Security
Inflection Point Acquisition Corp. IV Right · BACQR
BACQRNASDAQRightHistorical · closed Mar 16, 2026CIK 2028707Updated Oct 28, 2026
Name history
INFLECTION POINT ACQUISITION CORP. IV · through Mar 16, 2026Bleichroeder Acquisition Corp. I · through Oct 14, 2025
Current security for this SEC filerMRLN · NASDAQ
BACQR price & chart
Historical security
This listing closed Mar 16, 2026. Live provider charts are shown only for current listings.
Current security: MRLN
About the company
Merlin is an aerospace and defense technology company building the operating system of record for autonomous flight. Through a first-principles approach, the company is redefining what’s possible across aviation, aerospace, and defense with the goal of delivering full-stack autonomy for any aircraft, military or civilian, from takeoff to touchdown. The Merlin Pilot system powers a growing range of aircraft and mission profiles, proven through hundreds of autonomous flights from test facilities across the globe. With $100M+ total in IDIQ contract ceiling value under its C-130J autonomy program with USSOCOM, Merlin is advancing American leadership in autonomous aviation by helping to solve national security challenges through safe, reliable autonomy. To learn more, visit www.merlinlabs.com or follow us on X @merlinaero.
In the news
No coverage from other publishers is available.
SEC disclosures
Recent filings
Financials
FY 2025 · USDSource
Source
Source
balance sheet · annual statements
| Line item | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q2 2024 | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 |
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| AssetsUSD | 261,074,868Source | 295,206Source | 206,978,000Source | 259,087,950Source | — | 145,376,000Source | 256,632,790Source | 263,149,350Source | 254,219,522Source |
| Property, Plant and EquipmentUSD | — | — | 11,226,000Source | — | — | 10,285,000Source | — | — | — |
| Current assets: | |||||||||
| Cash and Cash Equivalents, at Carrying ValueUSD | — | — | 183,550,000Source | — | — | — | — | — | 2,107,309Source |
| Assets, CurrentUSD | 1,329,558Source | 1,170Source | 191,017,000Source | 1,982,719Source | — | 130,014,000Source | 2,134,379Source | 913,610Source | 2,312,022Source |
| LIABILITIES AND EQUITY | |||||||||
| LiabilitiesUSD | 11,874,541Source | 347,633Source | 144,410,000Source | 9,971,317Source | — | 104,158,000Source | 9,825,000Source | 12,079,932Source | 9,828,451Source |
| Stockholders’ equity: | |||||||||
| Retained Earnings (Accumulated Deficit)USD | -10,530,729Source | -77,427Source | -699,899,000Source | -7,928,953Source | — | -641,472,000Source | -7,585,586Source | -11,167,198Source | -7,366,003Source |
| Stockholders' Equity Attributable to ParentUSD | -10,529,853Source | -52,427Source | -99,929,000Source | -28,970,000Source | -4,980Source | -139,113,000Source | -13,116,000Source | -11,166,322Source | -7,365,127Source |
| Liabilities and EquityUSD | 261,074,868Source | 295,206Source | 206,978,000Source | 259,087,950Source | — | 145,376,000Source | 256,632,790Source | 263,149,350Source | 254,219,522Source |
| Current liabilities: | |||||||||
| Liabilities, CurrentUSD | 3,124,541Source | — | 13,023,000Source | 1,221,317Source | — | 14,913,000Source | 1,075,000Source | 3,329,932Source | 1,078,451Source |
| Additional Financial Items | |||||||||
| Accrued Liabilities, CurrentUSD | 2,049,541Source | 5,533Source | 6,004,000Source | 146,317Source | — | 6,343,000Source | — | 2,329,932Source | 3,451Source |
| Accounts Receivable, after Allowance for Credit Loss, Current | — | — | —Source | — | — | —Source | —Source | — | — |
| Prepaid Expense and Other Assets, Current | — | — | —Source | — | — | —Source | — | — | — |
| Operating Lease, Right-of-Use Asset | — | — | —Source | — | — | —Source | — | — | — |
| Common Stock, Value, Issued | — | — | —Source | — | — | —Source | — | — | — |
| Additional Paid in Capital | — | —Source | —Source | — | — | — | — | — | — |
| Additional Paid in Capital, Common Stock | — | — | — | — | — | —Source | — | — | — |
| Operating Lease, Liability, Current | — | — | —Source | — | — | —Source | — | — | — |
| Accounts Payable, Current | — | — | —Source | — | — | —Source | — | — | — |
| Operating Lease, Liability, Noncurrent | — | — | —Source | — | — | —Source | — | — | — |
| Long-term Debt, Excluding Current Maturities | — | — | —Source | — | — | — | — | — | — |
| Long-term Debt, Current Maturities | — | — | —Source | — | — | — | — | — | — |
| Long-term Debt, Excluding Current Maturities | — | — | —Source | — | — | — | — | — | — |
| Short-term Investments | — | — | —Source | — | — | —Source | — | — | — |
cash flow · annual statements
| Line item | Q4 2025 | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Share-based Payment Arrangement, Noncash ExpenseUSD | — | — | — | — | — | 1,295,000Source | 513,000Source | 670,000Source |
| Net Cash Provided by (Used in) Operating ActivitiesUSD | — | — | — | — | — | -23,644,000Source | -13,081,000Source | -1,328,713Source |
| Cash flows from financing activities: | ||||||||
| Net Cash Provided by (Used in) Financing ActivitiesUSD | — | — | — | — | — | 91,806,000Source | -1,547,000Source | -75,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | — | 1,049,403Source | — | 186,120,000Source | 6,186,000Source | 125,346,000Source | 22,488,000Source | 703,596Source |
| Additional Financial Items | ||||||||
| General and Administrative ExpenseUSD | — | 2,615,816Source | 47,447Source | 15,576,000Source | 3,804,000Source | 14,092,000Source | 4,520,000Source | 3,857,197Source |
| Investment Income, InterestUSD | — | 14,040Source | — | 1,447,000Source | 131,000Source | 517,000Source | 301,000Source | 56,002Source |
| Net Income (Loss) Attributable to ParentUSD | — | 83,694Source | -47,447Source | -58,427,000Source | -16,296,000Source | -90,419,000Source | -12,733,000Source | 6,008,347Source |
| Nonoperating Income (Expense)USD | — | 2,699,510Source | — | -24,765,000Source | -5,287,000Source | -63,359,000Source | -1,328,000Source | 9,865,544Source |
| Payments of Financing CostsUSD | — | — | — | — | — | — | — | 75,000Source |
| Depreciation, Depletion and Amortization | — | — | — | — | — | —Source | —Source | — |
| Increase (Decrease) in Accounts Receivable | — | — | — | — | — | —Source | —Source | — |
| Increase (Decrease) in Accounts Payable | — | — | — | — | — | —Source | —Source | — |
| Net Cash Provided by (Used in) Investing Activities | — | — | — | — | — | —Source | —Source | — |
| Payments to Acquire Property, Plant, and Equipment | — | — | — | — | — | —Source | —Source | — |
| Payments for Repurchase of Common Stock | — | — | — | — | — | —Source | — | — |
| Repayments of Long-term Debt | — | — | — | — | — | —Source | —Source | — |
| Interest Paid, Excluding Capitalized Interest, Operating Activities | — | — | — | — | — | —Source | —Source | — |
| Share-based Payment Arrangement, Expense | — | — | — | —Source | —Source | —Source | —Source | — |
| Depreciation | — | — | — | —Source | —Source | —Source | —Source | — |
| Gain (Loss) on Disposition of Property Plant Equipment | — | — | — | — | — | — | —Source | — |
| Income Tax Expense (Benefit) | — | — | — | —Source | —Source | —Source | —Source | — |
| InterestExpenseNonoperating | — | — | — | —Source | —Source | —Source | —Source | — |
| Net Income (Loss) Available to Common Stockholders, Basic | — | — | — | —Source | —Source | —Source | —Source | — |
| Operating Costs and Expenses | — | — | —Source | — | — | — | — | — |
| Operating Expenses | — | — | — | —Source | —Source | —Source | —Source | — |
| Other Nonoperating Income (Expense) | — | — | — | — | — | —Source | —Source | — |
| Proceeds from Stock Options Exercised | — | — | — | — | — | —Source | —Source | — |
income statement · annual statements
| Line item | Q4 2025 | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating Income (Loss)USD | — | -2,615,816Source | -47,447Source | -33,537,000Source | -11,008,000Source | -27,012,000Source | -11,404,000Source | -3,857,197Source |
| Net Income (Loss) Attributable to ParentUSD | — | 83,694Source | -47,447Source | -58,427,000Source | -16,296,000Source | -90,419,000Source | -12,733,000Source | 6,008,347Source |
| Additional Financial Items | ||||||||
| General and Administrative ExpenseUSD | — | 2,615,816Source | 47,447Source | 15,576,000Source | 3,804,000Source | 14,092,000Source | 4,520,000Source | 3,857,197Source |
| Investment Income, InterestUSD | — | 14,040Source | — | 1,447,000Source | 131,000Source | 517,000Source | 301,000Source | 56,002Source |
| Nonoperating Income (Expense)USD | — | 2,699,510Source | — | -24,765,000Source | -5,287,000Source | -63,359,000Source | -1,328,000Source | 9,865,544Source |
| Total Revenue | — | — | — | —Source | —Source | —Source | —Source | — |
| Cost of Goods and Services Sold | — | — | — | —Source | —Source | —Source | —Source | — |
| Other Nonoperating Income (Expense) | — | — | — | — | — | —Source | —Source | — |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | — | — | — | —Source | —Source | —Source | —Source | — |
| Income Tax Expense (Benefit) | — | — | — | —Source | —Source | —Source | —Source | — |
| Earnings Per Share, Basic | — | — | — | —Source | —Source | —Source | —Source | — |
| Earnings Per Share, Diluted | — | — | — | —Source | —Source | —Source | —Source | — |
| Weighted Average Number of Shares Outstanding, Basic | — | — | — | —Source | —Source | —Source | —Source | — |
| Weighted Average Number of Shares Outstanding, Diluted | — | — | — | —Source | —Source | —Source | —Source | — |
| Interest Expense (non-operating) | — | — | — | —Source | —Source | —Source | —Source | — |
| Gross Profit | — | — | — | —Source | —Source | —Source | —Source | — |
| InterestExpenseOperating | — | — | — | — | — | —Source | —Source | — |
| Net Income (Loss) Available to Common Stockholders, Basic | — | — | — | —Source | —Source | —Source | —Source | — |
| Operating Costs and Expenses | — | — | —Source | — | — | — | — | — |
| Operating Expenses | — | — | — | —Source | —Source | —Source | —Source | — |
| Research and Development Expense | — | — | — | —Source | —Source | —Source | —Source | — |
| Selling and Marketing Expense | — | — | — | —Source | —Source | —Source | —Source | — |
Offerings
Registration 333-295578
Registration 333-295068
Registration 333-292719
Registration 333-292719-01
Filing attachments
ea029154201ex99-1.htm · S-8 · 2026-05-20
Exhibit 99.1 MERLIN, INC. 2026 INCENTIVE AWARD PLAN ARTICLE I. Purpose The Plan’s purpose is to enhance the Company’s ability to attract, retain and motivate persons who make (or are expected to make) important contributions to the Company by providing these individuals with equity ownership opportunities and/or equity-linked compensatory opportunities. Capitalized terms used in the Plan are defined in Article XI. ARTICLE II. Eligibility Service Providers are eligible to be granted Awards …
Read attachment ↗ea029154201ex99-2.htm · S-8 · 2026-05-20
Exhibit 99.2 MERLIN, INC. 2026 EMPLOYEE STOCK PURCHASE PLAN Article I. PURPOSE The purposes of this Merlin, Inc. 2026 Employee Stock Purchase Plan (as it may be amended or restated from time to time, the “Plan”) are to assist Eligible Employees of Merlin, Inc., a Delaware corporation (the “Company”), and its Designated Subsidiaries in acquiring a stock ownership interest in the Company pursuant to a plan which is intended to qualify as an “employee stock purchase plan” within the meaning of S…
Read attachment ↗ea029055601ex99-1.htm · 8-K · 2026-05-14
EX-99.1 2 ea029055601ex99-1.htm PRESS RELEASE OF MERLIN, INC., DATED MAY 14, 2026 Exhibit 99.1 Merlin, Inc. Reports First Quarter 2026 Results Company Introduces Condor, Merlin’s first product family, bringing Merlin Pilot to large, multi-crew aircraft for civil and defense missions BOSTON, MA - May 14, 2026 - Merlin, Inc. (Nasdaq: MRLN), an aerospace and defense technology company building the operating system of record for autonomous flight, today announced operating and financial resul…
Read attachment ↗ea028818001ex4-1.htm · 8-K · 2026-04-29
EX-4.1 2 ea028818001ex4-1.htm FORM OF COMMON STOCK PURCHASE WARRANT Exhibit 4.1 NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “COMMISSION”) OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION ST…
Read attachment ↗ea028818001ex99-1.htm · 8-K · 2026-04-29
EX-99.1 5 ea028818001ex99-1.htm PRESS RELEASE, DATED APRIL 29, 2026 Exhibit 99.1 Merlin, Inc. Announces $80 Million PIPE Investment to Accelerate Program Execution and Unlock New Growth Opportunities BOSTON - April 29, 2026 (BUSINESS WIRE) - Merlin, Inc. (Nasdaq: MRLN) (“Merlin” or the “Company”), a leading developer of assured, autonomous flight technology, today announced that it has entered into a securities purchase agreement with an existing fundamental institutional shareholder to ra…
Read attachment ↗ea028257401ex4-2.htm · 8-K · 2026-03-20
EX-4.2 8 ea028257401ex4-2.htm SPECIMEN SERIES A PREFERRED STOCK OF MERLIN, INC Exhibit 4.2 See Legends on Reverse Incorporated Under the Laws of the State of Delaware Number PA-[___] **[___]** Shares Series A Preferred Stock MERLIN, INC. THIS IS TO CERTIFY THAT [___] is the owner of [___] shares of the SERIES A PREFERRED STOCK of MERLIN, INC. transferable only on the books of the Corporation by the holder hereof, in person or by attorney, upon surrender…
Read attachment ↗