatalities.

The development and deployment of our Gravity Reactor will require drilling deep vertical boreholes, constructing specialized reactor facilities, transporting heavy equipment, installing and emplacing the reactor module, handling, transportation and disposal of radioactive and hazardous materials, and performing complex engineering and construction activities, each of which remains subject to ongoing engineering analysis and development, safety evaluations and regulatory review. These activities involve inherent safety risks, including the potential for workplace accidents, equipment failures, structural incidents, exposure to radioactive and hazardous materials, or other operational hazards.

Accidents involving our employees, contractors, or third-party personnel could result in serious injury or loss of life. Such incidents could lead to project delays, regulatory investigations, litigation, reputational harm, increased insurance costs, or other liabilities. In addition, workplace safety incidents could result in work stoppages, delays in construction schedules, or additional compliance obligations.

Although we intend to implement safety programs and operational controls designed to reduce these risks, we cannot eliminate the possibility of accidents or safety incidents. Any such event could materially adversely affect our development timelines, business, prospects, financial condition, and results of operations.

***Our Gravity Reactor could experience a nuclear incident or otherwise cause environmental contamination, personal injuries or property damage, and reputational harm or losses not covered by indemnification or insurance could materially adversely affect our business.***

Accidents and other unforeseen problems at nuclear facilities have occurred in the United States and elsewhere. Our Gravity Reactor is a novel design, and full analysis of its performance and safety characteristics is ongoing. As a result, there may be risks associated with the operation of our technology that are not yet fully understood. The subsurface emplacement of our reactor creates unique risk considerations, including the potential for groundwater contamination in the event of a breach of containment systems, challenges associated with accessing or retrieving the reactor module in an emergency, and the interaction of reactor systems with subsurface geological and hydrological conditions over extended operating periods.

Our OTA with the DOE provides certain indemnification protections for damage resulting from a nuclear incident, generally defined as occurrences involving bodily injury, sickness, disease, death, or property damage arising from the hazardous properties of nuclear material. For any future commercial operations licensed by the NRC, we would be subject to the liability and indemnification framework established under the Price-Anderson Nuclear Industries Indemnity Act, which provides a system of private insurance and government indemnification for nuclear incidents, subject to statutory limits and certain exclusions. However, coverage under Price-Anderson may not apply to all types of incidents, may be subject to aggregate limits that could be exhausted in the event of a major nuclear incident at any covered facility, and may not fully compensate us for all losses.

However, in the event of such damage, the availability of such indemnification protections may be subject to limitations, conditions, or legal challenges. The indemnification could be withdrawn if the OTA is canceled, may not apply if the OTA is invalidated or overturned as the result of litigation, or may not apply if the test reactor is determined to fall under the regulatory jurisdiction of the NRC rather than the DOE.

In addition, we may be subject to liability under environmental laws, including the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (“CERCLA”) and similar state-level legislation. Such environmental laws may impose liability on a strict, joint and several basis. As a result, we may incur liabilities relating to remediation of environmental contamination of property currently or formerly owned, leased or operated by us or of property contaminated by hazardous substances we generated, handled, arranged for the disposal of, or released. If a nuclear incident or other environmental event were to occur, or environmental contamination for which we are alleged to be responsible is identified and indemnification and insurance protections are unavailable or insufficient, we could be exposed to significant liability, which could materially adversely affect our business, prospects, financial condition, and results of operations. Even if indemnification or insurance protections were available, we still may be subject to reputational harm, which could materially adversely affect our business, prospects, financial condition, and results of operations.

***Our insurance coverage and any available indemnification may not be sufficient to cover all potential liabilities associated with our operations.***

The development, construction, and operation of nuclear reactor facilities involve significant risks, including risks of nuclear incidents, environmental contamination, property damage, personal injury, and other losses. Although costs relating to certain nuclear incidents may be subject to indemnification by the federal government under applicable federal programs, including indemnification provided by the DOE under our OTA, such indemnification may not apply in all circumstances.

In addition, our operations may require us to obtain various forms of insurance coverage, including coverage related to construction activities, general liability, environmental liability, workers’ compensation, and other operational risks. Insurance coverage for nuclear-related activities may be limited in scope, subject to significant exclusions, prohibitively expensive or otherwise unavailable on commercially reasonable terms.

Even where coverage is available, the limits of such insurance policies may be insufficient to cover the full extent of potential liabilities. Nuclear-specific insurance products, such as those offered through Nuclear Electric Insurance Limited (NEIL) or other nuclear insurance pools, may be expensive, limited in scope, or unavailable to us on acceptable terms given our early-stage status and unproven technology. If a nuclear incident, environmental event, construction accident, or other contingencies resulting in significant liability were to occur and were not fully covered by indemnification or insurance, we could be exposed to substantial financial losses, which could materially adversely affect our business, prospects, results of operations, and financial condition. Even if indemnification or insurance protections were sufficient to cover the full extent of potential liabilities, we may still be subject to reputational harm, which could materially adversely affect our business, prospects, financial condition, and results of operations.

***The costs associated with the storage and disposal of used nuclear fuel could be significant.***

The operation of our reactors will generate used nuclear fuel that must be stored and ultimately disposed of in accordance with applicable legal and regulatory requirements. The costs associated with storing and managing used nuclear fuel may be significant and could increase over time.

The DOE does not currently have an operating long-term disposal facility for used commercial nuclear fuel in the United States, and the timing for the operation of any such facility remains uncertain. As a result, operators of nuclear facilities may be required to store used nuclear fuel on site for extended periods relying on interim storage solutions, which requires compliance with evolving legal and regulatory requirements and could involve significant costs.

If the costs associated with used nuclear fuel management are higher than anticipated, or if storage or disposal options remain unavailable or subject to more burdensome legal and regulatory requirements, our business, prospects, financial condition, and results of operations could be materially adversely affected.

In addition, if we obtain DOE authorization and/or an NRC license for commercial operation, we may be required to provide financial assurance for the eventual decommissioning of our reactor facilities, which may include funding mechanisms such as prepayment, external sinking funds, surety bonds, or guarantees. Decommissioning costs for nuclear facilities can be substantial and may exceed initial estimates due to unforeseen technical challenges, changes in regulatory requirements, or inflation. Our novel subsurface deployment model may present unique decommissioning challenges, including the potential need to retrieve reactor components from deep underground and remediate subsurface contamination. Any issues in the decommissioning, or any unexpected costs or other liabilities, could materially adversely affect our business, prospects, financial condition, and results of operations.

***Changes in government incentives related to nuclear power may adversely affect our business.***

Our business and financial model contemplates, in part, the potential monetization of available tax credits and other government incentives, including investment tax credits that may be available for qualifying clean energy projects. We are not currently receiving any such tax credit subsidies, and the availability, timing, and applicability of such incentives to our future projects remain uncertain.

These incentives are subject to change, reduction, elimination, or unavailability due to political, budgetary, or other factors, and may be modified through future legislation, regulatory action, or administrative interpretation. In addition, the ability to monetize such incentives may depend on the availability of tax equity or other financing structures, which may be limited or subject to market conditions.

To the extent that our future commercial deployments depend on the availability of such incentives, any change, reduction, elimination, or unavailability of such incentives could adversely affect the economic viability of our projects, which could materially adversely affect our business, prospects, results of operations, and financial condition.

### Risks Related to Our Regulatory Environment

***Our business is subject to extensive government regulation, including licensing by the U.S. Nuclear Regulatory Commission, and delays or failures in obtaining required approvals could prevent or delay commercialization of our technology.***

The development, construction, and operation of nuclear reactor facilities are subject to extensive federal, state, and local regulation. In the United States, we will be required to obtain and maintain licenses, permits, and other regulatory approvals from the NRC, the DOE, and other governmental authorities before we can construct and operate reactor facilities. Regulatory approval processes for nuclear technologies are complex, time-consuming, and uncertain, and the timeline from initial application to final license issuance can span several years or longer. The NRC and other regulatory authorities may impose conditions on licenses or approvals that increase costs, require design modifications, delay project timelines, or otherwise affect the economic viability of our projects. Regulatory review processes may also allow third parties to challenge or oppose our applications, which could result in lengthy administrative proceedings or litigation. The NRC has limited experience licensing novel reactor designs for deep subsurface emplacement, and regulatory staff may require additional time, resources, or information to evaluate our technology, potentially extending review timelines beyond our current estimates.

In addition, laws and regulations applicable to nuclear technologies, environmental protection, workplace safety, export controls, and other areas tend to evolve and become more stringent over time, and new regulatory requirements could increase our costs or delay our development activities. We cannot predict the timing or outcome of regulatory reviews or whether required approvals will be granted. Furthermore, we may be required to obtain state and local permits, approvals, or authorizations in addition to federal licenses, including permits related to construction, environmental compliance, water use, emissions, effluents, and land use. Such state and local requirements vary by jurisdiction and may involve public hearings, environmental reviews, solicitation and resolution of public comments, or community approval processes that could delay, limit or prevent project development.

If we are unable to obtain or maintain required licenses, permits, or other regulatory approvals, or if such approvals are delayed or granted subject to burdensome conditions, our ability to develop, deploy, and commercialize our Gravity Reactor could be materially adversely affected.

***The DOE’s authorization under our OTA could be terminated or overturned, which could prevent or delay commercialization of our technology.***

The DOE’s ability to authorize privately-owned nuclear test facilities on private land under our OTA is a novel application of that authority. Litigation arising under or relating to the AEA and the Energy Reorganization Act of 1974, or a change in policy made by a future administration, could result in this authority being revoked, overturned, limited, modified, or abandoned.

Our current strategy relies on the OTA to support development, demonstration, and testing activities for the Gravity Reactor in preparation for potential commercialization. The OTA does not authorize commercial operation and does not eliminate the need to obtain licenses for commercial deployment. If the OTA is revoked, overturned, limited, modified, or abandoned, it could result in regulatory enforcement actions, a loss or limitation of nuclear indemnification coverage, or other legal or regulatory constraints, any of which could materially adversely affect our ability to develop, test, and advance our technology toward commercialization.

We do not currently have NRC authorization for the commercial operation of any reactor. Even if we are able to conduct testing activities under DOE authorization, delays in obtaining NRC licenses or additional regulatory requirements imposed as part of the NRC licensing process could delay or prevent commercialization of our technology.

***Our applications to the NRC may not be approved, and any rework necessary to address NRC concerns could significantly delay the commercialization of our products.***

The commercial operation of our Gravity Reactor in the United States will require a license from the NRC. There is no assurance that any applications we submit will be approved, or approved within our anticipated timelines, including due to potential federal staffing constraints or future reductions in government personnel. In addition, during its review process the NRC may require revisions, supplemental information, or other actions or submissions to address concerns it identifies. Our Gravity Reactor’s novel deep borehole emplacement design has not previously been licensed by the NRC, and, even if approved by the NRC, the NRC may require us to modify fundamental aspects of our reactor design, safety systems, or deployment methodology as a condition of licensing. Any such modifications could be time-consuming and costly, could require us to revisit engineering and other work already completed, and could significantly delay the commercialization of our products, which may have a material adverse effect on our business, prospects, results of operations, and financial condition.

***Government shutdowns, federal budget delays, federal debt ceiling limitations, or reductions in government spending could adversely impact government spending on U.S. government programs related to our products or services.***

Federal government spending reductions or lapses in Congressional appropriations could adversely impact U.S. government programs related to our products or services, including the DOE Reactor Pilot Program. While we believe our products and services do not conflict with the U.S. government’s strategic priorities, government spending on these programs can be subject to negative publicity, political factors and public scrutiny. The risk of future government shutdowns, budget delays or reductions is uncertain, and it is possible that spending cuts may be applied to U.S. government programs across the board, regardless of how programs align with those priorities. Reductions in federal government spending on U.S. government programs related to our services and products, including the DOE Reactor Pilot Program, could materially adversely affect our ability to develop, deploy, and commercialize our Gravity Reactor and affect our business, prospects, results of operations, and financial condition.

***Our participation in ongoing litigation challenging aspects of the NRC’s licensing framework exposes us to regulatory uncertainty, increased scrutiny, and potential delays or adverse outcomes in connection with required NRC approvals.***

In April 2025, we joined as a plaintiff in a federal lawsuit, *State of Texas et al. v. U.S. Nuclear Regulatory Commission* (Case No. 6:24-cv-00507), pending in the U.S. District Court for the Eastern District of Texas. The lawsuit challenges the NRC’s interpretation and application of certain licensing regulations under the Atomic Energy Act, including the NRC’s definition of “utilization facility,” and seeks declaratory and injunctive relief requiring the NRC to revise its licensing framework and undertake new rulemaking under the Administrative Procedure Act (the “APA”). The litigation remains pending and is subject to significant uncertainty, including the possibility of adverse rulings, expanded claims, appeals, or changes in regulatory interpretation or enforcement during its pendency. See Item 3, “Legal Proceedings” for more information.

Depending on the outcome of this litigation, we may face heightened regulatory scrutiny or increased administrative burden in our engagement with the NRC. The outcome may also affect how the NRC processes or evaluates our applications, including any standard design approval applications, combined operating license applications, construction permits, exemptions, or other NRC authorizations we may seek. Any adverse developments in the litigation or related regulatory actions could delay, complicate, or impair our ability to obtain the approvals and permits necessary to design, construct, or commercialize our Gravity Reactors or other technologies, which could materially adversely affect our business, prospects, results of operations, and financial condition.

***We are required to comply with governmental export control, economic sanctions, import and other laws and regulations. Our failure to comply with these laws and regulations could have an adverse effect on our business, prospects, financial condition, and results of operations.***

Our business is subject to stringent laws and regulations, including U.S. export control, economic sanctions and import laws and regulations. Unfavorable changes in these laws and regulations or U.S. government licensing policies, or our failure to comply with or secure timely U.S. government authorizations under these laws and regulations could have a material adverse effect on us and our ability to expand and thereby affect our business, prospects, results of operations, financial condition, and cash flows. Moreover, the inability to secure and maintain required export licenses or authorizations could negatively impact our ability to compete successfully or market our Gravity Reactor outside the United States. For example, if we were unable to obtain or maintain licenses to export nuclear technology or certain hardware to a particular country, we would be effectively prohibited from exporting our technologies to or operating Gravity Reactor sites in that country, which would limit the number of customers to those in the United States and in countries where we are able to secure licenses. Similarly, if export control laws and regulations prevent us from sharing certain export controlled information with suppliers we intend to partner with to operate our business or develop and produce our technologies or repositories, we may not be able to work with our preferred suppliers, which may impact our finances, business plans, and the competitiveness of our offerings. Failure to comply with export control laws and regulations could expose us to civil or criminal penalties, fines, investigations, more onerous compliance requirements, loss of export privileges, debarment from government contracts or limitations on our ability to enter into contracts with the U.S. government. Any changes in export control regulations or U.S. government licensing policy, such as that necessary to implement U.S. government commitments to multilateral control regimes, may restrict our market size.

We are subject to anti-corruption, anti-bribery, and anti-money laundering laws and regulations, and violations of these laws could result in significant penalties and reputational harm.

We are subject to various anti-corruption, anti-bribery, and anti-money laundering laws and regulations, including the U.S. Foreign Corrupt Practices Act of 1977 (the “FCPA”), the U.S. domestic bribery statute contained in 18 U.S.C. § 201, the U.S. Travel Act, and similar laws in jurisdictions in which we conduct business.

These laws generally prohibit companies and their employees, agents, and business partners from offering, promising, authorizing, or providing improper payments or anything of value to government officials or other parties to obtain or retain business or secure an improper advantage. These laws also require companies to maintain accurate books and records and adequate internal controls.

Although we have adopted policies and procedures designed to promote compliance with these laws, there can be no assurance that our employees, contractors, or third-party partners will not take actions in violation of our policies or applicable law. Violations of these laws could result in investigations, substantial civil or criminal penalties, reputational harm, and the diversion of management attention and resources, any of which could materially adversely affect our business, prospects, results of operations, and financial condition.

***Nuclear incidents anywhere in the world could increase regulatory requirements, reduce public acceptance of nuclear power, and adversely affect demand for our technology.***

The nuclear energy industry is subject to heightened public scrutiny, political sensitivity and regulatory oversight. Public concerns regarding nuclear safety, waste disposal, environmental impacts, or prior nuclear accidents have in the past and may in the future negatively influence governmental policy, regulatory decisions, and the willingness of utilities, investors, and communities to support nuclear energy projects. Any actual or perceived safety issues at our facilities, or potentially those of our customers, may result in reputational harm to our business and could result in enforcement proceedings brought by governmental regulators, tort liabilities, enhanced maintenance costs, or increased safety infrastructure requirements and associated costs.

Moreover, in the nuclear industry, an accident or incident at any facility in the world can impact all other nuclear facilities in terms of public perceptions, political pressures, and regulatory scrutiny. Accordingly, major nuclear incidents anywhere in the world, including events similar to the accidents at Three Mile Island, Chernobyl, or Fukushima Daiichi, could significantly affect public perception of nuclear power and influence governmental policies regarding nuclear energy, and may result in reputational harm to our business even if not directly related to our operations.

Following the Fukushima accident in 2011, for example, several countries delayed or canceled nuclear development programs, imposed stricter regulatory requirements, or accelerated the shutdown of existing nuclear power plants. Similar events in the future could result in increased regulatory requirements, delays in licensing processes, or reduced governmental and public support for nuclear power.

In addition, terrorist acts or other high-profile incidents involving nuclear facilities or radioactive materials could lead to increased security requirements, additional regulatory scrutiny, or greater opposition to nuclear energy projects.

Adverse public sentiment toward nuclear power could result in increased regulatory requirements, delays in obtaining approvals, legal challenges, or opposition to the siting or construction of reactor facilities. Any such developments could increase our costs, delay the deployment of our reactors, reduce demand for our technology, or otherwise materially adversely affect our business, prospects, results of operations, and financial condition.

***Environmental laws and regulations could increase costs for us or our customers and adversely affect demand for our technology.***

Our operations and those of our customers are subject to a variety of federal, state, local, and foreign environmental, health, and safety laws and regulations governing, among other things, air emissions; stormwater discharges; wastewater discharges; land and water use (including drilling and groundwater protection-related regulations); workplace safety; the management, transportation, use, handling, and disposal of hazardous and radioactive materials and waste; and the remediation of releases of hazardous materials. In addition, domestic and international environmental laws and regulations tend to evolve and become more stringent over time, including regulations relating to human health and environmental protection. Relevant governmental authorities may also shift their interpretations of existing laws. Relatedly, we cannot guarantee that our measures to monitor these developments—and the time and resources we spend to comply with applicable laws, regulations and guidelines—will satisfy regulators or other third parties, such as our customers, who may also be subject to extensive government regulation. Any such developments could increase the costs associated with deploying or operating our technology or reduce demand for our products, which could materially adversely affect our business, prospects, financial condition, and results of operations.

Compliance with environmental requirements may require us to incur significant capital expenditures, cooperate with federal, state and international agencies with respect to the preparation and evaluation of environmental impact studies or assessments, obtain and maintain permits or other regulatory approvals, conduct or fund environmental remediation, install pollution control equipment, or implement other operational controls. Failure to comply with such requirements could result in substantial fines, enforcement actions, litigation, or orders or delays restricting or suspending our operations. In particular, any delays, including as a result of any unanticipated regulatory action or inaction, affecting our ability to obtain any necessary environmental or other governmental permits or approvals may increase our costs or delay or complicate the deployment or operation of our reactors. The regulatory approval process can be technically challenging and may result in permit or approval conditions that may impact the financial viability of our business and may provide opportunities for third parties to lodge objections or seek more stringent requirements for our operations. Even if obtained, relevant governmental permits or approvals may be subject to revocation, modification, legal challenge or may not be renewed.

### Risks Related to Our Intellectual Property

***If we are unable to obtain, maintain, protect, or enforce our intellectual property rights, our competitive position could be adversely affected.***

Our success depends in part on our ability to protect the proprietary technologies underlying our Gravity Reactor. We rely on a combination of intellectual property protections afforded by patents (including pending patents), trademarks, and trade secret laws in the United States and other jurisdictions, as well as contractual protections such as confidentiality agreements, assignment agreements, and license agreements to establish and protect our proprietary rights. Despite these measures, our intellectual property rights may still not be protected in a meaningful manner, challenges to contractual rights could arise or third parties could copy or otherwise obtain and use our intellectual property without authorization. The occurrence of any of these events could impede our ability to effectively compete against competitors with similar products and services, any of which could materially adversely affect our business, prospects, results of operations, and financial condition.

Our patent applications may not result in issued patents, and issued patents may be challenged, invalidated, circumvented, or limited in scope. In addition, patent protection may not be available in all jurisdictions where our technology could be used.

Accordingly, we may not be able to protect our intellectual property rights in certain jurisdictions and their legal systems. Our competitors may operate in countries where we do not have patent protection and can freely use our technologies and discoveries in such countries to the extent such technologies and discoveries are publicly known or disclosed in countries where we do not have patent protection. Even where patents are issued, competitors may develop technologies that achieve similar results without infringing our patents, including by designing around our patent claims.

We also rely on trade secrets, proprietary know-how, and continuing technological innovation to maintain our competitive position. If our employees, consultants, contractors, suppliers, or other third parties disclose or improperly use our confidential information, or if our physical or electronic security measures are breached, we may lose valuable trade secret protection. If we are unable to adequately protect our intellectual property rights, our ability to maintain a competitive advantage could be materially adversely affected.

***We may be subject to intellectual property claims that could be costly to defend and could limit our ability to develop or commercialize our technology, and we may be required to enforce intellectual property rights that could be costly to protect.***

Third parties may assert that our technologies infringe their patents, trademarks, or other intellectual property rights. From time to time we may receive inquiries or claims from intellectual property holders regarding whether our technologies infringe their proprietary rights.

If a third party successfully asserts an intellectual property claim against us, we could be required to cease making, using, selling, or importing technologies that incorporate the challenged intellectual property, pay substantial damages, obtain licenses from the holders of the infringed rights, or redesign portions of our technology. Such licenses may not be available on commercially reasonable terms or at all.

In addition, defending against intellectual property claims could require significant financial resources and divert management’s attention from our business. Even claims that lack merit could result in substantial legal costs and operational disruption. Any such claims or litigation could materially adversely affect our business, prospects, results of operations, and financial condition.

Litigation may also be necessary to enforce our intellectual property rights or protect our trade secrets. Any litigation of this nature could require significant financial resources and divert management’s attention from our business. Even claims that lack merit could result in substantial legal costs and operational disruption. Any such claims or litigation could materially adversely affect our business, prospects, results of operations, and financial condition.

***Disputes regarding inventorship or ownership of our intellectual property could arise.***

Our confidentiality and invention-assignment agreements with our employees, consultants and contractors generally provide that those inventions conceived by the party while rendering services to us will be our exclusive intellectual property. While we require our employees, consultants, and contractors to assign such intellectual property to us, if the intellectual property is not automatically assigned (e.g., as work made for hire), those agreements may not be honored and obligations to assign intellectual property may be challenged or breached. Moreover, there may be some circumstances where we are unable to negotiate for such ownership rights and/or others misappropriate those rights in the process.

We may also be subject to claims that former employees, collaborators, contractors, or other third parties have an ownership interest in our patents or other intellectual property. Disputes may arise regarding inventorship, ownership, or licensing rights, particularly where multiple parties have contributed to the development of technologies.

Failure to name the proper inventors on a patent application can render issued patents unenforceable, and inventorship disputes may arise from differing views regarding the contributions of individuals involved in developing our technologies. These disputes may also arise from contractual obligations of third parties or the involvement of foreign nationals in research or development activities.

If we are unable to successfully defend against such claims, we could lose exclusive ownership of valuable intellectual property or be required to grant licenses to third parties. Even if we are successful in defending against such claims, resolving such disputes could result in substantial legal costs and divert management attention from our business.

### General Risks Associated with Our Company

***Macroeconomic, geopolitical, and trade policy developments could adversely affect our access to capital and liquidity, business and our supply chain.***

Our business may be affected by macroeconomic and geopolitical developments outside of our control, including inflation, changes in interest rates, fluctuations in currency exchange rates, adverse developments affecting financial institutions or the financial services industry, global trade tensions, armed conflicts (including the ongoing conflict in Ukraine and the Middle East), public health crises, terrorism, power loss and other disruptions to global markets.

Such events may disrupt supply chains, increase the cost of materials and components, limit access to financing or result in less favorable financing terms, or affect the ability of our customers, suppliers, and partners to fulfill contractual obligations. Changes in trade policies, tariffs, export controls, or sanctions may also affect our ability to source materials or components from international suppliers.

Any such developments could limit our access to capital, increase our costs, delay our operations, disrupt our supply chain, or adversely affect demand for our technology, which could materially adversely affect our business, prospects, results of operations, and financial condition.

***Any acquisitions, partnerships, or joint ventures we enter into could disrupt our business and may not achieve the expected benefits.***

From time to time, we may evaluate potential acquisitions, strategic partnerships, or joint ventures. Such transactions involve risks, including difficulties identifying suitable opportunities, financing transactions, integrating acquired businesses, managing joint operations, or realizing anticipated benefits.

These transactions could divert management attention from our core business, increase our expenses, reduce our cash reserves, or result in the impairment of acquired assets. In addition, if financed with debt or equity, such transactions could increase our indebtedness or dilute our existing stockholders.

If we are unable to successfully complete or integrate acquisitions or partnerships, or if such transactions fail to achieve their expected benefits, our business, prospects, results of operations, and financial condition could be materially adversely affected.

***We may be unable to adequately control the costs associated with developing and operating our business.***

We expect to incur significant expenses as we continue developing our Gravity Reactor, pursue regulatory approvals, scale operations, build partnerships, and operate as a public company. These expenses include research and development costs, procurement and manufacturing expenses, business development activities, operational expenses, and general and administrative costs.

We may also incur significant costs associated with siting, constructing, operating, and maintaining reactor sites. If we are unable to manage these costs effectively, or if our expenses increase faster than anticipated, our margins, profitability, and financial condition could be materially adversely affected.

If we fail to manage our growth effectively, we may be unable to execute our business plan.

We expect to invest significant resources to expand our business from an early-stage company to an organization capable of supporting commercial operations. This expansion may include developing our technology, establishing supply chains, hiring and training personnel, building regulatory and commercial infrastructure, and entering into relationships with strategic partners and government entities.

Rapid growth could place significant strain on our managerial, operational, financial, and other resources. We may encounter difficulties in hiring and retaining qualified personnel, managing suppliers and partners, scaling operations, controlling costs, and maintaining effective internal systems and processes.

If we are unable to manage our growth effectively, our ability to develop and deploy our technology, execute our business plan, and achieve our strategic objectives could be materially adversely affected.

***Security breaches, cyber-attacks, or other disruptions to information technology systems, including those of our third-party service providers, could compromise our proprietary information and harm our business.***

We rely on information technology systems and third-party service providers to support our operations and protect proprietary information, including trade secrets and technical know-how related to our reactor technologies. Despite our efforts to implement security safeguards, we have experienced incidents, and our systems and those of our third-party providers may be vulnerable to additional cyber-attacks, unauthorized access, computer viruses, malware, ransomware, phishing or other social engineering attacks, or other disruptions.

Cybersecurity threats have become increasingly sophisticated, and techniques used by attackers evolve rapidly. In addition, certain cybersecurity risks may arise from human error or system misconfigurations. Security breaches or system disruptions could result in the loss or misappropriation of proprietary information, operational disruptions, reputational harm, or increased costs associated with responding to and remediating such incidents, as well as potential regulatory or legal consequences, and could disrupt our business operations or divert management’s attention.

***Our use of artificial intelligence technologies, including those provided by third parties, could adversely affect our business.***

We incorporate artificial intelligence (“AI”) technologies into certain aspects of our business and may rely on AI tools developed by third parties. The use of AI presents risks and challenges, including the potential for inaccurate or biased outputs, unintended disclosure of confidential or proprietary information, and infringement of third-party intellectual property rights.

The legal and regulatory environment relating to AI is rapidly evolving and may require changes to our use of AI technologies, increase compliance costs, and create risks of regulatory enforcement or liability. In addition, to the extent we rely on third-party AI tools, we are dependent on the practices of those providers, including the data used to train their models and the controls implemented to mitigate associated risks, which may be outside of our control.

Any failure to appropriately develop, implement, or govern the use of AI technologies could result in operational, legal, or reputational harm and could materially adversely affect our business, prospects, results of operations, and financial condition.

***Natural disasters and severe weather events could disrupt our operations and supply chain.***

Our operations and those of our suppliers and partners may be adversely affected by severe natural disasters, such as earthquakes and other seismic activity, and severe weather events, such as floods, wildfires, high winds, droughts, or storms. Severe weather conditions are expected to be exacerbated in terms of intensity and frequency by climate change. Relatedly, climate change is also expected to contribute to changes to weather patterns, and water availability, among other impacts.

These events and impacts could disrupt our, or our customers’, operations or supply chains, increase insurance or energy costs, or delay the development or deployment of our reactor projects. These events can also result in damage to our properties. Any such disruptions could materially adversely affect our business, prospects, results of operations, and financial condition.

***We depend on the continued services of our key personnel, and the loss of one or more members of our management team could adversely affect our business.***

Our success depends in significant part on the continued services, experience, and expertise of our founders, senior management, and other key personnel. Our team possesses specialized knowledge related to nuclear engineering, reactor design, subsurface engineering, regulatory engagement, and commercialization of advanced energy technologies.

Competition for highly skilled personnel in the nuclear energy, engineering, and advanced technology sectors is intense. If we are unable to attract, retain, and motivate qualified personnel, or if we lose the services of one or more members of our management team or technical staff, our ability to execute our business plan and advance the development and commercialization of our technology could be adversely affected.

The loss of key personnel could also result in delays in development programs, disruptions to our operations, loss of institutional knowledge, or difficulties in maintaining relationships with regulators, partners, and potential customers, any of which could materially adversely affect our business, prospects, results of operations, and financial condition.

***We may be subject to litigation, investigations, claims or other legal proceedings that could be costly to defend and could adversely affect our business.***

From time to time, we may become involved in litigation, investigations, claims and other legal proceedings, including those arising in the ordinary course of business. Such matters may involve claims by suppliers, customers, competitors, current or former employees, communities impacted by our operations, governmental or regulatory authorities, or other third parties. We are not currently aware of any material litigation, investigations, claims or other legal proceedings other than those described under Item 3, “Legal Proceedings.”

Litigation, investigations, claims and other legal proceedings are subject to inherent uncertainties, may be time-consuming and expensive to defend, and may divert management’s attention from our business. Even if we are successful in defending against litigation, investigations, claims and other legal proceedings, the costs associated with legal defense and the diversion of management attention could adversely affect our business.

In addition, if we are found liable, or if we settle, in any litigation, investigations, claims or other legal proceedings, we could be required to pay substantial damages or penalties, or to modify our business practices. In addition, any litigation, investigations, claims or other legal proceedings could damage our reputation or adversely affect our relationships with customers, partners, or regulators.

### Operating as a public company increases our administrative burden and costs.

As a public company, we are subject to the reporting and regulatory requirements of the Securities Act, the Exchange Act, and other federal securities laws and regulations, including compliance with the Sarbanes-Oxley Act of 2002 and related rules adopted by the SEC and the Public Company Accounting Oversight Board. These requirements increase our legal, accounting, and administrative costs and require significant management attention.

In order to comply with these requirements, we must maintain effective disclosure controls and procedures, establish and maintain internal control over financial reporting, prepare and file periodic reports with the SEC, and comply with corporate governance requirements. These obligations require us to devote substantial resources to compliance efforts and may increase our legal, accounting, and advisory expenses. In addition, operating as a public company may make it more difficult and expensive for us to obtain director and officer liability insurance and to attract and retain qualified directors and executive officers.

***We have restated in this Annual Report certain previously issued consolidated financial statements to correct certain errors and have identified material weaknesses in our internal control over financial reporting that caused our management to conclude that we did not maintain effective internal control over financial reporting as of December 31, 2024 and 2025, and which could, if not remediated, result in additional material misstatements in our consolidated interim and annual financial statements. We also determined that our disclosure controls and procedures were ineffective as of June 30, 2024, September 30, 2024, December 31, 2024, June 30, 2025, September 30, 2025, and December 31, 2025 due to the material weaknesses in internal control over financial reporting. A failure to maintain effective internal control over financial reporting or disclosure controls and procedures could impact our ability to accurately and timely report our financial results and other material disclosures or otherwise cause us to fail to meet our reporting obligations, which could have a material adverse effect on our operations and investor confidence in our business.***

Subsequent to the issuance of our unaudited interim condensed consolidated financial statements as of and for the fiscal quarter ended September 30, 2025, we identified errors related to valuations of SAFE Notes and stock-based compensation expense and determined that (i) our previously issued audited consolidated financial statements for the fiscal year ended December 31, 2024 and for the period from July 17, 2023 (inception) through December 31, 2023, and the unaudited condensed consolidated financial statements for the quarters ended June 30, 2024, September 30, 2024, June 30, 2025, and September 30, 2025 should no longer be relied upon and (ii) our previously issued audited consolidated financial statements for the fiscal year ended December 31, 2024 and the unaudited condensed consolidated financial statements for the quarters ended June 30, 2024, September 30, 2024, June 30, 2025, and September 30, 2025 should be restated. As a result of the aforementioned error and restatement of these filings, we are subject to additional risks and uncertainties, including unanticipated legal and accounting costs, litigation, governmental proceedings or investigations and loss of investor confidence or reputational harm to our business.

Although management did not conduct a formal assessment of internal control over financial reporting in accordance with Section 215.02 of the SEC Division of Corporation Finance’s Regulation S-K Corporation Finance Interpretations, as a result of the errors described above and the related restatement, the Company identified material weaknesses in its internal control over financial reporting, which caused our management to conclude that we did not maintain effective internal control over financial reporting as of December 31, 2024 and 2025 due to lack of formal controls and standardized procedures related to financial reporting and historical equity accounting processes. We also determined that our disclosure controls and procedures were not effective as of June 30, 2024, September 30, 2024, December 31, 2024, June 30, 2025, September 30, 2025, and December 31, 2025 for the same reason. See Item 9A, “Controls and Procedures” for further details of the material weaknesses and remediation efforts.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of a company’s consolidated interim or annual financial statements will not be prevented or detected on a timely basis. As such, if we do not remediate these material weaknesses in a timely manner, or if additional material weaknesses in our internal control over financial reporting are discovered, they may adversely affect our ability to record, process, summarize and report financial information timely and accurately and, as a result, our consolidated interim or annual financial statements may contain material misstatements or omissions. Additionally, because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

### Risks Related to Ownership of Our Common Stock

***There is currently no public trading market for our common stock, and one may not develop.***

There is currently no public trading market for our common stock. Although we have applied for quotation of our common stock on the OTCQB market, there can be no assurance that our application will be approved or that our common stock will become quoted on the OTCQB or any other over-the-counter trading system.

Because there is currently no trading market for our common stock, stockholders have no ability to sell their shares publicly. Even if our common stock becomes listed on a national securities exchange in the future, trading may be limited, sporadic, or highly volatile. As a result, stockholders may find it difficult or impossible to sell their shares at times and prices that they consider appropriate, or at all. The absence of an active trading market could also impair our ability to raise additional capital through future equity issuances and may make it more difficult for us to use our equity as consideration for acquisitions or to attract and retain employees through equity compensation.

***We may not be able to list our common stock or maintain a listing on a national securities exchange.***

We currently do not meet the listing requirements of any national securities exchange and may not be able to satisfy those requirements in the future.

National securities exchanges have both quantitative and qualitative listing standards, including requirements relating to stock price, market capitalization, stockholder equity, corporate governance, number of stockholders, and trading history. Even if we are able to satisfy the applicable listing standards when we apply in the future, there can be no assurance that our application will be approved or that we may be able to continue meeting the applicable listing standards.

If our common stock is not listed on a national securities exchange, trading in our shares may be limited to over-the-counter markets, which are generally less liquid, more volatile, and subject to greater price fluctuations than securities listed on a national securities exchange. However, even if our common stock is listed on a national securities exchange, we cannot assure you that an active trading market for shares of our common stock will develop.

***We have not voluntarily implemented various corporate governance measures, in the absence of which, our stockholders may have more limited protections against interested director transactions, conflicts of interest and similar matters.***

Because our common stock is not yet listed on a national securities exchange, we are not required to adopt the corporate governance measures required under the rules of any national securities exchange. These measures address matters such as board independence, audit committee oversight, and adoption of certain policies. We have not yet adopted the full suite of corporate governance measures required by any national securities exchange. Accordingly, you may not have the same protections afforded to stockholders of companies whose securities are listed on a national securities exchange.

***If a trading market develops, the market price of our common stock may be volatile.***

If a trading market for our common stock develops, the market price of our common stock may fluctuate significantly. The market prices of securities of early-stage companies in emerging industries are often highly volatile.

Factors that could cause the market price of our common stock to fluctuate include, among others:

- developments relating to our technology, products, or commercialization plans;
- changes in law relating to or delays in regulatory approvals or licensing;
- changes in our operating results or financial condition;
- announcements by us or our competitors;
- changes in market conditions for nuclear energy or clean energy technologies;
- additions or departures of key personnel;
- commencement of, or involvement in, litigation involving us; and
- general economic and market conditions.

In addition, the stock markets in general have experienced significant volatility that has often been unrelated to the operating performance of individual companies. These market fluctuations could adversely affect the trading price of our common stock if a trading market for our common stock develops.

### Future sales of our common stock could cause our stock price to decline.

We have filed registration statements with respect to 56,207,422 shares of common stock held by certain of our existing stockholders and 716,084 shares of common stock issuable upon exercise of outstanding warrants held by warrant holders to facilitate the public resale of such securities. We have also granted registration rights to such existing stockholders and warrant holders with respect to shares of our common stock they may acquire in the future, and may grant similar rights in connection with other financing activity in the future. Sales can also be made by stockholders without registration, in accordance with available exemptions under securities laws. If a trading market develops for our common stock, future sales of our common stock by our stockholders (including our executive officers, directors and principal stockholders, which hold a significant portion of our common stock, as described below), or the perception that such sales may occur, could adversely affect the trading price of our common stock.

In addition, to continue operating our business, we will need to raise substantial additional capital, and we are actively evaluating potential financing sources, including equity issuances. We may also issue additional equity and equity-linked instruments in the future, including in connection with the exercise of warrants and options and the vesting and settlement of outstanding RSUs, as well as in connection with financings, strategic transactions, acquisitions, or equity incentive programs. As of the date of this Annual Report, there were warrants outstanding to purchase an aggregate of 716,084 shares of our common stock. The issuance of additional shares will dilute existing stockholders’ ownership percentages and, if a trading market develops for our common stock, any such issuance or the perception that any issuance may occur may adversely affect the trading price of our common stock.

***Our executive officers, directors and principal stockholders collectively hold a significant percentage of the voting power of our company.***

Our executive officers, directors and holders of more than 5% of our common stock beneficially own collectively approximately 48.93% of the voting power of our outstanding common stock as of March 31, 2026. As a result, these stockholders may be able to influence or control matters requiring stockholder approval, including the election of directors, approval of mergers or other business combinations, and other significant corporate transactions. The interests of these stockholders may conflict with your interests. This concentration of ownership may limit the ability of other stockholders to influence corporate matters and may discourage or delay potential changes in control of the company.

### We are an emerging growth company and a smaller reporting company.

We qualify as an “emerging growth company” under the JOBS Act and as a “smaller reporting company” under SEC rules. As a result, we are permitted to rely on certain exemptions from disclosure and other requirements applicable to other public companies.

For example, we are not required to have our independent registered public accounting firm attest to the effectiveness of our internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act for as long as we remain an emerging growth company.

In addition, we have elected to take advantage of the extended transition period for complying with new or revised accounting standards and intend to rely on certain reduced disclosure requirements available to emerging growth companies and smaller reporting companies. As a result, we will not be subject to the same implementation timing for new or revised accounting standards as other public companies that are not emerging growth companies or smaller reporting companies, which may make comparison of our financial statements with those of other public companies more difficult. In addition, the information that we provide in this Annual Report may be different from the information investors may receive from other public companies in which they hold equity interests.

Investors may find our common stock less attractive if we rely on these exemptions, which could result in a less active trading market for our common stock.

***Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of us more difficult and may discourage takeover attempts that stockholders may consider favorable.***

Our amended and restated certificate of incorporation and amended and restated bylaws contain provisions that could delay or prevent a change in control of our company without the approval of our board of directors. These provisions could make it more difficult for stockholders to elect directors who are not nominated by our current board of directors or to take other corporate actions.

These provisions include, among others:

- a classified (staggered) board of directors, under which directors are elected for staggered terms and only a portion of the board of directors is elected each year;
- provisions that permit the board of directors to determine the size of the board of directors and fill vacancies;
- provisions that limit the ability of stockholders to remove directors except for cause;
- advance notice requirements for stockholder nominations of directors and proposals for consideration at stockholder meetings; and
- authorization for the issuance of “blank check” preferred stock, which could be used by the board of directors to discourage takeover attempts.

In addition, we are subject to Section 203 of the Delaware General Corporation Law, which restricts certain business combinations with stockholders who own 15% or more of our outstanding voting stock unless certain conditions are satisfied.

These provisions may discourage potential takeover attempts or other transactions that stockholders may consider favorable and may reduce the price that investors might be willing to pay for shares of our common stock.

***Our amended and restated certificate of incorporation designates certain courts as the exclusive forum for certain stockholder disputes.***

Our amended and restated certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum, certain legal actions and substantially all disputes between us and our stockholders must be brought in the Delaware Court of Chancery or federal courts of the United States. This, however, shall not apply to claims or causes of action brought to enforce a duty or liability created by the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, or any other claim for which the federal courts have exclusive jurisdiction.

These provisions may limit a stockholder’s ability to bring claims in a forum of their choosing and may discourage lawsuits against us and our directors or officers.

### We do not intend to pay dividends in the foreseeable future.

We have never declared or paid dividends on our capital stock and currently intend to retain any future earnings to finance the growth and development of our business. As a result, investors may only realize a return on their investment through appreciation in the price of our common stock, which may never occur.

***If our common stock becomes publicly traded and securities analysts do not publish research or reports about our business or if they downgrade our stock or our sector, our stock price and trading volume could decline.***

If a trading market for our common stock develops, such market will rely in part on the research and reports that industry or financial analysts publish about us or our business. We do not control these analysts. Furthermore, if one or more analysts were to cover us and downgrade our stock or our industries, or the stock of any of our competitors, or publish inaccurate or unfavorable research about our business, or if our operating results did not meet their expectations, the price of our common stock could decline. If one or more analysts were to initiate and then cease coverage of us or fail to publish reports on us regularly, our visibility in the market could decline or disappear, which in turn could cause our stock price or trading volume to decline.

## Cybersecurity

As filed, 6,255 characters.

### Risk Management and Strategy

The Company has initiated a cybersecurity risk management program designed to assess, identify, and manage material risks from cybersecurity threats. This program is integrated into the Company’s overall enterprise risk management processes and is intended to protect the confidentiality, integrity, and availability of the Company’s information systems and data.

The Company’s cybersecurity risk management processes include, among other things:

- ongoing monitoring of information systems using security tools designed to detect, prevent, and respond to cybersecurity threats, including unauthorized access and malicious activity;
- periodic assessments of cybersecurity risks, including evaluation of potential vulnerabilities in the Company’s information systems and processes;
- implementation and maintenance of technical safeguards, including access controls, system configurations, and software updates and patch management, designed to reduce exposure to known vulnerabilities;
- development and maintenance of incident response procedures designed to facilitate the timely identification, containment, investigation, and remediation of cybersecurity incidents;
- engagement of third-party service providers, including cybersecurity consultants and other advisors, as appropriate, to assist in assessing, testing, and improving the Company’s cybersecurity posture; and
- processes designed to identify and manage cybersecurity risks associated with third-party service providers, including the use of contractual provisions requiring appropriate data protection, confidentiality, and cybersecurity measures, as well as periodic review and oversight of such providers based on risk.

Cybersecurity risks are considered a part of the Company’s overall risk management processes. Management evaluates cybersecurity risks in the context of the Company’s business operations, strategy, and financial condition, and incorporates such risks into decision-making processes where appropriate.

The Company’s reliance on information technology systems and third-party service providers exposes it to cybersecurity risks, including risks arising from unauthorized access, ransomware, system disruption, and human error. While the Company has implemented measures designed to mitigate these risks, there can be no assurance that such measures will be effective in preventing cybersecurity incidents. Furthermore, in connection with the preparation of our consolidated financial statements for the years ended December 31, 2025 and 2024, we identified material weaknesses in our internal control over financial reporting related in part to IT general controls. For additional information, see “Material Weaknesses in Internal Control over Financial Reporting” in Item 9A of this Annual Report.

Despite our efforts to implement security safeguards, we have experienced incidents; however, the Company is not aware of having experienced any cybersecurity incidents that have materially affected, or are reasonably likely to materially affect, its business strategy, results of operations, or financial condition. However, the Company may experience cybersecurity incidents in the future that could have a material adverse effect on its business, prospects, results of operations, and financial condition. For additional information, see “Risk Factors” in Item 1A of this Annual Report.

### Governance

The Audit Committee of the Company’s board of directors oversees the Company’s cybersecurity risk management as part of its broader risk oversight responsibilities pursuant to its charter. The Audit Committee is responsible for reviewing risks related to information technology and cybersecurity to the extent such risks could materially impact the Company’s financial statements, internal controls, or disclosure obligations.

The Audit Committee receives regular reports from management regarding the Company’s cybersecurity risk profile, including updates on cybersecurity threats, risk assessments, and the Company’s efforts to prevent, detect, and respond to cybersecurity incidents. The Audit Committee also reviews management’s processes for identifying, assessing, and managing cybersecurity risks. Significant cybersecurity incidents and related developments are escalated to the Audit Committee and, where appropriate, to the full board of directors.

The Company’s cybersecurity risk management program is led by its Senior Digital Systems Manager, who is responsible for overseeing the Company’s information technology systems and managing cybersecurity risk in coordination with third-party managed security service providers. The Senior Digital Systems Manager has more than 20 years of experience in information technology systems administration and cybersecurity practices, including network security, system access controls, and incident response. The Senior Digital Systems Manager has held a variety of leadership positions in enterprise systems, digital transformation, and information security at The Arcticom Group and Econolite, including roles involving the implementation of security governance frameworks, role-based access controls, and incident response processes in support of regulatory compliance and operational resilience.

The Senior Digital Systems Manager is responsible for implementing and maintaining the Company’s cybersecurity program and for monitoring cybersecurity risks and incidents through ongoing system oversight, including the use of security tools, system alerts, and periodic assessments. The Company may also engage third-party service providers, including cybersecurity consultants, to assist in monitoring and managing cybersecurity risks.

Cybersecurity matters are communicated to senior management, including the Company’s Chief Executive Officer and Chief Financial Officer, on an ongoing basis. Senior management provides updates to the Audit Committee on a periodic basis and as needed. The Company maintains incident response procedures that include escalation protocols designed to ensure that significant cybersecurity incidents are promptly reported to senior management and the Audit Committee to support timely decision-making and disclosure, as appropriate.

## Properties

As filed, 1,208 characters.

We do not currently own any real property. Other than the lease described below, we do not currently lease any facilities. Our corporate, administrative, and engineering functions operate in a decentralized manner, with employees working through a combination of remote and in-person arrangements. Design, development, regulatory, and site-related activities are conducted in person as required by the nature of those functions and applicable regulatory requirements.

In February 2026, in connection with our participation in the DOE Reactor Pilot Program, we entered into a long-term lease for approximately 100 acres located within the Great Plains Industrial Park in Parsons, Kansas. The Kansas Site is being evaluated to support potential future reactor deployment. The lease includes provisions that, upon the satisfaction of specified conditions, require us to purchase the underlying property.

We believe our current operating arrangements and facilities are adequate to meet our present needs. As our development activities progress, we expect to secure additional facilities, land, or site access arrangements as necessary to support future reactor development, testing, and commercial deployment.

## Legal proceedings

As filed, 1,759 characters.

From time to time, we may become involved in litigation, investigations, claims or legal proceedings arising in the ordinary course of business. Litigation, investigations, claims and other legal proceedings are subject to inherent uncertainties, and an adverse outcome in one or more matters could occur and may have a material adverse effect on our business, prospects, results of operations, and financial condition. Except as described below, we are not aware of any material pending legal proceedings to which we are a party.

In April 2025, we joined as a plaintiff, together with the State of Texas, State of Utah, State of Louisiana, State of Florida, the Arizona State Legislature (by and through the President of the Arizona Senate and the Speaker of the Arizona House of Representatives), Last Energy, Inc., and Valar Atomics Inc., in a federal lawsuit filed in the U.S. District Court for the Eastern District of Texas against the NRC, captioned *State of Texas et al. v. U.S. Nuclear Regulatory Commission* (Case No. 6:24-cv-00507).The lawsuit challenges the NRC’s interpretation and application of certain licensing regulations under the AEA, including the NRC’s longstanding definition of “utilization facility.” The complaint seeks declaratory and injunctive relief requiring the NRC to revise its licensing framework and undertake new rulemaking under the APA.

The case remains in its early stages, and no substantive rulings have been issued. We cannot predict the outcome of this proceeding or the potential impact it may have on federal or state regulatory processes applicable to advanced reactor technologies or on the timing or evaluation of any applications we may submit to the NRC. See Item 1A, “Risk Factors” of this Annual Report.

## Management's discussion and analysis

As filed, 24,712 characters.

*You should read the following discussion in conjunction with the consolidated financial statements and the notes to those statements included elsewhere in this Annual Report. Certain statements contained in this Management’s Discussion and Analysis of Financial Condition and Results of Operations are forward-looking statements that involve risks and uncertainties as described under the heading “Cautionary Note on Forward-Looking Statements” and Item 1A, “Risk Factors”. The forward-looking statements are not historical facts, but rather are based on management’s current expectations, estimates, forecasts, projections, beliefs and assumptions and on information available to us as of the date of this Annual Report about our industry and business. Our actual results could differ materially from the results contemplated by these forward-looking statements.*

### Overview

We are a nuclear energy technology company developing a SMR based on established PWR technology, with novel emplacement in deep boreholes approximately one mile below the Earth’s surface. Our reactor, which we refer to as the Gravity Reactor, will leverage subsurface conditions to support key containment and operating functions, including the use of hydrostatic pressure from a water column within the borehole to support reactor operating pressure and cooling, and the surrounding geological formation to provide structural confinement and shielding. This approach is intended to reduce reliance on large surface containment structures and other safety-related infrastructure associated with conventional nuclear power plants, support faster deployment timelines, improve security, enhance safety, and enable lower capital and operating costs relative to conventional nuclear facilities, while reducing exposure to environmental and other surface-level hazards.

Each Gravity Reactor is targeted to produce up to 15 MWe. Individual reactors may be deployed as standalone installations or grouped in clusters of boreholes at a single site, which may enable longer refueling cycles through coordinated fuel management, staggered refueling schedules and more efficient utilization of shared infrastructure, and support larger installations capable of supplying hundreds and potentially thousands of MWe of generation capacity.

The Company’s commercialization strategy is based on a phased deployment plan designed to move toward commercialization in the next three years. Given that reactor criticality using established PWR technology is well understood, the Company is prioritizing validation of the hardest and most differentiated parts of our system, to reduce risk earlier and move more directly toward a commercialization outcome. Specifically, the tests that we want to focus on are drilling to depth at commercial scale, installing and integrating a nuclear system a mile underground, and operating as part of a complete energy ecosystem. We also want to prove that we can do this in time to meet the AI-driven surge in demand for energy. The Company is currently participating in the DOE Reactor Pilot Program, and we expect to demonstrate our system as part of the DOE Reactor Pilot Program.

The first phase of the Company’s phased deployment plan involves engineering validation and proof of concept wells. The Company has a long-term lease for approximately 100 acres located within the Kansas Site and has commenced initial field development activities at the site. As part of this, the Company already drilled its first data acquisition well to gather real-world data up to 6,000 feet deep. Next, the Company will demonstrate its ability to drill a commercial-scale borehole and safely deploy a prototype reactor. The Company continues to advance its reactor design in parallel with these activities, including planning additional drilling activities and conducting related engineering and emplacement work, and is targeting completion of these activities in the coming months. The balance of this year and into early 2027 will be focused on delivery of key components for full-system installation, including well casing, our reactor canister, and heat exchanger, as well as LEU fabrication and loading.

The second phase of the Company’s phased deployment plan involves DOE authorization and one or more commercial pilot wells. Specifically, subject to DOE authorization, the Company intends to demonstrate the Gravity Reactor, and to apply for a commercial license with the NRC in the first half of 2027, converting the same pilot reactor to commercial operation. We are working closely with both the DOE and the NRC to align demonstration and licensing, as we are aiming to move these efforts forward together rather than advancing them in sequence.

The third and final phase of the Company’s phased deployment plan involves the construction of surface facilities and seeking high-volume commercial licensing for deployment of multiple reactors at a single site through clustered boreholes, and subsequently, at multiple sites. We are targeting as early as 2027 to seek such high-volume commercial licensing with the NRC.

The Company’s approach to subsurface reactor deployment is supported by its intellectual property portfolio, which includes issued patents and pending patent applications relating to reactor configuration, deep subsurface emplacement, drilling and casing techniques, thermal-hydraulic performance, instrumentation and monitoring, and other technologies supporting the deployment of underground nuclear reactors. The Company believes that its intellectual property, together with its engineering expertise and ongoing development activities, supports its competitive position.

Legacy Deep Fission was incorporated in July 2023 and remains in the development stage. The Gravity Reactor remains in conceptual and early engineering stages, and the Company has not constructed or operated a commercial reactor or generated revenue. Current activities include reactor development, geological evaluation, large-diameter borehole drilling research and development, geothermal testing, safety analysis, regulatory engagement, site development, and commercialization planning.

### The Merger

On the Merger Closing Date, Surfside completed the Merger with Legacy Deep Fission, pursuant to which a wholly owned subsidiary of Surfside merged with and into Legacy Deep Fission, with Legacy Deep Fission continuing as the surviving corporation and becoming a wholly owned subsidiary of Surfside. In connection with the transaction, Surfside changed its name to Deep Fission, Inc.

On the Merger Closing Date, we issued 38,538,922 shares of our common stock to existing holders of Legacy Deep Fission common stock and 85,000 shares of our common stock (the “Advisor Shares”) to an accredited investor in consideration for services rendered in connection with the Merger, while Surfside’s existing stockholders continued to hold an aggregate of 2,166,667 shares of our common stock (the “Retained Pre-Merger Shares”). We also reserved a total of 9,500,884 shares of our common stock under the 2025 Equity Incentive Plan (“2025 EIP”) for future issuances of equity awards at the discretion of our board of directors to officers, employees, consultants and directors and reserved 1,000,000 shares of our common stock under the 2025 Employee Stock Purchase Plan (“2025 ESPP”) for future purchase by employees.

### The Private Placement

Concurrently with the consummation of the Merger, the Company also issued and sold 10,000,000 shares of our common stock in a private placement to certain accredited and institutional investors at a purchase price of $3.00 per share (the “Private Placement”, and together with the Merger, the “Transactions”).

### Accounting Considerations

The historical financial statements and related footnotes included in this Annual Report include descriptions of Legacy Deep Fission’s previously outstanding common stock; however, in connection with the Merger, all shares of Legacy Deep Fission common stock were converted into the right to receive shares of our common stock. See “*The Merger”* and “*The Private Placement”* above for detailed information regarding the Transactions and the related conversion of the shares of Legacy Deep Fission’s common stock.

For financial reporting purposes, the Merger was treated as a recapitalization and reverse acquisition. Legacy Deep Fission is considered the acquirer for accounting purposes, meaning that the historical financial results of Legacy Deep Fission prior to the Merger are considered our historical financial results under applicable accounting principles. Accordingly, the historical financial statements included in this Annual Report and discussed in this section, for all periods prior to the Merger, are those of Legacy Deep Fission and not Surfside.

### Our Intended Business

As described under “Business Model and Revenue Streams” in Item 1, “Business,” our business model is designed to generate revenue from (i) project-level equity participation, including indirect participation in project-level cash flows from electricity sales, (ii) one-time upfront revenue, generally expected to be associated with Gravity Reactor deployment and related upfront project development services and (iii) recurring revenue, generally expected to be associated with technology licensing and operations and maintenance services of Gravity Reactor installations. Because we have not yet commercialized a Gravity Reactor, none of these revenue streams have begun to materialize and are not reflected in our historical results.

### Components of Results of Operations

### Operating Expenses

General and administrative expenses primarily consist of costs associated with administrative staff salaries, facilities, utilities, insurance, marketing and advertising, stock-based compensation, legal fees and other office expenses related to our business functions.

Research and development (“R&D”) expenses primarily represent costs incurred to develop our technology. These costs consist of personnel costs, including salaries, employee benefit costs, bonuses and stock-based compensation expenses, software costs, computing costs, hardware and experimental supplies, and expenses for outside engineering contractors for analytical work and consulting costs. We expense all R&D costs in the periods in which they are incurred.

### Other Non-Operating Income (Expense)

Other non-operating income (expense) consists primarily of change in fair value of SAFE Notes (as defined below), interest income, interest expenses, and other miscellaneous expenses.

### Restatement of Prior Period Financial Statements

As previously discussed under the heading “Explanatory Note,” we are restating our previously issued consolidated financial statements and related notes for the year ended December 31, 2024 and the unaudited condensed consolidated financial information for the periods ended June 30, 2024, September 30, 2024, June 30, 2025, and September 30, 2025. Refer to Note 2 in the notes to the consolidated financial statements in this Annual Report for additional information. The impact of the restatement is reflected in the “Results of Operations” section within this “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

### Results of Operations

### Comparison of the Year Ended December 31, 2025 and 2024

The following table sets forth our summarized financial information for the periods indicated:

| ​ ​ ​ ​ Operating expenses | ​ ​ ​ ​ ​ ​ ​ | ​ ​ For the Years Ended December 31, 2025 ​ ​ ​ | ​ ​ ​ ​ ​ ​ | ​ ​ 2024 (As Restated) ​ | ​ ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ ​ $ Variance ​ ​ ​ | ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ % Variance ​ ​ ​ ​ |
| --- | --- | --- | --- | --- | --- | --- | --- | ---: |
| General and administrative expenses |  | $14,766,607 |  | $3,441,820 |  | $11,324,787 |  | 329.03% |
| Research and development expenses | ​ | ​ 6,617,562 | ​ | ​ 661,183 | ​ | ​ 5,956,379 |  | 900.87% |
| Operating expenses | ​ | ​ 21,384,169 | ​ | ​ 4,103,003 | ​ | ​ 17,281,166 |  | 421.18% |
| Operating loss | ​ | ​ (21,384,169) | ​ | ​ (4,103,003) | ​ | ​ (17,281,166) |  | 421.18% |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| **Other non-operating income (expense)** | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |  | ​ ​ |
| Interest income | ​ | ​ 210,987 | ​ | ​ 20,331 | ​ | ​ 190,656 |  | 937.76% |
| Change in fair value of SAFE Notes | ​ | ​ (39,834,049) | ​ | ​ (1,631,446) | ​ | ​ (38,202,603) |  | 2,341.64% |
| Other income | ​ | ​ 4,277 | ​ | ​ 749 | ​ | ​ 3,528 |  | 100.00% |
| Total non-operating income (expense) | ​ | ​ (39,618,785) | ​ | ​ (1,610,366) | ​ | ​ (38,008,419) |  | 2,360.23% |
| **Net loss** |  | **$(61,002,954)** |  | **$(5,713,369)** |  | **$(55,289,585)** |  | 967.72% |

#### Operating Expenses

General and administrative expenses increased by $11.3 million for the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase in general and administrative expenses was primarily attributable to an increase in the number of employees, which resulted in increase in salary and stock-based compensation expense, as well as increased legal, benefits, and marketing costs.

Research and development expenses increased by $6.0 million for the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase in research and development expenses was primarily attributable to the progression of the Company’s operating plans and the increase in salary and benefits corresponding with our increase in headcount, as well as increased consulting fees paid to our research and development advisors.

#### Other Non-Operating Income (Expense)

Other non-operating expense increased by $38.0 million for the year ended December 31, 2025, compared to the year ended December 31, 2024, largely due to the approximately $39.8 million loss the Company recorded from the change in fair value on the date of conversion of the Company’s previously issued SAFE Notes, which converted into common stock as a result of the Merger.

### Liquidity and Capital Resources

Since our inception, we have financed our operations primarily through the issuance and sale of our equity securities. Our primary requirements for liquidity and capital are to finance working capital and capital expenditures associated with operating and managing the Company, as well as for general corporate purposes. As of December 31, 2025, our principal source of liquidity was our cash and cash equivalents of $23.7 million. On February 5, 2026, the Company issued and sold 5,333,333 shares of common stock (the “Shares”) at a purchase price of $15.00 per share, to certain accredited and institutional investors pursuant to the subscription agreements for an aggregate purchase price of $80.0 million. The aggregate net proceeds to the Company from the offering was approximately $76.0 million, after deducting fees to the placement agents and expenses payable by the Company. We anticipate that future sources of liquidity will principally come from sales of common stock and other equity instruments. Since our inception, we have generated significant operating losses as reflected in our accumulated deficit of $66.7 million as of December 31, 2025. We generated a positive cash flow of $17.0 million for the year ended December 31, 2025 due to financing activities.

We expect to use our proceeds from the 2026 Private Placement for general working capital and corporate purposes, including towards the engineering, research and development of our first pilot nuclear reactor and related technologies. A portion of the net proceeds from the 2026 Private Placement will also be used to cover management, overhead, legal and accounting fees and expenses relating to the Merger and the 2026 Private Placement and could include potential acquisitions of complementary businesses or assets (though none is currently contemplated). Based on our expectation of continued operating losses for at least the near term, we anticipate our existing cash and cash equivalents, together with net proceeds from the 2026 Private Placement, will not be sufficient to operate our business for the next twelve months. Accordingly, we determined that there is substantial doubt about our ability to continue as a going concern. In order to continue to operate our business beyond that time, we will need to raise substantial additional capital. Our independent registered public accounting firm included an explanatory paragraph regarding substantial doubt about the Company’s ability to continue as a going concern in its report on our financial statements for the year ended December 31, 2025.

In addition to our cash and cash equivalents currently available to support these activities, which was approximately $80 million as of April 15, 2026, we estimate that we will require $200 million of additional capital to complete development of, and license and commercially deploy, our first commercial reactor, but we expect we can complete the development and begin operation of an initial test reactor with approximately half that amount of additional capital. We are actively evaluating potential financing sources, including equity issuances, debt financing, strategic partnerships, and other capital raising transactions. However, there can be no assurance that such financing will be available on acceptable terms, on a timely basis, or at all. To the extent that we raise additional capital through the issuance of equity or convertible securities, the ownership interests of our existing stockholders will be diluted. Moreover, the terms of such securities or any other financing may include preferences or other rights that adversely affect the value of, or rights of holders of, our common stock. Debt financing, if available, could result in additional debt service obligations, and debt financings or other financings may involve covenants that restrict our operations or financial flexibility. However, our management team will have broad discretion in making strategic decisions to execute our growth plans, and there can be no assurance that management’s decisions will result in successful achievement of our business objectives. In addition, our estimate as to the sufficiency of our current cash, cash equivalents and short-term investments and our current operating plan as discussed above are based on assumptions that may prove to be wrong, and we could deplete our capital resources sooner than we currently anticipate.

### Cash Flows

#### Year ended December 31, 2025 and 2024

As of December 31, 2025, our cash and cash equivalents were $23.7 million. The following table shows a summary of our cash flows for the periods presented:

| ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ | ​ ​ Year Ended December 31, 2025 ​ | ​ ​ ​ ​ ​ | ​ ​ December 31, 2024 (As Restated) | ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ $ Change ​ |
| --- | --- | ---: | --- | ---: | --- | ---: |
| Net cash used in operating activities |  | $(13,051,195) |  | $(2,799,642) |  | $(10,251,553) |
| Net cash used in investing activities | ​ | ​ (43,436) | ​ | ​ (2,657) | ​ | ​ (40,779) |
| Net cash provided by financing activities | ​ | ​ 30,085,158 | ​ | ​ 8,585,392 | ​ | ​ 21,499,766 |
| Net increase (decrease) in cash | ​ | $16,990,527 | ​ | $5,783,093 | ​ | $11,207,434 |
| Cash, beginning of period | ​ | $6,728,895 | ​ | $945,802 | ​ | $5,783,093 |
| Cash, end of period |  | $23,719,422 |  | $6,728,895 |  | $16,990,527 |

#### Operating Activities

Net cash used in operating activities increased by $10.3 million, to $13.1 million for the year ended December 31, 2025, compared to the net cash used in operating activities of $2.8 million for the year ended December 31, 2024. The increase in net cash used in operating activities was primarily attributable to increased net losses, changes in working capital, including prepaids and accounts payable, and other current liabilities.

#### Investing Activities

Net cash used in investing activities increased by $40.8 thousand, to $43.4 thousand for the year ended December 31, 2025, compared to the net cash used in investing activities of $2.7 thousand for the year ended December 31, 2024. The increase was driven by additions by the Company to property and equipment.

#### Financing Activities

Net cash provided by financing activities increased by $21.5 million, to $30.1 million for the year ended December 31, 2025, compared to the net cash provided by financing activities of $8.6 million for the year ended December 31, 2024. The increase in net cash provided by financing activities was primarily attributable to proceeds from the Private Placement and additional issuances of SAFE Notes.

### Contractual Obligations and Commitments

As of December 31, 2025 and December 31, 2024, we did not have any material contractual obligations or commitments.

### Off-Balance Sheet Transactions

We did not have during the periods presented, and we do not currently have, any off-balance sheet financing arrangements or any relationships with entities or financial partnerships, such as structured finance or special purpose entities, that were established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

### Critical Accounting Policies and Estimates

Our financial statements and the related notes thereto included in this Annual Report are prepared in accordance with United States generally accepted accounting principles. The preparation of financial statements also requires us to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses and related disclosures. These estimates are developed based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ significantly from the estimates made by management. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, results of operations, and cash flows will be affected. We believe that the accounting policies described below involve a greater degree of judgment and complexity. Accordingly, these are the estimates we believe are most critical to aid in fully understanding and evaluating our financial condition, results of operations and future performance. We have described our significant accounting policies within Note 3 to our financial statements included in this Annual Report.

### SAFE Notes

In 2024 and 2025, the Company issued SAFE Notes in exchange for cash financing. The Safe Notes converted into our common stock in connection with the Merger, and are no longer outstanding. The Company accounted for its SAFE Notes as derivatives under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815, *Derivatives and Hedging*, and presented them as long-term liabilities in the accompanying consolidated balance sheets. The determination of fair value for the Company’s SAFE Notes required significant judgment and the use of estimates. We have described the valuation of the SAFE Notes in Note 5 to our financial statements included in this Annual Report.

### Stock-Based Compensation

We account for stock-based compensation in accordance with ASC 718, *Compensation-Stock Compensation.* We measure all stock-based awards granted to employees, directors and non-employee consultants based on the fair value on the date of the grant and recognize compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award.

The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. We have historically been a private company and lack company-specific historical information for our stock. Determining the appropriate fair value of stock-based awards requires the input of subjective assumptions. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, stock-based compensation expenses could be materially different for future awards.

### Recent Accounting Pronouncements

A discussion of recently issued accounting pronouncements and recently adopted accounting pronouncements is included in Note 3 to our financial statements included in this Annual Report under the heading “Summary of Significant Accounting Policies.”

## Controls and procedures

As filed, 6,895 characters.

### Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Form 10-K. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were not effective as of December 31, 2025 due to the material weaknesses in internal control over financial reporting described below.

### Material Weaknesses in Internal Control over Financial Reporting

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected in a timely basis.

In connection with the preparation of our consolidated financial statements for the years ended December 31, 2025 and 2024, we identified material weaknesses in our internal control over financial reporting. The material weaknesses identified are related to IT general controls, segregation of duties and ineffective controls over the preparation and review of accounting estimates (SAFE Notes and stock-based compensation) and financial reporting.

Remediation steps are being taken to improve the Company’s internal control over financial reporting to address the underlying causes of the material weaknesses described above, including designing and implementing increased controls along with increasing oversight and review of controls. Specifically, we have taken the following steps to remediate the identified material weaknesses and improve our internal control over financial reporting: (i) we have hired key personnel with relevant financial reporting and controls expertise to strengthen our finance and accounting function, and to address the material weaknesses related to IT general controls and segregation of duties; and (ii) we are currently in the implementation phase of a new equity management and reporting system. We continue to evaluate and implement additional remediation initiatives as appropriate.

While we believe that these efforts will improve the Company’s internal control over financial reporting, the implementation of these measures is ongoing and will require validation and testing of the design and operating effectiveness of internal controls over a sustained period of financial reporting cycles. If the steps we take do not remediate the material weaknesses in a timely manner, there could continue to be a reasonable possibility that these control deficiencies or others could result in a material misstatement of our annual or interim financial statements that would not be prevented or detected on a timely basis. If we are unable to successfully remediate our existing or any future material weaknesses, the accuracy of our financial reporting may be adversely affected, which could cause investors to lose confidence in our financial reporting and our share price may decline as a result.

Notwithstanding the identified material weaknesses, management believes that the financial statements and related financial information included in this Form 10-K fairly present, in all material respects, our balance sheets, statements of operations, statements of stockholders’ equity (deficit) and statements of cash flows as of and for the periods presented. We will continue to assess the effectiveness of our internal control over financial reporting and take steps to remediate the known material weaknesses expeditiously.

### Management’s Report on Internal Control over Financial Reporting

As discussed elsewhere in this Annual Report, we completed the Merger on September 5, 2025. Prior to the Merger, Surfside, our predecessor, was a special purpose acquisition company formed for the purpose of seeking the acquisition of or merger with an existing company. As a result, previously existing internal controls are no longer applicable or comprehensive enough as of the assessment date as Surfside’s operations prior to the Merger were insignificant compared to those of the consolidated entity post-Merger. The design of internal control over financial reporting for the Company post-Merger has required and will continue to require significant time and resources from management and other personnel. As a result, management was unable, without incurring unreasonable effort or expense, to conduct an assessment of our internal control over financial reporting as of December 31, 2025. Accordingly, we are excluding management’s report on internal control over financial reporting pursuant to Section 215.02 of the SEC Division of Corporation Finance’s Regulation S-K Corporation Finance Interpretations.

Although management did not conduct a formal assessment of internal control over financial reporting, as discussed above, management identified material weaknesses in our internal control over financial reporting and as a result determined that we did not maintain effective internal control over financial reporting as of December 31, 2025.

### Changes in Internal Control over Financial Reporting

Other than the changes to remediate the material weaknesses described above, there were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the period covered by this Form 10-K that has materially affected, or is reasonably likely to materially affect our internal control over financial reporting.

Filed Apr 15, 2026.
Source: SEC EDGAR, the filing index for accession 0001104659-26-043870. Last ingested by Listed: Nov 4, 2026, 19:30 ET. No prices; not investment advice.