PIPE subscription obligation (Tables)

6 Months Ended

Jun. 30, 2026

PIPE financing

PIPE subscription obligation

Schedule of fair value assumptions of preferred shares and warrants



		Initial recognition			June 30, 2026
Fair value of common shares		$	7.52		$	9.69
Expected term			5.7 years			5.0 years
Expected volatility			80	%		80	%
Risk-free interest rate			3.83	%		4.11	%
Expected dividend			12	%		12	%
Weighted average discount rate			46.1	%		46.1	%