v3.26.1
Convertible Notes
6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Convertible Notes
8.
CONVERTIBLE NOTES

The tables below summarize the Company’s outstanding Convertible Notes for the period indicated (in thousands, except per share amounts):

 

 

 

December 31, 2025

 

 

 

Carrying
Value

 

 

Fair Value

 

 

Conversion
Price

 

Series C-1 Convertible Notes

 

$

3,600

 

 

$

12,461

 

 

$

97.78

 

Series C-2 Convertible Notes

 

 

4,314

 

 

 

21,373

 

 

 

68.32

 

Series D Convertible Notes

 

 

9,300

 

 

 

17,203

 

 

 

183.03

 

 

 

17,214

 

 

$

51,037

 

 

 

 

Unamortized debt discounts

 

 

 

 

 

 

 

 

Total Convertible Notes, net

 

$

17,214

 

 

 

 

 

 

 

 

Immediately prior to the closing of the IPO in February 2026, the outstanding Convertible Notes were converted into their respective classes of convertible preferred stock, which then immediately converted into 2,819,512 shares of our common stock. Upon conversion, the carrying values of the Convertible Notes, together with accrued interest, and the related derivative liability, which was remeasured to fair value on the IPO date, were reclassified to additional paid-in capital.