v3.26.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Measurements  
Schedule of key assumptions

  ​ ​ ​

December 31, 

 

2024

 

Asset volatility(1)

 

90 - 95

%

Risk-free rate(2)

 

4.08 - 4.23

%

Expected term(3)

 

12 - 48 months

(1)Volatility was based on implied and historical volatility of the share price of peer companies.

(2)Risk-free rate based on the U.S. Treasury yield in effect at the time of SAFE Notes consistent with the expected term.

(3)The simulation considered 1–2 year term for equity event and 3.5 and 4-year term for liquidity event.

Schedule of fair value on a recurring basis using significant unobservable inputs

  ​ ​ ​

  ​ ​ ​Year Ended

December 31, 

December 31, 

2025

2024

Beginning balance

 

$

10,783,385

 

$

961,939

SAFE Notes issued during the period

$

2,893,800

$

8,190,000

Change in fair value during the period

$

39,834,049

$

1,631,446

Conversion of SAFE Notes to common stock

$

(53,511,234)

$

Ending balance

 

$

 

$

10,783,385