$HDRNW

Hadron Energy, Inc.

CIK:0002023730|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses
General and administrative	$ 1,983,000	$ 373,000	$ 3,546,000	$ 522,000
Research and development	1,154,000	24,000	1,597,000	30,000
Stock-based compensation	7,900,000	595,000	10,634,000	604,000
Depreciation	5,000	1,000	6,000	1,000
Change in fair value of legal settlement liability	(4,911,000)	0	(9,601,000)	0
Total operating expenses	6,131,000	993,000	6,182,000	1,157,000
Loss from operations	(6,131,000)	(993,000)	(6,182,000)	(1,157,000)
Other income (loss)
Change in fair value of Simple Agreements for Future Equity	18,427,000	(5,769,000)	31,846,000	(5,825,000)
Change in fair value of warrant liabilities	5,262,000	0	5,262,000	0
Total other income (loss)	23,689,000	(5,769,000)	37,108,000	(5,825,000)
Income (loss) before provision for income taxes	17,558,000	(6,762,000)	30,926,000	(6,982,000)
Provision for income taxes	0	0	0	0
Net income (loss) and comprehensive income (loss)	17,558,000	(6,762,000)	30,926,000	(6,982,000)
Undistributed earnings allocated to participating securities	(659,000)	0	(917,000)	0
Net income (loss) attributable to common shareholders	$ 16,899,000	$ (6,762,000)	$ 30,009,000	$ (6,982,000)
Net income (loss) per share:
Net income (loss) per share - Basic	$ 0.3	$ (0.15)	$ 0.58	$ (0.15)
Weighted average shares outstanding - Basic	56,967,986	45,684,836	51,552,343	45,349,227
Net loss per share - Diluted	$ (0.03)	$ (0.15)	$ (0.03)	$ (0.15)
Weighted average shares outstanding - Diluted	58,902,057	45,684,836	54,240,683	45,349,227

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ 30,926	$ (6,982)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	6	1
Change in fair value of legal settlement liability	(9,601)	0
Noncash operating lease expense	81	0
Change in fair value of Simple Agreements for Future Equity	(31,846)	5,825
Change in fair value of warrant liabilities	(5,262)	0
Stock-based compensation	10,634	604
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(550)	(22)
Due from stockholder	0	(39)
Operating lease liabilities	(50)	(35)
Other assets	6	(6)
Accounts payable	564	0
Accrued expenses	710	10
Net cash used in operating activities	(4,382)	(644)
Cash flows from investing activities
Purchases of property and equipment	0	(10)
Net cash used in investing activities	0	(10)
Cash flows from financing activities
Proceeds from issuance of Simple Agreements for Future Equity	3,295	1,227
Proceeds from Business Combination, net	22,944	0
Payment of deferred transaction costs	(1,397)	0
Net cash provided by financing activities	24,842	1,227
Net increase in cash	20,460	573
Cash - beginning of the period	1,757	17
Cash - end of the period	22,217	590
Supplemental disclosure of noncash transactions:
Right-of-use-asset obtained in exchange for lease liabilities	0	134
Warrant liabilities issued in connection with Business Combination	7,413	0
Deferred transaction costs included in accounts payable	275	0
Conversion of SAFEs into common stock and additional paid-in capital	17,807	0
Legal settlement liability reclassified to additional paid-in capital	6,624	0
Deferred financing costs written off to additional paid-in capital	$ 2,484	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash	$ 22,217	$ 1,757
Prepaid expenses and other current assets	883	333
Total current assets	23,100	2,090
Property and equipment, net	31	37
Operating lease right-of-use assets	0	81
Other assets	0	6
Deferred transaction costs	0	1,875
Total assets	23,131	4,089
Current liabilities:
Accounts payable	937	98
Accrued expenses	805	17,383
Operating lease liabilities, current portion	0	38
Total current liabilities	1,742	17,519
Warrant liabilities	2,151	0
Operating lease liabilities	0	12
Simple Agreements for Future Equity	0	46,358
Total liabilities	3,893	63,889
Commitments and contingencies (Note 12)
Stockholders' equity (deficit)
Common stock: $0.0001 par value; 615,000,000 and 99,997,946 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 70,220,020 and 46,066,754 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	7	5
Additional paid-in-capital	60,673	12,563
Accumulated deficit	(41,442)	(72,368)
Total stockholders' equity (deficit)	19,238	(59,800)
Total liabilities and stockholders' equity (deficit)	$ 23,131	$ 4,089