| Stock-Based Compensation - Schedule of Share Based Payment Award, Stock Options, Valuation Assumptions |
| | | | | | | | | | December 31, | | December 31, | | December 31, | | Assumption | | 2025 | | 2024 | | 2023 | | Dividend yield | | None | | None | | None | | Risk-free interest rate used (average) | | 1.00 | % | 1.00 | % | 1.00 | % | Expected market price volatility | | 175.40 - 183.25 | % | 65.31 - 140.47 | % | 73.19 | % | Average remaining expected life of stock options on F shares (years) | | — | | — | | 6.19 | | Average remaining expected life of stock options on ordinary shares (years) | | 5.33 | | 6.53 | | n/a | |
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| Stock-Based Compensation - Schedule of Share Based Compensation Stock Options Activity |
The following tables illustrates the development of the Group’s non-vested options for the years ended December 31, 2025 and 2024. | | | | | | | Options on ordinary shares | | | Number of shares | | Weighted-average grant | Non-vested options | | under options | | date fair value (USD) | Non-vested options as at December 31, 2023 | | — | | — | Granted | | 245,165 | | 0.61 | Vested | | 245,165 | | 0.61 | Non-vested forfeited or cancelled | | — | | — | Non-vested options as at December 31, 2024 | | — | | — | Granted | | 3,042,652 | | 2.94 | Vested | | 3,041,452 | | 2.93 | Non-vested forfeited or cancelled | | — | | — | Non-vested options as at December 31, 2025 | | 1,200 | | 4.29 |
| | | | | | | Options on F shares | | | Number of shares | | Weighted-average grant | Non-vested options | | under options | | date fair value (USD) | Non-vested options as at December 31, 2023 | | — | | — | Granted | | 23 | | 2.35 | Vested | | 23 | | 2.35 | Non-vested forfeited or cancelled | | — | | — | Non-vested options as at December 31, 2024 | | — | | — | Granted | | — | | — | Vested | | — | | — | Non-vested forfeited or cancelled | | — | | — | Non-vested options as at December 31, 2025 | | — | | — |
The following tables summarize the Group’s stock option activity for the years ended December 31, 2025 and 2024. | | | | | | | | | | | | | | | Weighted average | | | | | | | Weighted-average | | remaining | | Aggregate | | | Ordinary shares | | exercise price | | contractual term | | intrinsic value | Options on ordinary shares | | under options | | (USD) | | (in years) | | (USD) | Outstanding as at December 31, 2023 | | — | | — | | — | | — | Of which vested | | — | | — | | — | | — | Granted | | 245,165 | | 0.01 | | — | | — | Outstanding as at December 31, 2024 | | 245,165 | | 0.01 | | 6.65 | | 1,505,313 | Of which vested | | 245,165 | | 0.01 | | 6.65 | | 1,505,313 | Granted | | 3,042,652 | | 0.01 | | — | | — | Exercised or converted | | (2,647,019) | | 0.01 | | — | | 9,471,366 | Forfeited or cancelled | | (65,774) | | 0.01 | | — | | | Outstanding as at December 31, 2025 | | 575,024 | | 0.04 | | 6.14 | | 2,152,900 | Of which vested | | 573,824 | | 0.04 | | 6.14 | | 2,148,376 |
| | | | | | | | | | | | | | | Weighted average | | | | | | | Weighted-average | | remaining | | Aggregate | | | F shares under | | exercise price | | contractual term | | intrinsic value | Options on F shares | | options | | (USD) | | (in years) | | (USD) | Outstanding as at December 31, 2023 | | 77 | | 0.05 | | 6.19 | | 19 | Of which vested | | 77 | | 0.05 | | 6.19 | | 19 | Granted | | 23 | | 0.05 | | — | | — | Exercised or converted | | (100) | | 0.05 | | — | | 118 | Outstanding as at December 31, 2024 | | — | | — | | — | | — | Of which vested | | — | | — | | — | | — | Granted | | — | | — | | — | | — | Exercised or converted | | — | | — | | — | | — | Outstanding as at December 31, 2025 | | — | | — | | — | | — | Of which vested | | — | | — | | — | | — |
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| Stock-Based Compensation - Schedule of Compensation Expense |
| | | | | | | Stock-based compensation expenses | | 12 months ended December 31, | USD’000 | | 2025 | | 2024 | | 2023 | In relation to the Ordinary Share Option Plan | | 11,261 | | 148 | | — | In relation to the F Share Option Plan | | — | | — | | — | Total | | 11,261 | | 148 | | — |
Stock-based compensation expenses are recorded under the following expense categories in the income statement. | | | | | | | Stock-based compensation expenses | | 12 months ended December 31, | USD’000 | | 2025 | | 2024 | | 2023 | Research & development expenses | | 2,376 | | — | | — | Selling & marketing expenses | | 3,694 | | — | | — | General & administrative expenses | | 5,191 | | 148 | | — | Total | | 11,261 | | 148 | | — |
The following table reconciles the total stock-based compensation expense to the amounts recognized in stockholders’ equity: | | | | | | | Stock-based compensation expenses | | 12 months ended December 31, | USD’000 | | 2025 | | 2024 | | 2023 | Total stock-based compensation for the period | | 11,261 | | 148 | | — | Less: stock-based compensation classified as liability | | (1,538) | | — | | — | Stock-based compensation recognized in APIC | | 9,723 | | 148 | | — |
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