v3.26.3
Fair Value Measurements
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

4.

Fair Value Measurements

The following tables present information about the Company’s assets that are measured at fair value on a recurring basis:

December 31, 2024

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total Fair Value

Liabilities:

 

  ​

 

  ​

 

  ​

 

  ​

SAFE Liabilities

$

$

$

3,965,000

$

3,965,000

Total liabilities

$

$

$

3,965,000

$

3,965,000

The following table provides a summary of changes in the estimate fair value of the SAFE liability:

  ​ ​ ​

SAFE

 

Liability

Balance at January 1, 2024

$

125,000

Additions

 

3,010,300

Change in fair value

 

829,700

Balance at December 31, 2024

 

3,965,000

Additions

 

30,000

Change in fair value

 

3,493,431

Conversion into convertible preferred stock

 

(7,488,431)

Balance at December 31, 2025

$

The fair value of the SAFEs was equal to the fair value of the underlying Series A-2 through Series A-6 convertible preferred stock that they converted into in September 2025 (see Note 6). The fair value of the underlying Series A-2 through Series A-6 convertible preferred stock was estimated using a Hybrid Method that combines a Probability-Weighted Expected Return Method (“PWERM”) and an Option-Pricing Model (“OPM”) using the following inputs:

Multiple scenarios expected term (in years)

  ​ ​ ​

2.80

 

Probability of initial public offering

 

40

%

Probability of stay private

 

60

%

Equity volatility

 

59

%

Risk-free rate

 

3.5

%

The fair value of the SAFEs was estimated using a PWERM using the following inputs at December 31, 2024:

Discount rate

  ​ ​ ​

14.1

%

Multiple scenarios expected term (in years)

 

1.00

Probability of equity financing

 

65

%

Probability of liquidity event

 

30

%

Probability of event of default

 

50

%