SHARE-BASED COMPENSATION (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| SHARE-BASED COMPENSATION |
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| Schedule of assumptions used to estimate the fair value of the share options on the date of grant |
| | | | | | | | | | As of April 18, | | As of July 17, | | As of January 3, | | | | 2022 | | 2023 | | 2024 | | Risk-free interest rate | | 2.85 | % | 3.81 | % | 3.91 | % | Expected volatility range | | 34.79 | % | 39.55 | % | 38.25 | % | Exercise multiple | | 2.80 | | 2.80 | | 2.80 | | Expected dividend yield | | — | | — | | — | |
| | | | | | | | | | As of August 29, | | As of September 1, | | As of November 1, | | | | 2024 | | 2024 | | 2024 | | Risk-free interest rate | | 3.87 | % | 3.91 | % | 4.37 | % | Expected volatility range | | 36.06 | % | 36.02 | % | 35.58 | % | Exercise multiple | | 2.80 | | 2.80 | | 2.20 | | Expected dividend yield | | — | | — | | — | |
| | | | | | | | | | As of February 12, | | As of April 15, | | As of June 10, | | | | 2025 | | 2025 | | 2025 | | Risk-free interest rate | | 4.62 | % | 4.35 | % | 4.40 | % | Expected volatility range | | 33.94 | % | 34.04 | % | 33.49 | % | Exercise multiple | | 2.80 | | 2.80 | | 2.20 | | Expected dividend yield | | — | | — | | — | |
| | | | | | | | As of October 07, | | As of October 28, | | | | 2025 | | 2025 | | Risk-free interest rate | | 4.14 | % | 3.99 | % | Expected volatility range | | 33.24 | % | 33.10 | % | Exercise multiple | | 2.80 | | 2.80 | | Expected dividend yield | | — | | — | |
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| Summary of stock option activity under the plans |
| | | | | | | | | | | | | | | | | | Weighted | | Weighted | | Weighted | | | | | | | | Average | | Average | | Average | | Aggregate | | | Number of | | Exercise | | Grant Date | | Remaining | | Intrinsic | | | Options | | Price | | Fair Value | | Term (Years) | | Value | Outstanding as of January 1, 2023 | | 3,576,403 | | $ | 3.0508 | | $ | 2.2782 | | 8.43 | | $ | 10,473 | Granted | | 1,015,000 | | $ | 14.4500 | | $ | 5.8298 | | — | | | — | Exercised | | (347,316) | | $ | 1.0070 | | $ | 2.5695 | | — | | | — | Forfeited or expired | | (42,000) | | $ | 6.0000 | | $ | 2.0797 | | — | | | — | Outstanding as of December 31, 2023 | | 4,202,087 | | $ | 6.0304 | | $ | 3.1048 | | 8.20 | | $ | 31,109 | Granted | | 1,275,000 | | $ | 49.4420 | | $ | 19.6808 | | — | | | — | Exercised | | (346,869) | | $ | 7.9775 | | $ | 3.1139 | | — | | | — | Forfeited or expired | | — | | $ | — | | $ | — | | — | | | — | Outstanding as of December 31, 2024 | | 5,130,218 | | $ | 16.6162 | | $ | 7.1954 | | 7.17 | | $ | 273,358 | Granted | | 1,150,000 | | $ | 62.6847 | | $ | 24.2127 | | — | | | — | Exercised | | (561,081) | | $ | 13.9818 | | $ | 5.4451 | | — | | | — | Forfeited or expired | | (259,261) | | $ | 5.0433 | | $ | 2.4485 | | — | | | — | Outstanding as of December 31, 2025 | | 5,459,876 | | $ | 27.1428 | | $ | 11.1722 | | 7.25 | | $ | 359,681 | Vested and Expected to Vest Options as of December 31, 2025 | | 5,021,286 | | $ | 15.3838 | | $ | 6.4514 | | 6.19 | | $ | 13,924 | Exercisable Options as of December 31, 2025 | | 2,286,217 | | $ | 28.8146 | | $ | 10.4306 | | 7.48 | | $ | 16,282 |
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| Schedule of assumptions used to estimate the fair value of the specified share price |
| | | | | | February 12, | | | | 2025 | | Risk-free interest rate | | 4.36 | % | Expected volatility range | | 32.35 | % | Expected dividend yield | | — | |
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| Schedule of RSUs activity |
| | | | | | | | | | | | | | | | Weighted | | | | | Weighted | | Average | | | | | Average | | Remaining | | | Number of | | Grant Date | | Recognition | | | Shares | | Fair Value per share | | Period (Years) | Non-vested at January 1, 2025 | | — | | $ | — | | $ | — | Granted | | 395,751 | | | 47.80 | | | — | Vested | | (240,000) | | | 36.28 | | | — | Cancelled or forfeited | | — | | | — | | | — | Non-vested at December 31, 2025 | | 155,751 | | | 65.54 | | | 1.62 |
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| Employee Stock Option |
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| SHARE-BASED COMPENSATION |
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| Schedule of share-based compensation expense |
| | | | | | | | | | | | Years ended December 31, | | | 2023 | | 2024 | | 2025 | Research and development | | $ | 1,716 | | $ | 3,775 | | $ | 7,761 | Selling, general and administrative | | | 2,107 | | | 5,212 | | | 22,394 | Total. | | $ | 3,823 | | $ | 8,987 | | $ | 30,155 |
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| Restricted stock units |
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| SHARE-BASED COMPENSATION |
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| Schedule of share-based compensation expense |
| | | | | | | | | | | | Years ended December 31, | | | 2023 | | 2024 | | 2025 | Research and development | | $ | — | | $ | — | | $ | 1,386 | Selling, general and administrative | | | — | | | — | | | 7,378 | Total | | $ | — | | $ | — | | $ | 8,764 |
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