v3.26.1
SHARE OPTIONS (Tables)
12 Months Ended
Dec. 31, 2025
SHARE OPTIONS  
Schedule of assumptions used for estimating the fair value of options

Year ended December 31, 

  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

Risk-free interest rate per annum

 

3.85

%

4.57

%

4.27

%

Exercise multiple

 

2.8

2.8

2.8

Expected volatility

 

78.0

%

109.3

%

107.38

%

Expected dividend yield

0

%

0

%

0

%

Fair value of ordinary shares

$

0.52

$

0.32

$

0.12

Expected terms (in years)

10

10

10

Summary of share option activity

Weighted

 average

Options

exercise price

  ​ ​ ​

 granted

  ​ ​ ​

per option

Outstanding at January 1, 2025

 

6,842,494

$

0.34

Granted

 

165,552

$

Exercised

 

(121,104)

$

Forfeited

(1,069,900)

$

0.31

Outstanding at December 31, 2025

 

5,817,042

$

0.34

Summary of information regarding the share options granted

As of December 31, 2025

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Weighted-

  ​ ​ ​

Weighted-

average remaining

Weighted-

average exercise

contractual

Average 

Options Number

price per option

life (years)

intrinsic value

Options

Outstanding

 

5,817,042

$

0.34

 

6.75

$

0.01

Exercisable

 

5,407,042

$

0.34

 

6.63

$

0.01

Expected to vest

 

410,000

$

0.33

 

8.43

$