$IMSRW

Terrestrial Energy Inc. /DE/

CIK:0002019804|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
OPERATING EXPENSES
Research and development costs	$ 3,498	$ 1,441	$ 8,064	$ 2,849
General and administrative	8,029	3,531	15,333	6,820
Depreciation and amortization	145	198	206	379
Total Operating Expenses	11,672	5,170	23,603	10,048
OPERATING LOSS	(11,672)	(5,170)	(23,603)	(10,048)
OTHER INCOME (EXPENSE)
Government grants	40	145	88	168
Interest and dividend income	2,481	8	3,934	11
Foreign exchange (loss) gain	(170)	97	(204)	67
OTHER INCOME (EXPENSE)	2,351	(1,079)	3,816	(2,453)
Net loss before income tax	(9,321)	(6,249)	(19,787)	(12,501)
Income tax expense	(78)	0	(115)	0
Net loss	$ (9,399)	$ (6,249)	$ (19,902)	$ (12,501)
Loss per common share, basic (in dollars per share)	$ (0.09)	$ (0.1)	$ (0.19)	$ (0.2)
Loss per common share, diluted (in dollars per share)	$ (0.09)	$ (0.1)	$ (0.19)	$ (0.2)
Weighted-Average Shares of Common Shares Outstanding, Basic (in shares)	105,935,254	63,170,918	105,899,684	63,170,918
Weighted-Average Shares of Common Shares Outstanding, Diluted (in shares)	105,935,254	63,170,918	105,899,684	63,170,918
Other comprehensive (loss) income net of tax:
Foreign currency translation adjustments	$ (289)	$ 562	$ (353)	$ (265)
Change in net unrealized gains on short-term and long-term investments	(140)		698
Comprehensive loss	$ (9,828)	(5,687)	(19,557)	(12,766)
Nonrelated party
OTHER INCOME (EXPENSE)
Interest expense		(1,238)	$ (2)	(2,537)
Related party
OPERATING EXPENSES
Research and development costs		3		21
OTHER INCOME (EXPENSE)
Interest expense		$ (91)		$ (162)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (19,902)	$ (12,501)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	206	379
Amortization of debt discount		1,216
Interest income and accretion of discount on investments, net	(98)
Stock-based compensation	5,647	394
Unrealized foreign currency transaction gains	(236)	(298)
Noncash lease expense	298	136
Changes in operating assets and liabilities
Prepaid expenses and other current assets	572	(267)
Accounts payable and accrued expenses	(1,020)	2,735
Operating lease payments	(261)	(62)
Net cash used in operating activities	(14,794)	(6,885)
Cash flows from investing activities
Purchases of intangible assets	(20)	(26)
Purchases of property and equipment	(161)	(526)
Purchase of investments	(92,511)
Proceeds from redemptions of investments	141,142
Net cash provided by (used in) investing activities	48,450	(552)
Cash flows from financing activities
Proceeds from preferred stock subscription payable		25,797
Proceeds from the exercise of stock options for common shares	158
Repayment of finance lease liabilities	(18)	(87)
Net cash provided by financing activities	140	36,695
Effect of exchange rate changes on cash and cash equivalents	(223)	103
Increase in cash and cash equivalents during the period	33,573	29,361
Cash and cash equivalents, beginning of period	97,164	3,022
Cash and cash equivalents, end of period	130,737	32,383
Supplemental noncash investing and financing activities
Recognition of warrants in connection with convertible notes, net of tax		2,595
Operating lease liabilities obtained in exchange for operating lease assets	$ 2,125
Nonrelated party
Changes in operating assets and liabilities
Accrued interest		1,149
Cash flows from financing activities
Proceeds from issuance of convertible notes		9,335
Related party
Changes in operating assets and liabilities
Accrued interest		234
Cash flows from financing activities
Proceeds from issuance of convertible notes		$ 1,650

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 130,737	$ 97,164
Short-term investments	142,781	200,626
Prepaid expenses and other current assets	1,274	1,769
Total current assets	274,792	299,559
Property and equipment, net	806	835
Long-term investments	9,911
Intangible assets, net	688	708
Right-of-use assets	3,595	1,814
Other assets	76	64
Total Assets	289,868	302,980
Current liabilities
Accounts payable and accrued expenses	4,335	5,501
Operating lease liabilities, current	1,803	383
Finance lease liabilities, current	33	33
Total current liabilities	6,171	5,917
Operating lease liabilities, noncurrent	2,006	1,601
Finance lease liabilities, noncurrent	37	56
Total liabilities	8,214	7,574
Commitments and Contingencies (Note 11)
Stockholders' Equity
Common shares, $0.0001 par value; 500,000,000 authorized shares; 82,718,567 and 81,771,422 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	8	8
Exchangeable shares, $0.0001 par value; 23,216,687 and 24,011,017 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	2	2
Additional paid-in-capital	424,620	418,815
Accumulated deficit	(144,527)	(124,625)
Accumulated other comprehensive income	1,551	1,206
Total stockholders' equity	281,654	295,406
Total liabilities and stockholders' equity	$ 289,868	$ 302,980