Company: XTIA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112615
Chunk: 205

Company: XTI Aerospace, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 8
Chunk 205
---
iant related to the joint venture arrangement that expired by its term on May 31, 2023. The shares
were issued to Xeriant for no additional consideration immediately prior to the XTI Merger.

The following potentially dilutive shares were
excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including
them would have been anti-dilutive (on an as-converted basis):

    For the Three Months Ended September
    30,  
      For
    the Nine Months Ended September 30, 

    2025  
      2024  
      2025  
    2024 
  
    Options 
     2,914,464  
     51,274  
     1,015,818  
     23,165 
  
    Warrants 
     13,409,149  
     1,116  
     5,575,262  
     1,828 
  
    Convertible preferred stock 
     2  
     2  
     2  
     2 
  
    Convertible notes 
     —  
     —  
     —  
     1,383 
  
    Total 
     16,323,615  
     52,392  
     6,591,082  
     26,378 

Note 19 - Subsequent Events

Management has evaluated subsequent events through the date of issuance
of this Quarterly Report on Form 10-Q.

Warrant Exercises

Subsequent to September 30, 2025, 1,925,000 Pre-funded Warrants from
the September Offering were exercised at an exercise price per share of $0.001, resulting in the issuance of 1,925,000 shares of common
stock. As of the date of this report, there are no Pre-Funded Warrants from the September Offering remaining.

36

XTI AEROSPACE, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Valkyrie Investment and the Vanguard Platform

On October 27, 2025, the Company and Valkyrie
Sciences Holdings LLC (“Valkyrie”), a company developing enterprise solutions via the integration of artificial intelligence
and advanced materials, announced the Vanguard Platform, an intelligent technology