Financial Instruments (Tables)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2026 |
Dec. 31, 2025 |
| Financial Instruments [Abstract] |
|
|
| Schedule of Financial Assets and Liabilities Recurring Basis |
The following
table sets forth the Company’s financial assets and liabilities that are measured at fair value, on a recurring basis:
| |
|
As of
June 30, 2026 |
|
| |
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total |
|
| |
|
USD |
|
|
USD |
|
|
USD |
|
|
USD |
|
| |
|
thousands |
|
|
thousands |
|
|
thousands |
|
|
thousands |
|
| Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant Liability (PIPE) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
33 |
|
|
$ |
33 |
|
| Total |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
33 |
|
|
$ |
33 |
|
| |
|
As of
December 31, 2025 |
|
| |
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total |
|
| |
|
USD |
|
|
USD |
|
|
USD |
|
|
USD |
|
| |
|
thousands |
|
|
thousands |
|
|
thousands |
|
|
thousands |
|
| Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| 2024 Convertible Notes |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
12,869 |
|
|
$ |
12,869 |
|
| Warrants Liability |
|
|
- |
|
|
|
- |
|
|
|
370 |
|
|
|
370 |
|
| Total |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
13,239 |
|
|
$ |
13,239 |
|
|
The following table sets
forth the Company’s financial assets and liabilities that are measured at fair value, on a recurring basis:
| |
|
December 31, 2025
Fair value
hierarchy |
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| |
|
USD thousands |
|
|
USD thousands |
|
|
USD thousands |
|
|
USD thousands |
|
| Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Liability for future equity (SAFE) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Convertible notes |
|
|
— |
|
|
|
— |
|
|
|
12,869 |
|
|
|
12,869 |
|
| Warrants liability |
|
|
— |
|
|
|
— |
|
|
|
370 |
|
|
|
370 |
|
| Total |
|
|
— |
|
|
|
— |
|
|
|
13,239 |
|
|
|
13,239 |
|
| |
|
December 31, 2024
Fair value
hierarchy |
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| |
|
USD thousands |
|
|
USD thousands |
|
|
USD thousands |
|
|
USD thousands |
|
| Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Liability for future equity (SAFE) |
|
|
— |
|
|
|
— |
|
|
|
1,206 |
|
|
|
1,206 |
|
| Convertible notes |
|
|
— |
|
|
|
— |
|
|
|
11,649 |
|
|
|
11,649 |
|
| Warrants liability |
|
|
— |
|
|
|
— |
|
|
|
244 |
|
|
|
244 |
|
| Total |
|
|
— |
|
|
|
— |
|
|
|
13,099 |
|
|
|
13,099 |
|
|
| Schedule of Monte Carlo Simulation Inputs |
The
Monte Carlo simulation included the following inputs:
| |
|
December 31, |
|
| |
|
2025 |
|
| Expected term |
|
|
3
years |
|
| Expected volatility |
|
|
53.56 |
% |
| Risk-free interest rate |
|
|
3.63 |
% |
| Expected dividend yield |
|
|
- |
|
The
Monte Carlo simulation included the following inputs:
| |
|
December 31, |
|
| |
|
2025 |
|
| Expected term |
|
|
3
years |
|
| Expected volatility |
|
|
53.56 |
|
| Risk-free interest rate |
|
|
3.63 |
|
| Expected dividend yield |
|
|
- |
|
The Monte
Carlo simulation included the following inputs:
| |
|
June 30, |
|
| |
|
2026 |
|
| Expected term |
|
|
Until
September 25, 2026 |
|
| Expected volatility |
|
|
72.21 |
% |
| Share price |
|
$ |
0.39 |
|
|
The
Monte Carlo simulation included the following inputs:
| |
|
December 31,
2025 |
|
December 31,
2024 |
| Expected term |
|
3 years |
|
3 years |
| Expected volatility |
|
53.56% |
|
59.44% |
| Risk-free interest rate |
|
3.63% |
|
4.42% |
| Expected dividend yield |
|
0% |
|
0% |
The
Monte Carlo simulation included the following inputs:
| |
|
December 31,
2025 |
|
December 31,
2024 |
| Expected term |
|
3 years |
|
3 years |
| Expected volatility |
|
53.56% |
|
59.44% |
| Risk-free interest rate |
|
3.63% |
|
4.42% |
| Expected dividend yield |
|
0% |
|
0% |
|
| Schedule of Warrant Liabilities Measured Utilizing Level 3 Inputs |
The change
in the fair value of the warrant liabilities measured utilizing Level 3 inputs for the six months ended June 30, 2026, is summarized below.
| Warrant liability at December 31, 2025 |
|
$ |
370 |
|
| Change in fair value of warrant
liability |
|
|
20 |
|
| Reclassification to equity |
|
|
(390 |
) |
| Warrant liability at June 30,
2026 |
|
$ |
- |
|
The change
in the fair value of the PIPE Warrant liabilities measured utilizing Level 3 inputs for the six months ended June 30, 2026, is summarized
below.
| PIPE Warrant liability at March 27, 2026 |
|
$ |
1,229 |
|
| Change in fair value of PIPE
Warrant liability |
|
|
(1,087 |
) |
| PIPE Warrant liability at March 31, 2026 |
|
|
142 |
|
| Change in fair value of PIPE Warrant liability |
|
|
(109 |
) |
| PIPE Warrant liability at June 30, 2026 |
|
$ |
33 |
|
|
The change in the fair value
of the warrant liability measured utilizing Level 3 inputs is summarized below:
| |
|
USD
thousands |
|
| Warrant liability at December 31, 2024 |
|
|
244 |
|
| Change in fair value of warrant liability |
|
|
126 |
|
| Warrant liability at December 31, 2025 |
|
$ |
370 |
|
|
| Schedule of Convertible Notes Liability Measured Utilizing Level 3 Inputs |
The change
in the fair value of the 2024 Convertible Notes liability measured utilizing Level 3 inputs for the six months ended June 30, 2026, is
summarized below.
| 2024 Convertible Notes
liability at December 31, 2025 |
|
$ |
12,869 |
|
| Change in fair value of convertible
notes liability |
|
|
(193 |
) |
| Reclassification
to equity |
|
|
(12,676 |
) |
| 2024 Convertible
Notes liability at June 30, 2026 |
|
$ |
- |
|
|
The change in the fair value
of the of the Convertible Notes measured utilizing Level 3 inputs is summarized below:
| |
|
USD
thousands |
|
| Convertible notes liability at December 31, 2024 |
|
|
11,649 |
|
| Additional amount received |
|
|
1,072 |
|
| Change in fair value of convertible notes liability |
|
|
148 |
|
| Convertible notes liability at December 31,
2025 |
|
$ |
12,869 |
|
|
| Schedule of Change in Fair Value of the SAFE |
|
The change in the fair value
of the SAFE was measured utilizing Level 3 inputs for the years ended December 31, 2024 and 2025, is summarized below:
| |
|
USD
thousands |
|
| SAFE liability at December 31, 2024 |
|
$ |
1,206 |
|
| Change in fair value of SAFE liability |
|
|
(149 |
) |
| Conversion of SAFE |
|
|
(1,057 |
) |
| SAFE liability at December 31, 2025 |
|
$ |
— |
|
|