Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Accounting Policies [Abstract] |
|
| Summary of Assets and Liabilities are Measured at Fair Value on Recurring Basis |
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
|
|
|
|
|
|
|
|
|
Description: |
|
Level |
|
Valuation Methodology |
|
June 30, 2026 |
|
Private placement warrants |
|
2 |
|
Black-Scholes-Merton Model |
|
$ |
636 |
|
Hadron private warrants |
|
3 |
|
Monte Carlo Simulation |
|
$ |
1,515 |
|
|
| Summary of Fair Value of Warrants Estimated Using Assumptions |
The fair value of the Private Placement Warrants was estimated using the following assumptions:
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
Stock Price |
|
$ |
2.03 |
|
|
Volatility |
|
|
50.50 |
% |
|
Risk free interest rate |
|
|
4.14 |
% |
|
Exercise price |
|
$ |
11.50 |
|
|
Time to maturity - years |
|
|
4.89 |
|
|
The fair value of the Hadron Private Warrants was estimated using the following assumptions:
|
|
|
|
|
|
|
June 30, 2026 |
|
Stock Price |
|
$ |
2.03 |
|
Risk free interest rate |
|
|
4.14 |
% |
Exercise price |
|
$ |
12.00 |
|
Short term volatility (through reset date) |
|
|
104.0 |
% |
Implied Remaining Term Volatility (reset date through termination) |
|
|
26.7 |
% |
Time to exercise price reset - years |
|
|
0.89 |
|
Time to maturity - years |
|
|
4.89 |
|
|
| Summary of Fair Value on Recurring Basis Using Significant Unobservable Inputs |
The following table presents a reconciliation of the Warrant liabilities, measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2026:
|
|
|
|
|
|
|
Private Hadron Warrants |
|
Balance at December 31, 2025 |
|
$ |
- |
|
Warrant liabilities issued in connection with Business Combination |
|
|
6,000 |
|
Change in fair value during the period |
|
|
(4,485 |
) |
Balance at June 30, 2026 |
|
$ |
1,515 |
|
|
| Schedule of Reconciliation Net Loss Per Ordinary Share Basic and Diluted |
The following table sets forth the computation of basic and diluted net income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
17,558 |
|
|
$ |
(6,762 |
) |
|
$ |
30,926 |
|
|
$ |
(6,982 |
) |
Undistributed earnings allocated to participating securities |
|
|
(659 |
) |
|
|
- |
|
|
|
(917 |
) |
|
|
- |
|
Net income (loss) - basic |
|
$ |
16,899 |
|
|
$ |
(6,762 |
) |
|
$ |
30,009 |
|
|
$ |
(6,982 |
) |
Net income (loss) |
|
$ |
17,558 |
|
|
$ |
(6,762 |
) |
|
$ |
30,926 |
|
|
$ |
(6,982 |
) |
Change in fair value of Simple Agreements for Future Equity |
|
|
(18,427 |
) |
|
|
- |
|
|
|
(31,846 |
) |
|
|
- |
|
Undistributed earnings allocated to participating securities |
|
|
(659 |
) |
|
|
- |
|
|
|
(917 |
) |
|
|
- |
|
Net loss - diluted |
|
$ |
(1,528 |
) |
|
$ |
(6,762 |
) |
|
$ |
(1,837 |
) |
|
$ |
(6,982 |
) |
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for basic net income (loss) per share – common
shares outstanding |
|
|
56,967,986 |
|
|
|
45,684,836 |
|
|
|
51,552,343 |
|
|
|
45,349,227 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Expected shares from SAFEs |
|
|
1,934,071 |
|
|
|
- |
|
|
|
2,688,340 |
|
|
|
- |
|
Denominator for diluted net loss per share – common
shares outstanding |
|
|
58,902,057 |
|
|
|
45,684,836 |
|
|
|
54,240,683 |
|
|
|
45,349,227 |
|
Net income (loss) per share – basic |
|
$ |
0.30 |
|
|
$ |
(0.15 |
) |
|
$ |
0.58 |
|
|
$ |
(0.15 |
) |
Net loss per share - diluted |
|
$ |
(0.03 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.15 |
) |
|
| Schedule Of Antidilutive Securities Excluded From Computation Of Earnings PerShare |
The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net income (loss) per share for the periods presented because including them would have been antidilutive (in common stock equivalent shares):
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Unvested shares of restricted stock purchase agreements |
|
|
1,278,824 |
|
|
|
838,524 |
|
Expected shares from SAFE notes |
|
|
- |
|
|
|
1,874,278 |
|
Warrants |
|
|
28,719,000 |
|
|
|
- |
|
Total potentially dilutive securities |
|
|
29,997,824 |
|
|
|
2,712,802 |
|
|