v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Measurements  
Schedule of key assumptions

  ​ ​ ​

June 30, 

 

2025

 

Asset volatility(1)

 

90 - 105

%

Risk-free rate(2)

 

3.64 - 4.00

%

Expected term(3)

 

6 - 42 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 a 6-month term for an equity event and a 3.5-year term for a liquidity event.

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

  ​ ​ ​

SAFE Notes

As of December 31, 2024

 

$

10,783

SAFE Notes issued during the period

1,644

Change in fair value during the period

3,119

Conversion of SAFE Notes to common stock

As of June 30, 2025

 

$

15,546