Fair Value Measurement (Tables)
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3 Months Ended |
12 Months Ended |
Mar. 31, 2026 |
Dec. 31, 2025 |
| Fair Value Measurement [Abstract] |
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| Schedule of Fair Value Financial Liabilities on a Recurring Basis |
The following table sets forth, by level, within the fair value hierarchy, the financial liabilities carried at fair value on a recurring basis: | | | Fair value measurements as of | | | | | March 31, 2026 | | | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | | Warrant liability | | $ | — | | | $ | — | | | $ | 99 | | | $ | 99 | | | Derivative liability | | | — | | | | — | | | | 132 | | | | 132 | | | Total | | $ | — | | | $ | — | | | $ | 231 | | | $ | 231 | | | | | Fair value measurements as of | | | | | December 31, 2025 | | | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | | SAFE liability | | $ | — | | | $ | — | | | $ | 4,086 | | | $ | 4,086 | | | Warrant liability | | | — | | | | — | | | | 171 | | | | 171 | | | Derivative liability | | | — | | | | — | | | | 111 | | | | 111 | | | Total | | $ | — | | | $ | — | | | $ | 4,368 | | | $ | 4,368 | |
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The following table sets forth, by level, within the fair value hierarchy, the financial liabilities carried at fair value on a recurring basis: | | | Fair value measurements as of | | | | | December 31, 2025 | | | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | | SAFE liability | | $ | — | | | $ | — | | | $ | 4,086 | | | $ | 4,086 | | | Warrant liability | | | — | | | | — | | | | 171 | | | | 171 | | | Derivative liability | | | — | | | | — | | | | 111 | | | | 111 | | | Total | | $ | — | | | $ | — | | | $ | 4,368 | | | $ | 4,368 | | | | | Fair value measurements as of | | | | | December 31, 2024 | | | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | | SAFE liability | | $ | — | | | $ | — | | | $ | 45,362 | | | $ | 45,362 | | | Warrant liability | | | — | | | | — | | | | 309 | | | | 309 | | | Derivative liability | | | — | | | | — | | | | 44 | | | | 44 | | | Total | | $ | — | | | $ | — | | | $ | 45,715 | | | $ | 45,715 | |
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| Schedule of Aggregate Fair Value of Financial Liabilities |
The following table presents a roll-forward of the aggregate fair values of the Company’s Level 3 financial liabilities for the three months ended March 31, 2026 and 2025: | | | SAFE
liability | | | Warrant liability | | | Derivative liability | | | Balance as of December 31, 2025 | | $ | 4,086 | | | $ | 171 | | | $ | 111 | | | Issuances | | | 2,448 | | | | — | | | | — | | | Change in fair value | | | 134 | | | | (72 | ) | | | 21 | | | Settlement | | | (6,668 | ) | | | — | | | | — | | | Balance as of March 31, 2026 | | $ | — | | | $ | 99 | | | $ | 132 | |
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The following table presents a roll-forward of the aggregate fair values of the Company’s Level 3 financial liabilities for the years ended December 31, 2025 and 2024: | | | SAFE
liability | | | Warrant
liability | | | Derivative
liability | | | Balance as of December 31, 2023 | | $ | 19,736 | | | $ | 248 | | | $ | — | | | Issuances | | | 16,250 | | | | — | | | | 75 | | | Change in fair value | | | 9,376 | | | | 61 | | | | (31 | ) | | Balance as of December 31, 2024 | | | 45,362 | | | | 309 | | | | 44 | | | Issuances | | | 9,114 | | | | — | | | | 2,916 | | | Change in fair value | | | 328 | | | | 12 | | | | (2,842 | ) | | Settlement | | | (50,718 | ) | | | (150 | ) | | | (7 | ) | | Balance as of December 31, 2025 | | $ | 4,086 | | | $ | 171 | | | $ | 111 | |
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| Schedule of Fair Value Valuation Assumptions |
The following assumptions were used in the valuation of preferred stock warrant liability as of March 31, 2026 and December 31, 2025: | | | March 31,
2026 | | | December 31,
2025 | | | Volatility | | | 58 | % | | | 84 | % | | Dividend Yield | | | — | | | | — | | | Contractual life (in years) | | | 6.9 | | | | 7.2 | | | Risk free rate | | | 4.3 | % | | | 3.9 | % | | | | March 31,
2026 | | | December 31,
2025 | | | Risk free rate | | | 3.7 | % | | | 3.6 | % | | Volatility | | | 51.2 | % | | | 43.5 | % | | Expected term (in years) | | | 0.25 | | | | 0.33 | |
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Key valuation input includes as of December 31, 2025 and 2024: The Company determined the fair value of the underlying SAFEs as of December 31, 2025 and 2024 based on independent third-party valuations using the following key inputs: | | | 2025 | | | 2024 | | | Risk free rate | | | 3.6 | % | | | 4.3% - 4.4 | % | | Expected Term (in years) | | | 0.33 | | | | 0.25 | | | Volatility | | | 43.5 | % | | | 73.8 | % | The following assumptions were used in the valuation as of December 31, 2025 and 2024: | | | 2025 | | | 2024 | | | Volatility | | | 84 | % | | | 60 | % | | Dividend Yield | | | — | | | | — | | | Contractual life (in years) | | | 7.2 | | | | 8.2 | | | Risk free rate | | | 3.9 | % | | | 4.5 | % | | | | 2025 | | | 2024 | | | Risk free rate | | | 3.6 | % | | | 4.1 | % | | Volatility | | | 43.5 | % | | | 71.7 | % | | Expected term (in years) | | | 0.33 | | | | 1.56 | |
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