v3.26.1
Condensed Consolidated Statements of Changes in Convertible Preference Shares, Convertible Preferred Stock and Stockholders' Deficit - USD ($)
Total
Series Seed Convertible Preference Shares [Member]
Series A Convertible Preference Shares [Member]
Series B Convertible Preference Shares [Member]
Series C Convertible Preference Shares [Member]
Series Seed Convertible Preferred Stock [Member]
Series A Convertible Preferred Stock [Member]
Series B Convertible Preferred Stock [Member]
Series C Convertible Preferred Stock [Member]
Ordinary Shares [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
AOCI Attributable to Parent [Member]
Retained Earnings [Member]
Beginning balance, shares at Dec. 31, 2024   23,343 225,866 442,205           946,000        
Beginning balance, Amount at Dec. 31, 2024 $ (115,273,000) $ 5,236,000 $ 63,536,000 $ 134,975,000           $ 132,000   $ 2,905,000 $ (365,000) $ (117,945,000)
Equity-based compensation 459,000                     459,000    
Other comprehensive income 974,000                       974,000  
Net Income (Loss) (15,306,000)                         (15,306,000)
Ending balance, shares at Mar. 31, 2025   23,343 225,866 442,205           946,000        
Ending balance, Amount at Mar. 31, 2025 (129,146,000) $ 5,236,000 $ 63,536,000 $ 134,975,000           $ 132,000   3,364,000 609,000 (133,251,000)
Beginning balance, shares at Dec. 31, 2024   23,343 225,866 442,205           946,000        
Beginning balance, Amount at Dec. 31, 2024 (115,273,000) $ 5,236,000 $ 63,536,000 $ 134,975,000           $ 132,000   2,905,000 (365,000) (117,945,000)
Net Income (Loss) (27,515,000)                          
Ending balance, shares at Jun. 30, 2025   23,343 225,866 442,205           946,000        
Ending balance, Amount at Jun. 30, 2025 (141,470,000) $ 5,236,000 $ 63,536,000 $ 134,975,000           $ 132,000   3,858,000   (145,460,000)
Beginning balance, shares at Mar. 31, 2025   23,343 225,866 442,205           946,000        
Beginning balance, Amount at Mar. 31, 2025 (129,146,000) $ 5,236,000 $ 63,536,000 $ 134,975,000           $ 132,000   3,364,000 609,000 (133,251,000)
Equity-based compensation 494,000                     494,000    
Other comprehensive income (609,000)                       (609,000)  
Net Income (Loss) (12,209,000)                         (12,209,000)
Ending balance, shares at Jun. 30, 2025   23,343 225,866 442,205           946,000        
Ending balance, Amount at Jun. 30, 2025 (141,470,000) $ 5,236,000 $ 63,536,000 $ 134,975,000           $ 132,000   3,858,000   (145,460,000)
Beginning balance, shares at Dec. 31, 2025   23,343 225,866 442,205 512,991         946,000        
Beginning balance, Amount at Dec. 31, 2025 (176,635,000) $ 5,236,000 $ 63,536,000 $ 134,975,000 $ 156,421,000         $ 132,000   4,916,000 175,000 (181,858,000)
Effect of Reorganization, Shares   (23,343) (225,866) (442,205) (512,991) 23,343 225,866 442,205 512,991 (946,000) 946,000      
Effect of Reorganization   $ (5,236,000) $ (63,536,000) $ (134,975,000) $ (156,421,000) $ 5,236,000 $ 63,536,000 $ 134,975,000 $ 156,421,000 $ (132,000)   132,000    
Equity-based compensation 1,318,000                     1,318,000    
Other comprehensive income (614,000)                       (614,000)  
Net Income (Loss) (22,687,000)                         (22,687,000)
Ending balance, shares at Mar. 31, 2026           23,343 225,866 442,205 512,991   946,000      
Ending balance, Amount at Mar. 31, 2026 (198,618,000)         $ 5,236,000 $ 63,536,000 $ 134,975,000 $ 156,421,000     6,366,000 (439,000) (204,545,000)
Beginning balance, shares at Dec. 31, 2025   23,343 225,866 442,205 512,991         946,000        
Beginning balance, Amount at Dec. 31, 2025 (176,635,000) $ 5,236,000 $ 63,536,000 $ 134,975,000 $ 156,421,000         $ 132,000   4,916,000 175,000 (181,858,000)
Net Income (Loss) (46,837,000)                          
Ending balance, shares at Jun. 30, 2026           0 0 0 0 0 46,705,410      
Ending balance, Amount at Jun. 30, 2026 (454,271,000)         $ 0 $ 0 $ 0 $ 0 $ 0 $ 5,000 685,709,000 (2,748,000) (228,695,000)
Beginning balance, shares at Mar. 31, 2026           23,343 225,866 442,205 512,991   946,000      
Beginning balance, Amount at Mar. 31, 2026 (198,618,000)         $ 5,236,000 $ 63,536,000 $ 134,975,000 $ 156,421,000     6,366,000 (439,000) (204,545,000)
Equity-based compensation 2,015,000                     2,015,000    
Other comprehensive income (2,309,000)                       (2,309,000)  
Net Income (Loss) (24,150,000)                         (24,150,000)
Issuance of common stock pursuant to initial public offering, net of underwriter's discount and issuance costs of $29.6 million, amount 317,165                   $ 2 317,163    
Stock issued during period, shares, new issues                     19,262,500      
Conversion of convertible preferred stock into common stock upon initial public offering, amount 360,168         $ (5,236) $ (63,536) $ (134,975) $ (156,421)   $ 3 360,165    
Stock issued during period, shares, conversion of convertible securities           (23,343) (225,866) (442,205) (512,991)   26,496,910      
Ending balance, shares at Jun. 30, 2026           0 0 0 0 0 46,705,410      
Ending balance, Amount at Jun. 30, 2026 $ (454,271,000)         $ 0 $ 0 $ 0 $ 0 $ 0 $ 5,000 $ 685,709,000 $ (2,748,000) $ (228,695,000)