STOCKHOLDERS' EQUITY (Tables)
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3 Months Ended |
12 Months Ended |
Mar. 31, 2026 |
Dec. 31, 2025 |
| STOCKHOLDERS' EQUITY |
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| Schedule of authorized and issued preferred stock |
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| | | | | | | | | | | | | | | | | | Issued and Outstanding | | | Authorized | | 2025 | | 2024 | Series A-1 Preferred Stock | | 3,778,798 | | 3,778,798 | | 3,778,798 | Series A-2 Preferred Stock | | 545,372 | | 545,372 | | 545,372 | Series A-3 Preferred Stock | | 2,423,708 | | 2,423,708 | | 2,423,708 | Series A-4 Preferred Stock | | 17,303,891 | | 15,421,114 | | 15,421,114 | Series B-1 Preferred Stock | | 18,530,110 | | 18,530,110 | | 18,530,110 | Series B-2 Preferred Stock | | 31,800,835 | | 23,623,385 | | 23,623,385 | Total Preferred Stock | | 74,382,714 | | 64,322,487 | | 64,322,487 |
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| Schedule of material differences between the series A preferred stock and series B preferred stock |
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Provision | | Series A Preferred | | Series B Preferred |
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Original Issue Price | | A-1: $14.25 A-2: $15.25 A-3: $16.00 A-4: $19.00 | | B-1: $20.25 B-2: $27.50 | | | | | | Liquidation Preference | | 1× non-participating (Original Issue Price + declared unpaid dividends) | | Identical | | | | | | Dividend Rate | | 8.0% per annum, non-cumulative, payable when/if declared | | Identical | | | | | | Conversion Ratio | | 1:1 (subject to standard anti- dilution) | | Identical | | | | | | Voluntary Conversion | | At any time at holder’s option | | Identical | | | | | | Automatic Conversion | | Upon (i) Qualified IPO (≥ $50M and price ≥ 2× Series B issue price) or (ii) majority of Preferred vote | | Same trigger, but adds requirement that majority of Series B must approve → Slightly stronger for B | | | | | | Voting Rights | | Vote together with Common on as-converted basis | | Identical | | | | | | Board Seats | | Series A elects 1 director (as long as ≥ 321,697 shares outstanding) | | Series B elects 1 director (as long as ≥ 498,429 shares outstanding) | | | | | | Protective Provisions (Class Vote) | | Majority of all Preferred required for major actions (amend charter, increase authorized, create senior stock, liquidation, etc.) | | Same majority of all Preferred, plus majority of Series B required for any action that adversely affects Series B rights → Series B has veto over its own rights | | | | | | Anti-Dilution Protection | | Broad-based weighted average | | Identical | | | | | | Redemption | | None (only upon Deemed Liquidation Event) | | Identical | | | | | | Participation Rights / Pro Rata | | Yes – all Major Investors | | Identical | | | | | | Registration Rights | | Demand (after IPO), S-3, piggyback | | Identical | | | | | | Right of First Refusal / Co-Sale | | Applies to Key Holders (founders) | | Identical |
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| Summary of stock option activity |
| | | | | | | | | | | | | | | | | | Options Outstanding | | | | | | | | Weighted Average | | | | | Weighted Average | | Remaining Term | | | Number of Shares | | Exercise Price | | (years) | Balance at December 31, 2025 | | 712,381 | | $ | 7.50 | | 7.0 | Granted | | — | | | — | | — | Exercised | | — | | | — | | — | Expired/Cancelled | | (35,304) | | $ | 2.50 | | — | Balance at March 31, 2026 | | 677,077 | | $ | 7.42 | | 6.6 | | | | | | | | | Exercisable at March 31, 2026 | | 444,458 | | $ | 7.42 | | 6.6 | Exercisable at March 31, 2026 and expected to vest thereafter | | 233,216 | | $ | 8.17 | | 8.2 |
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| | | | | | | | | | | | | | | | | | | | | | | Weighted Average | | | | | Weighted Average | | Remaining Term | | | Number of Shares | | Exercise Price | | (years) | Balance at December 31, 2023 | | 714,204 | | $ | 6.25 | | 6.3 | Granted | | 173,907 | | | 7.50 | | — | Exercised | | (600) | | | 5.00 | | — | Expired/Cancelled | | (201,722) | | | 6.00 | | — | Balance at December 31, 2024 | | 685,789 | | | 7.25 | | 7.5 | Granted | | 59,612 | | | 8.00 | | — | Exercised | | (5,884) | | | 2.50 | | — | Expired/Cancelled | | (27,136) | | | 3.00 | | — | Balance at December 31, 2025 | | 712,381 | | | 7.50 | | 7.0 | Exercisable at December 31, 2025 | | 444,441 | | | 7.00 | | 6.2 | Exercisable at December 31, 2025 and expected to vest thereafter | | 267,940 | | $ | 8.25 | | 8.4 |
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| Schedule of weighted average assumptions |
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| | | | | | | | | | | | | | | | | | 2025 | | 2024 | | Expected term | | | 6.32 | | | 6.11 | | Expected Volatility | | | 101.13 | % | | 107.34 | % | Risk free interest rate | | | 3.92 | % | | 4.20 | % | Expected dividend yield | | | 0 | % | | 0 | % | Weight average grant date fair value per share | | $ | 6.42 | | $ | 6.25 | |
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| Summary of stock warrant activity |
| | | | | | | | Number of Warrants | Balance at December 31, 2025 | | 83,213 | Granted | | — | Exercised | | (64,584) | Forfeited/Expired | | — | Balance at March 31, 2026 | | 18,629 | Exercisable at March 31, 2026 | | 18,629 |
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| | | | | | | | | | | | 2025 | | 2024 | Warrants | | | | | Balance at December 31, 2024 | | 83,213 | | 83,213 | Granted | | — | | — | Exercised | | — | | — | Forfeited/Expired | | — | | — | Balance at December 31, 2025 | | 83,213 | | 83,213 | Exercisable at December 31, 2025 | | 83,213 | | 83,213 |
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